Florida was once heralded as a haven for living well at a modest price, but high insurance costs are pumping up the cost of living by almost 20% since 2020 for individuals and couples alike, according to the latest data from the Florida Department of Revenue.
Home insurance premiums in the Sunshine State have skyrocketed a staggering 102% in the past three years, which is three times more than the national average, according to the Insurance Information Institute.
It’s not just home insurance that’s hitting Floridians in their wallets. The average cost of car insurance in Florida is 42% higher than the national average, according to MarketWatch, a website that provides financial information, business news, analysis, and stock market data.
No matter how you slice it, the cost of insurance in Florida is significant for residents.
What’s the average cost of car insurance in Florida?
Florida is among the most expensive states in the country for auto insurance, according to estimates from Quadrant Information Services.
The average for minimum-coverage car insurance will run some $134 per month, or $1,605 per year, which is nearly twice the national average of $72 per month or $869 per year.
Full-coverage car insurance in Florida will run the average person a staggering $316 per month or $3,795 per year. That’s 42% more expensive than the national average, which comes in at $223 per month or $2,681 per year.
What are Florida’s minimum car insurance requirements?
Florida’s minimum car insurance requirements are pretty basic. All drivers are required to carry at least:
- $10,000 in personal injury protection (PIP)
- $10,000 in property damage liability insurance
What is the cheapest minimum-liability coverage car insurance in Florida?
MarketWatch shows that Geico and Travelers are the cheapest options in Florida. Here’s are the top 5 cheapest auto insurance companies for just liability coverage:
- Geico — $54 per month/$650 per year
- Travelers — $96 per month/$1,150 per year
- State Farm — $97 per month/$1,166 per year
- National General — $144 per month/$1,727 per year
- Nationwide — $150 per month/$1,797 per year
What is the cheapest full-coverage car insurance in Florida?
Here’s are the top 5 cheapest auto insurance companies for full coverage:
- Geico — $174 per month/$2,087 per year
- Travelers — $198 per month/$2,371 per year
- State Farm — $246 per month/$2,947 per year
- United Automobile Insurance Company (UAIC) — $266 per month/$3,192 per year
- Nationwide — $273 per month/$3,272 per year
