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Cheapest Florida Car Insurance for Young Drivers

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While the Sunshine State is bustling with fun activities, it is also known for having expensive car insurance policies. If you are a young driver looking for the cheapest car insurance Florida can offer, the information below can prove helpful.

Auto insurance in Florida costs around $2,500 per year on average, a rate 59% above the national average. And since Florida is a no-fault state, requirements for insurance coverage differ from the other states. Instead of the usual mandatory bodily injury liability coverage, personal injury protection (PIP) covers for injuries.

The minimum coverage level in the state costs an average of $745 annually. But for young drivers, the average could be as high as around $1,700 to $4,000 per year, depending on your circumstances. Below is more important information on insurance for young drivers in Florida.

Cheapest minimum coverage

Minimum liability coverage is tempting if your budget is tight, since it is the cheapest coverage that passes the minimum requirements in Florida. For car drivers at the age of 20, the cheapest minimum coverage insurance is offered by GEICO at about $100 to $110 per month, followed by State Farm at $112 to $120 monthly.

While GEICO has the most affordable insurance, State Farm offers bundle discounts with their home or renters’ insurance. USAA may have lower rates, but the insurance provider only works with current and retired military members and their families.

Even if minimum-coverage car insurance is more affordable compared to full coverage, teen drivers in Florida may end up paying $1,900 to $2,000 compared to other drivers.

Cheapest full coverage 

Most experts recommend getting full auto coverage with higher liability limits as well as comprehensive and collision insurance. While it costs more than a minimum coverage policy, full coverage offers more financial security in case of accidents and damage to your vehicle. Ask for car insurance quotes from different providers to find the best and most affordable coverage.

To give you an idea, here are some of the cheapest major insurance companies and their average estimated monthly premiums for young drivers:

  • State Farm: $289
  • GEICO: $327
  • Allstate: $350
  • MetLife: $451

Factors that affect insurance cost

Insurance is more expensive for those considered “high-risk” drivers. Teenagers, drivers with speeding tickets, accident records, and DUI fall under this category. People with bad credit scores are also considered high-risk. If you fall under this category, you might need to look for more affordable car insurance.

Young drivers 16 to 25 years old pay more or less twice the average insurance rate for drivers around 30 years old. Teenagers are especially considered high-risk because they tend to be more reckless in driving. As such, GEICO provides insurance rates for teens up to 64% cheaper than average.

Meanwhile, State Farm provides the cheapest insurance quotes for drivers with speeding tickets and one accident record. GEICO has the cheapest rates for those with DUI records and poor credit. One accident on your driving history is enough to raise your insurance rates by 44% from the average.

Final thoughts

While insurance rates are definitely higher in Florida, especially for young drivers, it isn’t impossible to find affordable car insurance. The trick is to ask insurers for free quotes on the policies they offer. Use that to compare prices and look for the policy that fits your need and your budget.

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