Shopping for auto insurance rates? Here's the cheapest options in Florida
Florida has always maintained a reputation for having some of the highest auto insurance rates in the country. It’s easy to blame exorbitant rates on the state’s near-disturbing attraction to natural disasters, but it’s more than that. Florida also has more crash-related lawsuits, traffic fatalities and uninsured motorists than other states.
Readers shopping for cheaper auto insurance rates will need to consider a number of factors, such as the zip code they live in, their age and coverage when comparing car insurance rates.
Here’s a look at which companies have some of the lowest car insurance premiums in Florida.
Florida car insurance cost: Florida car insurance in 2023 out-paced the national average by almost double
What to know about these numbers
Comparing car insurance quotes can sometimes be an apples-to-oranges affair due not only to the above-mentioned factors but also the type of car, driving history and more. Each quote will include the coverage and driver profile they were generated from, and we’ll include a link where you can plug in your own information to compare car insurance rates.
Cheapest minimum coverage car insurance in Florida
Data from NerdWallet.com and Bankrate.com showed that Geico has the cheapest, with State Farm almost neck-and-neck behind them. MarketWatch.com came to a similar conclusion, but their analysis found State Farm a smidge cheaper.
Here are the numbers:
Nerd Wallet: Geico — $353 per year, or about $29 per month
Nerd Wallet’s driver profile was broken down by age, from 20 to 70 years old, in increments of 10 years. It was also the most comprehensive, categorizing the age groups into further groups by driving history, creditworthiness and more — all driving a 2021 Toyota Camry LE.
For its minimum coverage analysis, it used the bare minimum coverage Florida legal requires: $10,000 in property damage liability (PDL) and $10,000 in personal injury protection (PIP). The coverage was also quoted with a $1,000 deductible.
Here’s what it found:
Geico: $629 per year, or about $52 per month for 20-year-old drivers.
Geico: $345 per year, or about $29 per month for 30-year-old drivers.
Geico: $320 per year, or about $27 per month for 40-year-old drivers.
Geico: $291 per year, or about $24 per month for 50-year-old drivers.
Geico: $269 per year, or about $22 per month for 60-year-old drivers.
Geico: $268 per year, or about $22 per month for 70-year-old drivers.
Bankrate: Geico — $1,058 per year, or about $88 per month
Bankrate’s methodology is a little different from Nerd Wallet’s and yields different numbers for a similar outcome. Bankrate’s methodology was based on a 40-year-old male and female driver with a clean driving record, good credit, the minimum coverage limits and also driving a 2021 Toyota Camry. It used a $500 deductible and found that Geico offered the best rate at $1,058 per year, or about $88 per month.
Market Watch: State Farm — $650 per year, or about $54 per month
Market Watch’s driver profile used in its analysis was based on a married 35-year-old driver with a good credit history and a clean driving record. It found that State Farm had the cheapest rate at $650 per year, or about $54 per month, just $3 less than Geico. Market Watch did not provide information on which deductible was used to generate its information.
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Cheapest full coverage car insurance in Florida
When it comes to which car insurance company offers the cheapest rates for full coverage, there doesn’t appear to be a clear consensus, with Geico, Progressive and State Farm all being listed among the cheapest. Here’s a look at the numbers.
Nerd Wallet: Geico — $2,004 per year, or about $167 per month
Nerd Wallet’s driver profile was broken down by age, from 20 to 70 years old, in increments of 10 years. It was also the most comprehensive, categorizing the age groups into further groups by driving history, creditworthiness and more — all driving a 2021 Toyota Camry LE.
Here are the coverage limits used to determine full policy coverage:
$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist coverage per person
$300,000 uninsured motorist coverage per accident
Collision coverage with a $1,000 deductible
Comprehensive coverage with a $1,000 deductible
Here is the breakdown by age:
Geico: $3,701 per year, or about $308 per month for 20-year-old drivers.
Geico: $1,825 per year, or about $152 per month for 30-year-old drivers.
Geico: $1,725 per year, or about $144 per month for 40-year-old drivers.
Geico: $1,694 per year, or about $141 per month for 50-year-old drivers.
Geico: $1,569 per year, or about $131 per month for 60-year-old drivers.
Geico: $1,514 per year, or about $126 per month for 70-year-old drivers.
Bankrate: Progressive — $3034 per year, or about $253 per month
Bankrate’s driver profile was based on a 40-year-old driver with a clean driving record, good credit and the following coverage limits:
$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist bodily injury per person
$300,000 uninsured motorist bodily injury per accident
$500 collision deductible
$500 comprehensive deductible
Market Watch: State Farm — $1,813 per year, or about $151 per month
Market Watch based its analysis based on a married 35-year-old driver with a good credit history and a clean driving record. Nerd Wallet did not provide information on the exact coverage it used to determine its average premium.
This article originally appeared on Pensacola News Journal: Cheapest car insurance in Florida. Shop quotes from these companies
