Florida residents have many options when it comes to car insurance.Geico and State Farm are among the best car insurance companies in Florida based on Bankrate’s extensive research.Based on Bankrate’s data, the average cost of full coverage car insurance for Florida is $2,364 per year.2021 Study of annual premiums quoted.
Florida’s roads are often crowded. In addition to the drivers who call the Sunshine State home, the state welcomed 68.9 million tourists in the first half of 2019 alone. A car insurance policy is important to safeguard your financial health in the event of an accident. Bankrate’s analysis might help you choose the right company for you.
Florida’s best car insurance companies
Based on J.D.’s 2021 customer satisfaction ratings, our editorial team selected the companies that will be featured on this list. Power & Associates 2021 average rates, as reported by Quadrant Info Services, coverage options and discounts, and unique services.
These factors were combined into a Bankrate Score. The Scores are rated from 0.0 to 5. The Bankrate Score of a company is a measure of how well it ranks in each category.
Geico is a great option if you’re looking for strong digital assets and lower than average premiums. Your insurance premiums could be reduced by being a federal employee, a military veteran or a student with high grades. Geico’s mobile application is highly rated in the 2021 J.D. for customer service. Power U.S. Insurance Digital Experience Study.
State Farm offers defensive driving courses for students and younger drivers. State Farm was also awarded the highest customer satisfaction ranking in the 2021 J.D. Power Auto Insurance Study Florida. State Farm has agents in Florida so it’s possible to get your insurance needs handled personally by them.
While Progressive isn’t the most affordable car insurance company, based on average rates data, the benefits could outweigh the higher price. There are many digital tools available that can help you find the best Florida auto insurance. Progressive’s website has a Name Your Price tool that will populate coverage options based upon your budget. You can also compare rates from other companies using the same tool.
Allstate provides a variety of standard car insurance coverage options, a remarkable web presence with tools and useful information for members and non-members, as well as a host of practical and easy ways to save on your premiums. Allstate drivers could save money by managing their policy online, installing safety equipment and following safe driving habits.
Florida average car insurance costs
Car insurance rates in Florida can cost on average $1,101 annually for minimum coverage and $2,364 annually for full coverage. Florida drivers pay $700 more annually for coverage than the national average for car insurance. This is compared to $1,674 per annum for full coverage.
Florida’s location on the coast and vulnerability to severe weather like tornadoes, tropical storms, and hurricanes may explain the premium increase. Florida also has a high amount of uninsured drivers. In fact, it ranks sixth in the nation, with 20.4% of drivers driving without insurance. Tourists and motorists on the roads could increase the chance of an accident. This can also raise insurance costs.
Florida’s minimum insurance requirements
Florida is a no-fault state, meaning that regardless of who is responsible for an accident, each person involved is responsible for filing a claim with their own insurer to cover their medical expenses. To work in tandem with this, Florida has minimum insurance coverage requirements in order to protect its high number of drivers and passengers on the road. Minimum coverage limits for Florida include:
- Personal injury protection (PIP), which covers you up to $10,000, will cover you regardless if you are at fault for an accident. PIP is also known by Florida no-fault insurance.
- $10,000 property damage liability (PDL), to cover damage to property of others
Florida does not require coverage for bodily injury liability. The state has a “financial liability law” which requires you to show proof that you can pay for any injuries you cause in an accident. This law can be satisfied by car insurance, but you also have the option to post a bond. Most drivers choose to buy a policy that covers bodily injury liability. If you choose to purchase car insurance to fulfill this obligation, the minimum bodily injuries liability limit is:
- Per person, $10,000 bodily injury liability
- $20,000 bodily injury liability per incident
Florida auto insurance providers must offer coverage for uninsured motorists. However, this can be denied in writing.
Although Florida’s minimum required insurance coverage helps keep the state’s already high premiums in check, drivers may find themselves with higher out-of-pocket expenses following a more serious accident where injuries or damages exceed the minimum amounts. Although car accidents are not something you can plan for, it is possible to purchase additional coverages, such as collision and comprehensive, in advance. This could reduce unexpected losses.
You might also be interested in other local Florida car insurance companies
These are the biggest carriers in Florida. However, there are many other options for auto insurance. In Florida, there are many smaller insurance companies.Because they have fewer employees, smaller companies tend to have lower overhead costs and spend less on advertising and marketing. They may be able offer lower rates because of this.Smaller companies may be more focused on personal customer service.
But smaller companies may be less financially secure than larger companies with greater market share. In a scenario where multiple claims are being filed (e.g., widespread damage to vehicles following a hurricane), the company’s financial resources may be exhausted. There may not be access to online portals, apps, or 24-hour customer service.
Here are some smaller Florida insurance companies you might want to get quotes from:
- Star Casualty:Star Casualty isheadquarteredThey are based in Coral Gables, Florida and they are familiarized with Florida’s drivers. They offer discounts and bilingual customer support services. In-house claims representatives are also available.
- Horace MannHorace Mann may be able to provide a quote for educators. Horace Mann was founded in 1945 and offers unique services.Insurance program for educators. The educator program offers several benefits, including replacement cost for totaled vehicles, waiver of deductibles for certain losses, and liability coverage if students are being transported.
Although larger insurance companies tend to dominate the market, smaller companies may also be able to meet your insurance needs. To find the best fit for your needs, it may be worthwhile to get quotes from several companies.
How to get the best car coverage
Florida is one of the most populous and high-risk states in the United States. Nearly every driver wants to be protected by the best car insurance company. Every driver has different needs. This means that you will need to consider the specific aspects of your insurance.
- Assess your needsTeenage drivers may have different needs than someone who is looking to insure a new luxury car. A policyholder who has a teenager may be more concerned about finding the right vehicle.The cheapest insurance company for a young driverWhile a luxury car owner might be more concerned about getting coverage for equipment and parts, a teen driver may not. Florida is home to a large number of teen drivers.Luxury vehiclesEither one of these factors — or more — can have a significant impact on rates and your choice about the best option. You should also consider your credit score, customer service and accident history.
- Consider state factors:Due to Florida’s position along the Atlantic, and the possibility of flooding and storms, drivers might be interested in comprehensive coverage. This typically covers damage caused by hurricanes. In the event of an accident involving an uninsured motorist, additional protection may be helpful. Florida had 20.4% uninsured motorists in 2019, making it one of the most dangerous states. Uninsured motorist coverage may be a good option to avoid having to pay the full cost of repairs.
Florida car insurance discounts
Regardless of your initial premium costs, multiple discounts are available through providers that could help you get cheaper car insurance. Savings could be made for your driving habits, vehicle safety features, or preferred payment method. These are some of the most common Florida discounts:
- Multi-policyThese discounts can often be some of the most attractive. You will often receive a discount on both your home and auto policies if you purchase them through the same company. This discount is often offered by some companies for purchasing your auto and home policies together with other insurance lines, such as pet insurance or life insurance.
- HomeownershipEven if your home is not insured with the same company that your auto insurance, it can save you money. Ask your provider to see if they offer this discount. As proof of ownership, you may be required to send a copy your current home insurance policy.
- StudentYou may be eligible to receive savings if you are a full time student or have a student insured on your policy. You can get good discounts for students, remote student discounts, and discounts for driver training.
- TelematicsThese programs are offered by many companies and track your driving habits using a smartphone app or plug-in device. You might be eligible for a discount based on how safe you drive.
Discounts can vary from one provider to another, so it is a good idea to speak with a representative to find out what savings options might be available.
Questions frequently asked
What is the best car insurance in Florida?
It is possible that the best Florida car insurance may not be the most affordable. You can find the best coverage by looking at providers that meet your requirements in terms of coverages and customer satisfaction. After narrowing down your options, you will be able to identify which discounts are available to get the rate you desire.
What is the minimum amount of car insurance required in Florida?
Florida’s minimum coverage requirements only cover personal injury protection (PIP), and property damage liability (PDL), up to $10,000 per person. Although the minimum coverage is the most affordable, you could find yourself in more expensive situations than your insurance.
When budgeting for your auto insurance coverage, take into account each person you intend to insure under your policy as well as all associated risk factors. To provide the best protection, it may be worth adding additional coverage.
Why is Florida car insurance so costly?
Florida’s average car insurance premium is higher than the national. It may be due to the state’s dense population and stormy weather patterns, as well as the high number of uninsured motorists, that premiums are higher. On average, drivers pay $2,364 per annum for full coverage and $1.101 per annum for minimum coverage. However, rates can be lower depending on how qualified your savings are and your personal factors like age and credit history.
How does credit impact car insurance premiums for Florida?
Credit is considered a rating factor for Florida. Except for companies that do not use credit, your credit score will affect how much car insurance costs. Drivers with lower credit scores will generally pay more for car coverage than those with better scores.