How Much Does Auto Insurance Cost for Immigrants in Florida?

This would be a really short article if we could just give you the name of the one auto insurance company that is cheapest in Florida. Unfortunately, it’s just not that easy, as there are many unknown elements such as if you need full coverage or liability-only, the number of miles you drive in a year, the safety features built into your vehicle, and the neighborhood you live in. We will try to teach you about these things and will give you a good start to your coverage search.

The vehicle you are seeking coverage for is a large consideration that determines the availablility of cheap car insurance for immigrants in Florida. Vehicles with lots of horsepower, poor crash test ratings, or an increased likelihood of liability claims will cost much more to insure than safer models. The next table outlines auto insurance prices for a number of the cheaper vehicles to insure in Florida.

Above prices assume married female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Table data does not factor in Florida location which can raise or lower auto insurance rates substantially.

Based upon the table data, vehicles like the Honda Accord, Honda CR-V, Hyundai Tucson, Ford F-150, and Subaru Outback are most likely to be a few of the most budget-friendly vehicles to insure for foreigners.

Finding decent, low-priced car insurance is not the easiest thing to accomplish, and finding out which insurers offer the lowest-priced car insurance rates for immigrants may require even more work. Every insurance company has a different process to set their prices, so first let’s look at the rankings for the car insurance companies with the overall best prices in Florida.

Best Cheap Insurance Rates for Migrants

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USAA may have some of the best car insurance rates in Florida at around $977 annually. Electric, Amica, Progressive, and Travelers also rank well as some of the more affordable Florida auto insurance companies.

As shown in the table above, if you are a customer of Amica and switched to USAA, you could earn annual savings of about $787. Florida drivers with Progressive might save as much as $870 a year, and Travelers policyholders might cut rates by $892 a year.

It’s important to note that these policy rates are averages for all drivers and vehicles and and are not calculated with a price discount for immigrants. So the company that has the lowest price for you may not even be featured in the above rate chart. That points out the importance of why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.

Rate comparison of full coverage and liability-only

Finding cheap car insurance for immigrants in Florida is important to the majority of people, and one great way to reduce the cost of insurance is to not pay for full coverage. The diagram below compares insurance costs with full coverage compared to only the Florida minimum liability coverage. Data assumes no driving violations, no at-fault accidents, $500 deductibles, single status, and no discounts are factored in.

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If averaged for all ages, physical damage coverage costs an extra $2,147 per year over having just liability coverage. That amount may make you wonder when is the right time to remove full coverage. There is no clear-cut rule for eliminating full coverage, but there is a general convention. If the yearly cost of full coverage is more than around 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.

For example, let’s say your vehicle’s book value is $4,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $3,500 after the policy deductible has been paid. If you are currently paying more than $350 annually for full coverage, then it might be time to buy liability only.

There are some conditions where buying only liability insurance is not in your best interest. If you have an outstanding loan on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not buy liability only.

The example below shows how choosing a deductible can affect yearly insurance costs when trying to find cheap insurance for immigrants. The rates are based on a single female driver, comprehensive and collision coverage, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 3329,3063,2769,2491],[‘Age 30’, 2309,2115,1891,1677],[‘Age 40’, 2143,1965,1765,1571],[‘Age 50’, 1873,1719,1541,1373],[‘Age 60’, 1811,1663,1493,1331],[‘Age 70’, 2105,1937,1749,1571]]);var options = {title: ‘Comparison of Deductible Levels and Insurance Rates in Florida’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

In the chart above, a 50-year-old driver could cut expenses by $332 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $500 by switching to a $1,000 deductible. Even younger drivers, like the 20-year-old, could reduce their rates up to $838 or more by choosing larger deductibles on their policy.

If you do raise deductibles, it will be required to have enough in a savings account to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.

Find cheap car insurance for immigrants in Florida

The list below shows some penny-pinching suggestions that can help Florida drivers quote cheaper coverage.

• Choose a safer vehicle and pay lower rates
• Raise your physical damage coverage deductibles
• Just one traffic violation will increase your rates
• Save money by insuring older vehicles for liability only
• Higher credit scores may earn you cheaper rates
• Avoid having at-fault accidents
• Keep rates low by shopping around frequently

The final tip is incredibly critical, as was emphasized in this article. Prices charged by auto insurers can change considerably in a year, so don’t hesitate to buy a different policy if a more affordable rate is found. Being loyal to a particular company is commendable, but it’s not a great idea if that devotedness results in you overpaying a wad of cash every year. Spend a few minutes and compare rates and find cheaper auto insurance for immigrants.