Car insurance premiums in Florida can be costly, but MoneyGeek discovered several strategies for lowering them. Our experts investigated how insurers calculate policy prices to understand which factors have the biggest effect on drivers’ premiums.
MoneyGeek discovered that your choice of coverage plays a pivotal role in the cost of Florida auto insurance policies, with state minimum limits costing 2.4x more than full coverage policies. Furthermore, the type of vehicle you drive has an enormous effect on rates; factors like safety features, crash test ratings and repair costs all impact this price point.
Addition of teenage drivers can significantly increase car insurance premiums. Furthermore, an at-fault accident or DUI will add another expense. Insurance companies take your location into consideration when calculating rates; certain areas have higher claims than others.
Insurance companies use complex financial models to forecast the likelihood that drivers will get into accidents each year and how much it will cost them to cover damages. They also take into account individual driver characteristics and histories – for instance women tend to incur less speeding tickets and at-fault accidents than men reducing risk factors and thus often qualifying them for more favorable prices than male drivers.
Other factors that can alter your car insurance costs include your driving behavior, credit score and length of time on the road. Receiving a quote should be an easy and quick process with some companies even offering online quotes; remember to compare prices as Florida is a highly competitive market!
Traffic violations and accidents on a driver’s record can have a direct effect on their Florida car insurance rates. Minor at-fault accidents could increase premiums by as much as $598 annually; DUI offenses will often bring additional increases of $861 annually.
After being involved in an accident, your insurer might determine that totaling your vehicle is necessary – meaning they’ll pay out for its value while forcing you to buy new one at great expense.
Florida law mandates you carry at least the minimum car insurance coverage amount in order to drive legally, though it’s wiser to purchase additional coverage – particularly as car accidents can often cause severe financial loss. Your car insurance company may require an SR-22 certificate as proof that you possess minimum required coverage – usually after an DUI offense or similar serious infraction is found on your record. Ultimately, an SR-22 may only need be filed temporarily until an incident requiring additional proof has occurred – typically one to three years.