Wondering how to lower your car insurance rate in the state of Florida? There were 401,851 car accidents in Florida in 2018. That’s a lot of crashes. This is one of the reasons that you’re legally required to carry auto insurance in Florida.
Paying for car insurance might seem like a drag, but if you’re one of the almost half a million drivers involved in an accident each year, having insurance could save your financial life.
If you feel like you’re paying too much for auto insurance, there are some things you can do to lessen the blow. Keep reading to learn more about how to lower your car insurance rates in Florida.
Car Insurance in Florida
First, here’s a little background on the state of the car insurance industry in Florida.
Did you know that Florida is now the 3rd most expensive state in the US?
This is due to:
- A 37% increase in accidents from distracted drivers
- Parts and labor prices are up significantly. For example, a 1999 Toyota Celica -Bumper was $800, now with back up sensors, cameras, a bumper for a 2019 Toyota Camry is $2000.
- Litigation is up significantly. Many more people are suing their auto insurance for mostly soft tissue and minor injuries.
Look Around for Better Rates
If you’re purchasing an auto insurance policy for your new car or if you are just unhappy with the price you’re paying at your current carrier, allow Florida Best Quote Insuranceto help you shop around for better rates.
Not all auto insurance carriers are equal in how they determine rates and charge customers. You’d be surprised how much you could save by letting Florida Best Quote Insurance compare prices for you.
Many carriers also offer deals to new customers. While paying auto insurance premiums can be painful, you don’t have to stay with a carrier you aren’t happy with and you can probably find better rates elsewhere.
Once you establish a relationship with a carrier, cultivating that relationship over the years can bring you benefits. For example, some carriers have diminishing deductibles. Almost every carrier’s rates in Florida go up each year, but it should not be more than 5-8%, as a rule.
Pay in Advance
At most auto insurance carriers, there is an incentive to pay your policy in full.
If your policy is a one year or six-month term, paying in full can save you a decent chunk. We also recommend paying early and paying online.
Many carriers offer discounts for going paperless and paying early. These small adjustments will make your life easier too, as your records will be easy to find online and you only have to worry about paying your bill once or twice a year.
Little things like this can quickly add up to serious savings.
Ask About Discounts
Before you go switching to a new auto insurance carrier, you should talk to your agent to make sure you are getting the best deal your current carrier has to offer.
Car insurance rates can change quite a bit in just a few months. There are many personal factors that go into calculating your rates and if you have any changes in your life, your car insurance rates might be affected.
Examples include getting older, changing locations, getting married, and improving your credit score. All of these things can bring down your car insurance rates, so make sure to periodically check to make sure your carrier is offering you a competitive rate.
Most carriers, like those Florida Best Quote works with, offer deals for loyal customers. Make sure all of the discounts you are eligible for are being applied to your policy.
If there is anything you can do personally to become eligible for additional discounts, doing so will save you money. Many carriers are now offering discounts to drivers who demonstrate safe driving behaviors.
To qualify for this discount, you must agree to have your carrier monitor your driving habits with a device in your vehicle. If you are a safe driver, this should be no problem. Rumor within the insurance industry is that within approximately 5 years, it’s going to be mandatory from over 50% of the carriers that every driver who has a policy will participate in this program. They used to be actual plug-in devices, like where your fuses go, but now they are all apps on your phone. They measure, acceleration, speed, braking and the times you drive.
Here are some other common discounts that you might qualify for with your current carrier:
- Good student
- New car
- Safe driver
- Anti-theft devices
- Anti-lock brakes
- Loyal customer
If you’re unhappy with your current rates, talk to your agent at Florida Best Quote to see if there is anything he or she can do to get you a better rate. You don’t want to lose out on loyalty discounts or leave a good company if the price is your only issue.
Evaluate Your Coverage
If your car insurance rates are bringing you down, you might be paying for more coverage than you need.
In Florida, you are legally required to have auto insurance, but you only have to carry the state minimum amount. The minimum amount if $10,000 in personal injury protection (PIP) and $10,000 in property damage liability (PDL).
For people with many assets, this isn’t enough insurance but technically, it’s all you’re required to have. So if you’re paying more than you can afford, consider lowering your coverage limits.
Along the same line, make sure you aren’t paying for more coverage than you need for the value of your vehicle. As your car gets older and its value goes down, you should periodically review your comprehensive and collision coverage, which pays for damage to your car and is not required by law.
Increase Your Deductible
Increasing your deductible can save you quite a bit on premiums, which will save you even more over time as long as you don’t need to file a claim.
Your deductible is the amount you have to pay for a claim before your insurance coverage kicks in. If you have the money set aside to pay a higher deductible if an accident does occur, there’s no reason to pay for a low deductible.
You’re basically paying for coverage you don’t need.
If you don’t have the funds to pay a deductible, then you are better off paying a slightly higher premium.
Now You Know How to Lower Your Car Insurance Rates in Florida
There are many ways for how to lower your car insurance rates in Florida, these are just some of the easiest ones. Living a healthier financial life will naturally lead to better rates as well.
If you’re shopping around, Florida Best Quote can help you find the best rates. Talk to an agent today or click below for a free quote.