Top 10 Auto Insurance Companies In Florida - State Farm is the largest property and casualty insurer in the United States, surpassing Berkshire Hathaway, which owns Geico. Looking ahead, Liberty Mutual and Allstate round out the top five.
Property and casualty is a broad category of insurance that includes auto and motorcycle insurance, home and renters insurance, farm insurance, and even airplane insurance. The top 10 property and casualty companies account for 48% of the total market. All of the top six companies have auto insurance as their largest segment of their insurance business.
Top 10 Auto Insurance Companies In Florida
State Farm is the largest property and casualty insurer in the United States, totaling $70 billion. That's about $19 billion more than Berkshire Hathaway, which owns Geico, and $22 billion more than Progressive.
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Each of the five largest insurers in the United States has more than 5% of the total market share of P&C insurance products.
In addition to being the largest national insurance carrier, State Farm is the most popular insurer in 35 states. Liberty Mutual and Berkshire Hathaway are the largest insurers in five states, while Progressive has the largest market share in two states.
Property and casualty insurance is two types of insurance that protect the property you own, cover medical expenses, or cover damages you are responsible for. P&C insurance can cover many different properties and situations, meaning there is a long list of different types.
State Farm is the largest property and casualty insurer in the United States, with more than $70 billion in premiums in 2021. The rest of the top five insurers are Berkshire Hathaway, Progressive, Liberty Mutual and Allstate.
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State Farm is also the largest auto insurance company in the United States with 16% market share and $40 billion in premiums.
Progressive is Florida's largest property and casualty provider. The Ohio-based company has 11 percent of the state's insurance market.
Market share and total premium data are compiled using S&P Global Market Intelligence, a data source for the financial industry.
To get an insurance quote over the phone, call: (855) 596-3655 | Agents are available 24 hours a day, 7 days a week! To help you get the best cheap auto insurance in Florida, our editors have compiled quotes for auto insurance companies in every zip code in Florida. We've ranked the best companies in Florida based on customer service, complaints, affordability, and financial stability.
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To find the best affordable companies, we averaged the minimum coverage values that meet Florida's $10,000 personal injury protection (PIP) and $10,000 property damage coverage requirements. Comprehensive insurance policy solutions include split and comprehensive coverage and liability limits above state minimums.
The average cost of car insurance in Florida is $1,189 per year or $99 per month for minimum liability.
Geico has the cheapest auto insurance in Florida. Car insurance from Geico costs $34 per month, 66% less than the Florida average.
Florida drivers can find cheaper rates with State Farm, which is $48 per month, 51% cheaper than the average rate in Florida.
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Geico also has the cheapest auto insurance in Florida at $1,690 per year. This is 45% cheaper than the state average.
State Farm also has comprehensive coverage at $1,698 per month, just $8 more per year than Geico. If you're looking to buy home or renter's insurance, State Farm can offer lower rates than Geico thanks to its top savings discounts.
A liability-only policy meets Florida's minimum insurance requirements, which include $10,000 in personal injury protection (PIP) and $10,000 in property damage liability per accident.
A comprehensive insurance policy includes liability coverage and comprehensive coverage that covers collision and repairs to your vehicle in the event of an accident, hurricane or other accident. Car insurance is a good idea to protect new cars or loan or rental cars against any road hazards.
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Florida car insurance rates are usually more expensive for drivers who have been involved in an accident or have a DUI or traffic violation. Geico and State Farm were the cheapest auto insurance companies for high-risk drivers in Florida.
State Farm has the cheapest car insurance for people who have received a speeding ticket. On average, rates for state-owned drivers with tickets are 50% lower than the state average.
Geico also has cheaper rates for drivers with speeding tickets — although Geico's rates are $1,012 more than State Farm's.
Car insurance from Geico for single-accident drivers is $1,988 per year, 55% cheaper than the average. State Farm rates are 47% cheaper than the average at $2,329 per year.
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State Farm and Geico offer the cheapest car insurance for drivers involved in a single car accident. These are the only companies that offer auto accident rates for drivers under $200 per month.
A single accident on your driving record can increase your rates by $1,448 a year – 43% more than the average.
Drivers who have received a DUI in Florida can find the cheapest car insurance from Geico, averaging $2,994. Farming is the second cheapest option, with an average annual rate of $3,161.
Florida allows insurers to set rates based on your credit history. Fortunately, drivers with poor credit can still find affordable coverage from State Farm or Geico. Both companies offer car insurance rates that are 35% cheaper than the average.
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Geico has an average premium of $117 for a 65-year-old driver for senior drivers. State Farm is also an affordable company, with an average monthly cost of $131 for auto insurance in Florida.
You may find that car insurance rates go up as you age, as insurance companies find that some older drivers are more likely to be involved in accidents as their driving skills decline. To save on car insurance as you age, you can save 10% to 20% on any discount if you have a mature driver discount, defensive driver discount or low mileage discount.
The cheapest car insurance for 18-year-old drivers comes from Geico. Florida's Geico rates are 66% cheaper than average for young people looking for car insurance. Alternatively, State Farm offers coverage for 46 percent less than the average.
Car insurance is more expensive for teenage drivers. The average cost of full coverage for these drivers is $8,772 — more than two and a half times the average cost for drivers in their 30s. However, teenagers can still find cheap car insurance in Florida by comparing quotes from several companies.
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Young drivers with speeding tickets can get the cheapest minimum liability insurance from Geico, which costs $2,532 a year — 72% cheaper than the average.
Geico is the least expensive insurance company for young drivers involved in an accident, on average, at $1,068 per year. This is 64% cheaper than the average for minimum liability coverage.
Self-inflicted accidents drive up the cost of car insurance, which is an even greater burden on young drivers whose insurance premiums are already quite expensive.
It is common for married drivers to get cheaper car insurance than unmarried drivers. Car insurance for married drivers in Florida is 5 percent lower than the rate for single drivers. However, this discount is not the same for all companies. For example, progressive rates for married drivers fell to $792 a year, while State Farm remained unchanged.
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State Farm is our pick for the best insurance company in Florida based on our editors' sterling ratings. We are J.D. We conducted an auto insurance claims settlement survey. also demonstrated strong customer service ratings.
Geico is another strong option due to its easy online policy purchase experience and the lowest rates in the state.
Customer service should be a key part of the insurance purchase decision. Good service often makes things easier during stressful and difficult times after an accident.
The cost of auto insurance in Florida is $2,962 per year or $247 per month for a full coverage policy. Location, along with other personal characteristics, can change your total costs.
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Santa Rosa Beach is the cheapest city in Florida for car insurance at an average of $2,122 per year. Brownsville, outside of Miami, is the most expensive city at $4,291.
Likewise, the cheapest zip code for car insurance in Florida is Santa Rosa Beach 32459. Drivers in the Miami area code 33127 have the most expensive car insurance at $4,313 per year.
According to Florida state insurance regulations and state auto insurance requirements, minimum Florida auto insurance limits include only $10,000 for PIP accident and property damage liability.
Bodily injury liability and uninsured motorist coverage are standard and recommended with your policy, but you can opt out of them in writing. The minimum limits you can withdraw are $10,000 or $20 per person.
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