How much does full coverage car insurance cost? If you’re looking to purchase full-coverage car insurance in Florida, you may want to think twice before you shell out those big bucks.
While full coverage might sound like the right way to go if you have a lot of assets to protect, it might not be worth it if you don’t have to have coverage at all.
The cost of your car insurance premiums can vary widely across different driver profiles and policy coverage levels.
Some people might think that with the average car insurance cost in Florida, they don’t need coverage.
That couldn’t be further from the truth. Car accidents are much more common than you may believe.
According to the Centers for Disease Control and Prevention (CDC), over 1.25 million car accidents happen each year just within the United States.
At least 10% of these accidents are fatal, which results in roughly 25,000 fatalities annually across America.
It’s not only your own safety at stake; it’s also those around you who have trusted their lives to your hands when you get behind the wheel of a car each day.
So let’s find out just how much a full coverage car will Cost of SR22 Insurance in Florida.
In the state of Florida, car insurance premiums can range from an average of $283 per month to as much as $1,320 per month.
This is because there are many factors that can determine your premium rates including the type of vehicle you drive, your driving history, and the age and gender of drivers living in your household.
However, no matter what level of coverage you opt for – liability only or full coverage – car insurance is something that you should never be without.
There’s a lot to consider when shopping for car insurance and even more to consider if you’re looking for low-cost coverage.
To find out just how much full coverage car insurance costs on average in Florida, keep reading.
What is Full Coverage Car Insurance?
In the US, full coverage car insurance is a type of car insurance that provides protection against a variety of different types of losses including collision, medical expenses, and comprehensive.
This type of coverage typically includes other types of coverage as well, such as liability and property damage liability.
Full coverage car insurance does not include optional or limited coverages such as rental reimbursement or towing.
Full coverage car insurance may be the best option for you if you are looking for complete protection for your vehicle.
If you do not have full coverage on your vehicle and you are in an accident then you may be responsible for paying out-of-pocket expenses that are related to the accident like collision repairs or medical bills incurred by passengers involved in the crash with your vehicle.
Average Car Insurance Cost in Florida
|Driver||Average Annual Premium||Average Monthly Premium|
|Adding a Young Driver||$4,913||$409|
|Drivers Buying Minimum Coverage||$1,123||$94|
|Drivers With a Violation||$2,902||$242|
|Drivers With Poor Credit||$4,194||$349|
|The Average Driver||$2,208||$184|
Average Cost of Car Insurance in Florida: Full Coverage vs. Minimum Coverage
On average, a full coverage policy can cost anywhere from $1,900 to $2,700 per year. In comparison, the average cost of a minimum coverage policy is between $800 and $1,000.
The other significant difference is that minimum coverage policies don’t cover as many costs associated with accidents.
An average car insurance cost in Florida for full coverage is around $2,700 per year. The annual premium for a minimum coverage policy averages around $1,000 on average.
Minimum coverage doesn’t cover as many costs associated with accidents as full coverage does but it still provides protection against the most common risks involved with owning a car such as liability or property damage.
Why Do Premiums Vary So Widely?
Costs also vary greatly because of the driver’s profile. For example, a driver that has only one accident is going to have a much lower premium than someone with many accidents on their record.
In addition, premiums for young drivers are usually higher than those for older drivers, and males typically pay more than females.
Average car insurance cost in Florida can also vary depending on the geographic location of your vehicle and which city you call home.
What Factors Affect the Cost of My Policy?
With so many factors that can affect the cost of your policy, it’s important to understand how much full coverage car insurance costs, and what you need to know about average car insurance costs in Florida.
Our experts have outlined the five things that will impact your rate: your driving history, age, and gender, where you live, the type of vehicle you drive, and the number of miles driven per year. So let’s take a look at each one.
- Your Driving History – A clean driving history will likely result in a lower premium while a driver with multiple violations or accidents is more likely to pay more for their coverage.
- Age and Gender – Insurers will offer discounts on car insurance premiums if you’re an older driver or a female.
- Where You Live – How much full coverage car insurance cost depends on the location of your home address; rates are usually higher in major metropolitan areas due to theft rates, traffic congestion, and costs related to accident damage claims.
- The Type of Vehicle You Drive – Rates for trucks are often higher than sedans due to claims associated with tractor-trailer accidents.
- Number of Miles Driven Per Year– Your average car insurance cost in Florida is determined by this number as well as which state you reside in, people living near large bodies of water tend to spend more on average because they are subject to higher flood risks.
RELATED: Best Auto Insurance for Young Adults
The cost of car insurance is different for everyone. How much you pay per month can depend on a number of factors, such as your driving history, the type of vehicle you own, and how many years of experience you have behind the wheel.
If you’re shopping for full-coverage auto insurance in Florida, one way to lower your monthly premium is to raise your deductible.
You’ll be responsible for paying more out-of-pocket if an accident should occur, but it could save you money on premiums each year.
Another option is to shop around: the average cost of car insurance varies depending on which company provides it and where they offer coverage.