Cheapest Florida Car Insurance for Low Income Drivers In May, 2024

Being a Floridian myself, I’m well aware that finding car insurance that not only has the coverage you need but is affordable as well, is sometimes a challenge. The part of Florida’s population who are apt to discover that it’s hard to find budget friendly car insurance is the low income residents. By low income, I mean a family with an approximate income of fifty percent or less than the median income within a particular area of the state.

The same as several other states, Florida has had multiple auto insurance companies leave the market. However, the majority of Floridians, including low income, can still scout around and find cheap car insurance to keep them on the road legally and compliant with state regulations regarding vehicles used on public roads.

Having lived in Florida for the past 15 years, with over 35 years as an auto insurance buyer, plus 15 years as a licensed insurance agent; I am well familiar with the insurance companies reviewed here, and in fact have actually been insured by some of them. Every one of these car insurance companies have good ratings and reputations in the industry, and every one has its own set of strengths when it comes to providing protection for Floridians who need car insurance.

If you want to be able to drive free of worry about the financial burden you could incur with liabilities and potential damages in case of an accident, it’s vital to have adequate car insurance. In addition, due in part to its busy roads, Florida has a high number of accidents, which makes cost-effective auto insurance even more critical.

Low-cost car insurance doesn’t automatically mean that you’ll be sacrificing high value coverage. Do some research and compare car insurers so that you can make an informed decision. If you do this, you will be able to get adequate car insurance that fits your budget and your coverage needs.

 Rates for the cheapest car insurance in Florida

As time goes by and drivers get older, they may notice that their auto insurance premiums are going up. There’s a reason for this. Car insurance companies usually perceive senior drivers as high risk, much the same as teenagers.

This is based on factors such as: slower reaction times, possible age related health issues that could affect someone’s ability to drive, as well as the likelihood that injuries sustained from a car crash are often more serious in an older driver. All of these elements and more are part of  the preconception that older drivers are more of a risk than the population in general.

Based on a study conducted by the Insurance Institute for Highway Safety (IIHS), rates of fatalities from a car crash begin to rise markedly starting at age seventy. Fatalities sustained in a car accident are the highest among drivers in the 85 years old and older age group.

The result of all this is that older drivers might see their premiums rise, in an effort by the insurer to counterbalance the potential for increased claims.

The good news for seniors is that a lot of car insurance carriers offer discounts that have been designed for older drivers. This helps minimize the higher rates while providing affordable, comprehensive coverage.

Rates for the cheapest car insurance in Florida for seniors

There is often a link between a low credit score and a low income that causes premiums with many car insurance companies to be double that of drivers with good credit.

If you happen to be a driver with poor credit, locating a carrier that has discounts available—and being careful to avoid any moving violations–can do a lot in keeping your auto insurance rates reasonable.

Rates for the cheapest car insurance for bad credit in Florida

Recommended car insurance coverage for low-income drivers in Florida

Florida law requires drivers to have liability insurance to help cover the associated cost of auto  accidents. The legal minimum coverage amounts required for Florida drivers is shown below.

Each auto insurance coverage must include a minimum of:

• $10,000 in bodily injury benefits per person. This figure is the whole benefit amount that an auto insurer will pay out for medical costs incurred by a single person injured in an accident, regardless of who was determined to be at fault
• $10,000 in liability benefits for property damage. This covers the cost of damage done by a covered driver to someone else’s property in an accident, such as damage to another driver’s vehicle

Florida has the lowest requirements for drivers of any state in the nation, but one in six residents are still uninsured.

These are the minimums as required by Florida law, but it would pay any driver to consider whether  this amount of coverage would be enough to protect you financially in the event of a crash. You could be held responsible for the difference if the expenses of an auto accident are more than your insurance coverage. This is enough to cause many drivers to opt for higher levels of coverage in order to have adequate protection.

Full Coverage Options

“Full coverage” isn’t an official insurance company term but is widely used. It generally pertains to a combination of different types of coverage that together will serve as an inclusive shield against possible damage and loss in an a vehicle accident. In most cases, it includes liability coverage (bodily injury and property damage), collision coverage, and comprehensive coverage.

Liability coverage is for costs caused by injuries and/or property damage to others in an accident caused by the insured driver. Collision coverage will take over if your car has damage as the result of  a collision with another vehicle or object. Comprehensive insurance coverage steps in for non-collision related incidents like theft, fire, vandalism, and natural disasters. Full coverage car insurance is a complete package specifically designed to provide all-in-one coverage that delivers peace of mind both off and on the road.

Does Florida have a government-sponsored car insurance program for low income families?

No. Florida  doesn’t offer a government sponsored auto insurance program for low income drivers. A minimum of liability car insurance is legally required in Florida and is mandatory to legally drive and register your vehicle. This liability insurance is much lower cost than full coverage, or comprehensive.

Does income affect car insurance rates in Florida?

No it doesn’t. Since Florida doesn’t have a low-income car insurance program, your income doesn’t matter in the cost of your coverage.. However, car insurance companies will consider a wide variety of other information in order to calculate your premiums. This information includes the vehicle you drive, your age, your driving history, your location, and more, in addition to the level of coverage you choose.

How to save on car insurance costs in Florida

Navigating through the car insurance landscape in Florida can be challenging, but by using the proper tactics, you can reduce your rates significantly. Here are three tips proven to help Florida drivers save money on their car insurance:

1. Compare Rates from Different Providers

If you want to save some cash on car insurance, you’ll need to scout around and compare rates between insurers. Car insurance providers calculate rates based on various factors, such as your age, driving history, and location, among other things. So, rates can vary substantially from one carrier to the next. It pays to take your time and get quotes from a number of companies, then select the one that will give you the most bang for your buck, as well as suit your coverage needs.

2. Leverage Discounts

Most auto insurers have discounts available that might help to lower your rates. These discounts could include: bundling or having multiple policies with the same company, being a good student, safe driving, or your vehicle’s safety features. Ask the company rep about any discounts available, and then find out which of them you are eligible for.

3. Adjust Your Coverage and Deductibles

Another way of saving money on car insurance is adjusting your coverage along with your deductible. For example, if you drive an older car, you might think about dropping both collision and comprehensive coverage, since the cost might be more than the value of your vehicle. In addition, you might want to consider raising your deductible—which is the amount you’ll pay out of your own pocket if you have a claim— to lower your premium. Just make sure the deductible amount is one you’ll be able to easily pay in the event of an accident.