If you’re looking for a car insurance estimate in Florida, you can use MoneyGeek’s car insurance calculator to get a quick idea of car insurance costs in the state. We also analyzed how car insurance premiums are calculated by insurance providers to help you understand the most significant factors that affect the cost of a car insurance policy in the state.
Florida Car Insurance Calculator: Estimate Your Car Insurance Costs
Updated: November 21, 2024
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Rates updated:
Nov 21, 2024
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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
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Florida Car Insurance Calculator: How it Gets You an Instant, Free Estimate
MoneyGeek found out that it takes around 10–15 minutes to get a car insurance estimate in Florida, and insurance companies ask you a variety of personal questions to provide you with a quote. You can use MoneyGeek’s Florida car insurance calculator to get an estimate of the monthly and yearly cost of a policy based on your age, coverage level, vehicle type and driving record.
Our research shows that the most significant factors affecting the cost of insurance in the state are adding a teen driver to your policy, your credit score and your coverage levels. However, the biggest factor for you may be different depending on your personal profile.
While the most affordable option for you may depend on several factors, you can use MoneyGeek’s Florida car insurance calculator to get an estimate. Based on our sample driver profile, we found out that GEICO offers the cheapest policy at an average annual cost of $586.
However, you shouldn’t only look for the cheapest option. Instead, choose a company that offers great service quality and the coverages you need.
FACTORS TO CONSIDER WHEN GETTING A CAR INSURANCE ESTIMATE IN FLORIDA
With MoneyGeek’s car insurance calculator, you can get estimates and browse sample drivers to find the cheapest car insurance in Florida.
MoneyGeek analyzed the average cost of car insurance in Florida for drivers who want to get an idea of the difference in car insurance costs in their state compared to others.
If you’re looking for the best service quality and aren’t concerned about the cost, MoneyGeek ranked the best car insurance companies in Florida that balance affordability and service quality.
How Car Insurance Premiums are Calculated in Florida
In Florida, insurance companies consider a variety of factors before determining the cost of your car insurance policy. MoneyGeek found out that the most significant factors affecting the cost of insurance in the state are whether you add a teen driver to your policy, your credit score and your coverage levels.
Adding a teen driver to your policy can be the biggest factor that influences auto insurance rates. Insurance companies can charge you higher rates, and the cost of your policy can go up by as much as 2.6x.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Florida
In Florida, the insurance companies consider it risky and charge you higher rates when you add a teen driver to your policy. This is because teen drivers are more likely to get into an accident.
MoneyGeek found out that with a teen driver on your policy, your car insurance costs can go up by as much as 2.6x.
How Much Age of Driver Matters in Calculating Car Insurance in Florida
Age can play a role in your car insurance rates in Florida. Since younger drivers and older drivers are more likely to get into accidents than middle-age drivers, they have higher premiums. Drivers who are 40 years of age can access the cheapest premiums, while drivers who are 19 or 20 years old pay the most expensive rates.
In Florida, the cost of your policy can multiply by as much as 2x based on your age.
How Much Coverage Levels Matters in Calculating Car Insurance in Florida
The amount of coverage you buy also has a significant impact on the cost of your policy. A liability-only policy with Florida minimum limits is your most affordable option, while the most expensive annual rate is for full coverage car insurance with liability limits of 100/300/100 plus a $500 deductible.
MoneyGeek found out that buying a policy with a higher coverage limit can increase your car insurance costs by as much as 2.4x.
How Much Credit Score Matters in Calculating Car Insurance in Florida
Insurance companies in Florida also consider your credit score while determining your car insurance rates. In Florida, drivers with poor credit scores pay more than drivers with excellent credit scores.
If you have a low credit score in Florida, the cost of your policy can multiply by as much as 2.6x.
How Much Car Model Matters in Calculating Car Insurance in Florida
The model and type of car you own help determine your car insurance costs. Since certain models are more likely to be stolen, have higher repair costs and are at an increased rate of being in accidents, they are considered riskier to insure by the insurance companies.
If you own a car that’s considered risky to insure by the insurers, you would have to pay as much as 2x more for a policy.
How to Calculate How Much Car Insurance You Need in Florida
In Florida, one of the most significant factors affecting your car insurance costs is the amount of coverage you add in your policy. If you calculate your coverage needs, you can find the right balance of cost and protection. Every driver in the state is required to have an auto insurance policy with property damage liability and personal injury protection coverage.
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Understand Florida car insurance requirements
If you want an idea of how much coverage you need in Florida, you can look up Florida minimum car insurance requirements. The state law only requires you to have a policy with $10,000 of property damage liability coverage per accident and $10,000 of personal injury protection coverage per person. Florida doesn’t require bodily injury liability coverage, so you may want to increase liability limits to ensure more protection.
Additionally, Florida law does not require you to have comprehensive and collision insurance, which provides protection against the cost of damages in case of an accident.
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Consider Purchasing Additional Liability Insurance
If you want to protect yourself against the cost of damages in case of a major accident, you may need to buy liability insurance that is above Florida’s minimum required coverage.
MoneyGeek found that the average cost of a policy protecting you for $300,000 in bodily injury liability per accident is $1,667 annually, while a policy with minimum liability insurance costs an average of $869 per year.
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Decide whether or not to buy comprehensive and collision insurance
You should decide whether you need a full coverage policy, which includes comprehensive and collision insurance that protects you against the cost of damages in case of an accident. While Florida law does not require it, your lender may require a full coverage policy if you’re leasing or financing the car. MoneyGeek found out that the cost of adding comprehensive and collision with a $1,000 deductible is an average of $337 per year in Florida.
If you have an older car that’s only worth a few thousand dollars, it might be better not to opt for a full coverage policy as it won’t be suitable to pay hundreds of dollars for a low-value car.
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Consider buying additional protection besides these core coverages
In Florida, roughly 20.4% of drivers are uninsured. MoneyGeek recommends that you buy uninsured/underinsured motorist coverage to protect yourself against the cost of damages in case you get into an accident with these drivers. Drivers in Florida also need to have PIP/medical payments coverage for up to $10,000.
Frequently Asked Questions About How Car Insurance is Calculated in Florida
MoneyGeek researched the following frequently asked questions for drivers who want to calculate insurance premiums in Florida.
How can I estimate how much my car insurance costs in Florida?
It’s best to use MoneyGeek’s car insurance calculator to get a quick estimate. You can get a detailed quote estimate by entering your personal information.
What are the most important factors companies use to calculate auto insurance costs in Florida?
In Florida, the most significant factors affecting the cost of insurance in the state are whether you add a teen driver to your policy, your credit score and your coverage levels.
How do I calculate how much car insurance I need?
You should look over the minimum auto insurance requirements of Florida, then consider your needs to see if you need to add any additional coverages to your policy.
Methodology
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Florida. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.