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Jan 21, 2024 · According to the Insurance Information Institute, as of January 2024, the average annual full coverage premium in Florida was $3,941 – 55% higher than the national average of $2,542 and over ...
- Alina Machado
- 2 min
Feb 8, 2024 · Lee pays more than $1,600 every six months, over $3,200 annually for auto insurance. “It’s a significant amount for two cars, so I mean, we take a hit,” Lee said. But his insurance is still ...
- Factors That Affect Florida Car Insurance Costs
- Uninsured Drivers
- High-Risk Drivers
- Busy Roadways
- Bad Weather
- Minimum Car Insurance Requirements in Florida
- How to Get The Cheapest Car Insurance in Florida
- The Cheapest Car Insurance Rates in Florida
When determining car insurance costs, insurance companies will look at several factors. Some factors are specific to the driver or their vehicle while others automatically come with living in Florida. According to Autolist, Florida ranks thirdin the United States for its high car insurance rates, with an annual average of $2219, a 52 percent increa...
Per Insurance Panda, the State of Florida requires that motorists carry minimum insurance coverageincluding property damage liability coverage of $10,000 and property injury protection of $10,000. However, at 26.7 percent, Florida has the highest number of uninsured motorists nationwide. This figure is one of the main reasons for increased insuranc...
The substantial number of high-risk drivers also contributes to Florida's rising insurance costs. High-risk drivers include the elderly, tourists who come visit the state, and students who pursue higher education at one of the many colleges and universities throughout Florida. According to WalletHub, Florida welcomes 128 million tourists annually. ...
WalletHub also states that Florida is the third-busiest stateafter California and New York, which leads to busy roadways. The busier the roadways, the more likely an accident will occur, and this increases insurance costs.
Florida is the Sunshine State, but it's also known for unpredictable weather such as intense storms and hurricanes. This dangerous weather can cause a lot of property damage. Florida drivers are aware of the damage storms can cause. In a story on Car and Driver, a man parked his smart carin his kitchen when Hurricane Dorian was threatening Florida'...
The State of Florida requires drivers to carry $10,000 in Personal Injury Protection (PIP), otherwise known as Florida no-fault insurance, and $10,000 in property damage liability per accident. Nerd Wallet points out that PIP insurancealso pays for medical bills, lost wages, necessary medical equipment, and other expenses related to an accident suc...
Despite Florida's high insurance premiums, there are ways to save on auto insurance. Keep these in mind when shopping for car insurance so you can take advantage of the discounts different companies offer. Standard discounts include anti-theft devices on a vehicle, having multiple cars on your policy, taking a defensive driving course, and establis...
Although insurance rates can vary according to your location, vehicle features, and other factors, there are certain insurance companies that stand out as offering cheaper rates in Florida. Insurance Panda cites a 2019 Value Penguin study that lists State Farm, Travelers, GEICO, USAA, and Florida Farm Bureau as the lowest ratesin the state. State F...
Jan 27, 2023 · Why Is Car Insurance So Expensive in Florida? Florida's auto insurance rates are high for several reasons, including the state's no-fault auto insurance laws, risk exposure due to extreme weather conditions, average driver profile, and the number of uninsured drivers. Free. Simple.
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May 15, 2024 · According to calculations by the Insurance Information Institute, a trade group, the average 12-month premium for car insurance was $1,280 in 2023, the industry’s most recent figures.
Aug 9, 2023 · Florida Car Insurance Rates on Average. Across all demographics, the average cost of car insurance in the state of Florida in 2020 was $1,372 a year, which breaks down to about $114 a month, assuming you opt for full coverage car insurance. That’s a pretty steep cost, so you may be wondering if you need car insurance to register a car in Florida.
May 1, 2024 · Written by. Natalie Todoroff. Edited by. Natasha Cornelius, CLU. Reviewed by. Mark Friedlander. Updated May 01, 2024. Florida car insurance rates tend to be on the higher side — the average cost ...
