Geico Wins! Cheapest Car Insurance in Florida
According to Clearsurance.com, the cheapest Florida car insurance company available to the general public is Geico, which is as low as $30 monthly for minimum coverage.
USAA received the cheapest overall rating, but only military families are eligible for coverage. Their average rate for minimum coverage is only $16 monthly.
Rounding out the top three cheapest companies in Florida is State Farm. Its average rate is $33.
Cheapest Car Insurance by Demographic
Car insurance companies base rates on several factors. Some companies give greater weight to certain factors and less to others, and the way they calculate rates differs.
Marital Status
One factor insurance companies use to calculate rates is marital status. Married people tend to be a lower risk than unmarried people, so they often pay a few dollars less per month for insurance coverage.
USAA, State Farm, and Nationwide have the lowest rates for married couples in Florida.
Senior Drivers
Teenagers are the most expensive age group for car insurance, but rates drop after drivers reach their mid-twenties and have a good driving history. As drivers enter their 70s, many companies view them as a higher risk, and rates start to increase.
USAA, Geico, and State Farm have the lowest average rates for seniors, reflecting the overall cheapest average weight winners.
Teen Drivers
Because teenagers are more likely to be involved in accidents and file claims than any other age group, they pay higher car insurance rates.
Insurance companies can’t calculate rates based on individual driver risks because teen drivers haven’t been driving long enough to establish a reliable record.
USAA, Geico, and State Farm also have the lowest rates for teen drivers in Florida.
Address
Where a customer lives affects auto insurance rates. Areas with high traffic volume and high crime rates usually have higher car insurance premiums, while rural areas without much traffic or crime tend to have lower rates.
The most expensive counties in Florida have insurance rates twice as high as the least expensive counties.
Florida Car Insurance Requirements
Florida has some of the lowest minimum coverage limits in the U.S. Personal injury protection must be at $10,000 or above, and property damage minimum liability is set at $10,000.
Florida is a no-fault state, so individuals are responsible for their own medical costs regardless of who was at fault in an accident. That’s why the state requires drivers to carry personal injury protection coverage.
Florida is one of the very few states that does not require bodily injury liability coverage. However, it’s recommended that drivers opt for this type of coverage anyway because if a driver causes an injury accident in which the other driver’s injury costs exceed their personal injury protection limits, the other driver may sue for damages.
Florida Uninsured Drivers
Florida has more uninsured drivers than most other states. More than one-quarter of drivers do not have car insurance. That increases the risk for everyone and is one of the reasons Florida drivers often pay high premiums even though their minimum coverage requirements are so low.
Melanie Musson, a nationally recognized car insurance expert with Clearsurance.com, explains, “At-fault drivers without car insurance won’t be able to cover property damage costs they incur. So, drivers should strongly consider add-on insurance coverage for uninsured drivers.”
Finding the Cheapest Car Insurance in Florida
Clearsurance.com’s guide can help readers identify the best companies in Florida, but the only way to know what an individual’s rates would be is to get a quote.
Quote comparison tools allow individuals to get several quotes at once, eliminating the time it would take to enter information many times and receive individual quotes.
Read Clearsurance.com’s entire review here: Best and Cheapest Car Insurance in Florida for 2024 (Save Big With These 10 Companies!).