Auto insurance Naples, Florida, is expensive when compared to the rest of the country. However, knowing what factors go into your rates and following the tips below can help you save.
How Much Is Auto Insurance Naples Florida?
Naples, Florida, has some of the most expensive insurance rates in the U.S. Buying auto insurance is a requirement if you drive a vehicle in Florida and the minimum insurance requirements include:
- $10,000 bodily injury liability per person.
- $20,000 bodily injury liability per accident.
- $10,000 property damage liability per accident.
Florida drivers must also carry personal injury protection. According to Trusted Choice, the average annual rate of auto insurance in Florida is $1742. This is due to Florida’s no-fault auto insurance laws and high amounts of traffic. Full coverage is even costlier, with an average annual rate of $3230.
Florida is also more prone to rainy conditions and hurricanes, which can put your vehicle at risk of water damage or flooding. Insurance companies consider these factors, which leads to higher rates.
Florida’s No-Fault Auto Insurance Laws
Florida is a no-fault auto insurance state. This means that regardless of who is at fault for an accident, each driver will rely on their insurance company to pay for their damages. Because of this, drivers are also required to carry personal injury protection (PIP). This is a type of insurance that covers your medical bills if you’re injured. PIP covers:
- Up to 80% of your medical bills.
- Up to 60% of your lost wages.
If you buy the minimum coverage, it also has a limit of $10000. Personal injury protection insurance also helps you cover your damages if you are in an accident with someone who doesn’t have insurance. According to Trusted Choice, approximately 24% of drivers in Florida do not have auto insurance. It can also be helpful to add uninsured coverage to your insurance policy.
What Is Florida’s Financial Responsibility Law?
Florida also has a financial responsibility law that requires you to have more insurance than the state’s minimum if you cause injuries or damages to someone else. This is also known as the SR-22 or FR-44 insurance. It is a document that you file with the state, informing them that you meet the minimum insurance requirements.
How Are Naples, Florida, Auto Insurance Rates Calculated?
It can be helpful to know what factors go into calculating your insurance rates in Naples, Florida. Insurance companies consider the following:
- Your location: Even specific locations within Naples, Florida, can have different rates. Areas like Santa Rosa Beach, Freeport, Defuniak Springs, and Miramar Beach tend to be a little cheaper. Areas like Lehigh Acres and Island Walk can be a little more expensive. This is usually based on how much traffic or theft rates in the area.
- Your driving record: Your driving record is a significant factor in how much you can expect to pay for car insurance. Having one at-fault accident on your record can increase your rates by as much as 29%.
- Your level of insurance: Whether you buy the state’s minimum insurance or full coverage will also affect your rates. Full coverage is costlier, but may be necessary depending on your needs.
- Your credit rating: Florida allows insurance companies to consider a driver’s credit score when calculating rates.
- Your marital status: Even your marital status can have an effect on your rates. Married drivers in Florida save, on average, five percent per year, according to ValuePenguin.
- Your age: Teen and beginner drivers pay the highest rates because of their lack of experience. A teen driver in Florida pays, on average, $3182 more per year for minimum insurance coverage.
You may not be able to control some of these factors, like your age, but you can improve your driving record or credit score. Driving safer and avoiding tickets can lead to more affordable rates.
Best Insurance Companies in Naples, Florida
Naples, Florida, drivers have a lot of insurance company choices. Here are a few that you may consider:
- State Farm: Average annual rate of $1160.
- Allstate: Average annual rate of $4261.
- GEICO: Average annual rate of $923.
- Progressive: Average annual rate of $3099.
These rates are based on minimum insurance requirements from ValuePenguin. This means that these rates don’t include full-coverage policies, like collision and comprehensive.
The cheapest full coverage rates in Florida are usually with GEICO. However, your specific rates will vary based on your driving record and the vehicle you drive. State Farm is usually a good option for drivers with less than perfect driving records. Other insurance options that you might consider include Nationwide, Horace Mann Insurance, Farmers Insurance, and Direct Auto Insurance.
With so many options, it can be overwhelming to choose the best provider for you. It is always a good idea to shop around when buying insurance. This means requesting price quotes from each of these providers, as well as a few other ones. Compare rates with the level of coverage available. Other factors to pay attention to when choosing an insurance company are satisfaction and claims ratings.
How to Get the Best Insurance Rates in Naples, Florida
Insurance is a requirement in Naples, Florida. You can get the best rates with the following tips:
- Shop around: Be sure to shop around not only when buying insurance, but anytime you renew your policy.
- Ask about available discounts: Many insurance companies offer discounts. Find out if you qualify for any of them.
- Keep a clean driving record: Avoid things like speeding or distracted driving. Even a single traffic violation on your record can increase rates.
- Improve your credit score: Improving your credit score by even a few points can make a difference in insurance rates.
Knowing the factors that go into your insurance rates can help you save. You can also use this information to shop around to find the coverage that works for you.
Check this out if you need additional information, resources, or guidance on car insurance.
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