What Car Insurance Coverage Do I Need?

Decide how much liability coverage is enough for similar type of drivers.

Florida Car Insurance

When compared to other states in the USA, Florida has unique car insurance policies. The terms and conditions are extremely different. If you are planning to buy a car in the State of Florida, there are several things you must keep in mind. Every city in this sunshine state has a unique rate. That is why you should be specific about the lowest car insurance rates in your city! The rates differ from one zip code to another.

Average Premiums in Florida

On an average, the car insurance policies can cost you 1823 USD. The value depends on many factors. To be more precise, service providers have special formulas to calculate your insurance premiums. These formulas judge how risky a driver can be. Risky drivers end up paying bigger premiums.

People who stay in Coral Gables ZIP 33135 pay 4000 USD more than the rest. According to recent stats, people in the region pay between 4000 and 5170 USD.

Florida Car Insurance Rates by ZIP Code & City
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Car insurance requirements

If you are in Florida, you should have a personal protection plan worth 20,000 USD. You must have a minimum personal injury coverage should be 10,000 USD. Likewise, you must have a minimum property damage coverage of 10,000 USD. These insurance policies would take care of the insured vehicle and everyone in it. In Florida, it is very important to own a Personal Injury Protection policy. Likewise, you should have at least 10,000 USD to recover the other person’s damaged vehicle. You can drive with minimum coverage. But, car owners are advised to buy a Bodily Injury Liability protection plan. If anyone else is injured during the accident, the bodily injury Liability protection policy proves to be useful. Most states don’t stress on this policy. But, Florida does!

The bodily injury liability protection is important because Florida is a no-fault state. Regardless of who causes an accident, the insurance policy would take care of your needs to a certain limit. The moment damage goes beyond a limit, the driver at fault must pay. If the driver at fault had a bodily injury liability policy, they don’t have to worry about anything! That is why Florida considers BILP as an important form of coverage. If you own properties and little ones, you must be prepared to buy more insurance. The lowest amount of bodily injury liability protection you can buy is 10000 USD, and the maximum is 20000 USD.

Another important policy for your vehicle would be the collision and comprehensive coverage. In general, these policies are expensive. But, they are worth your time and money. If you buy a full insurance policy in Florida, you must pay 78 USD a month and 939 USD every year.

On the whole, personal injury protection sums up to 884 USD. The protection is split using the 50-100-50 rule. This ratio sums up to a protection of 930 USD. With collision and comprehensive coverage, the insurance sums to 1834 USD.

Most & Least Expensive ZIP Codes in Florida
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In Florida, cheap insurance policies will not be your best choice. If you have no assets, a very old car, and minimal income, you must choose a basic coverage policy. On the other hand, owners of properties, homes and tangible assets are at a bigger risk. This is when bigger coverage schemes prove to be handy. More insurance will keep your vehicle and tangible assets safe. You are less likely to lose them when something goes wrong. If you don’t have an expensive insurance policy, the bank is more likely to forget the money and take your home! Doesn’t this sound scary? If your car is financed through banks and third-party lenders, you must buy a Collision and a comprehensive coverage policy.

Liability

It is quite interesting to note that people with more money are at a bigger risk! The chances of them being sued are high. Try to imagine the following situation:

You just met with a big accident. You have lots of money and a poor insurance policy. The insurance policy doesn’t cover the entire accident. As a result, your money and assets are at stake. What would you do now? How will you save your money and car?

The best way to handle this problem is through “prevention”. Always buy an insurance policy that covers more than the minimum requirement in your state. Understand what Florida’s minimum requirements are. But a policy that covers more than this amount. Here is a simple breakdown to help you:

  • If your car’s net value is less than 50,000 USD, you should follow the 50-100-50 rule.
  • If your car costs between 50,000 and 100,000 USD, you must pick the 100-300-100 rule.
  • If your car costs more than 100,000 USD, you should pick the 250-500-100 rule.

Financed and leased vehicles need the 100-300-100 coverage (preferably more).

Collision and Comprehensive Coverage

In Florida, your collision cover should be at least 242 USD. And, your comprehensive cover must be at least 107 USD. These are two important but optional insurance policies. The collision cover takes care of all damages caused to a vehicle. The comprehensive cover takes care of damages caused by flood, storms and other natural calamities. Here are few situations when these plans become handy:

  • If you have bought a brand-new car, you must buy collision and comprehensive coverage.
  • If your car is less than 10 years old, it would be buy these coverage options.
  • If your car is more than 10 years old and worth at least 30,000 USD, you should consider buying these plans.

Uninsured

This another optional coverage. The uninsured motorist coverage plan will be useful when your car is hit by someone who is not insured! According to a recent study, 45% of accidents in Florida are done by uninsured drivers. This is why the uninsured motorist coverage proves to be handy. Few tens of dollars will do the trick for you.

Medical Coverage

As suggested by its name, the insurance policy takes care medical bills and funeral expenditures. In Florida, medical coverage can be as high as 25,000 USD. MedPay coverage is optional in Florida. That is because drivers are advised to carry a PIP.

Laws in the Florida

Age

If you are a responsible driver, you will reactive many discounts and deals from the service providers. Drivers who are above 55 years of age will receive special discounts. The discount will be improved if you don’t cause any accidents for 3 long years. The discount applies to collision coverage, comprehensive coverage, and PIP. The discounts can be as high as 10%. But, the driver should pass a course. On the other hand, responsible student drives receive good discounts too.

Speeding

As mentioned previously, good drivers receive great discounts. But, if you are a poor driver, you will pay the price. Insurance policy rates can increase by 15% after a speeding ticket. Most insurance service providers check on your driving records. Before renewal, your driving records will be carefully evaluated. Speeding will have a negative impact on your policy.

Speed Limits in Florida


Rural Interstates


Cars (MPH) Trucks (MPH)
70 70

Urban Interstates


Cars (MPH) Trucks (MPH)
65 65

Other Limited Access Roads


Cars (MPH) Trucks (MPH)
70 70

Snowbird

If your car is going to be parked in Florida for three long months, you must buy a collision and comprehensive insurance cover. These policies will take care of all damages caused to your vehicle.

Uninsured

Florida tops the list of states with many uninsured drivers. The percentage is as high as 24! This is why you should carry an uninsured motorist liability policy. If you are caught without insurance, you will be fined 30 USD. Additionally, your license will be suspended. Additionally, the car’s license plates will be confiscated. You must fill form-22 to reclaim your license and the car’s license plate. If your license is suspended, you must pay 150 USD to renew it. Once again, the process is not simple. It can take days or even weeks for your license to become active again.

Car Registration

To drive a car in Florida, you must have a valid registration number. If the car’s registration has expired, you must renew it! Else, a fine of 100 USD should be paid. If the registration expired 6 months ago, you should pay 500 USD and spend 60 days in jail.

Insurance Fraud

Florida is famous for insurance frauds. Luckily, the fines for insurance frauds are very high in the state. The fines are as high as 10,000 USD. But, there are many loopholes around insurance fraud laws. This makes it easy for frauds to play around.

Driving Under Influence

Drunken driving is a serious issue in Florida. If you are accused of DUI, you must be prepared to rehabs, community works and pay heavy fines. Meanwhile, your insurance premiums will be bumped significantly. Most insurance service providers think twice before signing an agreement with DUI drivers. Florida issues a special FR-44 Certificate to handle DUI charges and insurance policies.

Conclusion

Florida is an interesting state with many rules and regulations! If you want to drive safe, you must be insured. Preferably, you should be fully insured. And, you must appreciate the fact that Florida is different from many other states.

Car insurance for cities in Florida

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