Cheap Florida Low-Income Car Insurance for Families and Individuals

The state of Florida does not have a low-income car insurance program. MoneyGeek analyzed the cheapest car insurance companies and found that GEICO offers the cheapest car insurance to low-income families and individuals in Florida.

Compare Auto Insurance Rates

Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

widget-location-pin
Last Updated: 4/19/2022
Advertising & Editorial Disclosure
By     |  

In Florida or any other state, your income is not factored into your car insurance rates. Adding a teen to your policy, as well as your credit score and the level of coverage you select, can all have an impact on your auto insurance rates. MoneyGeek calculated the cost of low-income car insurance in Florida for individuals and families based on credit ratings.

Is There Car Insurance for Low-Income Families and Individuals in Florida?

In Florida, there is no car insurance assistance program for low-income families or individuals. Although insurance is compulsory in all jurisdictions, some drivers may opt out due to the high insurance costs. Uninsured drivers account for 20.4% of all drivers in Florida, which is on the high side.

A state minimum coverage policy is your best bet if you're on a tight budget. Additionally, if you're a low-income driver who drives infrequently, pay-per-mile insurance will be the best alternative.

tip icon

Does Florida Have a Government Program to Support Low-Income Drivers with Insurance?

There is no government car insurance program in Florida for low-income drivers. Shopping around and comparing quotes from several insurers yields the most cost-effective insurance. MoneyGeek has done the research for you if you're a low-income driver in Florida looking to save money on auto insurance.

The Cheapest Florida Car Insurance Companies for Low-Income Drivers

If you live in Florida, your auto insurance rates are calculated using your age and credit score but not based on your income.

Although a policy that just fulfills the bare minimum requirements of the state may be less expensive, it will provide the least amount of protection. According to MoneyGeek, GEICO, Allstate and Allied provide the most affordable insurance policies in Florida for low-income drivers. The cheapest car insurance available in the state for low-income families and individuals of all ages were also assessed by MoneyGeek.

Insurance Rates

Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

widget-location-pin

The Cheapest Florida Car Insurance Companies for Low-Income Families

Insurance premiums are affected by a person's credit score as opposed to income. According to MoneyGeek's research, a single parent with a low credit score in Florida pays $3,264 more in insurance premiums annually than a parent with a high credit score. Couples with a single teen and a low credit score pay $4,385 more yearly for car insurance than families with good credit.

On average, the following two companies in Florida are the most affordable for families with a teen child and a low credit score:

  • GEICO: $4,558 per year
  • Allstate: $6,930 per year

With an annual average rate of $3,378 for a low-income family with a teen driver and a poor credit score, USAA is the state's overall cheapest auto insurance company. However, USAA was left off our list because it’s only available to military families.

On average, the following two companies in Florida are the cheapest for single parents with bad credit:

  • GEICO: $3,348 per year
  • State Farm: $5,989 per year

The cheapest insurance for a single parent with bad credit is provided by USAA, which costs an average of $2,241 per year.

Your income might be low, but that doesn't imply you have a poor credit score. You can find the cheapest car insurance for low-income families in Florida by using the chart below.

Sort by family type:

Single parent w/ a kid

Switch by Credit Score:

Good Credit Score

Scroll for more

swipe icon
  • Company
    Annual Rates
  • USAA
    $1,109
  • GEICO
    $1,657
  • State Farm
    $2,964
  • Allstate
    $3,044
  • Allied
    $3,049
Insurance Rates

Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

widget-location-pin

The Cheapest Florida Car Insurance Companies for Low-Income Individuals

Car insurance in Florida is roughly $1,097 a year more expensive for our 40-year-old low-income sample driver with a poor credit score than for a driver with a high credit score.

On average, low-income drivers with poor credit can save money on car insurance by turning to the following two providers:

  • GEICO: $1,229 per year
  • Allstate: $2,153 per year

USAA offers the most affordable overall insurance in Florida for individuals with poor credit, with an average annual cost of $845. However, USAA was excluded from our list since it’s exclusively for military families.

A low income does not always translate into a low credit score. If you have a low income but good credit, the cheapest insurers are, on average:

  • GEICO: $1,229 per year
  • Allstate: $2,153 per year

Switch by Credit Score:

Good Credit Score

Scroll for more

swipe icon
  • Company
    Annual Rates
  • USAA
    $418
  • GEICO
    $608
  • Allstate
    $1,065
  • Allied
    $1,088
  • State Farm
    $1,118

The Cheapest Florida Car Insurance Companies for Low-Income Students

Young Florida student drivers pay more for auto insurance because of their inexperience. Students, by definition, are considered low-income individuals. Even if a student's low income does not result in an increase in premiums, car insurance can still be a significant portion of a family's budget.

On average, the following companies offer the cheapest car insurance for low-income student drivers in Florida who have poor credit:

  • GEICO: $2,517 per year
  • Allstate: $4,408 per year

Even though USAA's $1,730 per year car insurance premium is the lowest in the state, they were not included in our rankings because only military personnel are eligible for coverage.

Even if a student’s income is low, they may have a good credit score. The cheapest companies, on average, for students with good credit are:

  • GEICO: $1,246 per year
  • Allstate: $2,182 per year

Switch by Credit Score:

Good Credit Score

Scroll for more

swipe icon
  • Company
    Annual Rates
  • USAA
    $856
  • GEICO
    $1,246
  • Allstate
    $2,182
  • Allied
    $2,228
  • State Farm
    $2,288

The Cheapest Florida Car Insurance Companies for Low-Income Seniors

As a Florida senior, you'll have to pay a little more for car insurance. Car insurance premiums for elderly people with poor credit are also higher than those of their peers. There is a roughly $1,176 annual difference for a 70-year-old driver in Florida with a poor credit score and one with a good credit score.

On average, the following two companies offer the most affordable car insurance for low-income seniors in Florida with a poor credit history:

  • GEICO: $1,241 per year
  • Allstate: $2,144 per year

If you are a senior driver with poor credit in Florida, USAA's car insurance costs an average of $1,001 per year. However, USAA was excluded due to the fact that it only offers auto insurance to active-duty military people.

A low income does not automatically imply a poor credit score. A good credit score has a significant impact on insurance premiums. On average, the cheapest insurers for seniors with good credit are:

  • GEICO: $614 per year
  • Allstate: $1,061 per year

Switch by Credit Score:

Good Credit Score

Scroll for more

swipe icon
  • Company
    Annual Rates
  • USAA
    $495
  • GEICO
    $614
  • Allstate
    $1,061
  • State Farm
    $1,065
  • Allied
    $1,154

Does Income Affect Car Insurance Rates in Florida?

For the most part, insurance companies do not use your income when determining your auto insurance premiums. It's possible, though, that your rates will be affected by other factors related to your income.

Younger drivers, for example, are more likely to be involved in an accident and face higher insurance premiums. Because they are just starting out in their careers, they may also make less money. Additionally, people with lower incomes are more likely to make insurance claims. The cost of insurance is higher for drivers with a claim on their record.

MoneyGeek looked into the relationship between low income and insurance premiums in Florida. The three most important factors that affect insurance premiums in the state are:

  • Adding a teen driver to the policy.
  • Credit score.
  • Coverage levels.

Besides these factors, your age and car model also affect your Florida insurance costs.

  • Factor
    How it Affects Your Rates
  • Adding a Teen Driver

    Adding a teen driver is the biggest factor in Alaska, making rates 3.6x as expensive.

  • Age of Driver

    Age of adult drivers is important too. In Alaska, rates can vary by 2.4x for young drivers versus middle-aged drivers.

  • Coverage Levels

    How much coverage you buy in Alaska matters a lot. Buying a full coverage policy will be 2.4x more expensive than the state minimum.

  • Car Model

    Depending on the model of your car, insurance could be twice as expensive.

  • Credit Score

    A driver with a poor credit score may pay 1.7x more than one with an excellent score.

Frequently Asked Questions About Low-Income Car Insurance in Florida

Low-income auto insurance can be confusing at first. MoneyGeek answers the most frequently asked questions about Florida low-income auto insurance.

Methodology

MoneyGeek calculated the cost of car insurance for low-income drivers in Florida using quotes sourced in partnership with Quadrant Information Services. The sample driver is either a 40-year-old male, a single 40-year-old parent with a 16-year-old child, an adult couple each 40 years old or a couple with a 16-year-old child. The individual or family drives a 2010 Toyota Camry LE. The driver buys the minimum car insurance required in Florida.

Costs for poor and good credit scores were extrapolated based on MoneyGeek’s dataset of credit score rate adjustments by score categorization.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.