Auto insurance can be a blessing and a curse. It can be a blessing because it can help you protect yourself and your car in the event of an accident. It can also be a curse because it can be expensive.
In Florida, for instance, drivers pay on average $2,364 per year for full coverage. In comparison, that is 41% more than the national annual average of $1,674. However, this doesn’t mean that Florida car owners can’t find cheap car insurance.
Below are some useful tips on finding affordable car insurance in Florida.
1. Don’t Assume Any One Company Is the Cheapest
Your state and city can significantly affect your insurance estimate. So, comparing estimates from different companies can help you find one that is the cheapest auto insurance in Florida for your specific needs.
For example, Progressive Insurance is among the more affordable options in California, while in Florida it is actually more expensive. You can use an online quote tool to get free car insurance quotes from multiple companies. Collect as many quotes as you can so you can really compare insurance providers’ rates.
2. Ask About Discounts
Drivers can easily leave savings on the table by not asking their insurance company about discounts. Some auto insurance companies even offer discounts for students, senior citizens, and more. There are many factors that can influence your car insurance rate. Improving your driving record can also lead to lower rates over time. So, make sure to ask about discounts and credits.
3. Consider Usage-based or Pay-per-Mile Insurance
If you don’t drive your car often, or you only drive in certain areas, usage-based insurance could be a good fit for you. This type of insurance charges drivers based on the number of miles they drive. If you drive only a few miles each month, you can potentially save a lot of money.
4. Carefully Review Coverage
There are many insurance options that may be included in your policy, such as collision coverage. Collision coverage can be useful if you total your car, but it can also be expensive and unnecessary. The coverage’s usefulness also depends on your vehicle and its value. Review your policy and make sure you are paying only for coverage that you need.
5. Bundle Your Insurance Policies
Many insurance companies offer discounts for those who bundle their insurance policies. For example, you can save money on car insurance by also having home or renter’s insurance through the same company.
The downside is that you can only save money if your insurance company offers a discount for bundling policies.
Tips on Getting Lower Insurance Premiums
Finding the cheapest car insurance is one way to save money, but there are a few steps you can take to decrease your risk profile and negotiate a lower premium.
1. Stick to the Rules of the Road
The simplest way to lower your risk profile is to obey the rules of the road. Drivers with no traffic tickets, DUIs, or at-fault accidents pay less for car insurance. Depending on your insurer, you can save as much as 10% off your monthly premium. So, make sure you obey all the rules of the road. Avoid risky behaviors like speeding or driving while drunk or tired.
2. Improve Your Credit Score
If you have a poor credit score, it can be tough to get low interest rates for car loans or other types of debt. Fixing your credit score can help you qualify for a lower annual premium on your car insurance.
Here are a few tips to help improve your credit score:
Pay your bills on time.
- Keep your credit utilization low.
- Don’t open too many new bank accounts at once.
- Check your credit report for errors.
If you follow these tips, you can work to improve your credit score over time and save money on car insurance.
3. Pay Your Premiums in Full
Some auto insurers offer a discount to drivers who pay their premiums upfront. While it might not be a viable option for everyone, it’s worth asking your insurance company about this. You can typically choose to pay for multiple months in advance, which will lower the total bill. This will also decrease the risk that you will miss a payment and have your policy canceled.
4. Raise Your Deductible
A deductible is the amount of money you must pay out-of-pocket before your insurance company begins covering costs. Increasing your deductible can be a great way to lower your monthly premiums.
5. Buy Only the State Required Minimum
Drivers are required to have some type of liability insurance in Florida. Liability insurance protects you if you cause an accident and someone else is injured or their property is damaged. However, you don’t need to purchase more coverage than the state requires.
Florida’s state requires that drivers have a minimum coverage of $10,000 for personal injury protection and $10,000 for property damage liability. You can always choose to purchase more coverage if you feel you need it but starting with the state minimums is a great way to save money.
Finding Cheap Car Insurance in Florida
Car insurance is an important part of owning a vehicle, but most people don’t want to pay more than they must for coverage. Finding cheap car insurance in Florida doesn’t have to be tough. With a little effort, you can find a policy that fits your budget. These tips can help you find cheap car insurance and save money on your premiums.