How Much Does Auto Insurance Cost in Florida?

Looking for Florida automobile insurance? Prepare yourself for the hefty premiums you’re likely to pay and discover a few money-saving tips with this quick guide.

Average Cost of Florida Automobile Insurance

While there are a variety of factors that determine each driver’s premiums, one thing remains the same: auto insurance typically comes with a hefty price tag for Florida drivers. Average car insurance rates are more than 30 percent above the United States’ average, coming in at an average of more than $1,800 per year according to The Zebra. Younger and older drivers pay significantly more, with premiums soaring higher than $3,000 for teenagers and more than $2,000 on average for drivers in their 70s.

Why Florida Premiums Are High

Insurance Panda notes that Florida regularly ranks among the most expensive states to buy auto insurance. Why? Several factors go into the reason that drivers in the Sunshine State pay high premiums, including:

  • Florida insurance companies have high claims volume and deal with a large number of losses
  • The state requires drivers to buy personal injury protection, which can add up to 20 percent to the bill
  • Compared to the rest of the U.S., Florida’s required coverage limits are low, which increases the premiums for drivers who want robust coverage
  • Florida drivers are more likely to make claims and file above-average lawsuits, driving costs up across the board

Top 5 Affordable Florida Automobile Insurance Companies

Looking for the most affordable option? Value Penguin’s research revealed five of the least expensive Florida automobile insurance companies for 2019, which include the following:

  • Florida Farm Bureau’s average annual premium was around $380
  • USAA, available only to military members and their family, had average annual premiums of around $600
  • GEICO’s average was slightly more than $600
  • Traveler’s average annual premium came in around $640
  • State Farm’s average premium was more than $645

Can You Expect to Pay Average Prices?

While knowing the average annual premiums for each company can help narrow down your search for the least expensive Florida automobile insurance company, your premium will likely differ. Every insurance company takes a variety of factors into account when the underwriters calculate your premiums. All those factors help them weigh the risk of you making a claim. The more likely you are to file an insurance claim, the higher your rates, as noted by Credit Karma.

Tips for Scoring Lower Premiums

Shopping around and comparing rates from company to company is one of the best ways to choose the most cost-effective coverage available. But it’s not the only way to help lower your annual premium. Here are a few tips from the Insurance Information Institute to get you started:

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  • Shop around before buying a new car. Your new premium will be based on the vehicle’s safety record, price and how likely it is to be stolen
  • Have an older car that’s paid off and worth less than 10 times the premium you pay? Consider reducing your collision and comprehensive coverage
  • Raise your deductible, which represents your out of pocket if you make a claim, to score a lower premium
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