- Florida is the fifth-most-expensive state in the US for car insurance, according to the Insurance Information Institute. Floridians, on average, will spend $1,259.55 each year on premiums.
- Insurance rates are determined on an individual basis, so factors like your credit score, age, and where you live in Florida will all affect the car-insurance rates you see.
- But USAA, State Farm Mutual, and Geico generally offer Floridians the best cheap auto insurance.
- To choose the best car-insurance policy for your own needs, make sure to shop around. Compare the coverage limits and deductible requirements, in addition to the premium.
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There’s no doubt that car insurance in Florida is expensive — the Insurance Information Institute (III) ranks Florida rates as the fifth-most expensive in the US. Typical Floridians will spend $1,259.55 each year on premiums, the institute found.
But auto-insurance rates vary by person. By doing your research, raising your credit score, and comparison shopping, you could save on your car insurance rates in Florida.
There are many factors that go into the yearly price, also called a premium, that you see on your policy quote. Every company will look at your information (like driving history, credit score, and age) differently, so everyone’s premium will be different. No one company that will be the best for every Florida resident, and that’s why it’s so important to shop around and get multiple quotes before choosing a car-insurance policy.
Florida residents have lots of companies to choose from when it comes to cheap auto insurance. However, every company and every person will get different rates based on those factors we looked at above.
Consumer Reports compiled information about which companies generally provide the most affordable car insurance in each state, calculated based on each company’s pricing formulas for each state. There are three that generally came up as the best cheap car insurance companies in Florida, although the top pick varies by credit score.
For those with good credit (670 to 739, according to FICO), along with the average premium for a single adult driver.
- USAA car insurance: $1,031 per year
- State Farm Mutual car insurance: $1,535 per year
- Geico car insurance: $1,704 per year
Drivers with excellent credit (800-plus) will save on car insurance.
Here are the companies that offer the best cheap car insurance for drivers with excellent credit, and the premium for a single adult driver based on Consumer Reports’ data.
- USAA car insurance: $788 per year
- State Farm Mutual car insurance: $1,313 per year
- GEICO car insurance: $1,495 per year
Those with poor credit (300 to 579 according to FICO) will pay more for their car insurance. On average, USAA is no longer the cheapest for poor credit drivers — rather, GEICO takes the top spot.
Here are the best cheap car insurance options in Florida for drivers with poor credit, along with Consumer Reports data for a single adult.
- GEICO car insurance: $2,300 per year
- State Farm Mutual car insurance: $2,610 per year
- USAA car insurance: $2,885 per year.
Those who get the best rates are generally those with excellent credit, and those who live in less trafficked areas.
The amount of coverage you choose will also influence the premium. Policies with greater coverage have bigger premiums, and the cheapest insurance policy isn’t always the best. Cheaper policies tend to carry larger deductibles, or higher amounts that you’ll pay out of pocket if you get into an accident. When you get your policy quote, look at the deductible, and the limits that come with each liability type. The best policy is usually the one with the highest limits and fits your budget.
Lastly, many personal factors influence prices. The car you drive, your driving record, age, gender, and even your marital and homeowner status can greatly affect premiums. Each company will price your premium differently based on these factors. Shop around and get insurance quotes from several companies to be sure you’re getting the best price.
And one factor that makes insurance premiums high in Florida: Florida has the second-most uninsured drivers in the US, with 23.8% of Florida residents driving without insurance, according to the Federal Insurance Office. This drives prices up for everyone.
Below is the estimated average annual premium of auto insurance policies per household in Florida’s 100 most populous cities.
|City||Average Annual Car Insurance Premium|
|Cutler Bay town||$1,466|
|North Fort Myers||$1,252|
|North Miami Beach||$1,259|
|Palm Beach Gardens||$1,460|
|Port St. Lucie||$1,338|
|Royal Palm Beach||$1,485|
|South Miami Heights||$1,270|
|Town ‘n’ Country||$1,358|
|West Palm Beach||$1,320|
The above data was obtained from S&P Global Market Intelligence.
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