The Average Car Insurance in Florida

Personal injury and property damage coverage are required by Florida law.
Personal injury and property damage coverage are required by Florida law. (Image: Thinkstock/Comstock/Getty Images)

The Truth About Insurance, a website that gathers news and other insurance information, recently ranked Florida as the fifth most expensive state to purchase auto insurance in. The average the cost is $1,043 for Florida insurance, although your final cost will vary widely according to your individual demographics.

No Fault Insurance

The Insurance Information Institute reports that Florida is one of 16 states that use a no-fault form of insurance mediation. This coverage is also called Personal Injury Protection, or PIP coverage. Florida requires you to have at least $10,000 in Personal Injury Protection. This coverage is used to pay the medical costs of you and your passengers if your car is involved in an accident. No-fault insurance is set up so that care is provided immediately by each driver’s insurance company, and the actual fault and cost divisions are negotiated later between the insurance companies.

Property Damage Liability

Florida also requires each vehicle to be covered with at least $10,000 in property damage liability insurance. This insurance is used to pay for damage to the property of someone else that you cause with your car. It does not include repairing your own vehicle, but it can be applied to a range of properties including vehicles, fences or a mailbox.

Bodily Injury Liability

Bodily injury liability is not required in Florida, but it is helpful to have. This type of coverage will pay for injuries you cause to someone else. Without bodily injury liability coverage, you are responsible for paying injury-related costs out-of-pocket. Bodily injury liability is usually sold as a split limit such as $15,000/$50,000, where the first number is how much will be paid to a single injured person and the second number is the total that is covered in a single accident.

Collision Insurance

Collision insurance is not mandatory in Florida, but it can be helpful if you drive a new or expensive car. This coverage will pay for damages to your vehicle in an accident. You can lower your insurance premiums by dropping collision insurance or only carrying a minimal amount, so long as you are willing to pay any costs over the insured amount.

Comprehensive Coverage

Comprehensive coverage includes glass replacement, vandalism, fire, theft or burglary. Comprehensive coverage is not required by the state, but it may be required by a car dealership or financing agency. Because the lender has an investment in the car, it has a legal right to require you to insure its interest. Lenders can also require you to purchase GAP insurance, which pays the lienholder the difference between the loan amount and the depreciated value of the car.

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