If you are wondering how much car insurance is in Florida, the short answer is: slightly more than the national average. As is the case in any other state in the U.S., though, your exact premium will be calculated according to many different factors. If you're interested in finding out how insurance premium rates are determined in Florida, here is a short overview for your convenience.
What's the Average Cost of Auto Insurance in Florida?
If you live in Florida, as per statistics supplied by ValuePenguin.com, TheZebra.com, Nerdwallet.com, and CarInsurance.com, you're going to be paying a higher auto insurance rate than most other Americans. Whereas the average national insurance rate amounts to $889.01 per year, those who live in Florida pay an average of $1,185,25 annually. However, your auto insurance rate is determined by more than just the state you live in. Other considerations include your credit history, marital status, driving record, gender, and age.
What's the Average Premium in Florida by Age Bracket?
As opposed to things like life insurance, auto premiums are higher the younger you are. This is because, as CarInsurance.com and TheZebra.com report, insurers assume that teenage drivers have less experience than their older counterparts and are also generally viewed as less responsible and less confident behind the wheel. In Florida, for instance, a 16-year old driver has to fork out an average of $5984 per year for auto insurance, wheres a driver between 50 to 60 years of age will pay only $1641.
Here follows a breakdown of average premiums in Florida by age bracket as supplied by TheZebra.com:
16 years: $5983.52
17 years: $5604.02
18 years: $4855.11
19 years: $3805.73
20-29 years: $2366.51
30-39 years: $1793.60
40-49 years: $1755.86
50-59 years: $1640.71
60-69 years: $1672.37
70-79 years: $2028.20
What's the Average Insurance Premium by Gender in Florida?
TheZebra.com also reports that although the difference is negligible, women in Florida pay on average slightly more for their car insurance than their male counterparts. The average premiums for women and men are:
How Does One's Marital Status Influence Premiums in Florida?
One benefit that people who live in Florida have when it comes to insurance premiums is that wedded motorists in this state pay $81 less on auto insurance annually, whereas the average national discount for married couples in the U.S. amounts to $76. According to TheZebra.com, average annual premiums in Florida by marital status are as follows:
What Is the Average Auto Insurance Cost by Coverage Level in Florida?
Your level of coverage will influence your auto insurance premium, with those who have liability-only coverage paying less than those with low-deductible comprehensive coverage. In Florida, you'll pay $690 more for a comprehensible coverage with a $500 deductible than for a liability-only coverage. To meet Florida's minimum law requirements, according to ValuePenguin.com, you need at least minimum coverage. Such coverage, however, does not include comprehensive and collision coverage. If you opt for full coverage, your insurance policy will include comprehensive and collision coverage, which means that you'll be protected against damage to your vehicle.
What Are the Minimum Car Insurance Requirements in Florida?
You are legally required to carry auto insurance by the state of Florida. The state requires that all drivers must have Personal Injury Protection; however, unless you have an SR-22, you're not under a legal obligation to carry bodily injury liability. The minimum required auto insurance coverage limits in the state, according to ValuePenguin.com, Nerdwallet.com, QuoteWizard.com, and CarInsurance.com, are:
Personal injury protection (PIP): $10,000 per accident
Property damage liability (PDL): $10,000 per accident
However, in the event that you are the offending party in a crash, you'll be required by the Florida Financial Responsibility Law to pay up to:
Bodily injury liability: $10,000 per person
Bodily injury liability: $20,000 per accident
What About Your Credit History?
Your credit history will determine whether an auto insurance underwriter will view you as reliable or not. TheZebra.com states that statistics have illustrated that those with good credit records generally pose less of a risk to insurance companies. That is, people with good credit records typically file claims less often than those with a poor credit rating. If you live in Florida and you have a good credit rating, you'll spend $1889.03 per annum less on your auto insurance premium than those with a less favorable credit rating. Here are the average car insurance premiums you can expect to pay annually according to your credit score:
Very poor (300-579): $3,470.05
Fair (580-669): $2,836.17
Good (670-739): $2,307.41
Very good (740-799): $1,889.39
Exceptional (800-850): $1,581.01
Average Insurance Premiums for High-Risk Drivers in Florida
Your personal driving history will also influence your auto insurance premiums. If you have been convicted of a vehicular offense or were the guilty party in a car accident, your premiums will, unfortunately, be higher, as you will be viewed as a high risk by an insurance company. This means that the more accidents you are involved in or violations you commit, the steeper your insurance premiums will become. In Florida, for instance, your premium will increase by $598.03 annually for your first minor at-fault accident.
Here's a breakdown of what you can expect to pay after being involved in an accident or committing a violation in Florida, as per data supplied by TheZebra.com:
Average annual rate DUI/DWI: $2739.96
Reckless driving: $2715.59
At-fault accident (<1000): $2,476.08
At-fault accident ($1000-$2,000): $2,584.21
At-fault accident (<$2000): $2,476.08
Open container: $2315.21
Speeding (21-15 MPH > limit): $2425.34
Speeding (16-20 MPH > limit): $2425.34
What's the Best Insurance Company in Florida?
According to a customer survey by ValuePenguin.com, the best insurance company in Florida according to client satisfaction is Allstate, with 64 percent of their clients stating that they were extremely satisfied with the service they have been receiving from the company. What is of interest, is that Allstate's actually the most expensive insurer across all policy types in the state of Florida but that clients still feel satisfied with the products and services they receive for their money. Not far behind Allstate when it comes to customer satisfaction in the survey ratings was State Farm, which, interestingly enough, is the cheapest insurer that was included in the survey.
You Might Also Like