Last Updated on November 14, 2019
Car insurance companies charge all different kinds of rates. A lot of these rates are based on statistical information regarding the average number of accidents in a particular zip code or region. They also take into account your age, gender, and the make and model of your vehicle as well. But there are still some car insurance companies that will charge cheaper rates than others. It all depends on their number of discounts available and their overall profits as a company.
When it comes to insurance vehicles in Florida, this state has some of the highest car insurance rates in the nation. The reason for this has to do with the increasing population, particularly the population of elderly people. Not only do senior citizens have to pay higher rates, but they are more likely to get into traffic accidents as well. This puts more stress on the insurance companies to raise their overall rates for everybody. Plus, you have numerous tourist destinations in the state like Orlando, Tampa, and Miami which contribute to the accident problem as well.
Top 5 cheapest car insurance companies in Florida
No matter what age you are in Florida, you need to choose a car insurance company that will give you the best possible rate based on the information you provide them. Below are the top 5 cheapest car insurance companies in Florida that you should check out first. Some may be better than others for your particular situation.
1) Florida Farm Bureau – The cheapest insurance company in Florida seems to be Florida Farm Bureau. As the name indicates, they are exclusively available to Florida residents only. The average annual premium in which their customers pay was calculated out to be only $381. This is a few hundred dollars cheaper than the second cheapest company in Florida.
2) USAA – The United States Automobile Association is an insurance company available to military families and military members only. They also offer banking and investment services to them too. In Florida, USAA customers are paying an average of $600 per year for car insurance.
3) GEICO – As the second-biggest insurer in the United States, Geico is also one of the cheapest insurers. Florida drivers are only paying an average of $605 per year with Geico. They have a lot of discounts for things like anti-theft devices in the car and a long history of no accidents.
4) Travelers – Travelers is an insurance company that has offices and agents in every state in the United States. They also have offices in the United Kingdom, Brazil, Canada, Singapore, and Ireland. Floridians with Travelers car insurance are paying an average of $640 per year. They have a variety of discounts, such as a safe driver discount, multi-policy discount, and even a home ownership discount.
5) State Farm – State Farm is a mutual insurance company which means policyholders get discounts on their premium when the company makes a profit. Floridians with State Farm car insurance are paying an average of $646 per year. There are also other discounts too, such as the accident-free discount, good student discount, and driver training discount.
Of course, all these rates listed above can fluctuate easily. There are so many underlying factors which determine what your insurance rate is going to be. If you are a male driver under 25 and have had an accident recently, then you can expect to pay a much bigger annual premium than these averages. However, these five companies were chosen because they have a track record of offering affordable rates to Floridians. You should investigate each company and get a free quote from them, so you can decide which one will offer you the best rate.