In the Sunshine State, cheap insurance is hard to come by. Floridians pay relatively high car insurance prices, regardless of what provider they choose. Florida has a no fault insurance policy in place, which offers increased protection for drivers—at a steep price.

In this guide, we’ll break down what is the cheapest car insurance in Florida, how the best rates compare to prices in other states, and why exactly it’s so expensive for Florida drivers.

Let’s discuss.

Cheapest Car Insurance in Florida

Auto insurance coverage in Florida is never truly cheap, but you can always find deals. And within a range of high prices, it’s especially important to know which options are least costly and which insurance company to go through.

According to one survey[^1] of insurance coverage costs in Florida for minimum coverage, the average annual cost of insurance is $2,050 dollars, and the cheapest available options under the average are:

  1. GEICO, at $984 dollars annually

  2. State Farm, at $1,063 dollars annually

  3. Liberty Mutual, at $1,278 dollars annually

  4. MetLife, at $1,826 dollars annually

  5. Direct General, at $1,915 dollars annually

Importantly, these figures relate only to the bare minimum car insurance Florida Law requires for compliance with no fault regulations. For many motor vehicle owners, minimum coverage may not be ideal. Buying just the minimum leaves you exposed to financial harm in certain circumstances.

For those seeking full protection, greater safety comes with a higher price tag.

According to the same study, the average annual cost of full auto coverage in Florida is $3,125 dollars per year—over one thousand dollars more than minimum coverage. And, only four insurance policy providers offer costs below the statewide average for full coverage:

  1. State Farm, at $2,158 dollars annually

  2. GEICO, at $2,221 dollars annually

  3. Liberty Mutual, at $2,409 dollars annually

  4. Direct General, at $2,786 dollars annually

Unlike in some states, cheap car insurance in Florida isn’t just GEICO vs AAA—the latter isn’t even in the picture. It’s between GEICO and State Farm, both of whom offer some of the cheapest car insurance Florida drivers can buy, whether minimum or full coverage.

Now, let’s take a look at how Florida prices compare nation-wide.

Florida Compared to Other States

For perspective on just how expensive Florida car insurance is, it’s helpful to look at what other US citizens living in other states are paying for their car insurance coverage.

According to a robust Business Insider study of car insurance prices in all 50 states, Florida’s annual averages, slightly higher than the figures above, are greater than the national average:

  • Florida’s range of prices: $1,257 - $3,370 dollars annually

  • Florida’s average price: $2,007 dollars annually

  • US average price: $1,566 dollars annually

And, according to this same survey, only four other states have higher prices than Florida:

  • Rhode Island: $2,018 dollars on average, annually

  • Minnesota: $2,040 dollars on average, annually

  • Louisiana: $2,480, dollars on average annually

  • Michigan: $3,343 dollars on average, annually

So, while Florida isn’t the most expensive car insurance in the nation (Michiganders can pay up to $8,723 dollars annually), it sits comfortably in the top five priciest.

Let’s take a look at what makes Florida auto insurance so expensive.

Factors Impacting Insurance Rate

It’s important to note here that the numbers listed above are averages, and the actual price you pay for car insurance will vary depending on a number of factors related to you and your motor vehicle. Floridians are subject to both country-wide price factors, as well as one specific to Florida.

Some factors that impact car insurance costs across the entire US include:

  • Age, gender, and marital status of driver

  • History of safe (or reckless) driving

  • Specifications of car insured

  • Location of driver

Just like anywhere else in the US, the cheapest car insurance in florida for young drivers is going to be more expensive than it is for anyone else. The same goes for those with accident histories, anyone driving sports cars, and policy seekers who live in congested cities.

In addition to these general determinants, the one specific to Florida is its “no fault” law.

Florida No Fault Insurance

Florida has unique, stringent requirements for auto insurance. It’s one of only twelve total states, plus Puerto Rico, that requires motorists to carry no fault insurance.

The Florida no fault law requires that drivers insure their cars with:

  • Personal Injury Protection (PIP) – Coverage for medical bills incurred as a result of a collision. Minimum PIP coverage required is $10,000 dollars

  • Property Damage Liability (PDL) – Coverage for damage to property in the event that the insured driver is at fault for the car accident. Minimum PDL coverage required is $10,000 dollars.

These coverages are required for the entire lifespan of your vehicle’s registration; you need to secure auto coverage before you can register (much less drive!) your car. Failure to comply will result in suspension of your license. To avoid hefty fines for reinstatement, you need to get insured.

And to find a great deal, we can help you narrow down your coverage options.

Save Money on Florida Auto Insurance

Our mission at Online Auto Insurance, is helping motorists save money on their Florida car insurance, and all across the US. Our state by state guide and company comparison tools help you find the best deals, no matter where you’re shopping from.

We know car insurance can be complex, but we want to make it as easy as possible. Wondering what no fault minimums are, or how long do you have to register a car in Florida?

We’ve got you covered. To see how easy auto insurance can be, get in touch today to discover your coverage options!

Sources:

Business Insider. The Average Cost of Car Insurance in the US. https://www.businessinsider.com/personal-finance/average-cost-of-car-insurance

Florida Highway Safety and Motor Vehicles. Financial Responsibility Reinstatement. https://www.flhsmv.gov/pdf/igoffice/20151609.pdf

Florida Highway Safety and Motor Vehicles. Florida Insurance Requirements. https://www.flhsmv.gov/insurance/

ValuePenguin. Who Has the Best Car Insurance Quotes in Florida? (2020). https://www.valuepenguin.com/cheap-car-insurance-florida-study

Notes

[^1]: ValuePenguin. Who Has the Best Car Insurance Quotes in Florida? (2020). https://www.valuepenguin.com/cheap-car-insurance-florida-study