Key Takeaways
- The top 5 cheapest car insurance companies in Florida are Geico, Travelers, State Farm, Farmers and Nationwide.
- Florida drivers pay some of the highest auto insurance rates in the country, at nearly 86.1% more than the national average for full coverage.
- Full-coverage car insurance rates have risen 7.3% over the last year in Florida, putting additional strain on drivers’ household budgets.
Florida’s already-expensive auto insurance rates have seen a dramatic increase in recent years. To help drivers in the state find high-quality coverage at affordable rates, we at the MarketWatch Guides team will explain how to find cheap Florida car insurance.
Premiums may be up across Florida and the country at large, but you can still get reasonable rates on an auto policy in the Sunshine State. Click the following links to learn more about the lowest-cost companies in Florida by coverage level, age group, high-risk driver profile, and city.
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Cheapest Car Insurance Companies in Florida
You’ll find a list of the five cheapest Florida insurers and their average minimum- and full-coverage rates in the table below:
| Cheapest Car Insurance Company in Florida | Average Monthly Minimum-Coverage Rate | Average Monthly Full-Coverage Rate |
|---|---|---|
| 1. Geico | $54 | $174 |
| 2. Travelers | $96 | $198 |
| 3. State Farm | $97 | $246 |
| 4. Farmers | $94 | $300 |
| 5. Nationwide | $150 | $273 |
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Our mission at the MarketWatch Guides team is to provide you with the information you need to help you make the right decision about your auto policy. We do that by conducting extensive research to assess the costs and quality of dozens of auto insurance companies. Here’s what’s involved in our process:
- Scouring more than 40 million lines of national and state-level rate estimate data from Quadrant Information Services, using a standardized profile of a 35-year-old driver with good credit and a clean record covering a 2023 Toyota Camry for consistency.
- Using rate data based on specific state requirements for minimum-liability policies and standard coverage limits of $50,000 per person/$100,000 per accident in bodily injury coverage, $50,000 per person in property damage coverage, a $500 comprehensive coverage deductible and a $500 collision coverage deductible for full-coverage policies.
- Analyzing 134 car insurance providers using a standardized review process comprising more than 80 data points across five evaluation categories.
- Revisiting and re-evaluating companies regularly throughout the year using this process.
Click the following link to learn about our methodology in more detail.
Cheapest Car Insurance Rates in Florida
Geico typically offers the cheapest car insurance rates for many Floridians with average rates starting as low as $49 per month for minimum-coverage plans and $158 for full coverage. This minimum-coverage rate applies to a 55-year-old driver and the cheapest full-coverage rate to a 65-year-old, both with good credit and no driving violations. Ultimately, the lowest rate for you will depend on your unique driver profile.
To help you find what the cheapest company in Florida may be for you, we’ve highlighted the lowest rates within each driver category below:
| Cheap Florida Car Insurance Category | Cheapest Florida Car Insurance Company | Lowest Average Monthly Florida Car Insurance Rate |
|---|---|---|
| Young Drivers (16-25) | Geico | $126* |
| Adults (35-55) | Geico | $52* |
| Seniors (65-75) | Geico | $49* |
| After a Speeding Ticket | Travelers | $106** |
| After an Accident | Geico | $81** |
| After a DUI | State Farm | $119** |
| Bad Credit | Geico | $103*** |
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Read more: Cheapest Car Insurance Companies in 2024
To find even more specific information about which companies have the cheapest rates for you, we’ve provided additional resources:
- Best Cheap Car Insurance for Military
- Best Cheap Car Insurance for Teachers
- Best Cheap Car Insurance With No Credit History
- Best Cheap Low-Mileage Car Insurance
- Best Cheap Car Insurance for Women
- Best Cheap Home and Auto Insurance
- Best Cheap Auto and Motorcycle Insurance
Cheapest Car Insurance Coverage in Florida
What type of coverage you buy is a major factor in how much you pay for auto coverage in Florida. While you can customize your insurance policy in a few different ways, coverage generally falls into two categories: minimum-liability policies and full-coverage insurance.
In the following section, you’ll find more information about these policies and the cheapest Florida rates and providers for each type.
Florida Average Minimum-Coverage Cost: $134/month
Minimum coverage is the cheapest policy you can buy in Florida or anywhere else. However, since these policies only cover liability claims for other parties and not your own costs, they come with financial risks. Geico offers the lowest rates on minimum coverage at $650 per year on average — 60% cheaper than the state average.
| Cheapest Florida Car Insurance Company | Average Monthly Minimum Coverage Rate | Monthly Savings Compared to the Florida Average |
|---|---|---|
| Geico | $54 | $80 |
| Metropolitan Group | $95 | $39 |
| Travelers | $96 | $38 |
| State Farm | $97 | $37 |
| AIG | $106 | $28 |
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*Rates are for a 35-year-old driver with good credit and no driving violations who owns a 2023 Toyota Camry.
Read more: Cheapest Liability-Only Car Insurance
Florida Average Full-Coverage Cost: $316/month
Full-coverage car insurance is considerably more expensive than liability-only policies. But most insurance experts say it’s worth it for the financial protection these policies offer. Geico is the cheapest insurer for full-coverage policies in Florida at an average rate of $2,087 per year, 45% cheaper than the state average.
| Cheapest Florida Car Insurance Company | Average Monthly Full-Coverage Rate | Monthly Savings Compared to the Florida Average |
|---|---|---|
| Geico | $174 | $142 |
| Travelers | $198 | $119 |
| State Farm | $246 | $71 |
| UAIC | $266 | $50 |
| Nationwide | $273 | $43 |
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*Rates are for a 35-year-old driver with good credit and no driving violations who owns a 2023 Toyota Camry.
Read more: Cheapest Full-Coverage Car Insurance
Cheapest Car Insurance by Age in Florida
Your age is one of the most impactful factors in your car insurance premiums. Younger drivers and especially teens pay significantly more than older drivers. Rates also tend to creep back up as drivers age into their senior years.
In the following sections, we cover the cheapest rates and insurance providers for drivers in different age groups.
To find even more specific information about which companies have the cheapest rates for your age, we’ve provided additional resources:
- Best Cheap Car Insurance for Young Drivers
- Best Cheap Car Insurance for Seniors
- Best Cheap Car Insurance for Teens
- Best Cheap Car Insurance for Young Adults
- Best Cheap Car Insurance for College Students
- Best Cheap Car Insurance for Kids
- Best Cheap Car Insurance for 16-Year-Olds
- Best Cheap Car Insurance for 17-Year-Olds
- Best Cheap Car Insurance for 18-Year-Olds
- Best Cheap Car Insurance for 19-Year-Olds
- Best Cheap Car Insurance for 20-Year-Olds
- Best Cheap Car Insurance for 21-Year-Olds
- Best Cheap Car Insurance for 25-Year-Olds
- Best Cheap Car Insurance for 50-Year-Olds
Florida Minimum-Coverage Average for Young Drivers: $337/month
Florida Full-Coverage Average for Young Drivers: $603/month
Insuring young drivers is expensive, especially in Florida. Rates are at their peak for 16-year-old drivers and decrease as drivers get older. Geico tends to be the cheapest insurer for drivers aged 16 to 25, at an average rate of $1,507 per year for minimum coverage — 63% cheaper than the Florida average.
| Cheapest Florida Car Insurance Company | Average Monthly Minimum-Coverage Rate | Average Monthly Full-Coverage Rate |
|---|---|---|
| Geico | $126 | $381 |
| Travelers | $193 | $357 |
| State Farm | $224 | $492 |
| UAIG | $385 | $496 |
| National General | $259 | $665 |
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*Rates are for 16- to 25-year-old drivers with good credit and no driving violations who own a 2023 Toyota Camry.
Florida Minimum-Coverage Average for Adults: $133/month
Florida Full-Coverage Average for Adults: $314/month
Adult drivers in their 30s through their 50s have the lowest rates of any age group. At a combined average rate of $623 per year for a minimum-coverage policy, Geico is the cheapest car insurance provider for adults in Florida.
| Cheapest Florida Car Insurance Company | Average Monthly Minimum-Coverage Rate | Average Monthly Full-Coverage Rate |
|---|---|---|
| Geico | $52 | $166 |
| Travelers | $91 | $184 |
| State Farm | $95 | $240 |
| UAIG | $184 | $255 |
| Progressive | $157 | $302 |
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*Rates are for 35- to 55-year-old drivers with good credit and no driving violations who own a 2023 Toyota Camry.
Florida Minimum-Coverage Average for Seniors: $134/month
Florida Full-Coverage Average for Seniors: $324/month
Some auto insurers charge senior drivers more on average for coverage than middle-aged drivers, but that isn’t always the case. Geico, the cheapest provider for Florida seniors, actually charges a little less at $589 per year on average for minimum coverage, which is also 63% lower than the state average.
| Cheapest Florida Car Insurance Company | Average Monthly Minimum-Coverage Rate | Average Monthly Full-Coverage Rate |
|---|---|---|
| Geico | $49 | $158 |
| Travelers | $87 | $185 |
| State Farm | $97 | $240 |
| UAIG | $171 | $241 |
| Progressive | $136 | $315 |
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*Rates are for 65- to 75-year-old drivers with good credit and no driving violations who own a 2023 Toyota Camry.
Cheapest Car Insurance for High-Risk Drivers in Florida
Your driver profile is also a critical factor in your auto premiums. Certain aspects of your profile such as your credit score and your driving record can put you into the high-risk category and increase your rates significantly.
In the following sections, we go over the cheapest providers and rate estimates for drivers with bad credit, a DUI, a recent accident or a speeding ticket.
MarketWatch Guides Tip
Violations, accidents and other blemishes on your driving history will likely increase the cost of your car insurance coverage — but not forever. How long something affects your rate depends on the specific factor. In Florida, minor violations like a speeding ticket typically stop being a factor within five years. More serious violations such as DUI, however, may continue to have an impact for up to 10 years.
Read more: Best Car Insurance for High-Risk Drivers
Florida Minimum-Coverage Average for Bad Credit: $245/month
Florida Full-Coverage Average for Bad Credit: $476/month
Florida allows auto insurers to use your credit score as a factor in your premiums. Drivers with bad credit scores can face much higher rates than those with good credit. Geico has the cheapest coverage for drivers with lower credit scores at an average of $1,236 per year — 58% cheaper than the state average.
| Cheapest Florida Car Insurance Company | Average Monthly Minimum-Coverage Rate | Average Monthly Full-Coverage Rate |
|---|---|---|
| Geico | $103 | $316 |
| UAIC | $193 | $262 |
| AIG | $114 | $429 |
| Nationwide | $224 | $330 |
| Metropolitan Insurance | $133 | $425 |
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*Rates are for a 35-year-old driver with no driving violations and who owns a 2023 Toyota Camry.
Read more: Best Car Insurance for Bad Credit
Florida Minimum-Coverage Average After a DUI: $187/month
Florida Full-Coverage Average After a DUI: $405/month
A DUI conviction is one of the most serious traffic violations you can get and often carries criminal charges and penalties. Having one can also drive your car insurance rates up substantially. State Farm offers the cheapest rates for Florida drivers with a DUI at an average of $1,277 per year, which is 44% lower than the average for the state.
| Cheapest Florida Car Insurance Company | Average Monthly Minimum-Coverage Rate | Average Monthly Full-Coverage Rate |
|---|---|---|
| State Farm | $106 | $260 |
| Travelers | $146 | $251 |
| Geico | $104 | $313 |
| Progressive | $176 | $317 |
| AIG | $119 | $448 |
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*Rates are for a 35-year-old driver with good credit and who owns a 2023 Toyota Camry.
Read more: How Does a DUI and DWI Affect Your Car Insurance Rate?
Florida Minimum-Coverage Average After an Accident: $200/month
Florida Full-Coverage Average After an Accident: $390/month
Insurers see an at-fault accident as an indicator of your risk of getting into another one in the future. As a result, drivers with a recent accident on their record pay more for car insurance. Geico tends to be the cheapest auto insurer for Florida drivers with a recent accident at $978 per year for minimum coverage — about 60% cheaper than the state average.
| Cheapest Florida Car Insurance Company | Average Monthly Minimum-Coverage Rate | Average Monthly Full-Coverage Rate |
|---|---|---|
| Geico | $81 | $249 |
| Travelers | $130 | $238 |
| State Farm | $117 | $272 |
| Nationwide | $228 | $312 |
| Progressive | $217 | $368 |
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*Rates are for a 35-year-old driver with good credit and who owns a 2023 Toyota Camry.
Read more: Accident Forgiveness Coverage
Florida Minimum-Coverage Average After a Speeding Ticket: $170/month
Florida Full-Coverage Average After a Speeding Ticket: $377/month
Speeding is highly correlated with an increased risk of getting into an accident, which is why you’re likely to see your rates go up following a citation. For Florida drivers with a speeding ticket, Travelers offers the cheapest car insurance rates at $1,426 per year on average for a minimum-coverage policy, which is 41% cheaper than the Florida average.
| Cheapest Florida Car Insurance Company | Average Monthly Minimum-Coverage Rate | Average Monthly Full-Coverage Rate |
|---|---|---|
| Travelers | $119 | $227 |
| State Farm | $106 | $260 |
| Geico | $100 | $302 |
| Metropolitan Group | $117 | $358 |
| Nationwide | $211 | $293 |
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*Rates are for a 35-year-old driver with good credit and who owns a 2023 Toyota Camry.
Read More: Best Speeding Ticket Car Insurance
Cheapest Car Insurance by City in Florida
Different locations throughout Florida have unique combinations of risk factors, such as property theft rates, environmental dangers, accident rates and more. That’s why average rates vary from one part of Florida to the next — even among neighboring ZIP codes.
We’ve listed the cheapest provider and their average minimum- and full-coverage rates in the table below.
| City in Florida | Cheapest Florida Car Insurance Company | Average Monthly Minimum-Coverage Rate | Average Monthly Full-Coverage Rate |
|---|---|---|---|
| Alafaya | Geico | $50 | $173 |
| Apopka | Geico | $58 | $219 |
| Boynton Beach | Geico | $72 | $201 |
| Brandon | Geico | $62 | $152 |
| Clermont | Geico | $47 | $225 |
| Coral Springs | Geico | $71 | $178 |
| Country Club | Geico | $60 | $170 |
| Deltona | Geico | $50 | $178 |
| Doral | Geico | $60 | $124 |
| Gainesville | Geico | $39 | $178 |
| Hialeah | Geico | $60 | $207 |
| Hollywood | Geico | $62 | $143 |
| Jacksonville | Geico | $42 | $169 |
| Jupiter | Geico | $52 | $193 |
| Kendall | Geico | $62 | $170 |
| Kissimmee | Geico | $58 | $207 |
| Margate | Geico | $62 | $151 |
| Melbourne | Geico | $44 | $178 |
| Miami | Geico | $60 | $207 |
| Miramar | Geico | $62 | $144 |
| Ormond Beach | Geico | $45 | $155 |
| Oviedo | Geico | $50 | $148 |
| Palm Bay | Geico | $42 | $147 |
| Palm Coast | Geico | $45 | $174 |
| Port St. Lucie | Geico | $56 | $157 |
| Sanford | Geico | $51 | $208 |
| Tampa | Geico | $70 | $146 |
| The Villages | Geico | $46 | $201 |
| Town ‘n’ Country | Geico | $62 | $240 |
| Wellington | Geico | $76 | $245 |
| West Palm Beach | Geico | $68 | $245 |
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How To Get Cheap Florida Car Insurance
There’s no way around the fact that even “cheap” car insurance is pretty expensive in Florida. Many of the factors that influence your rates, such as your age, are completely out of your control. However, there are ways you may be able to make your premiums a little more affordable.
Some savings methods can save you money without increasing your financial risk. Others reduce your premiums at the expense of your financial liabilities. In this section, we take a look at some of the ways you can save on your auto policy in order of the risk they add to your policy and whether getting the absolute cheapest option is best for you.
Potential financial risk increase: None
In our research, we found that premiums can differ by hundreds of dollars per year between different providers for the same driver and vehicle. For this reason, the first tactic you should employ when looking for the cheapest auto coverage in Florida is taking the time to get quotes from multiple providers and compare the results. You may be as shocked as we were when you see the difference.
Potential financial risk increase: None
Most, if not all, auto insurance companies offer at least a handful of discounts you can use to bring your costs down. Don’t ignore these. Many discounts can net you substantial savings.
Some discounts are based on factors like your military history, age or alumni status. Others are based more on performance, such as staying accident-free for an extended period of time or even maintaining good grades in school.
These are a few of the discounts that may be helpful for Florida drivers in particular:
- Senior discount: More than 21% of Floridians are over the age of 65, making them eligible for senior discounts offered by many insurers.
- Military discount: With more than 62,000 active duty military personnel as of 2022, Florida has the sixth-highest military population in the country. Members of the armed forces and sometimes even their family members can get discounts on auto coverage from many insurers.
- Anti-theft discount: Installing anti-theft features like car alarms on your vehicle is a good idea in Florida, which ranks sixth in the country for car thefts with 30,693 reported in 2022. But having theft prevention equipment on your car can also earn you a discount with most car insurance companies.
Potential financial risk increase: Minimal
Insurers give you a few choices when it comes to setting your deductible. A lower deductible means you’ll pay less out of pocket toward a claim should you need to make one, but it also translates to higher premiums. Increasing your deductible by a few hundred dollars can bring your rates down. This means you’ll be on the hook to pay more of your own money toward a claim, but that risk is limited to the deductible amount you choose.
Potential financial risk increase: Minimal
Coverage options like rental car reimbursem*nt and roadside assistance can come in handy when you need them, but they also add to the cost of your auto policy. Start with the add-ons you feel you need the least and drop coverage items you can do without to save on your car insurance. The only additional risk is the cost of services that would otherwise be covered under those add-ons if you need them.
Potential financial risk increase: Moderate
Most auto insurers now offer a telematics program that uses an app on your phone to monitor your driving behavior and adjust your rates accordingly. Companies tend to tout the potential savings of these programs, which can be an especially good option for good drivers.
However, you should know that with some companies your rates can also go up if you fail to maintain what the insurer considers safe driving behavior. Some telematics programs deduct points for things like driving at night or checking your phone at a stoplight. Be realistic about your driving habits before signing up.
Potential financial risk increase: Severe
Cutting your coverage limits or switching to a minimum-liability policy will reduce your rates, but this comes with significant financial risks. The purpose of a car insurance policy is to shield you from financial risk. Policies that offer little in the way of protection for your assets or limited liability coverage can leave you in a dangerous financial position.
Florida Car Insurance Trends You Need To Know
In recent years, Florida has seen a great deal of change to its insurance industry over a short period of time. As a result, car owners are dealing with a brand-new landscape for buying insurance in the state. In this section, we go over trends that you need to know.
Florida Car Insurance Costs Are Increasing Steeply
Like in many parts of the country, Florida car insurance costs have increased significantly over the past few years. According to our rate data, the average premium for a full-coverage policy jumped by 17% to $3,795 in 2024, adding even more to some of the nation’s highest auto insurance rates. Minimum coverage grew by 22% in Florida and now averages around $1,605 per year or $134 per month.
Average Cost of Car Insurance in Florida Cities
In Florida, Hialeah has the dubious honor of the state’s most expensive car insurance on average, narrowly edging out Miami. The table below shows average rates for other cities and towns in the Sunshine State.
| Florida City | Average Monthly Rate for Minimum Coverage | Average Monthly Rate for Full Coverage |
|---|---|---|
| Hialeah | $195 | $392 |
| Miami | $194 | $399 |
| Boynton Beach | $176 | $399 |
| Town ‘n’ Country | $172 | $387 |
| Country Club | $167 | $421 |
| West Palm Beach | $164 | $363 |
| Doral | $160 | $402 |
| Hollywood | $155 | $377 |
| Margate | $154 | $356 |
| Coral Springs | $153 | $357 |
| Wellington | $152 | $371 |
| Brandon | $148 | $351 |
| Tampa | $146 | $349 |
| Kendall | $144 | $388 |
| Miramar | $144 | $356 |
| Kissimmee | $130 | $301 |
| Alafaya | $125 | $292 |
| Jupiter | $125 | $311 |
| Apopka | $124 | $288 |
| Port St. Lucie | $121 | $282 |
| Oviedo | $114 | $274 |
| Jacksonville | $113 | $281 |
| Sanford | $113 | $272 |
| Deltona | $111 | $271 |
| Palm Bay | $108 | $263 |
| Clermont | $105 | $261 |
| Ormond Beach | $104 | $253 |
| Melbourne | $104 | $255 |
| Palm Coast | $101 | $255 |
| The Villages | $97 | $236 |
| Gainesville | $92 | $233 |
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Read more: Average Car Insurance Costs in Florida
How Expensive Is Florida Car Insurance?
According to our rate data, Florida is the fifth most expensive state to get full-coverage car insurance and the sixth most expensive state to get minimum-coverage policies. This is an improvement from 2023, though it isn’t because Florida’s rates went down — car insurance in other states simply got more expensive at a higher rate. According to data from the Bureau of Labor and Statistics, national car insurance prices rose 21% between 2023 and 2024.
Read more: Average Car Insurance Cost
For a more detailed comparison, we list the average minimum- and full-coverage rates for every state other than Florida below:
| State | Average Monthly Minimum-Liability Premium | Average Monthly Full-Coverage Premium |
|---|---|---|
| Alabama | $572 | $2,048 |
| Alaska | $506 | $2,116 |
| Arizona | $956 | $3,127 |
| Arkansas | $589 | $2,398 |
| California | $736 | $3,040 |
| Colorado | $750 | $3,010 |
| Connecticut | $1,293 | $3,206 |
| Delaware | $1,288 | $3,364 |
| Georgia | $1,256 | $2,907 |
| Hawaii | $455 | $1,581 |
| Idaho | $463 | $1,588 |
| Illinois | $823 | $3,054 |
| Indiana | $557 | $1,949 |
| Iowa | $456 | $1,994 |
| Kansas | $683 | $2,421 |
| Kentucky | $1,072 | $2,545 |
| Louisiana | $1,497 | $4,357 |
| Maine | $456 | $1,460 |
| Maryland | $1,261 | $2,943 |
| Massachusetts | $759 | $2,620 |
| Michigan | $1,640 | $4,626 |
| Minnesota | $752 | $2,463 |
| Mississippi | $563 | $2,140 |
| Missouri | $752 | $2,613 |
| Montana | $517 | $2,368 |
| Nebraska | $545 | $2,252 |
| Nevada | $1,665 | $3,870 |
| New Hampshire | $594 | $1,766 |
| New Jersey | $1,609 | $3,454 |
| New Mexico | $608 | $2,335 |
| New York | $2,490 | $8,232 |
| North Carolina | $815 | $2,271 |
| North Dakota | $490 | $2,029 |
| Ohio | $511 | $1,660 |
| Oklahoma | $710 | $3,256 |
| Oregon | $1,161 | $2,408 |
| Pennsylvania | $893 | $3,909 |
| Rhode Island | $1,084 | $2,921 |
| South Carolina | $959 | $2,519 |
| South Dakota | $443 | $2,590 |
| Tennessee | $707 | $2,237 |
| Texas | $960 | $3,156 |
| Utah | $968 | $2,451 |
| Vermont | $366 | $1,539 |
| Virginia | $726 | $2,070 |
| Washington | $661 | $2,110 |
| Washington, D.C. | $870 | $2,636 |
| West Virginia | $617 | $2,308 |
| Wisconsin | $561 | $2,003 |
| Wyoming | $303 | $1,794 |
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Read more: Car Insurance Rates by State
Why Is Florida Car Insurance So Expensive?
Car insurance companies typically base their rates on the relative risk of having to pay out claims and the projected cost of those claims. That means that as risk factors increase, premiums do too. And when it comes to Florida, several risk factors come into play.
- According to data from the Insurance Information Institute, Florida ranks third among all states in the country for total vehicles stolen as of 2023, with 46,213 car thefts that year.
- Natural disasters pose a huge property damage threat in Florida. The Federal Emergency Management Agency (FEMA) Expected Monthly Loss (EAL) rating scores states based on expected property damage losses. In this rating, Florida has several areas in the “very high” risk category.
- The risk of damages from natural disasters in Florida is increasing. Between 1980 and 2023, the state has had 81 billion-dollar disasters, totaling over $380 billion in costs. This makes Florida the state with the second most billion-dollar natural disasters behind Texas. Florida experienced more natural disasters in 2023 than it did in the previous three years.
Read more: Why Is Car Insurance So Expensive in 2024?
Car Insurance Companies Are Leaving Florida
Car insurance hasn’t just gotten more expensive over the last year in the Sunshine State, it’s also gotten harder to find. Over the course of 2023, a few major insurers such as Farmers and several midsize providers announced that they would stop offering auto insurance in Florida. Below we’ll detail the main reasons for this trend and what to do if your insurer leaves the state.
Hurricanes, flooding and other disasters related to climate have become a problem for insurance providers. According to National Oceanic and Atmospheric Association (NOAA) data, Florida has experienced an average of 5.3 natural disasters causing over $1 billion or more in damages per year over the past three years.
The increasing frequency of severe weather events has added to the risk of insuring vehicles in the state. This trend has likely changed the math for insurers and contributed to some deciding to leave the Florida auto insurance market.
Insurance companies in Florida have claimed that insurance claim litigation — often fraudulent or frivolous — has been a major contributing factor to higher rates in the state. Earlier this year, findings in a report by the Florida Office of Insurance Regulation supported those claims.
According to the report, Florida accounted for 14.9% percent of insurance claims in the country but 70.9% of claims litigation nationwide. Even if many or most of these lawsuits were dismissed, dealing with lawsuits is an expensive and resource-intensive process for insurers. The current environment of high rates of litigation has made the Florida market more difficult, more expensive and, as a result, less attractive for providers.
Some insurers are leaving Florida by choice, but others have simply been forced to shut their doors. In 2023, the Washington Post reported that United Property and Casualty (UPC) became the ninth insurance provider to become insolvent in Florida since 2021.
UPC was the largest insurer in Florida to become insolvent in 15 years. Some insurance companies may have taken this recent rash of closings as a sign that it was time to leave the market and avoid a similar fate.
Insurance providers leaving the Florida market or changing their offerings could leave hundreds of thousands of Floridians without an auto policy. That could potentially leave drivers in violation of state minimum insurance requirement laws and at risk of fines and other penalties.
Dr. Martin F. Grace, the Harry A. Cochran Professor of Risk, Insurance & Healthcare Management at the Temple University Fox School of Business, told the MarketWatch Guides team that while this can create a predicament, car owners have resources to help.
“This is a distressing event. In most states, there is an insurer who will provide a buyer with coverage. However, this insurer may not provide the kind of coverage the insured had in the past, and the price might not be acceptable. Deductible choices and the types of coverage options may also be limited. A call to a local independent insurance agent might also be valuable, as they represent many companies and are a good source of information. Consumers can also contact their state's insurance regulator to obtain lists of insurers licensed in the state.”
Florida Car Insurance Requirements
The required auto insurance in Florida includes personal injury protection (PIP) and property damage liability insurance. The state doesn’t require bodily injury liability insurance, which covers other parties’ medical expenses, funeral expenses and lost wages if you cause an accident.
Read more: Florida Car Insurance Requirements
Minimum Personal Florida Auto Insurance Requirements
The minimum Florida car insurance coverage requirements under state law are as follows:
- Personal injury protection (PIP): $10,000 per accident
- Property damage liability: $10,000 per accident
Is Florida a No-Fault State?
Florida is what is called a “no-fault state” for car insurance. Essentially, this means that drivers file claims through their own insurer, rather than authorities determining which party is “at fault” for a collision and claims going through the at-fault party’s insurer. In Florida, this means that all drivers must carry at least $10,000 in PIP insurance, which covers medical costs and related expenses resulting from an accident.
MarketWatch Guides Tip: Self-Insurance
Florida is one of several states that allows drivers to self-insure — or, provide proof of the means to pay out a liability claim to a state agency in lieu of buying car insurance. This works differently depending on the state. In Florida, drivers who wish to self-insure must file an application and provide proof of at least $40,000 in unencumbered funds to receive approval and stay in compliance with state insurance regulations.
Read more: What Is Self-Insured Car Insurance?
Florida Commercial Auto Insurance Requirements
If you have a business vehicle, you’re required commercial auto insurance coverage that depends on the weight of the vehicle and its use:
Passenger vehicles: $100,000 bodily injury, $300,000 limit per accident for bodily injury and $50,000 per accident for property damage — you can also satisfy this requirement with $300,000 of combined single limit coverage (CSL)
Property carriers at 26,000-34,999 pounds: $50,000 CSL
Property carriers at 35,000-43,999 pounds: $100,000 CSL
Property carriers at 44,000 or more pounds: $300,000 CSL
MarketWatch Guides Tip
CSL coverage merges bodily injury and property damage limits, so you have one limit versus a split-limit policy. While your medical costs are covered by PIP insurance, liability-only insurance pays for damage caused to another person’s property — not your own. That’s why we recommend opting for a full-coverage policy that includes collision and comprehensive coverage.
Read more: Best Commercial Auto Insurance
Cheap Auto Insurance in Florida: The Bottom Line
Geico, Travelers, State Farm, Farmers and Nationwide are the cheapest car insurance companies for most drivers in Florida based on our rate data. With the cost of coverage going up and the number of providers in the state dwindling, drivers in Florida have fewer and fewer options for an affordable auto policy. But that doesn’t mean they don’t exist and comparing car insurance quotes from multiple providers can still get you a good rate.
Shop for Car Insurance in Florida
When shopping for the cheapest car insurance in Florida, we recommend getting quotes from multiple providers in order to get the lowest rate and best coverage for your situation.
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Cheap Car Insurance in Florida: FAQ
Below are some frequently asked questions about cheap car insurance in Florida:
The most affordable car insurance companies in Florida are Geico, Travelers and State Farm. You can save anywhere from 24% to up to 49% on average with these companies in the state.
Based on data from Quadrant Information Services, we found that a full-coverage policy in Florida costs an average of $316 per month. Floridians who opt to only carry the state’s minimum coverage pay $134 per month on average. These rates apply to the profile of a 35-year-old with a good driving record and good credit.
Car insurance in Florida costs an average of $3,795 per year for full coverage and $1,605 for minimum liability coverage. However, your rate will be determined by factors including your age, driving record and credit score and the city you live in.
Geico tends to have cheaper car insurance policies than Progressive, according to data from Quadrant Information Services. However, insurance rates are highly personalized, so while Geico may be cheaper than Progressive on average, you may find Progressive to be a cheaper option based on your driving profile.
Yes, since Florida is a no-fault state, drivers are required to carry at least $10,000 in PIP coverage.
Most forms of insurance follow the car in Florida. However, the required personal injury protection (PIP) coverage follows the driver and not the car in the state.
In Florida, license plates belong to the state, so you must return yours when you cancel your insurance. Failure to do so could result in your license being suspended.
Car insurance can be expensive in Florida due to a variety of reasons that include the state’s no-fault auto insurance laws, environmental factors, weather risks and driver profiles. About 20% of Florida’s drivers were uninsured in 2019, according to the Insurance Research Council. This makes coverage more expensive for Floridians who do buy insurance.
Technically, it is not illegal to not have car insurance in Florida. However, going without a minimum insurance policy in Florida is only legal if you can self-insure by proving that you have at least $40,000 in available funds you don’t need for anything else and filing an application with the state. If you cannot self-insure, you must purchase at least a minimum-coverage policy to stay in compliance with Florida law.
How We Chose the Cheapest Car Insurance in Florida
Our comprehensive rating system utilizes the latest 2024 insurance rates from Quadrant Information Services in combination with data we’ve collected on dozens of insurance companies. To help consumers get the most accurate picture of insurance rates in the state of Florida, we’ve averaged rates from the top 12 providers across 40 Florida ZIP codes. Unless otherwise specified, our base driver profiles for Florida insurance quotes include male and female drivers, age 35, driving a 2023 Toyota Camry with a clean driving record and good credit.
We’ve also looked at quotes for Florida drivers of multiple ages and those with a history of accidents, speeding tickets or DUIs, as well as drivers with poor credit. Our minimum-coverage quotes reflect coverage that meets state minimum insurance requirements in Florida, while our full-coverage quotes reflect the following coverage amounts:
✓ $50,000 per person in bodily injury coverage
✓ $100,000 per accident in bodily injury coverage
✓ $50,000 per person in property damage coverage
✓ $500 comprehensive coverage deductible
✓ $500 collision coverage deductible
How We Vetted Florida Car Insurance Providers
In this article, providers are sorted by cheapest average costs in Florida and selected for recommendation based on our national ratings. When rating providers nationally or in Florida we take several factors into account:
- Coverage (30% of total score): Companies that offer a variety of choices for insurance coverage are more likely to meet consumer needs.
- Cost and Discounts (25% of total score): Auto insurance rate estimates generated by Quadrant Information Services and discount opportunities are both taken into consideration.
- Industry Standing (20% of total score): Our research team considers market share, ratings from industry experts and years in business when giving this score.
- Customer Experience (15% of total score): This score is based on volume of complaints reported by the National Association of Insurance Commissioners (NAIC) and customer satisfaction ratings reported by J.D. Power. We also consider the responsiveness, friendliness and helpfulness of each insurance company’s customer service team based on our own shopper analysis.
- Availability (10% of total score): Auto insurance companies with greater state availability and few eligibility requirements score highest in this category.
Our credentials:
- 800 hours researched
- 130+ companies reviewed
- 8,500+ consumers surveyed
*Data accurate at time of publication.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
