Average Car Insurance Cost in Florida

The cost of auto insurance in Florida depends on many things, such as population density and the number of uninsured drivers in the state. Florida has a high number of uninsured drivers; around 20% of drivers in Florida are uninsured, whereas the national average is around 12%.

The number of uninsured drivers and a high population density makes Florida’s roads densely packed, causing drivers to be at higher risk of an accident. All this to say, insurers are taking a high risk by insuring Floridians because the risk of a claim is higher in the state, which is reflected in the cost of Florida auto insurance.

The average cost of car insurance in Florida is about $2,700 per year for a full coverage policy. Auto insurance in Florida is higher than the national average due to various factors, such as laws and population statistics.

We’ve talked about the population statistics contributing to higher car insurance prices in Florida, but another contributing factor is Florida’s no-fault law.

No-fault laws were designed to protect drivers in states with a high population of uninsured drivers on the roads by having mandatory coverage that protects all parties involved in a vehicular accident. This mandatory coverage is called personal injury protection or PIP. 

Based on the average car insurance rates in Florida, premiums cost about $225 per month. However, some insurers may upcharge premiums when paid monthly rather than annually or twice annually, so your monthly premiums may be more than $225 per month. 

Florida’s average car insurance policy contains at least $10,000 worth of coverage for property damage liability and personal injury protection. Many policies will also include about $20,000 worth of uninsured motorist coverage, given the high number of uninsured drivers in Florida. For those who lease or finance their vehicle, their policies will also include some collision coverage, as many lenders require.

Florida is one of 13 states that legally require drivers to have a minimum amount of PIP coverage on their auto insurance policies. PIP coverage is a comprehensive type of medical coverage that helps pay for the cost of medical payments, loss of wages, funeral costs, and many other costs that may be associated with you or your passengers being injured in an accident. 

Because of its comprehensive nature, PIP is a rather expensive coverage, causing policies with PIP to have higher than average premiums.

In Florida, average car insurance rates are based on several factors pertaining to both the driver and the driving habits of residents in the state. Let’s take a look at what these factors may be.

Premiums are subject to change from person to person based on various factors. Some factors that may determine your premiums are your age, gender, driving record, and the type of car you drive.

Younger and elderly drivers typically pay more in car insurance premiums because they’re considered at high risk for accidents. Middle-aged adults generally pay less in premiums, especially if they have a good driving record.

Insurers consider young men to be one of the riskiest groups to insure. When they’re young, men will see higher car insurance premiums. However, when they reach their late 20s or early 30s, men typically see the lowest premiums out of any group, especially if they have a good driving record.

The type of car you drive may influence what you pay for average car insurance in Florida. If you drive an older car that you own, you will likely pay more in premiums, as older cars are considered high-risk for most insurers. If you lease or finance a new vehicle, you will likely pay more in premiums because of additional coverages like collision insurance your lessor may require on your auto insurance policy. 

If you own a new vehicle, you will likely pay less in auto insurance in Florida because most insurers consider newer vehicles low-risk.

Another factor that may affect how much you pay in car insurance premiums is the type of coverage you have. If you opt for the minimum car insurance required by Florida state law, your annual premiums will likely be lower than $2,700. If you choose a full coverage policy with various coverage options, like rental coverage and GAP coverage, you may pay over $2,700 annually.

Shopping for auto insurance in Florida may give drivers some initial sticker shock, as it’s one of the most expensive states for auto insurance. The annual Florida auto insurance rate is about $2,700, which is about 38% higher than the national average car insurance rate of $1,670. However, there are a few ways to lower your Florida car insurance rates.

One of the best ways to lower your average auto insurance cost in Florida is to get quotes from several different insurers. Whether you just moved to Florida, are getting auto insurance in Florida for the first time, or are simply looking to see what other rates may be available to you, getting and comparing quotes online is a surefire way to ensure you’re getting the best coverage at the lowest possible cost.

To get the best car insurance quote in Florida, you can use our free quoting tool right here at Clovered, or you can get a quote by calling 833-255-4117 or emailing agent@clovered.com.