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

After thorough research and analysis, I’ve found that State Farm Insurance has the cheapest car insurance for low-income drivers in the state of Florida.

min read
Updated: 18 March 2024
Written by
Bob Phillips
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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.

 

Cheapest Car Insurance Companies for Low-Income Drivers in Florida 2024

Cheapest Low-Income Car Insurance, Florida 2024

Compare The Cheapest Low-Income Car Insurance In Florida

Overall Rating (Best 5.0) Best Suited For A.M. Best Rating J.D. Power Rating (Best 1000) Average Monthly Cost* Get A Quote
State Farm
4.9

Cheapest Overall

A++

838

$56

Instant Quote
GEICO
4.7

Poor Credit

A++

801

$60

Instant Quote
Nationwide
4.6

Seniors

A+

NR

$80

Instant Quote
Scroll to see comparisons

Our methodology

In the process of gathering information and data for this review, we've drawn upon a thorough analysis made up of numerous factors including: pricing, product options, customer service ratings, along with an impartial evaluation of multiple online review sites and last but not least, experience of users. The resulting review is a diligently researched, in-depth view of the provider landscape as it pertains to car insurance. All of the data and information in this review is made up of an informed perspective honed by over 15 years of personal experience in the car insurance industry as a licensed agent, many interactions with representatives from various companies, along with insights gleaned from our hands-on experience of purchasing car insurance in Florida.

43

Quotes Analyzed

19

Brands Reviewed

15+

Years Of Experience

25+

Research Hours

The Cheapest Car Insurance Companies for Low Income Drivers in Florida


Cheapest Overall

Overall Rating
4.9

Key Statistics

9/10 Customer reviews
9/10 Claim payouts
10/10 Coverage level
10/10 Affordability

Why We Like Them

Florida has a highly competitive car insurance market, but the provider that stands out for coverage, plus as the winner in being the most affordable option, is State Farm.

After meticulous research and reviewing Florida’s car insurance rates, we found that State Farm offers some of the most affordable full coverage auto insurance rates with premiums as low as $151 per month.

If you’re a driver on a tight budget who needs to find comprehensive protection that won’t send you into sticker shock, State Farm can provide it.

Not only does State Farm provide affordability, it’s also consistently rated up there with the best car insurance companies overall. Well known for its variety of money saving discounts and coverages catering to many different needs, State Farm is a wise choice for car insurance.

A winning combination of affordability, flexible plans to suit every need, and comprehensive coverage gives State Farm a boost in Florida’s auto insurance market. It’s an excellent choice for drivers who don’t want to sacrifice quality for cost.

Benefits & Drawbacks

Benefits
  • Superior AM Best financial strength rating
  • Cheapest rates for most drivers in Florida
  • Numerous coverage options and discounts available
Drawbacks
  • Must buy from a State Farm Agent

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

Insurance company Monthly Rate
State Farm $49
GEICO $61
Farm Bureau $88
Progressive  $135
Nationwide $178

Cheapest for Seniors

Overall Rating
4.6

Key Statistics

8/10 Customer reviews
8/10 Claim payouts
9/10 Coverage level
9/10 Affordability

Why We Like Them

A senior searching for the best and most budget conscious car insurance in Florida would be well advised to take a look at Nationwide. This isn’t just my personal narrative, it’s based on hard facts and statistics from research of the car insurance industry and customer reviews, also.

Nationwide’s rates are more than competitive with other insurers in Florida. Policy holders with Farm Bureau see a yearly rate of about $1210.00, those with Home State Insurance pay about $2,079 per year.

Nationwide isn’t only cheaper, it offers coverage specifically written for senior drivers. This makes Nationwide the go-to auto insurance for wallet conscious seniors who want economical coverage that is adequate for their needs.

Benefits & Drawbacks

Benefits
  • Comprehensive mobile app for digital policy management
  • Auto, homeowners, life, and other insurance products available
  • High financial strength ratings
Drawbacks
  • Can only buy from Nationwide agents
  • Not rated by J.D. Power for customer service

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

Insurance company Monthly Rate
Nationwide $65
State Farm $68
GEICO  $71
USAA  $75
AAA  $119

Best for Poor Credit

Overall Rating
4.7

Key Statistics

8/10 Customer reviews
9/10 Claim payouts
8/10 Coverage level
9/10 Affordability

Why We Like Them

If you have poor credit and need car insurance, GEICO is probably going to be your best choice, since it’s the cheapest and best overall in Florida for drivers that fall into this category. Many reports and studies have shown time and again that GEICO is the most economical option for drivers with a credit score that falls below perfect.

However, you shouldn’t think that GEICO’s lower price equals lower quality. This well established and reputable company has a long history of excellent comprehensive coverage along with above average customer service. This means that all drivers, regardless of their credit score, can have protection on the highway. Offering adequate, cost effective car insurance coverage plays a big part in making GEICO a good choice for drivers with poor credit in Florida.

GEICO understands that a poor credit score doesn’t always equal a high risk driver. Although some car insurance companies might raise the premiums of customers with less than perfect credit, GEICO tends to take a more equitable approach, taking into consideration other factors like driving record and vehicle type.

Guided by this type of analysis, GEICO is able to offer competitive rates to drivers with poor credit, making this insurer the top choice for many Floridians.

Benefits & Drawbacks

Benefits
  • Superior AM Best financial strength rating
  • Numerous coverage options and discounts are available
  • Cheapest rates for most drivers in Florida with poor credit
Drawbacks
  • Not as many GEICO agents in Florida compared to many large competitors
  • Digital tools are available but aren’t as robust as some competitors

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

Insurance company Monthly Rate
GEICO $317
Farm Bureau   $319
Travelers  $340
USAA  $348
Nationwide  $357

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.

FAQs

How can low income families get affordable car insurance in Florida?

If a low income driver in Florida shops around, comparing rate quotes from various insurers and taking advantage of discounts offered, it’s possible to save a significant amount on car insurance

What is the minimum amount of car insurance you have to carry in Florida?

Florida law mandates that drivers have a minimum amount of car insurance. These amounts are: $10,000 for injury/death of one person per accident, and $5,000 for property damage.

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