How to Lower Your 2024 Auto Insurance Rates
January 10, 2024
If you live in the Sunshine State and own a vehicle, then you need Florida auto insurance.
Except for New Hampshire, every state has a fee or minimum insurance requirement that drivers must follow. Unfortunately, due to recent economic changes, the cost of basic auto insurance is still on the rise.
With a more expensive cost of auto repairs, higher injury claims and unpredictable perils, finding the most affordable car insurance can require some extra effort. Although standard rates are unlikely to decrease this year, there are various ways to save and many carriers offer options that can help you save money on your 2024 auto insurance.
While it may be tempting to reduce your insurance coverage and only meet state minimums, keep in mind that there are a number of things that can affect the price you pay. So, it is a good idea to seek professional advice and get competitive quotes from different insurance companies before your existing policy renews or when purchasing another vehicle.
Minimum Florida Car Insurance
Florida’s minimum liability coverage limits for auto insurance are $10,000 in personal injury protection (PIP) and $10,000 in property damage liability that’s in place at the time of vehicle registration. Continuous PIP coverage* must be maintained even if the vehicle is inoperable or not being driven. In addition, non-residents who enroll a child in a Florida school or regularly work in the state have 10 days to purchase PIP insurance coverage.
As a resident driver, you cannot reject PIP insurance coverage (even if you do not own a car) and failure to maintain appropriate coverage can result in the suspension of driving privileges as well as costly reinstatement fees if PIP coverage is allowed to lapse. However, auto insurance coverage in Florida follows the vehicle first and the driver second. So, if you live with a relative who owns a registered vehicle, you may qualify as a named family member.
If you have a loan on your auto or lease a vehicle, you may be required by the lienholder or lessor to purchase additional coverages, such as comprehensive and collision insurance. Moreover, based on your needs for financial protection, additional bodily injury protection may be well-advised. After all, medical expenses that totaled $10,000 fifty years ago would be more than seven times greater today and the state’s minimum limits have not been adjusted in decades.
*NOTE: In lieu of PIP auto insurance, financially qualified drivers can obtain a Certificate of Self-Insurance issued by Florida Highway Safety and Motor Vehicle that is valid for a period of one year from the effective date.
Tips to Reduce the Cost of 2024 Car Insurance
It’s no secret that insurance companies want to limit their exposure and increase their profits. That’s why actuaries use the latest financial theories to assess the cost of the risk and uncertainty for a host of hypothetical events. However, real world factors are used to calculate each individual’s auto insurance rates. Vehicle type, driving history, credit score, age, gender, marital status and where you live can all affect the quotes you receive.
Some typical car insurance discounts in Florida can include the following:
Take a Defensive Driving Course – Even for the most experienced drivers, these classes teach the latest safe driving techniques for operating a vehicle safely on today’s crowded roadways. Being proactive demonstrates to an insurance carrier that you’re dedicated to being a better driver.
Improve Your Credit Score – Just like your credit score may have gotten you a better rate on your auto loan, Florida drivers with a higher credit score tend to pay lower auto insurance premiums too. Insurance companies consider it to be a responsible indicator of being less likely to file a claim.
Drive a Smarter Vehicle – Also, long gone are the days when an insurance company didn’t know what a high-performance vehicle looks like on paper. If you drive a hot rod, you can expect to pay extra. Conversely, a vehicle with smart safety features to help avoid accidents can earn you extra discounts.
Bundle, Bundle, Bundle – Like many people, you may have other things in your life that need protection from "the unexpected". By purchasing all of your insurance coverage (i.e. – renter’s insurance, car insurance, or life insurance) from the same carrier, your bundle may come with savings.
Obtain Multiple Quotes – The days of following in the family’s footsteps of purchasing the same make of vehicle and continuing to buy insurance from the same company are also long gone. If you’re trying to save money on Florida auto insurance in 2024, go online and use an independent agent for quotes.
When you partner with an independent insurance agent at Nsurance Nation, our goal is to help you get the best insurance rates for your specific auto insurance needs. Our agents understand that it’s seldom just one thing that determines your cost of insurance and most companies offer a variety of discounts, even for younger drivers or those with a less-than-perfect driving record. Plus, we will review your coverage to ensure you only pay for what you need.
Driving without auto insurance is illegal in Florida and can result in license suspension and other penalties. Plus, if you don't have enough insurance to pay for the damages you caused in an accident, you could be sued and forced to pay out of pocket. Contact Nsurance Nation to find out what discounts our insurers offer and how to get the best deal possible despite your unique circumstances.
