According to Bankrate’s analysis of rate data, the average cost of car insurance in Florida is higher than it is in many other states. The average cost of minimum coverage car insurance in Florida is $997 per year, and full coverage costs, on average, $2,762 per year. This means that Florida’s average cost of car insurance is well above the national average cost of car insurance, which is $1,771 per year for full coverage and $545 per year for minimum coverage insurance. The higher average rates in Florida are likely due to a number of factors, such as a high number of drivers on the road and weather events such as hurricanes and flooding.
With the state’s high average rates, Florida drivers may be looking for the cheapest car insurance companies in Florida. To determine which companies offer the cheapest rates in Florida, Bankrate analyzed rate data from Quadrant Information services for dozens of providers, and also weighed third-party customer service and financial strength ratings for each company. What we found was that Allstate, Geico and State Farm offer some of the most affordable rates in this state, and there are several options for drivers looking for cheap car insurance companies in Florida.
The cheapest car insurance companies in Florida
Bankrate’s insurance editorial team obtained current premiums from Quadrant Information Services to help you find the cheapest car insurance in the Sunshine State. In addition to average premium data, we also reviewed each insurer’s financial strength ratings and customer satisfaction scores. These companies provide cheap average rates to Florida drivers, but also offer highly-rated customer service according to J.D. Power and solid financial strength according to AM Best. Through our meticulous research, we have identified some of the cheapest auto insurance companies in Florida.
The cheapest companies for minimum coverage in Florida
Allstate and Geico offer some of the cheapest average minimum coverage premiums in Florida, according to our analysis. Minimum coverage car insurance tends to be cheaper than full coverage due to its lower levels of financial protection. Many insurance professionals recommend that you purchase higher limits if you can afford to, as minimum coverage limits are likely to leave you with more out-of-pocket expenses.
These are some of the cheapest companies for state minimum limits in Florida:
| Car insurance company | Average annual minimum coverage premium | Average monthly minimum coverage premium |
|---|---|---|
| Allstate | $659 | $54.92 |
| Geico | $684 | $57 |
| State Farm | $754 | $62.83 |
| MetLife | $1,150 | $95.83 |
| Progressive | $1,287 | $107.25 |
The cheapest companies for full coverage in Florida
Our analysis of premium rate data reveals that State Farm and Geico also take the top spots for the cheapest full coverage in Florida. Full coverage car insurance means you are adding comprehensive coverage and collision coverage, which provide financial protection for damage to your vehicle.
If you are looking for full coverage auto insurance on a budget, you may want to consider these carriers:
| Car insurance company | Average annual full coverage premium | Average monthly full coverage premium |
|---|---|---|
| State Farm | $2,055 | $171.25 |
| Geico | $2,103 | $175.25 |
| Allstate | $2,784 | $232 |
| Progressive | $2,986 | $248.83 |
| MetLife | $3,218 | $268.17 |
Events that can impact your cheap rates in Florida
Life changes rapidly, and when it does, your auto insurance needs may change as well. Life events can present an opportunity to shop for car insurance with different carriers to make sure your company and coverage types still fit your needs. You may want to consider shopping for a cheaper policy if you have recently:
- Added a teen driver: Teen drivers are considered high-risk drivers due to their inexperience behind the wheel. Because of this, insurers tend to charge higher premiums for teen drivers. If you have a young driver on your policy, you may want to get quotes from multiple companies and take advantage of teen driver discounts, like a good student discount, to offset your premium increase.
- Received a speeding ticket: Speeding can increase the risk of causing an accident and make accidents more severe. Because of this, you could see an increase in your car insurance premium. But because each insurer approaches rating differently, shopping your coverage could help you find a company that does not penalize you as heavily for your ticket.
- Involved in an at-fault accident: At-fault accidents tend to increase your insurance rates for three to five years. But just like with speeding tickets, not all companies rate at-fault accidents in the same way, and you may be able to find a company that offers lower rates even with your accident.
- Deemed a high-risk driver: Numerous scenarios can cause insurance companies to give you a high-risk driver profile, including having multiple accidents or tickets, a lapse in coverage or a DUI conviction. While high-risk drivers may have limited options for car insurance, you could still shop around and take advantage of discounts to lower your premium. You could even consider switching to owning a cheaper vehicle.
Cheapest cities in Florida for minimum coverage
Your geographic location has a significant impact on your premium, even within a state. Individual cities often have different rates based on the risk factors in that area. Even your ZIP code can change your premium. Your area’s likelihood of accidents, the cost of medical care in your area and the population density can all impact premiums. Urban areas like Jacksonville and Miami tend to have higher premiums due to crowded roads and a higher cost of living.
Based on our research, the cheapest cities for minimum coverage in Florida are:
| City | Average annual minimum coverage premium | Average monthly minimum coverage premium |
|---|---|---|
| Marianna | $598 | $49.83 |
| Malone | $599 | $49.92 |
| Greenwood | $599 | $49.92 |
| Ponce de Leon | $620 | $51.66 |
Cheapest cities in Florida for full coverage
Location can also impact full coverage premiums. Like with minimum coverage, more densely populated areas or areas with heavy tourism, like Tampa, generally have higher premiums. But because full coverage includes coverage for damage to your vehicle, more factors affect the price you pay. The incidence of vehicle theft, damaging weather events and the cost of parts and labor for vehicle repairs could increase your full coverage premium.
If you live in one of these four cities, you may pay less for full coverage than other areas of Florida:
| City | Average annual full coverage premium | Average monthly full coverage premium |
|---|---|---|
| Alachua | $1,953 | $162.75 |
| Santa Rosa Beach | $1,962 | $163.50 |
| Freeport | $1,965 | $163.75 |
| Defuniak Springs | $1,978 | $164.80 |
Minimum coverage requirements for Florida drivers
Like most states, drivers in Florida have to carry at least a minimum amount of coverage to drive legally. Because Florida is a no-fault state, these include:
- $10,000 personal injury protection (PIP)
- $10,000 property damage liability per accident
Bodily injury liability, which is a required coverage in most states, is not required in Florida. However, Florida drivers must prove their ability to pay for damages they cause in an accident. While you can do this without purchasing bodily injury coverage — you could post a surety bond, for example, if your net worth is high enough to qualify — insurance is generally the easiest way to satisfy this “financial responsibility law.”
The minimum requirements for bodily injury coverage, if you choose to purchase insurance, are:
- $10,000 bodily injury liability per person
- $20,000 bodily injury liability per accident
Florida insurance companies must also offer you uninsured motorist coverage, but you can decline this coverage in writing. This coverage option gives you financial protection in case you are hit by uninsured drivers.
Although minimum coverage often results in lower premiums, most insurance agents recommend that you purchase higher limits to obtain greater financial protection. Additionally, minimum coverage does not include comprehensive coverage or collision coverage, which pays for damages to your vehicle. Policies with these coverage options are often referred to as “full coverage” policies. If you finance or lease your vehicle, your financial institution will likely require you to carry full coverage.
Here is how to find (and keep) cheap car insurance in Florida
Due to the Sunshine State’s high average premiums, finding affordable rates could be a priority for many drivers. However, once you’ve found a cheap car insurance policy, keeping your rates low is another matter entirely. Here are some tips to find and keep cheap car insurance in Florida:
- Understand your needs: Different drivers and households have different insurance needs. Assessing your individual needs and wants could help you find a few insurance providers that fit your unique situation. You can then compare a few quotes to find the best price for the coverage you need.
- Drive safely: Drivers with clean driving records and safe driving habits often avoid the surcharges that come with at-fault accident claims and tickets. Driving safely could also mean you qualify for safe-driver or claims-free discounts, which could save you even more money.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. 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.
Share