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Average cost of car insurance in Florida in 2023
Over the last year, the cost of living has increased significantly across the nation, and so has the cost of Florida car insurance. From 2021 to 2022, the average annual premium for a full coverage policy in Florida jumped by 17 percent, causing the average annual cost to climb to $2,762 per year. Compared to the national average cost of car insurance, which is $1,771 per year for a full coverage policy, Floridians can expect to pay almost 56 percent more for their car insurance.
That high average cost doesn’t mean that there aren’t opportunities to save on your car insurance policy in Florida, though. Bankrate’s insurance editorial team compiled rate data from cities across the Sunshine State to help guide your shopping journey. In addition to this data, we’ve included tips to lower your car insurance premium, which may help you fit your car insurance costs into your budget.
- Floridians pay an average of $2,762 per year for full coverage insurance and $997 annually for minimum coverage policy.
- Based on proprietary rate data provided from Quadrant Information Services, Florida is the third most expensive state in the country for car insurance, just behind New York and Louisiana.
- Out of the demographics we analyzed, 18-year-old drivers listed on their own policy pay the most for car insurance in Florida. On average, these drivers pay an astounding $8,117 per year for a full coverage policy.
How much does car insurance cost in Florida?
Florida drivers pay an average of $2,762 per year for full coverage, which is 56 percent more than the national annual average of $1,771. However, your cost will depend on a number of rating factors, including where you live within the state and what coverage types and levels you choose. Bankrate found that larger cities and coastal areas tended to pay higher average premiums due to the increased risk of accidents and higher cost of living. Additionally, choosing higher levels of coverage or adding optional endorsements will likely increase your premium.
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Florida car insurance rates
|Average annual minimum coverage premium||Average annual full coverage premium|
Florida car insurance rates by city
Your ZIP code influences the premium you will pay for car insurance because of more accident frequency and higher crime rates in larger cities, according to the Insurance Information Institute (Triple-I). Even though car insurance is generally expensive in Florida, the following table demonstrates that your rates may be higher or lower than average depending on where you live in the Sunshine State. Average Florida auto insurance rates change by city based on population density, traffic volume, accident frequency and vulnerability to theft and vandalism, among other factors, according to the Triple-I.
|City||Average annual premium for full coverage||Percentage difference in average annual premium|
|West Palm Beach||$3,563||29%|
Your premiums may be higher or lower than the city’s average premiums listed above depending on your specific location within a city, as well as other individual rating factors. Moving to another ZIP code is not the most practical way to change your auto insurance premium, but if you are already considering a move, you may want to take your desired area’s average premiums into account when you analyze your budget.
Florida car insurance rates by company
The best car insurance companies in Florida each have their own unique underwriting standards, coverage offerings, discounts and policy features. To give you an idea of what you might expect to pay for car insurance in Florida, below are the average annual premiums for full coverage for some of the largest insurance companies by market share in the state.
Although finding the cheapest auto insurance in Florida might be a priority for many drivers, bear in mind that having adequate coverage is more than just about the price. You may also want to compare coverage offerings, discounts, customer service scores and financial strength ratings when choosing an insurance company.
Cost of living in Florida and car insurance
When shopping for the best car insurance rates in Florida, it’s important to factor in your other expenses so that you’re looking at your total living costs. The graph below shows the average annual cost of living in Florida, including the average rates for car insurance. Use this data as a guide to help determine your overall expenses so that you can decide what insurance rates fit in your budget.
Florida car insurance rates by age
Age is another factor that insurance companies use to determine your premium in Florida. Younger drivers, particularly those under 25, are typically charged significantly higher premiums because they are inexperienced and more likely to get into accidents based on actuarial data.
*16-year-old calculated on parent’s policy with discounts applied; 18- and 20-year-old are renters on their own policies with no discounts applied
As demonstrated by the table above, teen drivers pay some of the highest premiums in the Sunshine State. As drivers gain more experience, their average premiums gradually decrease. Premiums typically climb again at age 70, as older drivers may be at a higher-than-average risk of accidents.
Florida car insurance rates by gender
Gender is another factor that affects your car insurance premiums in Florida. At most ages, men typically pay more than women due to their higher frequency of accidents and risky driving behaviors. However, for Florida drivers at age 40 (which is the age used in Bankrate’s base driver profile), women pay just slightly more than men for full coverage.
|Average annual full coverage premium|
Florida car insurance by credit score
Your credit tier is a rating factor to determine auto insurance prices. Although it may seem strange, credit rating affects car insurance rates because lower credit-based insurance scores are generally tied in with a higher likelihood of filing claims. In Florida, drivers with poor credit pay an average of 169% more for full coverage than drivers with excellent credit.
Florida car insurance rates by driving record
One of the biggest factors that impacts your car insurance premiums is your driving history. If you have an at-fault accident, ticket or DUI conviction on your motor vehicle record (MVR), your insurance premiums will likely be raised accordingly. This is because car insurance rates are based on risk. A prior track record of risky driving means that you may be more likely to get into accidents (and thus file claims) in the future. If you have several accidents, tickets or a DUI conviction, you may even need car insurance for high-risk drivers in Florida. The following table indicates how much you can expect to pay in Florida if you have incidents on your MVR.
Tickets, accidents and DUIs generally will negatively impact your car insurance premiums for three to five years, depending on your insurance company. If you are unsure how long a surcharge might stay on your policy, you can call your insurance agent or provider to find out.
Florida car insurance rates by vehicle type
How to save on car insurance in Florida
Florida may be one of the most expensive states in the country for car insurance, but there are a few things you can do that may help you save on your premium:
- Shop for new quotes: Make it a habit to shop around for free online car insurance quotes at your renewal or after major life changes (like adding a teen driver or moving to a new zip code). Doing so may help to ensure that you receive the most competitive rate possible.
- Take advantage of eligible discounts: It may be a good idea to ask your agent to review your policy for discounts or programs that could lower your bill. For example, you may be able to save on your car insurance if you install a telematics device in your car or complete an online defensive driving course.
- Improve your credit score: Although improving your credit score isn’t an overnight fix, working on your credit can pay dividends in the long run, especially when it comes to Florida car insurance rates. A higher credit score may lead to lower rates if you live in a state where your credit-based insurance score can be used as part of your car insurance rate calculation.
- Practice safe driving habits: Cleaning up your driving record will not only keep you safer behind the wheel, but it may reduce how much you pay for car insurance.
Estimate your car insurance cost in Florida
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Credit-based insurance scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit the use of credit-based insurance scores as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.
Model: To determine cost by vehicle type, we evaluated our base profile with the following vehicles applied: Ford F-150, Honda Odyssey and Toyota Camry (base). All vehicle years are 2020.
Age: Rates were calculated by evaluating our base profile with the ages 16-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Gender: The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, North Carolina, Pennsylvania.
Teens: Rates were determined by adding a 16- or 17-year-old teen to a 40-year-old married couple’s policy. The rates displayed reflect the added cost to the parents’ policy.