Florida Average Car Insurance Rates - Florida motorists have seen above-average increases in their car insurance premiums since 2015. The rate of increase is around 3.5% per year, although some companies have increased premiums by 22% in to be a year old.
Florida auto insurance premiums have increased by an average of 23% overall since 2015 – faster than the 17% national increase over the same period. Over the past six years, almost every major company in the state of Florida has grown significantly. USAA, Liberty Mutual and American Family saw big increases: 43% to 44% over six years.
Florida Average Car Insurance Rates
Although many auto insurers raise their rates every year, their premiums fluctuate. That's why we recommend collecting three or more doors when shopping for insurance. For example, even though Geico has grown 35 percent in Florida since 2015, the company remains one of the most expensive insurers in Florida.
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Among all 50 states, Florida had the fifth largest increase in auto insurance rates since 2015. Overall, the Southern and Highland states have had some of the largest increases: nine of the 10 states with the largest increases are in these two regions. . Georgia and Colorado had an increase of 29% - the highest in the country.
A quick explanation of why auto insurance premiums have increased in Florida is because the number and cost of auto insurance has increased. Most of the money you spend on car insurance goes toward paying other people's claims, so if more drivers book car insurance, your rates may go up. as a result.
Because of its location on the Gulf Coast, Florida is more prone to natural disasters than many other states. Twenty-three percent of all billion-dollar disasters (adjusted for inflation) in the United States since 1980 have occurred in Florida, according to NOAA.
What's more, these costly disasters have increased in frequency over time: there have been 21 disasters in Florida since 2016, compared to only six between 2010 and 2015.
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The increase in natural disasters such as hurricanes, tropical cyclones and floods leads to higher insurance premiums because car insurance, specifically comprehensive insurance, pays out when those events occur. Your car was damaged. As long as you have adequate insurance, you will likely be covered if your car is damaged by wind, hail or flood. However, these costs are passed on to your insurance company and other drivers.
Florida has one of the highest rates of uninsured drivers in the US at 20% in 2019. This is higher than the US average of 13% and the sixth highest overall.
Florida's high rate of uninsured drivers leads to higher rates for insured drivers. That's because 80% of insured drivers will end up paying for accidents that the uninsured 20% cause: through uninsured or underinsured motorist insurance. contract, if they have it, or in their pocket.
While some factors that cause rate hikes are common in Florida, there are other trends that are true no matter where you live in the state.
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In the spring of 2020, driving is shaky as people stay home due to the coronavirus pandemic. As a result, accidents fell, as did the cost of insurance - some insurers offer refunds for collecting more money than they need.
However, as people return to work and travel across the country in 2021, road use has resumed. There is a 55% year-on-year increase nationwide in driving in April 2021, according to the Department of Transport, resulting in accidents and claims.
New car prices have increased significantly in recent years - the average price in 2021 is about $46,000, according to Kelley Blue Book. This represents a 39% increase since 2015.
What's more, the cost of car repairs has risen across the country. found that car repairs and maintenance costs will more than double in 2020.
Cheapest Car Insurance In Florida (dec. 2022)
Cars that cost more at the dealership and cost more to fix after an accident means the dollar value of claims increases. Unfortunately, this applies even if you don't have a fancy new car. If you are involved in an accident with a Lexus, your insurance company will still be responsible for the high cost of the repairs.
If your car insurance is becoming cheaper for you, there are several important things you can do to solve the problem.
First, find out if there are cheaper options for your insurance. According to Nielsen research data, only 25% of Floridians with an auto policy have purchased new insurance in the past three years.
We recommend that drivers apply for a new policy once a year. For example, drivers in Miami can see annual fees that vary by several thousand dollars. There is no way to know if your current policy is too expensive until you take the time to shop around.
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Changing your coverage limit is another way to save on your car insurance. For example, a car that is 10+ years old or less than $3,000 may not need comprehensive insurance or a contract - the cost of your insurance will increase the value of your car. Removing full coverage from the bond lowers your rates significantly.
You should also look at the extent of your liability insurance. Make sure they are reasonable in terms of your assets and the likelihood that you will be involved in a lawsuit. If you have confidence in your ability to drive safely and want to put safety first, you can also adjust your credit limit to meet Florida's minimum requirements.
Discounts are another easy way to save money on your car insurance. In Florida, there are driving lessons that can save you 5% to 10% on your money. Another example is the attractive student discount: drivers with children with at least a 3.0 GPA can qualify for a 10% discount.
We determined the historical rate increases for Florida drivers by analyzing rate changes recorded by Florida auto insurers. State averages based on market share of insurers in 2020.
Compare Car Insurance Rates: Get Quotes (2022)
To get insurance coverage over the phone, call: (855) 596-3655 | Agents are available 24 hours a day, 7 days a week! To help you get the best and cheapest auto insurance in Florida, our editorial team compares quotes from auto insurance providers across all zip codes in the state. We rank the best Florida companies based on customer service, reporting, competence and financial stability.
To find the best affordable company, we looked at the minimum coverage reimbursements, which meet Florida state requirements of $10,000 in personal injury insurance (PIP) and $10,000 in property damage insurance. Issues for comprehensive insurance policies include collision and comprehensive coverage, and liability limits that are higher than the state minimum.
Geico has the cheapest auto insurance in Florida. Geico auto insurance costs $28 per month, which is 69% less than the average cost of insurance in Florida.
The average cost of car insurance in Florida is $91 per month, or $1,089 per year for the lower premium.
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Florida drivers can also find cheaper rates with State Farm, which are 58% cheaper than Florida's rate of $38 per month.
State Farm has the cheapest auto insurance in Florida, with quotes starting at $127 per month. That's 47% cheaper than the state average.
Geico also has comprehensive coverage priced at $140 per month, which is 41% cheaper than the average but $13 more expensive per month than State Farm.
The average cost of comprehensive auto insurance in Florida is $238 per month, or $2,860 per year.
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Liability-only policies meet Florida's minimum coverage requirements, which include $10,000 of personal injury insurance (PIP) and $10,000 of property damage per accident.
A comprehensive coverage policy also includes bodily injury coverage, which pays for the other driver's injuries, and collision and comprehensive coverage, which covers repairs to your vehicle in the event of a breakdown, flood rain, or other emergency.
Full coverage car insurance is a good idea to protect a new car or car on loan or lease against any type of risk.
State Farm and Geico are the cheapest Florida auto insurance providers for high-risk drivers. Car insurance rates in Florida are often expensive for drivers who have an accident or get a ticket for a traffic violation or DUI.
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State Farm has cheap auto insurance for those who have received a speeding ticket. At $136 per month for comprehensive coverage, State Farm rates are 52% cheaper than the state average for injured drivers.
Geico also offers cheaper rates for drivers with speeding tickets, although Geico's $84 per month rate is more expensive than State Farm's.
State Farm and Geico have the cheapest auto insurance coverage for Florida drivers at fault, with monthly rates under $200.
The cost of State Farm auto insurance for motorists and accidents is $147 per month, which is 57% cheaper than the average. Geico rates are 47% cheaper than the average at $184 per month.
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