Accidents are unexpected occurrences that can change your life within seconds. Did you know that more than 395,000 car accidents occur in Florida annually? Some are fatal, while some people get lucky enough to escape unscathed.
Well, that luck doesn’t extend to everyone, which is why it’s best to prepare for incidents like car accidents. So how do you go about that? It’s simple – car insurance!
But of course, it doesn’t come cheap, and that’s why we’ve sourced the best deals for you. This blog post will explore 13 of the cheapest Florida car insurance rates. So now, let’s get started.
Why Do You Need Car Insurance?
Owning car insurance coverage is an integral aspect of owning a car. Some countries make it mandatory, while it’s optional in some. However, it’s financial protection in the event of a car accident.
So, it’s in your best interest because accidents occur. Even if you drive as carefully as possible, it’s impossible to predict the outcome of the nearest future. Furthermore, getting into an accident without auto insurance can put a massive financial burden on you, especially if the fault is from your end.
Aside from colliding with someone, their vehicle, or their property, your car can also be a victim of serious damage. Any natural disaster like lightning strikes, earthquakes, or even a tree falling on your vehicle can damage it. Of course, it’ll cost more than a pretty penny to repair the car.
Additionally, some insurance premiums cover vandalism. Unfortunately, vandalism is a fairly common occurrence in Florida, and of course, repairing the damage it causes may take a financial toll on you.
In a nutshell, here are some reasons why you need car insurance:
- Protection of your vehicle from unforeseen circumstances.
- Mitigation of financial costs resulting from the collision of your vehicle with another.
- Mitigation of financial costs incurred by bodily harm, death and funeral costs caused by your car.
- Mitigation of financial costs caused by damage to any property by your car.
- Finally, of course, every car owner in Florida must have at least two insurance coverages.
Types of Car insurance
- Liability Coverage: This is a mandatory auto insurance policy in Florida. It covers bodily injury liability and property damage liability insurance. It also covers the financial costs you incur through a collision for which you’re responsible.
- Personal Injury Protection: This covers the cost of medical care or loss of income that arises from an insured accident. It offers additional protection and can cover as much as 80% of the financial costs incurred.
- Collision Coverages: Collision insurance takes care of damage to your car and can be sufficient to cover the cost of repairing your damaged car or even purchasing a new one.
- Uninsured Motorist Coverage: Despite Florida’s mandatory auto insurance laws, some motorists still refuse to purchase basic insurance coverage. These drivers are called uninsured drivers, and this type of insurance indemnifies you when one is responsible for the collision.
- Underinsured Motorist Insurance: Some motorists struggle to purchase minimum-coverage car insurance and may be unable to cater for bodily injury liability and property damage liability costs. This policy type caters to the financial responsibility of the underinsured motorist.
Is Florida a No-Fault State for Car Insurance?
A no-fault insurance state is one where your auto insurance policy can cover costs to your vehicle irrespective of the defaulting party. The essence is to cut back on litigation costs that would otherwise be incurred while determining who is at fault for the accident.
Florida is one of the 12 no-fault states in the US. Some might argue that Florida’s no-fault laws are a good thing, while others have a contrary opinion that they can increase insurance frauds, among other downsides.
What is Considered a Full-Coverage Car Insurance Policy in Florida?
Any motorist with a full-coverage policy has the following insurance coverages:
- Bodily injury liability coverage.
- Property damage liability coverage.
- Personal injury protection.
- Uninsured motorist coverage.
- Comprehensive coverage.
- Collision coverage.
Typically, you only need half of these auto policies to meet up the minimum coverage requirements. However, some tend to opt for the full package to indemnify themselves fully. The average cost of a minimum liability policy is $1,101, while a full-coverage policy has average premiums of $2,364.
What are the Determinants of the Cost of Auto Insurance?
The determinants of financial protection in the wake of automobile accidents range from one person to another. However, some of the criteria include:
- Age: Age can impact car insurance rates. Teen drivers or drivers under 25 tend to pay higher insurance premiums, while drivers above 50 pay less.
- Driving History: Your driving history includes factors like at-fault accidents, traffic violation, accident history, driving records, driving experience, etc., and they contribute to higher annual rates. With a clean driving record, you’ll have access to the cheapest rates.
- Credit Score: Auto insurance companies charge people with a bad credit history higher because of the doubts their credit rating can attach to their insurance claims. Bad credit drivers will pay a lot more than drivers with a good credit score.
- Car Credentials: An auto insurer with an older car will pay cheaper car insurance rates than one with a newer or exotic car because insurance companies consider the possibility of theft for the latter types of cars.
- Gender: Women also pay the lowest rates because they’re considered less prone to car accidents than men. Men are considered high-risk drivers for several reasons.
- Location: People in rural areas pay the cheapest car insurance rates because car insurance companies consider areas less prone to crime. They believe that there are lesser chances of accidents and automobile theft.
- The Number of Miles: The higher the number of miles in your region, the higher your insurance provider charges you. The reason is that the lower the miles, the less likely it’ll be for you to get involved in an accident.
- Insurance Type: If you’re purchasing auto liability insurance, you’ll pay a lot more than you’d pay if you were purchasing collision coverage insurance.
13 Cheapest Florida Car Insurance Companies
Now that you know different auto insurance coverages and the determining factors for auto insurance quotes, we’ll briefly explore 13 of the cheapest insurance companies in Florida. Let’s get started!
Geico is the cheapest insurer in Florida. It has the cheapest full-coverage auto insurance rate, about 53% lower than the average rates statewide. The average driver can pay a price difference of about $150. Most people don’t know this, but Geico is an acronym for Government Employees Insurance Company, and it was founded in 1936.
Geico is one of the largest insurers in the US. You don’t need to go through a third party with Geico, which saves you additional costs. There’s even an app where you can easily pay your insurance premium, request roadside assistance, and even ask insurance-related questions. In addition, if you’re older than 50 years, you can sign up for Geico’s Prime Time Contract to enjoy exclusive benefits.
So, if you’re in the market for affordable insurance rates, then Geico has got you covered.
- State Farm:
This is also one of the cheapest car insurance companies, and it offers more than just cheap rates for car insurance services. You can also insure your home and life. State Farm has one of the cheapest full-coverage car insurance quotes in the US, just $32 higher than Geico. However, State Farm could be cheaper in the long run because of bundling discounts.
The average cost of State Farm auto insurance is $1,342 annually, and there are provisions for full-coverage insurance policies. These extend to comprehensive and collision coverages.
Although typically, anyone under 25 will pay higher auto insurance rates, Progressive insurance offers discounts to teen drivers. Progressive insurance also has a student discount package reserved for ‘B’ or above ‘B’ students. If you also have a child who’s in college, you can receive auto insurance discounts.
This insurance provider is one of the cheapest companies because of the multiple driver discounts you can qualify for. One other discount you’ll be privy to is insurance for multiple vehicles; you’ll receive massive discounts for this.
There are also safe driver discounts for a minimum of three years with an excellent driver profile. The insurance premiums cover medical payments, liability coverage, collision coverage, and other available auto insurance types.
- Allstate Insurance Group:
This auto insurance coverage is suitable for you if you prefer easy access to an agent and insurance discounts. You can also opt for personalized services, which is one of the endearing features of Allstate car insurance.
Another one is Allstate’s Your Choice Auto. It offers rewards to safe drivers in the form of safe driving bonus checks. Here, if you have a six-month accident-free record, you’ll get a reward of 5% of your insurance premium.
You also get access to accident forgiveness, deductible rewards, and new car replacement benefits.
Here’s another relatively affordable auto insurance provider in Florida. However, it has limited eligibility requirements. For instance, you have to be an active, separated or retired veteran of the US.
This auto insurance provider can benefit from children, spouses, widows, widowers, step-children, and ex-spouses who haven’t remarried. USAA has one of the top-rated claims of satisfaction in the states. It also has excellent customer service and receives little to no complaints.
With USAA, you can purchase insurance policies on liability, collision, comprehensive and uninsured motorist coverage. There are also accident forgiveness benefits and roadside assistance provisions.
Allied has average rates of $1,790 annually, and its provisions extend to bodily injury liability, gap coverage, underinsured/uninsured motorist coverage, property damage liability, personal injury liability and comprehensive coverage.
You can also qualify for accident and violation forgiveness. Additionally, if your car gets totaled within the first three years of purchasing your insurance policy, you qualify for a good-as-new settlement fee. If this accident occurs after the three-year allowance, it becomes a gap coverage settlement.
There are also roadside assistance provisions and deductible savings rewards.
Travelers is renowned for providing the first auto insurance coverage in writing in the US. It was established in 1864 to provide travel insurance to railroad travelers.
This company has annual average rates of $1,907 for its auto insurance premium. It extends to medical payments coverage, uninsured and underinsured motorist coverage, personal injury protection, collision and comprehensive coverage.
You’ll also enjoy benefits like new car replacement, rental car coverage, roadside assistance, loan gap insurance coverage, and accident forgiveness.
There are additional discounts such as continuous insurance, multi-car discounts, early quotes, etc.
With average auto insurance rates of $2,128 annually, you can enjoy multi-car, favorable loss history, Green, advance quotes, payment-in-full, and safety features discounts. It’s one of the cheaper premiums in Florida, ranking fifth on the Zebra’s list.
You can also benefit from the advantage of teen driver discounts Auto-Owners offers. Student drivers with ‘B’ or higher grades will also pay cheap car insurance quotes.
Now, if you drive a classic car, you typically tend to pay more because of its high theft chances. However, you’ll only pay cheap coverage for this policy with Auto-Owners.
- 21st Century:
If you choose this insurance provider, you’ll pay average rates of $2,360 yearly, which leaves you with monthly premiums of $197. Of course, they also provide cheap auto insurance rates for drivers with good records, defensive drivers, and superior drivers.
If you also have an anti-theft device, you can qualify for up to 15% off your comprehensive coverage rates.
It was established in 1958 and belongs to the Farmers Insurance group. There are numerous other discounts such as non-smoker and non-drinker discounts, early shopper discounts, transfer discounts, group discounts, etc. So, if you’re shopping for cheap auto insurance coverages, then 21st Century may be a great fit for you.
Hanover has an affordable rate of $2,484 annually. Hence, you’ll pay a monthly rate of $206 for a minimum-coverage car insurance policy. Hanover was founded in 1852 and has been serving the citizens of Florida excellently ever since.
It offers additional coverage benefits for pet injury protection, driving course discounts, roadside assistance, rental car coverage, and 24-hour support services.
You’ll have access to flexible payment plans, straightforward claims handling and easy-to-read bills. You can also reach out to licensed insurance agents if you prefer agent relationships for your auto insurance dealings.
Esurance has a monthly rate of $218, which is fair enough for the services it offers. It was founded in 1999 and offers several discounts to new and old users. For instance, if you pay your premium in full, you can receive a whopping 10% discount. Registering multiple cars under Esurance also makes you privy to even more discounts.
For drivers who haven’t had accidents in five years, discounts are awaiting you too. In addition, there’s an emergency roadside service, rideshare and rental car coverages, and other rewards Esurance reserves for its users.
If you’re a student under 25 and have a GPA of 3.0 and above, you can also qualify for discounts.
Mercury has was founded in 1961 and has relatively cost-friendly monthly rates of $237. It extends its services to auto and homeowners; however, it also makes insurance provisions for other aspects.
You can opt for a full-coverage insurance policy or a minimum-coverage option. The major auto insurance services you can profit from are uninsured/underinsured motorist coverage, personal injury protection, comprehensive coverage, collision coverage and medical payments coverage.
An additional premium includes the rental car coverage, and here, your insurance provider will indemnify you from financial expenses incurred by repairs or accidents involving rental cars. You can also opt for ride-hailing coverage for rideshare companies, and it extends to both the driver and passengers.
- National General Insurance:
When choosing an auto insurance provider, it’s best to consider their response to insurance claims, customer satisfaction, insurance coverages and rates, and National General Insurance meets all these requirements. It was founded in 1920 and was formerly GMAC Insurance Group. It’s also one of the largest automobile insurance providers in the US.
Since you’ve come this far, we’re certain that you now know the cheapest insurance providers in Florida, and you can use this list for comparative purposes. But, of course, you must also know why you need car insurance – it indemnifies you from financial burdens that arise from unforeseen circumstances. In addition, we’re certain you’re aware of the criteria insurance companies consider when they’re awarding quotes to each driver.
We hope you’ve had an engaging read. Remember, you can easily benefit from cheaper insurance rates by choosing an insurance provider that offers several discounts.
Finally, you can share this link with someone who would also benefit from this information. We look forward to your comments and questions.