Do you want to save money by finding cheaper car insurance rates in Cocoa, FL? Saving money on car insurance is always very difficult for beginners to buying insurance online. With more and more insurance companies available, it can easily be a real hassle to find more affordable car insurance rates.
Amazingly, a recent NerdWallet.com study showed that nearly 70% of Florida drivers have bought car insurance from the same company for a minimum of four years, and 38% of drivers have never taken the time to shop around. Many consumers in the United States could save $850 a year, but they mistakenly think it's difficult to compare rate quotes online.
It's a good habit to do price comparisons before your next renewal due to the fact that insurance prices are variable and change quite frequently. Just because you found the best price on car insurance last year a different company probably has better rates today. You'll find quite a bit of inaccurate information about car insurance on the web, but by reading this article, you're going to learn some good information on how to slash your car insurance rates in Cocoa.
Compare quotes for Cocoa car insurance
When price shopping your coverage, making a lot of price comparisons helps improve the odds of finding more affordable rates. Not every company does price estimates online, so you also need to get quotes from the smaller companies as well.
The companies shown below offer quotes in Florida. If the list has multiple companies, we recommend you visit as many as you can to get a more complete price comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Silverado LS Crew Cab 4WD||$1,604||$802||$134|
|Dodge Grand Caravan CV||$1,204||$602||$100|
|Dodge Ram Quad Cab SLT 2WD||$1,408||$704||$117|
|Ford Escape XLS 2WD||$1,092||$546||$91|
|Ford F-150 STX Regular Cab 2WD||$1,276||$638||$106|
|Ford Focus SEL 4-Dr Sedan||$1,310||$655||$109|
|GMC Sierra SL Extended Cab 2WD||$1,424||$712||$119|
|Honda Accord LX-P 4-Dr Sedan||$1,398||$699||$117|
|Honda CR-V LX 2WD||$932||$466||$78|
|Honda Civic DX 2-Dr Coupe||$1,258||$629||$105|
|Hyundai Sonata Limited 4-Dr Sedan||$1,496||$748||$125|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,220||$610||$102|
|Nissan Altima 3.5 SR 2-Dr Coupe||$1,324||$662||$110|
|Nissan Rogue SL 2WD||$1,454||$727||$121|
|Toyota Camry SE||$1,228||$614||$102|
|Toyota Corolla S||$1,022||$511||$85|
|Volkswagen Jetta LE 4-Dr Sedan||$990||$495||$83|
|Get Your Own Custom Quote Go|
Data based on married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Information does not factor in vehicle location which can increase or decrease rates greatly.
Liability-only rates compared to full coverage
The example below examines Hyundai Elantra insurance costs with full coverage and liability only. The premium estimates are based on a clean driving record, no claims, $500 deductibles, single female driver, and no additional discounts are factored in.
Hyundai Elantra rates are for example purposes only. To get rates for your specific vehicle, click here.
When to drop full coverage
There is no specific rule for eliminating full coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let's say your Hyundai Elantra book value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $2,000 after paying your deductible. If you are paying over $200 annually for physical damage coverage, then you may want to consider only buying liability coverage.
There are some conditions where dropping full coverage is not recommended. If you haven't satisfied your loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if you can't afford to buy a different vehicle in case of an accident, you should keep full coverage in place.
Cut your insurance rates with discounts
Some insurance providers don't always publicize every policy discount very well, so the following list contains both the well known as well as the least known discounts you could be receiving when you buy Cocoa auto insurance online. If you check and find you aren't receiving every discount available, you are not getting the best rate possible.
- Discount for Home Ownership - Just being a homeowner can save you money since owning and maintaining a home requires a higher level of personal finance.
- Accident Waiver - Not necessarily a discount, but a handful of insurance companies will allow you to have one accident before they charge you more for coverage as long as you don't have any claims for a certain period of time.
- Defensive Driver Discount - Taking time to complete a class that teaches safe driver techniques can save you 5% or more if your company offers it.
- Government Employees - Active or retired federal employment could provide a small rate reduction with some insurance companies.
- Distant Student - Any of your kids who live away from home at college and won't have access to an insured vehicle could get you a discount.
- Paperwork-free - Certain insurance companies will give you a small discount for buying a policy and signing up on the internet.
- Sign Early and Save - A few larger companies offer discounts for switching to them before your current expiration date. The savings is around 10%.
One thing to note about discounts is that most credits do not apply to the overall cost of the policy. Most only cut the price of certain insurance coverages like comprehensive or collision. So even though it sounds like adding up those discounts means a free policy, insurance companies aren't that generous.
To choose companies that offer some of these discounts in Cocoa, follow this link.
Why do I need car insurance?
Even though it can be expensive, buying car insurance is mandatory in Florida but it also protects more than you think.
- Most states have minimum liability requirements which means the state requires a specific minimum amount of liability protection if you don't want to risk a ticket. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your vehicle has a loan, more than likely the lender will stipulate that you have full coverage to guarantee their interest in the vehicle. If you cancel or allow the policy to lapse, the lender will be forced to insure your vehicle at a significantly higher premium and force you to reimburse them the higher premium.
- Car insurance preserves not only your vehicle but also your assets. It also can pay for most medical and hospital costs for you, any passengers, and anyone injured in an accident. Liability coverage will also pay for a defense attorney if someone files suit against you as the result of an accident. If damage is caused by hail or an accident, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of having car insurance outweigh the cost, specifically if you ever have a liability claim. The average driver in America is overpaying over $855 a year so it's important to compare rates every year to save money.
Independent or exclusive insurance agents
A lot of people still prefer to visit with an insurance agent and we recommend doing that The best thing about getting free rate quotes online is that you can find the lowest rates but also keep your business local. Buying from neighborhood insurance agencies is still important in Cocoa.
To make it easy to find an agent, after completing this quick form, your information is submitted to local insurance agents in Cocoa that give free quotes to get your business. You don't have to search for an agent due to the fact that quote results will go instantly to you. It's the lowest rates and work with a local agent. If you need to compare prices from a particular provider, feel free to jump over to their website and give them your coverage information.
Two types of car insurance agents
If you need to find a local agent, it's important to understand the types of insurance agents that you can select. Cocoa agents can be described as either independent agents or exclusive agents.
Independent Insurance Agents
Agents in the independent channel do not have single company limitations so they have the ability to put coverage through many different insurance companies and find the cheapest rate. To transfer your coverage to a different company, an independent agent can move your coverage and you can keep the same agent.
If you need lower rates, we highly recommend that you get some free quotes from several independent insurance agents to have the most options to choose from. Most also write with smaller companies that many times have cheaper rates.
Exclusive Insurance Agents
Exclusive agencies have only one company to place business with such as Farmers Insurance and State Farm. Exclusive agencies are unable to provide rate quotes from other companies so it's a take it or leave it situation. Exclusive insurance agents are highly trained on their company's products which can be an advantage. Consumers frequently purchase coverage from exclusives mainly due to the prominent brand name rather than low rates.
Finding the right car insurance agent shouldn't rely on just a cheap price quote. Some important questions to ask are:
- Is the agency active in community causes in Cocoa?
- How experiences are they in personal risk management?
- How is replacement cost determined on your vehicle?
- Do you need full coverage on every vehicle?
- Are there any discounts for paying up front?