The best cheap car insurance in Florida – Business Insider

22May 2020

  • 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.
  • Visit Business Insider’s homepage for more stories.

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
Alafaya $1,441
Altamonte Springs $1,331
Apopka $1,429
Aventura $1,377
Boca Raton $1,467
Bonita Springs $1,384
Boynton Beach $1,316
Bradenton $1,254
Brandon $1,385
Cape Coral $1,352
Clearwater $1,306
Clermont $1,413
Coconut Creek $1,384
Coral Gables $1,514
Coral Springs $1,478
Country Club $1,296
Cutler Bay town $1,466
Davie $1,454
Daytona Beach $1,171
Deerfield Beach $1,267
Delray Beach $1,346
Deltona $1,316
Doral $1,474
Fort Lauderdale $1,360
Fort Myers $1,266
Fort Pierce $1,150
Fontainebleau $1,282
Gainesville $1,210
Greenacres $1,292
Hallandale Beach $1,230
Hialeah $1,192
Hollywood $1,331
Homestead $1,295
Jacksonville $1,338
Jupiter $1,483
Kendale Lakes $1,372
Kendall $1,438
Kissimmee $1,280
Lakeland $1,268
Largo $1,248
Lauderhill $1,248
Lehigh Acres $1,294
Margate $1,299
Meadow Woods $1,392
Melbourne $1,271
Miami $1,218
Miami Beach $1,320
Miami Gardens $1,269
Miramar $1,474
North Fort Myers $1,252
North Lauderdale $1,297
North Miami $1,262
North Miami Beach $1,259
North Port $1,383
Oakland Park $1,315
Ocala $1,223
Ocoee $1,462
Orlando $1,304
Ormond Beach $1,334
Palm Bay $1,313
Palm Beach Gardens $1,460
Palm Coast $1,308
Palm Harbor $1,373
Pembroke Pines $1,447
Pensacola $1,291
Pine Hills $1,255
Pinellas Park $1,287
Plant $1,318
Plantation $1,449
Poinciana Place $1,278
Pompano Beach $1,289
Port Charlotte $1,251
Port Orange $1,314
Port St. Lucie $1,338
Riverview $1,484
Royal Palm Beach $1,485
Saint Cloud $1,376
Saint Petersburg $1,326
Sanford $1,276
Sarasota $1,298
South Miami Heights $1,270
Spring Hill $1,315
Sunrise $1,364
Tallahassee $1,288
Tamarac $1,291
Tamiami $1,366
Tampa $1,327
The Acreage $1,562
The Hammocks $1,449
The Villages $1,279
Titusville $1,278
Town ‘n’ Country $1,358
University $1,128
Valrico $1,482
Wellington $1,557
Wesley Chapel $1,497
West Palm Beach $1,320
Weston $1,603
Winter Garden $1,478
Winter Haven $1,274

The above data was obtained from S&P Global Market Intelligence.

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