updated: Mar. 11, 2020 –
How to Find Cheap Full Coverage Auto Insurance in Florida
If you would like a high limit policy but are afraid it will be too expensive, the best thing to do is to shop around to see if there are any offers you can afford at the limit level you desire. If all the quotes you receive are still beyond your budget, you can always re-generate new quotes with lower limits until you find limit levels that you can afford.
Just remember, if you are determined to find the cheapest insurance, don’t make the mistake of assuming the company offering the best price at one limit level will give you the best deal at another level. The golden rule of comparison shopping is you must always compare apples with apples. That’s the only way to be sure you are getting the best deal.
Florida State Minimum Requirements
Like all the other states, Florida sets its own standards when it comes to the minimum amount of coverage for drivers. Here are the current requirements:
- $10,000 in personal injury protection (PIP)
- $10,000 in property damage liability (PDL).
- Taxis are required to have bodily injury liability (BIL) coverage of $125,000 per person, $250,000 per occurrence and $50,000 for (PDL) coverage.
- You must keep your car insured continuously until you surrender your license plate.
- You must purchase your insurance policy from a carrier licensed in Florida.
Since Florida is a No-Fault state, you do not need to prove that the other driver caused the accident before your medical bills are paid for. This coverage also extends to your children and other members of your household as well as passengers that do not have PIP themselves.
Property damage liability pays for damages done to your property in the event of an accident. However, this coverage does not include any expenses brought on by damages which you caused to another person in an accident. You are still required to pay for those yourself.
In addition, drivers with accidents on their record may be required to purchase bodily insurance liability insurance (BIL).
The Risks of Florida’s Minimum Requirements
Because Florida has comparatively low minimum requirements for it’s drivers, many accidents restricted by Florida’s legal limits leave the policyholder with a major portion of bills to be paid for out of their own pocket.
That’s why many drivers choose to raise their policy’s minimum limits and add full coverage. A full coverage policy will pay for damages to the policyholder’s property as well as the property of any other person involved in the accident. It will also cover medical bills and will pay out in the event that the car gets stolen or vandalised.
Of course, full coverage auto insurance is more expensive. How much it will cost will depend on a host of variables, but one of them is the limit which each driver sets for their policy. This is the maximum sum that the insurer will pay out in the event of an accident. The higher the sum, the higher the premiums. $100,000 is an average number for full coverage policies in Florida. However, state officials recommend a $300,000 policy.
Florida’s Risk of Auto Theft
Florida has maintained it’s 3rd position for total auto thefts for many years now. While not ranking the highest in total thefts, these substantial numbers should make you think twice about not including comprehensive coverage as part of your insurance policy.