If you're traveling from Florida to New Jersey or vice versa, you'll need to consider car insurance requirements. For instance, both states require property damage liability per accident, but Florida requires a coverage of $10,000, whereas New Jersey only requires $5,000.
MoneyGeek analyzed insurance regulations, criteria and costs in its car insurance Florida vs. New Jersey review to help you find the best auto insurance policy for your needs.
- I want to compare car insurance laws in Florida vs. New Jersey
- I want to see the cheapest insurance companies in Florida vs. New Jersey
- I want an analysis of how and why car insurance costs differ in Florida vs. New Jersey
- I want to see how car insurance costs differ by city
- I’m moving between Florida and New Jersey, what should I know?
Car Insurance Laws in Florida vs. New Jersey
Florida car insurance laws only require property damage liability and personal injury protection (PIP). Car insurance laws in New Jersey, meanwhile, require a minimum liability insurance coverage of $15,000 per person for injury or death, $30,000 per accident for all injuries and $5,000 for property damage. This is in addition to a minimum of $15,000 in PIP.
The average cost of state-minimum coverage in Florida is $1,123, whereas, in New Jersey, it’s $1,018. State car insurance laws are just one of several factors that affect the cost of premiums; population density and frequency of accidents also impact that rate that you receive.
- $10,000 property damage liability per accident
- $10,000 personal injury protection per person
New Jersey Requirements
- $5,000 property damage liability per accident
- $1,000 personal injury protection per person
How Are Car Insurance Laws Enforced in Florida and New Jersey?
Florida and New Jersey are “no-fault” states, which could contribute to higher car insurance premiums. This means that drivers are accountable for vehicle damage and medical expenditures regardless of who caused the crash.
To put it another way, no-fault vehicle insurance regulations require each motorist to file a claim with their own insurance company following an accident. As part of their auto insurance policy, all no-fault drivers must purchase personal injury protection.
Cheapest Car Insurance Companies in Florida vs. New Jersey
According to MoneyGeek's analysis, the following are the cheapest insurance companies in Florida and New Jersey, based on average minimum coverage policies:
- Cheapest in Florida: GEICO ($590 per year)
- Cheapest in New Jersey: GEICO ($499 per year)
GEICO is the cheapest insurer in both states, although its insurance policies in Florida are more expensive than those in New Jersey. This demonstrates how rates can differ significantly from one state to the next.
Despite having the lowest annual rates in Florida, at $406, USAA's policies are exclusively available to current and former military personnel and their families.
Cheapest Car Insurance Companies in Florida
Cheapest Car Insurance Companies in New Jersey
GEICO has the cheapest auto insurance costs in Florida and New Jersey, but these are only for minimum coverage policies. Your rate is decided by the amount of coverage you have, your age, driving history, location and other criteria. MoneyGeek explored the most cost-effective choices in both states:
Compare Auto Insurance Rates
Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.
Average Cost of Car Insurance in Florida vs. New Jersey
The level of coverage impacts the cost of auto insurance in Florida vs. New Jersey. Florida's premiums are much more expensive than New Jersey's for both minimal and full coverage options.
In Florida, the average annual cost for a minimum coverage policy is $1,123, whereas in New Jersey, it is $1,018. On average, full coverage policies in Florida and New Jersey cost $2,208 and $1,674 per year, respectively. But because rates are based on a variety of other factors, your final price may differ.
Average Cost of Car Insurance in Florida vs. New Jersey
Florida Annual Premium
New Jersey Annual Premium
Adding a Young Driver
Drivers With a Violation
Drivers With Poor Credit
Why Are Car Insurance Rates More Expensive in Florida vs. New Jersey?
Several factors affect auto insurance premiums, which explains why rates in Florida are greater than in New Jersey. While both states have higher auto premiums than other states because of their no-fault status, Florida also has a higher percentage of uninsured drivers. This translates to higher insurance costs in the state.
Car Insurance Costs by City in Florida vs. New Jersey
The cost of auto insurance varies greatly depending on where you live within a state. In Florida, Gainesville has the cheapest auto insurance policies at an average of $693 per year, while Hialeah has the most expensive policies at $1,461 per year. Meanwhile, in New Jersey, the cheapest and most expensive policies can be found in Jersey City and Paterson at $960 and $1,089 per year, respectively.
While all states have identical car insurance standards, other factors such as population density and cost discrepancies between cities impact the cost of your premium.
Car Insurance Costs by City in Florida
Average Annual Rate
Car Insurance Costs by City in New Jersey
Moving Between Florida and New Jersey? What to Know
When you move from Florida to New Jersey or vice versa, you'll need to transition your driver's license and registration. You may be able to keep your current insurer if you are happy with it, but rates may change to reflect the new state's risks and coverage requirements.
In the interest of looking for a new insurance provider, MoneyGeek included numerous resources to help you find the best policy for you.
Learn about car insurance for high-risk drivers in Florida and New Jersey
High-risk drivers are more likely to pay higher insurance premiums or be turned down by certain insurance companies. In Florida, persons who have committed major driving violations must complete a Florida SR-22 form, however, New Jersey does not have this requirement.
If you’re a low-income driver, see if Florida or New Jersey offer car insurance programs
New Jersey offers a state-funded option for low-income drivers seeking car insurance. Their Special Automobile Insurance Policy (SAIP) provides minimum car insurance to eligible drivers for $365 per year. Additional resources for drivers seeking low-income car insurance in New Jersey are also available. Though no state-funded programs exist in Florida, MoneyGeek offers a range of resources to assist low-income drivers in Florida in their search for ways to save money on car insurance premiums.
FAQs About Florida and New Jersey Car Insurance
MoneyGeek answers some frequently asked questions regarding vehicle insurance in Florida and New Jersey to help you make an informed choice about a policy that fits your every need.
To calculate average car insurance rates by company and across Florida and New Jersey, MoneyGeek collaborated with Quadrant Information Services to collect auto insurance quotes from both locations. We used a sample profile for a 40-year-old driver with a clean driving record and minimum coverage unless modified by criteria like coverage level, age, driving offenses and credit score. Learn more about how costs are calculated in our MoneyGeek car insurance methodology.
Minimum car insurance requirements by state were sourced from the Department of Motor Vehicles (DMV) of the respective state.
About Mark Fitzpatrick
- CarInsurance.org. "What’s the Difference: No-Fault vs. Tort Car Insurance." Accessed April 15, 2022.
- Florida Department of Highway Safety and Motor Vehicles. "Florida Insurance Requirements." Accessed April 15, 2022.
- Insurance Information Institute. "Background on: No-fault auto insurance." Accessed April 15, 2022.
- State of New Jersey Department of Banking and Insurance. "Get Legal with New Jersey's Basic Auto Insurance Policy." Accessed April 15, 2022.