Who Has the Cheapest Car Insurance Rates in Fort Lauderdale?
Are you a new driver in Fort Lauderdale, FL? Maybe you just moved to the state or are receiving a state driver’s license for the first time. Regardless of your situation, you will need to become familiar with Florida’s auto insurance laws.
Before you can register a vehicle with at least four wheels in this state, you are required to show proof of insurance. Even if the vehicle is not being driven or is currently inoperable, continuous coverage is necessary. Fortunately, there are a number of different insurance companies to consider, so you should be able to find an option that fits your needs and your budget.
You can start by gaining a better understanding of what impacts the price of insurance. Most companies assess a number of different factors when establishing coverage costs.
These include, but are not necessarily limited to:
A city’s population density is important because drivers in rural areas tend to have fewer accidents. This can, but does not always, result in lower insurance rates. Similarly, companies may consider locations with denser populations and more traffic accidents to be riskier, which can cause premiums to be higher. While guidelines vary, it’s common for insurers to offer increased rates when there are more than 5,000 people per square mile. With an overall population of 182,437 in 2019, Fort Lauderdale, FL had approximately 4,761 people per square mile. While technically below the average, this difference could prove to be negligible in lowering the cost of coverage in the area.
Commute time is another factor that often plays a significant role in establishing the base cost of insurance in a particular location. Less time on the road often translates to fewer opportunities for accidents to occur, which may incentivize insurance companies to keep rates low. It can vary, but residents who live in cities with commutes exceeding the national average of 26.6 minutes often have higher insurance premiums. From 2014 to 2018, the mean travel time for workers 16 years and older in Fort Lauderdale was 26.5 minutes. Again, this data makes it difficult to project whether or not travel time to and from work in this location is significant enough to impact the cost of insurance.
The frequency of vehicle theft can also impact car insurance rates. While not always the case, some companies use these statistics to guide pricing decisions, with the risk of theft increasing premiums. In this case, drivers in Fort Lauderdale may notice a difference. This city was ranked #73 in the National Insurance Crime Bureaus (NICBs) 2018 Hot Spots Report Map, meaning that the risk of theft in the area is relatively high.
What is Required for Fort Lauderdale Drivers?
Florida law requires all drivers to show proof of auto insurance when registering a vehicle. Proof must be issued by an insurance company licensed in the state. Continuous coverage is required and violators may lose driving privileges for up to three years.
Minimum coverage requirements include:
Personal Injury Protection (PIP)
Drivers must have a minimum of $10,000 of coverage per accident for any injuries sustained, whether by the not-at-fault or at-fault driver or passengers.
Property Damage Liability (PDL)
Drivers must have a minimum of $10,000 of coverage per accident for property damage.
Personal injury protection covers 80% of all necessary and reasonable medical expenses up to $10,000 resulting from a covered injury, regardless of who is responsible for the accident. The property damage liability coverage will pay for damages to another person’s property caused by you or someone who is driving your vehicle.
Drivers are allowed and encouraged to acquire additional coverage as needed. There are many options available that will protect you, your passengers and your property more extensively. Some of these are required in other states but are not required in Florida, including bodily injury liability and uninsured/underinsured motorist insurance. Always strive to select a plan that will fit your situation best.
Most Expensive and Least Expensive Insurance Rates by Zip Code
Cheap Car Insurance in Fort Lauderdale by Insurer
Obviously, some companies will offer lower insurance rates than others in Florida. You should always take time to carefully research all available options before making a final selection. Local rates may vary, but Geico and Progressive tend to be two of the cheapest solutions throughout the state. While finding a good rate is optimal, it’s also important to consider factors like the insurance provider’s service ratings, customer reviews, and your unique coverage needs.
Low Cost Auto Insurance for Bad Credit in Fort Lauderdale
Drivers who have a bad credit can still find reasonably priced auto insurance in Fort Lauderdale. While a person’s credit history is a common factor insurers use to determine coverage premiums, it is not the only consideration. The best solution for drivers in this situation is to request multiple quotes from a variety of companies. State Farm Mutual may be a good place to start, as this company does tend to offer some of the best rates for those with poor credit.
Full Coverage Vs. Liability, Which is Best For You?
Liability Only Insurance Coverage
Liability insurance covers the possible cost of damage you cause to others while driving. This could mean the cost of medical care for those injured in an accident or repair costs of the damage you have caused to other vehicles.
With liability insurance, there are 3 key numbers: injury coverage per person, coverage for total injury per accident, and property damage coverage per accident. Each state has different requirements for car insurance minimums. In a policy that has coverage for 15/30/25 means $15,000 per injured person, with a maximum of $30,000 for all the people who are injured in an accident, and $25,000 in coverage for property damage.
Full Coverage Auto Insurance
While liability insurance covers other people and vehicles in an accident where you were the one considered at fault, full coverage insurance can also cover you and your vehicle as well. Full coverage includes two different types of coverage combined into one insurance plan; comprehensive insurance and collision.
Comprehensive coverage is for the damage of other vehicles that are outside of driving situations such as weather damage, fire, or theft.
Collision coverage is basically to pay for damage that you caused while driving such as an accident with another vehicle, hitting an object, or driving off the road.
The difference between collision and comprehensive is, if a tree were to fall on your car and damage it, comprehensive insurance would cover it, however, if you were driving and hit a tree causing damage to your car, then it would be covered by collision.
What is the Difference Between the Two Types of Car Insurance?
The chief distinction between full and liability coverage is that full coverage ensures that any damage done to your car can be covered by insurance. Liability insurance only protects you from claims when you are at-fault in an accident. You will still need to pay for any damage to your own car, you just won’t have to pay for damage you caused to another person’s car. Full coverage can cover damage to your car even if the other driver is not insured and cannot compensate you for damages.
Finally, all states require that you carry at least a liability insurance policy so that collision victims receive compensation in the event of an accident. At-fault drivers are likewise protected from claims resulting from an automobile accident.
Average Annual Car Insurance Rates in Florida by City
Additional cities in Florida you can check out.
Take Advantage of These Car Insurance Discounts
There are many car insurance discounts and ways to save on your policy in Fort Lauderdale:
Are you looking for car insurance discounts? Learn more here.
Common Factors that Affect Your Fort Lauderdale FL Vehicle Insurance Rates
As you can see, car insurance rates are influenced by a complex set of factors, all of them are determined by risk data for each insurance agency. How much each agency charges, though, based upon similar risk data, can vary widely. In the case of younger drivers, they can save literally thousands of dollars each year by shopping around. The insurance agencies will charge drivers different rates for their automobile insurance premiums by their age and marital status, driving record, area they live in, and whether they carry liability-only or full coverage insurance. If the customer opts for collision insurance, the carriers will charge more for a lower deductible.
Since there are so many factors to take into consideration in how much an insurance agency charges you for automobile insurance, it quite literally pays to thoroughly educate yourself about automobile insurance and to shop around for the best quote.
Do you have a bad driving record and need cheap insurance? Check out this guide.
Check Out Car Insurance Companies in Fort Lauderdale and Reviews
Helpful Fort Lauderdale, Florida Vehicle Resources:
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