Best car insurance in Florida for 2024

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto and home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Florida is a no-fault state, meaning that regardless of who is responsible for an accident, each person involved is responsible for filing a claim with their own insurer to cover their initial medical expenses. The at-fault driver is responsible for property damage. Florida’s state minimum car insurance laws are relatively uncommon; the state only requires personal injury protection (PIP) and property damage coverage. Bodily injury liability coverage is not technically required. However, the state does have a “financial responsibility law” that dictates that you must provide proof of your ability to pay for the damage you cause in an accident.

Although Florida’s minimum required insurance coverage helps keep the state’s high premiums in check, drivers may find themselves with higher out-of-pocket expenses following a more serious accident where injuries or damage exceed their policy limits. While serious incidents such as car accidents cannot be planned for in advance, purchasing additional coverage up front, including optional collision and comprehensive coverage, as well as uninsured and underinsured motorist coverage, could help minimize unexpected financial losses.

If you have a loan or lease on your vehicle, you may have different insurance requirements than just satisfying the state minimum coverage. Both lenders and lessors usually require full coverage, which adds comprehensive and collision coverage to your policy. These coverage types provide substantial financial protection for both collision and non-collision damage to your vehicle rather than just for damage you cause to another party. Lessors also usually require that you carry higher liability limits than the state minimum.

You could also consider gap insurance, which is designed to help pay the difference between your loan value and the vehicle’s actual cash value if your new car is stolen or totaled. Gap coverage typically costs less if you purchase it from your auto insurer versus your lender.

Every driver has a unique set of circumstances that they bring to car insurance. Your situation may affect the company, coverage types and levels and endorsements you choose, as well as the discounts you qualify for. For example, if you have a teen driver, you may want to request quotes from companies that offer student discounts to help lower your premium. If you have a few accidents, tickets, a DUI conviction or any combination of these incidents on your driving record, you might be considered a high-risk motorist. In this case, your insurance company choices could be limited, so you might need to do a bit more research to find the best option for you.

Based on Bankrate’s average rate research, State Farm, Allstate and Geico are offering some of the cheapest full coverage insurance in Florida. However, every driver’s needs are different and individual rates will vary. Finding the cheapest insurance for your needs may be easier if you gather quotes from several companies to see who offers you the lowest rate. At the same time, keep in mind that there are other factors that may matter to you, such as solid claims management, robust digital tools or other factors. Some companies, for example, are known for writing cheap policies for families with teen drivers, while others offer mileage-based policies that may be a good choice if you are retired or work from home. In the end, determining your priorities can help you make the best decision for your own coverage.

The minimum coverage requirements in Florida only include personal injury protection (PIP) and property damage liability (PDL) up to $10,000 each. However, you do have to prove that you have the financial means to pay for bodily injury that you cause. Because of this, most individuals purchase auto insurance to fulfill the financial responsibility law. In Florida, the minimum limits for bodily injury are $10,000 per person and $20,000 per accident. Most insurance experts recommend purchasing higher liability limits or even full auto coverage. Minimum coverage limits could leave you with hefty out-of-pocket costs if you cause an accident.

Statistics show that Florida is one of the most expensive states in the U.S. for car insurance. There are multiple reasons for this. Florida's location, in the direct path of many tropical hurricanes and storms, means that there are numerous opportunities for weather-related damage to cars and homes. The state also has a relatively high level of car theft, as well as a significant number of drivers who are on the road illegally with no or not enough insurance. Add to that the large number of busy urban areas in the state, where fender benders and more serious accidents are common. Taken together, these factors all play a role in ensuring that you are likely to pay more for your policy. There are, however, ways to save money when shopping for your Florida car insurance, and you may be able to find coverage for less than the average if your circumstances permit.

Like most states, Florida allows insurers to use applicants’ credit histories to help inform the underwriting process. However, insurance companies don't generally use credit scores directly and instead assign credit-based insurance scores to drivers. Poor credit ratings have been linked to higher driver risk levels. Insurers use this link in states that allow credit as a rating factor to help determine how risky an individual is to insure. In general, drivers with excellent credit pay lower premiums, while drivers with poor credit pay higher premiums.

You may be able to reduce your rates over time by improving your credit score, but be aware that this process can take time. For more immediate savings, drivers might want to consider discounts from their current insurer or shop around to find a provider with better rates.