How to get cheaper car insurance in Florida

Car insurance rates are at an all-time high. Find out how to get cheaper car insurance in Florida without compromising protection, as well as what to do after a car accident if your insurance denies your claim or refuses to pay the full amount.

Florida drivers likely noticed an increase in car insurance costs this year. According to a report from Bankrate, full coverage car insurance premiums are up 26% since 2023. Unsurprising, many drivers are looking for ways to get cheaper car insurance in Florida. J.D. Power reports that nearly half (49%) of auto insurance customers are actively shopping for lower car insurance rates.

If you are looking for ways to save money on car insurance, our Florida car accident attorneys have you covered. In this article, we explain why car insurance rates are increasing, provide tips for how to get cheaper car insurance in Florida without compromising protection, and share what to do if you’re involved in a car accident and the insurance company is denying your claim or refusing to pay the full amount.

In this article, click below to find information on:

• Why car insurance rates are increasing
• How to get cheaper car insurance in Florida
• Why you should NOT reduce coverage
• Why you need MORE uninsured/underinsured motorist coverage
• What to do after a car accident if insurance is denying or reducing your claim

Why are car insurance rates increasing in Florida?

There are three main reasons why car insurance rates are increasing in Florida. First, inflation continues to drive up prices. In 2022, the U.S. inflation rate hit a 40-year high, raising business costs in every industry, including car insurance. From the cost of car parts and repair labor to medical bills and liability claims, inflation has made everything tied to auto insurance pricier.

Second, residual effects of the 2020 pandemic have led to higher prices within the automotive industry. When the pandemic hit, the automotive industry suffered from production delays and supply chain disruptions. This led to a scarcity of vehicles, directly resulting in higher prices for both new and used vehicles. Today, if you’re in a car accident and need to replace your vehicle, the cost of a new (or used) vehicle is higher than ever before. This translates into higher premiums from car insurance companies.

Third, newer vehicles (vehicles manufactured in the last five years), are more expensive to fix. This is because of more advanced technology and intricate parts. For example, a simple fender bender that once involved just the repair of physical parts, may now involve the replacement of electronic sensors and technology updates. According to Consumer Price Index data from the U.S. Bureau of Labor Statistics, the cost of motor vehicle repairs is up 19.8% when compared to June 2022.

Other reasons your car insurance rates may increase

Inflation, the pandemic, and higher repair costs are undoubtedly raising car insurance premiums in Florida. But in a reported issued by Progressive, one of the largest auto insurance carriers in Florida, the company listed several lesser-known reasons for why consumers may see a hike in premiums this year.

• Claims have increased in your area – This may seem unfair, but insurance companies can (and do) raise insurance premiums if theft, accidents, or weather-related claims have increased in your area. According to data from Florida Highway Safety and Motor Vehicles (FHSMV), car accidents in St. Lucie County, Florida, have increased in recent years. This means St. Lucie County residents may have to pay more for insurance.

• You moved to a new zip code – Similarly, if you recently moved, (even just a few blocks away), your car insurance may go up. Following the same logic as the previous reason, moving to an area with higher insurance claims can negatively impact what you pay for your premiums.

• You’re no longer eligible for a discount – If you receive a speeding ticket or traffic infraction, you may no longer be eligible for a “safe driving” discount. But infractions aren’t the only cause. You could also lose a discount if you no longer bundle your auto and home insurance, if you remove a vehicle from a multi-vehicle policy, or if you start driving your car more often. For example, USAA offers usage-based insurance (UBI).  

• Your credit score dropped – If your credit score drops, it can negatively impact your car insurance rates. Insurance companies often use credit history to inform an insurance score that affects your rates.

7 tips to get cheaper car insurance in Florida

If you are looking for ways to save money on your car insurance, our Florida car accident attorneys have several tips to help you get cheaper car insurance in Florida. However, it’s important to know that you should not reduce coverage. Rather, these tips are ways to help you lower your insurance premiums without compromising protection.

1. Shop around for multiple quotes – Get quotes from several insurance companies to compare rates and coverage options. Use online comparison tools and speak with insurance agents. Also, consider both local insurers and national companies, as rates can vary significantly.

2. Bundle policies – One of the easiest ways to save money on car insurance is to bundle policies. Many insurers, like Allstate, Amica, and GEICO, offer discounts if you bundle multiple policies, such as home, renters, and auto insurance, with them.

3. Increase your deductible – If you are a safe driver, consider increasing your deductible. A higher deductible typically lowers your premium because you assume more of the cost if you make a claim.

4. Maintain a good credit score – As previously stated, a drop in your credit score can negatively impact your car insurance rates. Maintaining a good credit score can help you qualify for lower rates.

5. See if you qualify for discounts – Many insurance companies offer discounts, and you may not know all of them. The best thing you can do is contact an insurance company and ask for all available discounts. Some discounts that you may be eligible for are:

• Good driver discount – A clean driving record can qualify you for safe driver discounts. In addition, completing a defensive driving course can also lead to discounts with some insurers.

• Low mileage discount – Some insurers offer usage-based insurance programs that let you pay less if you drive less.

• Good student discount – For students, some insurance companies like State Farm, GEICO, and Progressive offer discounts if you maintain good grades.

• Anti-theft device and safe features discount – Equipping your car with anti-theft devices can lower your insurance premiums. Many insurers offer discounts for vehicles with advanced security features.

• Pay-in-full discount – If you pay your annual premium in one lump sum (not monthly), you may receive a discount. For example, Progressive claims customers can save up to 15% if they pay their total premium in one lump sum.

6. Join an affinity group – Some insurers offer discounts to members of certain professional organizations, alumni associations, or other affinity groups. GEICO, Liberty Mutual, MetLife, and Nationwide are among auto insurance companies that provide affinity-based policies. For example, GEICO gives discounts to alumni associations, military organizations, and business groups.

7. Review and update your policy regularly – Review your insurance policy annually and update it as needed to ensure you’re not paying for unnecessary coverage. Notify your insurer of any life changes that could affect your rates, such as getting married, moving to a safer neighborhood, or improving your credit score.

Why you should NOT reduce coverage on your policy

With car insurance rates at an all-time high, it may be tempting to reduce coverage on your policy. However, you should NOT do this. Our Florida car accident attorneys share important reasons why you cannot afford to reduce coverage on your auto insurance policy.

• You will lose financial protection – Car insurance is designed to provide financial protection in case of accidents, theft, or other unforeseen events. Reducing your coverage can expose you to substantial out-of-pocket expenses, including:

• Repair costs: Modern vehicles are expensive to repair, especially those equipped with advanced technology.

• Medical bills: Accidents can result in serious injuries, leading to high medical costs. Our Florida car accident lawyers have seen medical bills easily exceed tens of thousands to hundreds of thousands of dollars.

• You may violate loan or lease requirements – If your vehicle is financed or leased, your lender or leasing company typically requires you to maintain comprehensive and collision coverage. Failing to meet the insurance requirements can result in penalties or the repossession of your vehicle. And, the lender or leasing company may purchase insurance on your behalf at a much higher cost, adding it to your loan balance.

• You need comprehensive coverage – Comprehensive coverage protects against a wide range of incidents beyond just accidents, including theft, vandalism, and damages from natural disasters like thunderstorms, hurricanes, and floods.

• You need uninsured/underinsured motorist (UM) coverage – Uninsured and underinsured motorist coverage protects you if you are in an accident with a driver who has insufficient or no insurance. Given the number of uninsured or underinsured drivers on the road, reducing this coverage can leave you vulnerable to paying for repairs and medical bills out of pocket. We provide more information on this below.

You can’t afford to not have uninsured/underinsured motorist (UM) coverage

One of the biggest mistakes you can make when trying to lower your car insurance rates is remove uninsured/underinsured motorist (UM) coverage from your policy. Even though it is illegal to drive without insurance in Florida, more than 20% of all drivers do not have insurance in the Sunshine State. Every time you drive, you have a 1 in 5 chance of being involved in an accident where the other driver does not have any insurance. This means that even if the other driver caused the accident, you will be financially responsible for all the damages and medical bills that resulted from the collision.

Serious accidents can cause over $100,000 in damages

If you are seriously injured in a Florida car accident, your medical bills can easily exceed $100,000 in damages. In fact, just one night in the emergency room costs about $15,000. And if your car accident was caused by a driver who does not have insurance, you will have to pay out of pocket for all of your damages if you do not have UM coverage.

How much UM coverage should you carry?

With an increasing number of drivers in Florida hitting the road without car insurance this year, our Florida car accident lawyers recommend increasing your uninsured motorist coverage to $100,000—or even $300,000 if possible. Typically, you can add this coverage to your car insurance policy for a small dollar amount. But the protection it gives you can save you tens of thousands in the long run.

Learn more about UM coverage and what should be on your policy here.

What to do after a car accident if insurance is denying or reducing your claim

Dealing with an insurance company that denies or reduces your claim after a car accident in Florida can be frustrating and stressful. If you find yourself in this situation, contact the experienced Florida car accident attorney at Hoskins, Turco, Lloyd & Lloyd right away.

For over 40 years, we have helped car accident victims and their families get the full and fair compensation they need and deserve. We go head-to-head with insurance companies to ensure they do not take advantage of our clients. At the end of the day, insurance companies are a business, so they will try to minimize how much they pay in order to maximize their profits. Never accept a settlement offer from an insurance company before contacting an experienced Florida car accident attorney.

Our Florida car accident lawyers offer free, no-obligation consultations to anyone who has a question about a case or insurance claim. Call us today at 866-930-6435 or fill out our secure online contact form here.

Injured in a car accident in Florida?

Call Hoskins, Turco, Lloyd & Lloyd immediately at 866-930-6435

If you are involved and/or injured in a car accident in Port St. Lucie, Fort Pierce, Vero Beach, Okeechobee, or the greater South Florida area, the best thing you can do is call our office and speak with one of our car accident attorneys. Free of charge, we will set-up an in-person or over-the-phone consultation to help you understand your rights and what your next steps should be.

The Florida car accident attorneys at Hoskins, Turco, Lloyd & Lloyd have over 40 years of experience helping thousands of injury victims and their families recover from serious accidents on the Treasure Coast. We’re experienced. We’re local. We’re on your side.

Contact us today for a FREE case review by calling 866-930-6435