How Much Is Car Insurance in Florida? (2023 Averages)
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The cost of car insurance premiums can vary widely across different driver profiles and policy coverage levels. For example, although the average cost of car insurance in Florida is $2,208 per year, drivers with a minimum coverage policy only pay about $1,123 per year. Conversely, this annual average jumps to $2,902 if you have a violation on your record and $4,913 if you add a young driver to your policy.
The company you buy car insurance from also affects your premiums. A full coverage policy from GEICO costs $1,337 per year in Florida, whereas the same coverage from Progressive costs $2,728 per year.
The Average Cost of Car Insurance in Florida
MoneyGeek examined how insurance rates in Florida change with specific factors. The driver's age and credit score most significantly influence average auto insurance rates in the state.
Multiple elements affect car insurance premiums. The figures we provide in this guide are averages, so drivers should always consider their personal characteristics when forecasting costs.
Average Costs of Car Insurance in Florida
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- DriverAverage Annual PremiumAverage Monthly Premium
- The Average Driver$2,208$184
- Drivers Buying Minimum Coverage$1,123$94
- Adding a Young Driver$4,913$409
- Drivers With a Violation$2,902$242
- Drivers With Poor Credit$4,194$349
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Why Are Car Insurance Rates Expensive in Florida?
MoneyGeek's analysis found that the car insurance rates in Florida are expensive. The state has a high percentage of urban drivers, which results in a higher risk of accidents. Its highway traffic density and uninsured motorist rate also rank among the top 10 in the country.
Florida is also known for its vulnerability to natural disasters, which often result in higher premiums. Moreover, Florida is a no-fault state. Insurers must cover the insured regardless of who is at fault, leading to high insurance costs in the state.
Average Cost of Car Insurance in Florida: Full Coverage vs. Minimum Coverage
According to MoneyGeek, a state minimum auto insurance policy in Florida costs an average of $1,123 per year. The average cost of full coverage car insurance in Florida is $2,208 per year — a significant difference of $1,085.
The amount of coverage you select also affects the average cost of vehicle insurance in Florida. Insurers offer several coverage options. Liability coverage is often the state minimum, with or without add-on coverages. With comprehensive, collision and liability coverages generally included in a full coverage insurance policy, it costs much higher than the state's minimum insurance policy.
Average Cost of Car Insurance in Florida by Coverage Level
A state-minimum policy in Florida is the most affordable car insurance you can buy.
If you’re getting one, know that you can increase your liability coverage to 50/100/50 or 100/300/100. These numbers refer to the liability coverage levels on your policy. For example, a 50/100/50 policy features:
- $50,000 in bodily injury liability insurance per person
- $100,000 in bodily injury liability insurance per accident
- $50,000 in property damage liability insurance per accident
Conversely, a full coverage policy includes comprehensive and collision coverage. This covers damages to your car on top of the standard liability coverage.
Average Cost of Car Insurance in Florida By Company
Regardless of the factors affecting costs, each insurance company will present you with a different quote. As a result, the insurer you choose will affect your auto insurance cost. GEICO provides the cheapest full coverage insurance, on average, for Florida's drivers. It is also the most affordable insurer for the state's average minimum liability insurance prices.
Although USAA's policies are the most cost-effective for both types of insurance, they are only available to current and former military members and their families.
Progressive, on the other hand, charges the highest on average for both state minimum liability only and full coverage plans. Premiums for all providers change with the driver's specific characteristics, so it's important to compare quotes from different companies.
Average Annual Costs of Car Insurance in Florida - By Company
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- CompanyMinimum CoverageFull Coverage
- $406$940
- $590$1,337
- $1,085$1,867
- $1,175$2,014
- $1,034$2,298
How Much Is Car Insurance in Florida by Age?
A driver's age also affects their auto insurance rates in Florida. Due to their lack of driving expertise, insurers consider young drivers as riskier to insure and charge them higher premiums. However, as a young driver, you can save money by being added to your parent's auto insurance policy.
According to MoneyGeek, a 16-year-old buying their own policy in Florida pays an average of $4,913 — significantly higher than the $2,208 average for a 40-year-old.
New or first-time drivers, regardless of age, are considered as risky as young drivers in Florida and may be quoted insurance premiums.
Average Costs of Full Coverage Car Insurance in Florida - By Age
How Does Driving History Affect Car Insurance Costs in Florida?
Insurance companies perceive people with a history of auto accidents and multiple traffic violations as high-risk drivers and typically charge them higher premiums. Even if you have a bad driving record, you may be able to get lower rates in Florida if you shop around.
According to MoneyGeek, a speeding ticket on your driving record costs you $694 more a year on average. Premium increases align with the seriousness of the violation.
Average Costs of Full Coverage Car Insurance in Florida - By Driving History
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- Driving ViolationAnnual Premium
- Safe Driver$2,208
- Speeding Ticket$2,902
- At-Fault Accident$3,246
- DUI$3,763
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Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.
Credit Scores and the Cost of Car Insurance in Florida
In Florida, insurers use your credit score to determine your insurance costs. A driver with an excellent credit score typically saves a lot of money on auto insurance premiums. While a poor credit score may encourage insurers to charge you high premiums, you can still compare quotes from different providers to obtain an affordable policy in Florida.
Based on MoneyGeek's analysis, a driver with a bad credit score pays an average of $2,093 more per year in Florida than people with strong credit scores. Similarly, possessing an excellent credit score leads to average annual savings of $456 on premiums.
Average Costs of Full Coverage Car Insurance in Florida - By Credit Score
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- Credit ScoreAnnual Premium
- Excellent$1,644
- Good$2,101
- Fair$2,648
- Below Fair$3,222
- Poor$4,194
How Much Is Car Insurance in Your City?
MoneyGeek's study found that auto insurance rates vary substantially among states and from city to city. On average, the lowest auto insurance policy in Florida is available in Gainesville, while drivers pay for the most expensive coverage in Hialeah. Hialeah's annual average is $604 higher than the state average of $2,208, while Gainesville's average is $821 lower.
If you reside in a densely populated region or an area with a high risk of traffic accidents or natural disasters, your provider will likely charge more for insurance. Premiums may also increase depending on the risk of vehicle theft in your area and other factors.
Average Costs of Full Coverage Car Insurance in Florida - By City
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- CityAnnual Premium
- $1,588
- $2,091
- $2,394
- $2,303
- $2,491
- $1,387
- $2,812
- $2,454
- $1,739
- $1,681
- $2,593
- $2,710
- $2,217
- $1,862
- $1,670
- $2,203
- $2,386
- $1,841
- $2,194
- $1,481
- $2,546
- $2,667
Frequently Asked Questions About Florida Car Insurance Rates
MoneyGeek provides some answers to common inquiries about auto insurance rates in Florida.
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