Florida State Minimum Liability Insurance - There are 17.3 million licensed drivers in Florida. When you travel with them, you want to know that you have good insurance. Whether you cause an accident or someone runs you over, the right coverage can protect you from financial disaster.
Price is a primary consideration for many auto insurance buyers. We looked at the average rates of the 10 largest auto insurance companies in Florida for a variety of drivers. Comparison shopping is essential if you don't want to pay more. The best auto insurance companies for you will vary based on your driving record, address, past claims, and other factors.
Florida State Minimum Liability Insurance
Geico and State Farm offer the cheapest rates for good drivers in Florida, among the companies we've reviewed. Even if you don't want to switch auto insurers, ask your insurance agent to review the discounts available to make sure you get all possible price cuts. Eliminating paperwork for insurance policies and bills can also lead to a small discount.
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State Farm and Allstate are the cheapest companies for Florida motorists with speeding tickets. A speeding ticket and other fines will count as points against your Florida driving record. If you accumulate enough points your license could be suspended. A speeding ticket is worth 3 points.
Geoco and State Farm are cheaper for Florida motorists who have been in an accident. Since Florida is a no-fault state, you will be claiming the injury on your PIP insurance. Florida also uses the "pure comparative guilt" rule: if you were partially responsible for the accident, the jury award will be reduced by a percentage of your guilt. For example, if you are 50% guilty and have a loss of $100,000, you will receive $50,000.
Direct General and Geico are likely to offer better rates for credit-challenged Florida drivers than the companies we reviewed. Auto insurance companies associate poor credit with a higher chance of making a claim, so be prepared to be hit with higher rates. Additionally, the average rate for drivers with poor credit in Florida is about $1,000 higher than the national average.
There's no way adding a young driver to your auto insurance policy is going to be a hit on your wallet. With the state average for adding a young driver close to $3,000 a year (not including parents), finding a good deal is key.
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Geico and State Farm have the best rates for motorists who want only the minimum required car insurance in Florida, among the companies we've reviewed.
Florida requires only very low coverage and uses a flawless auto insurance system. If you have been injured in a road accident you will first need to file a claim with your (compulsory) personal accident insurance.
You will choose a deductible for PIP. Choices are non-deductible, $250, $500, or $1,000. A deductible is the amount deducted from the PIP claim check. The higher the deductible, the lower the PIP costs.
Florida's basic PIP pays up to $10,000. The extended PIP does not exceed the $10,000 limit, but covers 100% of medical expenses (was 80%) and 80% of lost earnings (was 60%). There is still coverage for alternative services and death benefits. However, with a limit of just $10,000, you can quickly hit the maximum PIP.
Understanding The Florida No Fault Law
There is also the "enhanced PIP" option which pays 100% of medical bills and excludes any coverage for loss of wages. This option still includes alternative services and death benefits.
If you want at least $10,000 in PIP benefits, your insurer may offer "additional PIP" coverage. Here you will select an additional amount such as $10,000, $25,000, $40,000 or $90,000.
Property damage liability insurance is required in Florida and pays for the injuries of other people in the event of an accident. You can also buy personal injury liability in case you cause an accident that seriously injures other people.
Even though Florida is a no-fault state, you can still sue for a traffic accident. You can sue the driver in Florida if you have a serious injury such as a broken bone or a significant disability. For this reason, it is important to have a good amount of personal injury liability insurance, especially if you have assets that someone could sue.
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If you have a high income and assets such as savings and a home, you can become a legal target. Consider generous car insurance liability limits in case someone sues you.
A good Florida auto insurance policy starts with PIP and liability insurance that exceeds the state's minimum limits. State requirements are low and if you have assets you could be the target of liability lawsuits. Other types of coverage we recommend:
Insured coverage for motorists: One problem with Florida's poor insurance requirements is that people who seriously injure others don't have insurance to pay for them. You can sue another driver who seriously injured you, but if he only has PIP liability and property damage, he won't have valid insurance for your claim against him.
In this case, you can apply for coverage for uninsured motorists (UM) yourself. You can use your own health insurance for accidental injuries, but UM can also provide compensation for pain and suffering and coverage for loss of wages.
Florida Auto Insurance Requirements For Vehicle Owners
Collision and comprehensive coverage: In addition to traffic accidents, there are many problems that can damage your car. A good policy will include collision insurance and comprehensive insurance to take this into account, especially for the risk of flooding in Florida. Collision and accidental damage insurance together covers compensation for car theft and damage to the vehicle due to hail, flood, fire, vandalism and other accidents involving objects and animals.
Umbrella Insurance: If you have a substantial income and assets, you are a good candidate for umbrella insurance. Provides an additional amount of liability insurance on top of auto and homeownership insurance. If you're facing a major lawsuit resulting from a car accident or an accident covered by home insurance, umbrella insurance protects your finances.
Florida law allows you to show proof of auto insurance from your cell phone. If not, keep a paper copy handy.
Florida motorists pay an average of $1,259.55 annually for auto insurance. It is included in all insurance levels purchased. Below are the average premiums for the most common types of coverage.
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Auto insurance companies will use several factors to calculate rates, and rates vary significantly between insurers. Past claims, driving record, vehicle model and more are used in the calculation. Businesses in Florida can also use these factors.
According to the Insurance Research Council, about 27 percent of Florida motorists don't have auto insurance, the highest rate in the nation.
Also consider the many uninsured drivers on the road with uninsured motorists coverage. You can use this cover for serious injuries to you and/or your passengers. You will still use your PIP for minor injuries.
If you are caught without PIP and property damage liability insurance in Florida, you can lose your car license plate and driver's license.
Cheap Florida Auto Insurance
Also, it is a mistake to show "proof of insurance" when you know the insurance is not in effect.
If your vehicle is badly damaged in a traffic accident, your insurance company may decide that it is totaled. Under Florida law, a vehicle can be considered wrecked when the cost of repairs exceeds 80% of its value. Florida law also requires a vehicle to be totaled when the cost of repairs exceeds 100%.
The collection and full insurance provide for the payment of the totalized cars. They will pay for the vehicle in the event of theft or accident, flood, fire or other problems. Your deductible will reduce your insurance check.
Gioco and Progressive dominate the Florida auto insurance market, accounting for about half of the passenger auto insurance business between the two companies.
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The Florida Department of Insurance is responsible for handling claims against insurance companies. If you have a problem with your insurance company that you can't resolve, the insurance department may be able to help you. View information for user support.
To find the cheapest auto insurance companies in Florida, we used quotes from Quadrant Information Services, a provider of insurance data and analytics. The companies evaluated for Florida were Allstate, Direct General, Farmers, Geoco, Mercury, MetLife, Progressive, State Farm, Travelers and USAA.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Inc.
Forbes Advisor is a trusted destination for unbiased personal finance advice, news and reviews, dedicated to making smart financial decisions easier.
Best Car Insurance Companies For 2023
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You can now view real-time prices and activity for your tokens in My Quotes. The cheapest company for SR-22 insurance in Florida is State Farm, with an average cost of $146 per month, or $1,753. one year. That's $2,363
Property Damage Liability
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