The fifth most costly state in the nation to get car insurance is Florida. It is a fact that over 20% of Florida drivers don’t have car insurance which is the primary cause of the high cost of car insurance in Florida. The average insurance premium is approximately $2,000 and it is twice the national average rate for car insurance in the Sunshine State.
The cost of insurance goes up for those who purchase it to protect their cars and themselves from uninsured drivers. Because of this, your policy must include uninsured motorist coverage. Increased healthcare expenditures, high-risk drivers, traffic, and the possibility of severe weather are some variables that drive up car insurance prices in Florida.
Cheapest Minimum-Liability Coverage in Florida
| Florida Car Insurance Provider | Average Monthly Cost | Average Annual Cost |
|---|---|---|
| State Farm | $54 | $650 |
| Geico | $57 | $682 |
| Travelers | $85 | $1,019 |
| American International | $97 | $1,162 |
| National General | $118 | $1,418 |
Cheapest Full-coverage Coverage in Florida
| Florida Car Insurance Provider | Average Monthly Cost | Average Annual Cost |
|---|---|---|
| State Farm | $151 | $1,813 |
| Geico | $171 | $2,057 |
| Travelers | $177 | $2,121 |
| Progressive | $266 | $3,196 |
| Farmers | $372 | $4,464 |
Car Insurance Rates in Florida Rise Due to High-Risk Drivers
Inexperienced drivers in Florida, with a history of speeding tickets, DUI arrests, accidents, or convictions, and those payment gaps or delays in their insurance coverage. These all are considered high-risk drivers.
DUI offenders and high-risk drivers in Florida are charged with additional penalties, which drives up their insurance costs. According to Responsibility org in nationwide around 8% of alcohol-impaired driving accidents occur in Florida. Also, with the highest number of vehicle and pedestrian collisions yearly, Florida has become a state where pedestrians are most risky.
Uninsured drivers arrived Rates for Florida Auto Insurance
In Florida, about 20% of drivers are without insurance, which raises the cost of rates for those who do purchase coverage. A study states that in the United States, 12% of drivers do not have insurance on average. It is more likely to say that if you are in an accident with someone, there is a possibility that they do not have car insurance.
There is a minimum of 1 in 5 probability that the other car in the accident doesn’t have car insurance. For this reason, obtaining uninsured motorist coverage is crucial in Florida. In essence, UM, or uninsured motorist coverage, will cover your losses if you are involved in an accident with an uninsured or underinsured driver. This is an additional component that raises the average state insurance premium rate since uninsured motorist coverage is an additional expense.
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Florida Drivers’ Average Age
The average rate increase for car insurance affects both young people and seniors. Both young and elderly drivers make up a significant proportion of Florida’s driver population. Florida residents pay higher average insurance premiums as a result of this.
Weather Impact on Prices of Car Insurance in Florida
Car insurance in Florida rates are also increased by severe weather conditions. The probability of your car being totaled in a severe weather event is recognized by insurance providers, as tornadoes and hurricanes are frequent occurrences in Florida.
Florida has severe weather frequently, thus insurance firms hike their rates because they anticipate having to pay out higher-value claims in the state as a result of weather-related incidents alone.
FAQ’s
Q.1) Why is my car insurance in Florida so expensive?
Ans. Car insurance in Florida is so expensive because it is a no-fault state. Florida has the highest percentage of uninsured drivers in the US.
Q.2) What is the minimum car insurance coverage required in Florida?
Ans. At least $10,000 in both personal injury protection and property damage liability is required to carry by policyholders in Florida except Bodily injury liability coverage.
Q.3) Who has the cheapest auto insurance in Florida?
Ans. Cheapest Full-Coverage Car Insurance in Florida– State Farm tends to offer the cheapest full coverage in Florida, costing an average of $151 per month or $1,813 per year.
Q.4) What does no-fault mean in Florida?
Ans. The no-fault means in Florida is personal injury protection insurance, which pays for medical costs and lost income regardless of fault in a car accident for drivers.