Cheap Full Coverage Auto Insurance Florida - Florida drivers have experienced above-average increases in auto insurance bills since 2015. The average interest rate increase was about 3.5% per year, although some companies increased premiums by as much as 22% in one year.
Florida auto insurance rates have risen an average of 23% since 2015 – faster than the national increase of 17% over the same period. In the past six years, nearly every major company in the Sunshine State has raised rates significantly. USAA, Liberty Mutual and American Family saw the biggest increases: from 43% to 44% in six years.
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While most insurance companies raise their rates every year, the amount they pay varies. That's why we recommend that you always collect three or more quotes when you go out to buy insurance. For example, while Geico has raised rates by 35% in Florida since 2015, the company is still one of the cheapest insurers in Florida.
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Out of all 50 states, Florida saw the fifth highest increase in auto insurance rates since 2015. Overall, the states in the South and Mountain regions saw some of the highest rate increases: nine of the 10 states with the highest increases in these two areas. Both Georgia and Colorado recorded 29% cumulative growth - the largest in the nation.
A quick explanation of why auto insurance costs have risen in Florida comes from the fact that the frequency and cost of auto insurance claims has increased. Most of the money you spend on car insurance goes towards paying other people's claims, so if more drivers file a car insurance claim, your rates will likely go up as a result.
Because of its location on the coast of the Persian Gulf, Florida is more prone to natural disasters than most other states. According to NOAA, twenty-three percent of all billion-dollar (inflation-adjusted) disasters in the United States since 1980 have occurred in Florida.
Moreover, the frequency of these costly disasters has increased over time: there have been 21 such disasters in Florida since 2016, compared to just 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 costs as car insurance, and especially comprehensive insurance, pays off when these events damage your vehicle. As long as you have comprehensive coverage, you will likely be covered if your car is damaged by wind, hail or flooding. However, these costs are ultimately passed on to your insurer and other drivers.
Florida has one of the highest rates of uninsured drivers in the United States, 20% in 2019. This is much higher than the US average of 13% and ranks 6th overall.
The high rate of uninsured drivers in Florida leads to higher premiums for drivers with insurance. This is because 80% of the drivers who have insurance will end up paying the bills for the accidents that the uninsured 20% are responsible for: either through uninsured drivers insurance or collision insurance if they have one, or out of their own pocket.
While some reasons for the increase in rates are more common in Florida, there are other trends that are true no matter what state you live in.
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In the spring of 2020, management dropped as people stayed home due to the coronavirus pandemic. As a result, accidents fell and so did insurance rates – some insurers even offered refunds by collecting more premiums than necessary.
However, with people returning to work and traveling around the country in 2021, road use has resumed. According to the Department of Transport, there was a 55% increase nationwide in April 2021, leading to more accidents and claims.
The typical price of a new car has risen significantly in recent years – the average price in 2021 was about $46,000 in 2021, according to Kelley Blue Book. This is an increase of 39% from 2015.
In addition, car repair costs have risen across the country. found that the cost of repairing and maintaining cars more than doubled in 2020.
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Cars that cost more in a dealer and accident repair higher means that dollar claims also rise. Unfortunately, this applies even if you don't have a fancy new car. If you are at fault in the Lexus accident, your insurer is still responsible for the high repair costs.
If your car insurance is becoming less and less affordable for you, there are some important steps you can take to solve this problem.
First, whether there are cheaper insurance options. According to data from a Nielsen study, only 25% of Florida people with auto insurance policies purchased new insurance in the past three years.
We recommend drivers look for a new policy about once a year. For example, drivers in Miami can see annual wages 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 from time to time.
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Adjusting your insurance limits is another way to save money on car insurance. For example, a car that's more than 10 years old or worth less than $3,000 probably doesn't need AC or collision insurance—your insurance will cost more than the depreciating value of your vehicle. Eliminating comprehensive and collision coverage drastically lowers your rates.
You should also check your liability coverage limits. Make sure they make sense in terms of your assets and the likelihood that you will be involved in a lawsuit. If you're confident you're driving safely and want to prioritize savings, you can also adjust your liability limits to meet Florida's minimum requirements.
Discounts are another easy way to save money on car insurance. There are defensive driving courses in Florida that can save you from 5% to 10% of your premium. Another example is a good student discount: drivers with children with at least 3.0 GPA can qualify for a 10% discount.
We determined the typical historical increases in Florida drivers' rates by analyzing the rate changes reported by Florida auto insurers. Statewide averages are based on insurers' market share in 2020.
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To get an insurance quote over the phone, call: (855) 596-3655 | Agents available 24 hours a day, 7 days a week! Miami car insurance minimum costs an average of $3,788 or $316 per month. The average price for a comprehensive insurance policy is $5,094 or $425 per month.
Motorists in Miami can find a cheaper auto insurance policy at Geico, which offers prices well below 50% of the city average.
To save as much money as possible in Magic City Florida, you should compare the offers and policies of many insurers.
Geico had the most affordable rates for Miami drivers with an average annual cost of $1,501 — about $287 less than the city average.
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The next cheapest option is State Farm, but it is about double the price of Geico's minimum insurance policy.
The cheapest auto insurance plan a driver can get is a liability policy that offers the lowest amount of coverage the state requires drivers to legally drive. Florida has the second highest liability policy in the country.
Although the cheapest insurance option is the minimum policy, it is not necessarily the best for your needs or background. For example, drivers insured under a minimum policy are not financially protected against damage caused by storms or hurricanes.
Miami residents who own new vehicles or cars valued at more than $3,000 should invest in higher range limits or additional protection options.
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Geico has the cheapest full coverage plan at $2,166 per year. This is $665 more than the minimum insurance policy.
A comprehensive policy is one that includes the financial coverage offered by a minimum liability policy, as well as conflict of laws and comprehensive coverage.
Young drivers looking for affordable Miami auto insurance should check out Geico, which has an average premium rate of $4,262.
The cheapest full insurance policy for a young person is more expensive than the city average. Insurance rates are usually higher if you are a new and inexperienced driver, as you are statistically more likely to be involved in an accident.
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Young drivers must navigate Florida's expensive insurance landscape, often on a shoestring budget. There are several ways to make insurance more affordable.
Of the six major insurers in Miami, Geico and State Farm raised their rates the least after the accident.
Depending on the insurer, you may see a jump in premium costs by up to several thousand dollars after an accident.
MetLife, the world's most expensive insurer, has increased prices for its drivers after an accident by almost 60% - a huge difference of $3,996.
Ways To Get The Cheapest Car Insurance Rates
Accidents are unpredictable; you never know when you might be involved. A registration accident has a big impact on your rates, so we recommend that you compare car insurance from several insurers and look for additional discounts.
Our customer satisfaction survey showed that the Miami insurer with the most positive service reviews is Allstate, with 64% of customers saying they are very satisfied with the service.
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