The best and cheapest car insurance in Florida will ultimately be determined by your circumstances, but several companies stand out as top contenders. According to Bankrate’s research into the Florida car insurance market, full coverage costs $2,762 per year and minimum coverage costs $997 per year, both of which are significantly higher than the national averages of $1,771 and $545, respectively. Our research could assist you in locating the best and cheapest Florida car insurance rates for students and young adults that meet your budget and coverage requirements.
How We Chose the Best Florida Car Insurance Companies
To find the best and cheapest car insurance rates in Florida for students and young adults, we started by reviewing 2022 quoted annual premiums from Quadrant Information Services for the state’s largest car insurance companies by market share. Because the price is only one consideration when shopping for car insurance, we also considered coverage options, discounts, digital assets, and third-party ratings from J.D. Power and AM Best.
We analyzed a score based on these factors. Each score ranges from 0.0 to 5.0. The higher the score of a company, the higher it ranks in each category. Because this scoring method combines numerous aspects of each company into a single score, it facilitates your research process by providing an easy comparison tool.
Best Car Insurance in Florida Rates
State Farm, Geico, Progressive, and Allstate are the companies that sell the best and cheapest car insurance rates in Florida, according to our research method. These companies provide impressive coverage options as well as extensive discount lists. We go into greater detail about these carriers below to help you decide if any are right for you.
#1. State Farm
State Farm has the lowest average full coverage premium on our list, making them a viable option if you’re looking for the cheapest car insurance rates in Florida. Furthermore, State Farm has an A++ (Superior) financial strength rating from AM Best, which is the highest level possible.
The National Association of Insurance Commissioners (NAIC) has given the company a lower-than-average complaint index score for private passenger insurance. However, as an overall insurer, State Farm has received more complaints than the baseline, which may indicate that some policyholders are dissatisfied with the level of customer service provided by State Farm.
#2. Geico
Geico could be a good choice if you want strong digital assets, lower-than-average premiums, and a long list of discounts. Being a federal employee, active-duty military member or veteran, or a high-achieving student may result in lower insurance premiums. In the 2022 J.D. Power U.S. Insurance Digital Experience Study, Geico’s digital tools are highly rated for a shopping experience. However, because the carrier does not offer as many endorsement options as some other companies, its policies are fairly straightforward.
#3. Progressive
Despite having the highest average full coverage premium on our list, Progressive’s benefits may outweigh the cost. The company offers a variety of digital tools that can help you find the best and cheapest car insurance rates in Florida faster and easier. Its Name Your Price tool suggests coverage options based on your budget, and you can even compare rates from different companies directly from Progressive’s website. The national carrier also provides its Snapshot telematics program, which allows customers to save money on premiums based on their driving habits.
#4. Allstate
Allstate provides a wide range of standard auto insurance coverage options, an excellent web presence, and a variety of ways for policyholders to save money on their premiums. Drivers with Allstate insurance may be able to save money by digitally managing their policy, installing safety equipment, and practicing safe driving habits to qualify for the company’s unique Safe Driving Bonus. However, because the carrier has the second-highest premium on our list, it may not be the best fit for consumers on a tight budget.
Average Car Insurance Rates in Florida
Car insurance in Florida is generally more expensive than car insurance in the rest of the country. Full coverage costs an average of $2,762 per year, while minimum coverage costs $997. Florida drivers pay significantly more on average than the national average cost of car insurance in 2022, which is $1,771 per year for full coverage. According to Bankrate’s analysis, Florida is the third-most expensive state in the country for full coverage car insurance.
The state’s higher-than-average premium may be due in part to the state’s geographic location, with 1,350 miles of coastline (the most in the country), and its consequent susceptibility to severe weather events such as tropical storms, hurricanes, and even tornadoes.
According to 2019 data published by the Insurance Information Institute, Florida also has a high population of uninsured drivers, with 20.4% of drivers estimated to be driving without insurance (Triple-I). All of these factors, especially when combined with the state’s congested highways, may be contributing to high insurance costs.
Best Car Insurance in Florida for Young Adults
Purchasing car insurance for young adults in Florida is rarely enjoyable or inexpensive. This is true for anyone looking to add coverage to their parent’s existing policy, but it’s especially true for young adults looking for cheap car insurance in Florida on their own.
If you want to find the cheapest car insurance for young adults in Florida, you should compare policies and plans while also looking for discounts. Here are a few places to start your search for the cheapest car insurance for young adults in Florida.
Although it can be difficult to find the cheapest car insurance for young adults in Florida, the high rates you may have to pay will not last forever. Until the age of 25, you are considered a high-risk driver. Following that, you can anticipate a reduction in your auto insurance premiums.
Meanwhile, compare car insurance quotes in Florida to find the best rates. It may seem time-consuming to research and compare prices, but it is the best way for anyone to get affordable auto insurance.
Best and Cheapest Car Insurance Companies for Young Adults Under 25 in Florida
The companies listed below provide the best insurance for young drivers in general, but any of them may not be competitive in your state. Consult with several insurers to find one that offers the best coverage at the lowest premium in your state.
#1. GEICO
For parents who want to add a newly licensed 16-year-old teen driver to their auto insurance policy, GEICO has the best car insurance rates. Adding a teen to a GEICO policy costs an average of $231 per month.
Aside from having excellent rates for teen drivers, GEICO has lower rates for young adult male drivers, a group that frequently faces higher-than-average insurance premiums.
#2. Progressive
Progressive is well-known for offering some of the most affordable auto insurance rates available, including some of the most affordable car insurance premiums for young adults in Florida. In terms of rates, pricing is primarily determined by the discounts available.
Driver Safety Discount. This is one of the industry’s most aggressive discounts. If you haven’t had an at-fault accident or moving violation in the last three years, you can save up to 31% on your premium. To qualify for this discount, most other insurance companies require at least five years of no incidents.
#3. Allstate
Allstate provides a variety of discounts to help both teens and young adults save money on car insurance in Florida. For example, if you are under the age of 25 and a full-time student, you will receive a discount. Allstate, like most auto insurers, offers a discount if you have good grades.
It also provides a discount if you keep both your auto and renter’s insurance with the same company. There’s also a discount if you work for a company that offers special discount programs (check with your company’s human resources department for more information). You may even be eligible for a discount if you are self-employed and work from home.
#4. Liberty Mutual Insurance Company
Liberty Mutual offers some intriguing discounts, some of which are ideal for young drivers who need to reduce their insurance premiums.
#5. State Farm Insurance
State Farm’s Steer Clear program is designed specifically for drivers under the age of 25. If you haven’t had any at-fault accidents or moving violations in the last three years, you may be eligible. This discount can save you up to 20% on your car insurance. It won’t help you when you first buy a policy, but it’s something to strive for.
#6. Nationwide
Nationwide has its well-known Accident Forgiveness program. It is not available in all states, but it is one of the most important benefits available to teen drivers.
This is a significant advantage because young drivers are statistically more likely than experienced drivers to be involved in accidents. Your premium will not increase if you have one accident under the plan.
#7. USAA
USAA provides several discounts to young drivers from military families, including the following:
- Driver Education Discount. If you are under the age of 21 and have completed a basic driver training course, you may be eligible for a discount.
- Discount for safe driving. Maintain a clean driving record for at least five years to lower your premiums.
#8. Amica
Amica isn’t known for having the cheapest car insurance for young adults in Florida. It does, however, offer numerous discounts that provide young drivers with significant savings on their auto insurance premiums.
Best Car Insurance in Florida for Students
According to WalletHub’s 2021 analysis, Geico, and Travelers provide the best car insurance for college students in Florida because they have the lowest prices and the best customer service. When compared to the worst options, the best car insurance for college students in Florida can save young drivers up to $900 per year.
#1. Allstate
Allstate is the nation’s fourth-largest auto insurance provider. With a 10.4% market share, it’s no surprise that Allstate offers comprehensive coverage and significant discounts to college students.
#2. State Farm Insurance
State Farm is the leading private passenger auto insurance company in the United States, with a 16.2% market share in 2020. College students in Florida can take advantage of the company’s Good Student and Student Away at School discounts, which can save up to 25% on annual car insurance rates for students under the age of 25.
#3. Metromile
Metromile is a car insurance company based in California that specializes in policies for drivers who travel less than 10,000 miles per year. While this limits the service’s appeal, Metromile is a viable option for college students who do not drive frequently on campus.
#4. Auto-Owners Insurance
Auto-Owners Insurance is one of the oldest car insurance providers in the United States, having been in business for over 100 years. Although coverage is only available in 26 states, its student discounts and add-ons make it a viable option for college students who are still on their parent’s insurance plans.
#5. USAA
In Florida, USAA provides the required minimum car insurance for college students. Additionally, the company offers 24/7 roadside assistance, towing coverage, and rideshare insurance for Lyft and Uber drivers.
Who is the number one insurance company in Florida?
USAA: USAA provides its members with a variety of insurance, financial, and investment products. It is ranked first in our list of the Best Homeowners Insurance Companies in Florida, and it has an A++ AM Best rating.
Is Geico good in Florida?
GEICO has it all for Florida drivers: award-winning service, low rates, and plenty of discounts. This was an obvious choice for best overall. The best Florida car insurance depends on your circumstances and needs, but we discovered that GEICO provides the best overall coverage.
Is Geico cheaper in Florida?
Geico offers the most affordable minimum-coverage car insurance in Florida. Geico’s car insurance is $34 per month, which is 66% less than the average cost of coverage in Florida. Florida drivers may also find low-cost quotes from State Farm, which were 51% less expensive than the state’s average monthly rate of $48.
What insurance coverage should I have in Florida?
If you own a vehicle with four or more wheels in Florida, you must carry at least $10,000 in personal injury protection (PIP) insurance and a minimum of $10,000 in property damage liability insurance. A deductible of up to $1,000 for PIP coverage and $500 for property damage liability is possible.
How much auto coverage do I need in Florida?
At a bare minimum, we recommend that you purchase Bodily Injury Liability coverage for $100,000 per person/$300,000 per incident (accident). However, if you have significant assets to protect, we recommend that you purchase higher limits.
What’s the average car insurance in Florida?
A state minimum auto insurance policy in Florida costs an average of $1,123 per year, according to MoneyGeek. The average cost of full coverage car insurance in Florida is $2,208 per year, representing a $1,085 difference.
Conclusion
It can be difficult to find the best and cheapest Florida car insurance rates for students and young adults. However, you would be surprised at how much coverage you can get for a reasonable price. For those who can afford it, GEICO’s flexible policies and excellent customer service make it worth the cost, though Esurance is also a good option. If you’re looking for coverage for yourself and your retired spouse, don’t be afraid to call Florida Farm Bureau and inquire about senior policies.
Best Car Insurance in Florida FAQs
Who has the cheapest Florida insurance?
Geico
Drivers in Florida who choose the state minimum coverage should look into the following companies, which have the lowest average rates: Geico: $674 per year or approximately $56 per month State Farm charges $757 per year or approximately $63 per month. Allstate charges $906 per year or roughly $76 per month.
Is State Farm a good insurance company?
U.S. News Rating
Yes, State Farm car insurance is suitable for the majority of drivers. State Farm is ranked second in our Best Car Insurance Companies of 2022 based on customer survey results, with a score of 4.2 out of 5.
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