Cost of Car Insurance in Florida

The state of Florida uses a no-fault insurance system, which means that your insurance company will pay for your medical bills and cover the property damages incurred in an accident, regardless of who was at fault.

Auto insurance requirements in Florida

The minimum insurance requirement in Florida is a 10/10 PIP/PD insurance policy: you need to carry at least $10,000 in Personal Injury Protection and at least $10,000 in Property Damage Liability. You don’t have to carry a Bodily Injury Liability policy, but the court may require you to get one if you have been found at fault in an accident. Insurance experts recommend motorists in Florida to get at least a $10,000 BI policy, just to be on the safe side.

Average car insurance premiums in Florida

Florida is one of the most expensive states to be insured in. As of October 2012, the average insurance policy costs $2,220, which is 29% over the national mean of $1,725. Insurance in Pembroke Pines costs the most – an average of $3,011 – while the Daytona Beach residents seem to be the most fortunate ones – they only pay an average of $1,155 a year for car insurance. A few other major cities with average insurance costs below the $2,000 mark are Tallahassee with $1,399, Naples with $1,611, Pensacola with $1,401 and Jacksonville with $1,355.

Factors that influence the cost of auto insurance in Florida

There are several factors that influence the cost of insurance for Florida residents:

  • Your driving record. It is already a known fact that drivers with a poor record are charged more. Even a measly speeding ticket might raise your insurance premium, so you are advised to play by the rules when you drive on public roads in Florida.
  • Age, gender and marital status. Based on statistical analysis, insurers have built demographic groups and assigned a risk indicator to each. Teenagers are more likely to cause accidents than grown-ups, women driver safer than men, and married people cause fewer accidents than single ones.
  • The car you are driving. It goes without saying that the more expensive a car is, the more it will cost to insure it. Sports cars are also more expensive to insure than sedans in the same price range, because they are more likely to be involved in accidents.
  • Various discounts you may be eligible for. Other than the no-claims discount which is awarded to safe drivers, insurers reward their customers who have stayed with them for more years in a row, the ones who have renewed their policies way before the deadline or even those who are members of a certain club or hold a certain credit card. Make sure you ask your insurance company for a list of available discounts and see which one(s) you are eligible for.