Cheapest Car Insurance for Low-Income Drivers in Florida (2024)

In Florida, Nationwide offers the cheapest rate for individual drivers with low-income and poor credit history at $109 per month. For families with low-income, the most affordable provider is GEICO with a rate of $109 per month.

Florida does not offer state-backed car insurance programs for low-income families and individuals. Finding the provider with the most affordable rate is one option to manage the cost, and there are also ways to get discounts to help alleviate the cost of car insurance.

While minimum coverage will help you drive legally, it has downsides. For example, in an at-fault accident, minimum coverage may not cover all damages, leaving you with out-of-pocket expenses.

Like most other states, car insurance companies in Florida don't offer income-based assistance programs. Income isn't a factor when calculating your car insurance rates in Florida, but other factors — including your age and credit history — are important.

The best way to find the cheapest rates is to compare quotes from several insurance companies. A minimum coverage policy is often the most inexpensive way to stay legal on the road, but it can leave you vulnerable to a substantial loss from an at-fault accident. If you rarely drive, look into pay-per-mile insurance, which could be a great way to save.

To legally operate a vehicle in the Sunshine State, you must carry minimum car insurance requirements that include:

• $10,000 for property damage liability per accident
• $10,000 personal injury protection (PIP) per person

When considering insurance policies, understand that a liability-only car insurance is the most affordable option that covers expenses for the other driver if you're at fault. However, it does not cover your own vehicle. To safeguard your car, you'll need a full coverage car insurance policy, which includes collision and comprehensive coverages.

In Florida's unpredictable weather, where hurricanes and floods are common, opting for full coverage could be a wise decision. It ensures that damages from natural disasters, theft, or vandalism are covered, providing peace of mind beyond just collision incidents. Assessing the risks and benefits tailored to your situation is crucial in choosing the right coverage.

Credit history is crucial for drivers with low income as it significantly affects car insurance premiums in Florida. A poor credit history can signal higher risk to insurers, leading to higher premiums. Therefore, maintaining a good insurance score is essential for affordable coverage options.

The cheapest car insurance companies for drivers with low-income and poor credit record in Florida are:

• Nationwide: $1,307 per year, $109 per month
• GEICO: $1,319 per year, $110 per month

Drivers with good insurance credit, you can get the cheapest car insurance in Florida from:

• Nationwide: $641 per year, $53 per month
• GEICO: $648 per year, $54 per month

It's important to maintain at least state minimum coverage as driving without insurance in Florida is illegal. Penalties include suspension of your driver’s license, vehicle registration, and fines ranging from $175 to $1,000.

Car insurance premiums are not directly influenced by your income, but your family situation can impact your costs. In Florida, a single parent's premium is notably higher, with a difference of $648 annually compared to married couples with a teen, where the rate is more affordable by $648 per year.

The most budget-friendly car insurance companies for a married couple with a teen in Florida are:

• GEICO: $1305 per year; $109 per month
• Nationwide: $1589 per year; $132 per month

For a single parent with a teen, the cheapest options are:

• GEICO: $1953 per year; $163 per month
• State Farm: $2479 per year; $207 per month

The gap in rates between a married couple with a dependent and a single parent with a dependent is due to various factors insurers consider, such as perceived risk and financial stability. Keeping a solid credit score is key to accessing more affordable car insurance rates.

Car insurance premiums generally decrease as you reach the early senior years (typically around age 55 to 65), especially if you have a clean driving record.

The two cheapest car insurance for senior drivers with low-income and poor credit history are:

• GEICO: $100 per month, $1,205 per year
• Nationwide: $103 per month, $1,239 per year

After the age of 70, car insurance rates typically increase, as older drivers are statistically considered higher risk. This trend continues each year, meaning premiums generally rise as seniors age. There are specific laws and guidelines for seniors getting car insurance in Florida.

Car insurance rates in the Sunshine State are influenced by several factors. While your income doesn't directly change your rates, it can impact your credit score.

A poor credit record can lead to higher rates, while a good one can help you get lower rates. Knowing what affects car insurance rates in Florida helps you make smart choices when picking the best plan for you.

You don't need a state-sponsored program to cut costs — finding affordable car insurance in Florida is possible with the right strategies. Here are some tips to lower your premiums:

Finding affordable car insurance can be tough for low-income drivers in Florida. Get answers to some of the most commonly asked questions about low-income car insurance in Florida.