INSURANCE - CAR INSURANCE

Average Cost of Car Insurance in Florida for 2024

Updated Aug. 14, 2023
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Hugo is generally the cheapest car insurance in Florida for both full coverage and minimum liability policies.

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Whether they want to enjoy year-round sunshine or simply want to be closer to the theme parks, many people relocate to Florida every year.

Although the cost of living in Florida is relatively low compared to other states, that isn’t true for car insurance rates. Due to the increasing traffic levels and the large percentage of drivers without insurance, the average cost of car insurance is $2,683, compared to the national average of $1,582.

In this article

Key takeaways

  • The average cost of car insurance in Florida is $2,683 per year.
  • Drivers pay an average of $1,042 per year for state-minimum coverage.

  • Teen drivers cost $5,862 per year on average. 

How much does car insurance cost in Florida?

Florida is appealing to many because of its lower property taxes and the lack of a state income tax. In fact, Florida recorded nearly 320,000 new residents in a single year as people relocated to the state.

However, the increased population has resulted in more traffic — and more accidents. From 2020 to 2022, the number of accidents increased by about 15%.

Higher rates of accidents and a large number of uninsured drivers have resulted in very high premiums; the average cost of full coverage insurance, which includes comprehensive, collision, and liability insurance — was $2,683. Nationally, the average cost is just $1,582, so new Floridians may be shocked at the increased cost. 

Avg. cost for full coverage Avg. cost for minimum coverage Cheapest insurance provider
$2,683/year $1,042/year Hugo
Avg. for young drivers Avg. cost for seniors Avg. for high-risk drivers
$5,862/year $2,610/year $3,370/year

Average cost of car insurance in Florida by provider

There are several well-known insurance companies that issue policies to Florida residents, but there are also some smaller regional insurers too. Of the insurers compared below, Geico had the lowest rates, with full coverage averaging just $1,445 per year. By contrast, we found that Progressive was the most expensive, at $2,760 per year.

Provider Full coverage Minimum liability coverage
Allied $2,365/year $1,056/year
Allstate $2,527/year $1,034/year
GEICO $1,445/year $590/year
Travelers $2,439/year $1,120/year
MetLife $2,014/year $1,175/year
Progressive $2,760/year $1,564/year
State Farm $1,821/year $1,085/year

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How does credit score affect car insurance rates in Florida?

Although some states prohibit or restrict companies from using credit scores to determine car insurance premiums, Florida is not one of them. Insurers can use your credit history and credit score when setting your premiums, so having excellent credit can help you save money on car insurance.

The difference can be substantial. The average cost of car insurance for someone with excellent credit was $2,479 per year, compared to the cost of $4,408 for drivers with poor credit.

Credit health Avg. annual premium
Poor (550-649) $4,408/year
Average (650-699) $3,325/year
Good (700-749) $2,973/year
Excellent (750+) $2,479/year

Average car insurance rates for high-risk drivers in Florida

If you are a high-risk driver, meaning you have a history of at-fault accidents, driving violations, or driving under the influence (DUI) convictions, your insurance policy will be significantly more expensive.

We found that insurance premiums can increase by as much as $1,211 after a DUI and as much as $408 after a single speeding ticket.

Violation Avg. annual premium before violation* Avg. annual premium after violation Avg. cost increase
At-fault accident $2,683/year $3,253/year $570
DUI $2,683/year $3,894/year $1,211
Speeding ticket $2,683/year $3,091/year $408

*Assumes clean driving record with good credit

How does age affect car insurance rates in Florida?

Florida has a higher median age than the rest of the country. As of 2021 — the last available data — Florida’s median age was 42.7, while the national median was just 38.8.

For older Floridians, there is some good news; insurance tends to get cheaper as you age, with those that are 60 or older getting the lowest average rates.

But parents and young adults, be prepared for sticker shock. The average cost of a policy for an 18-year-old was a staggering $6,945.

Age Avg. annual premium
18 $6,945/year
25 $2,640/year
30 $2,444/year
40 $2,493/year
60 $2,276/year

Florida car insurance rates by city

When determining your rates, car insurers will look at where you live. Urban areas, particularly those with high crime rates, will be much more expensive than other areas. This is evident in Miami, the city with the highest average premiums in Florida. Drivers will pay an average of $3,619 for coverage.

That’s not surprising, considering that Miami has a higher rate of violent and property crimes than the rest of the state. According to NeighborhoodScout, Miami’s crime rate is higher than 92% of cities in the U.S.

City Avg. annual full-coverage premium
Cape Coral $2,290/year
Ft. Lauderdale $3,257/year
West Palm Beach $3,613/year
Miami $3,619/year
Orlando $2,808/year
Tampa $3,521/year

FL's minimum car insurance requirements

Like most states, Florida requires drivers to maintain liability insurance or meet financial requirements for self-insurance. Drivers must meet the following coverage minimums:

If you want to self-insure your vehicle, you must have an unencumbered — meaning not tied up in debt — net worth of $40,000 or more, as proven with a notarized financial statement.

How to save money on car insurance in Florida

Because coverage in Florida is so expensive, it’s important to look for ways to reduce the cost. Use these money-saving tips to lower your premiums:

  • Bundle your coverage: If you have renters or homeowners insurance, talk to your agent to see if you can qualify for a multi-policy discount by adding an auto insurance policy.
  • Complete a safe driving course: If you are 55 or older, you can complete a Mature Driver Discount Course and qualify for a 10% discount on your premiums.
  • Raise your deductible: The lower your deductible, the more your premiums will be. Increase your deductible to a higher amount to reduce your monthly or annual premiums.   
  • Get quotes from other companies: Rates can vary significantly between companies, so it’s a good idea to shop around at least twice per year. Compare rates from multiple companies to find the lowest rates for your needs. To get started, check out the best car insurance companies.

Methodology

Our analysis was conducted using six different auto insurance marketplaces to determine the average cost of auto insurance in each state. The data we analyzed included coverage premiums from up to 10 different insurance providers. We looked at rates by city, driver profile, and credit score, as well as factored in the impact of driving violations. This data is for comparative purposes only. Your actual quote may be different.

FAQs about car insurance costs in FL

Is car insurance expensive in FL?

Yes, the average cost of car insurance in Florida is significantly higher than the national average.

How much is car insurance per year in FL?

Although your cost will depend on your age, location, and car make and model, you can expect to pay about $2,683 per year for full coverage insurance, or $1,042 for minimum coverage.

  • You could save up to $500 with some companies
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Author Details

Kat Tretina Kat Tretina is a personal finance expert focusing on practical financial matters, including student loans, debt repayment, side hustles, insurance, and healthcare. Drawing from her personal experience, she aims to simplify complex financial topics and provide individuals with the information they need to make informed decisions.