For high risk drivers, one of the big things that aid in calculating the price you pay for insurance is where you live. Areas with more people or even just a higher incidence of claims like Hialeah, Miami, and West Palm Beach will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive slightly lower rates.
The illustration below rates the priciest cities in Florida for drivers requiring a SR22 to buy car insurance in.
|5||West Palm Beach||$2,705|
|21||Port St. Lucie||$1,916|
|Compare Prices Now Go|
Price information shown is comparative as zip code location can raise or lower premium rates greatly.
Comparing quotes for affordable auto insurance is not easy, and determining which company quotes the most affordable auto insurance rates for drivers requiring a SR22 in Florida involves additional perseverance. Policy prices could be much greater than the average price in Florida attributed to the posibility of more claims associated with selling coverage for high risk drivers, but reasonably-priced coverage may be possible with a little diligence. Every car insurance company uses their own calculation for determining rates, so let's begin by taking a look at the auto insurance companies that tend to be cheaper in Florida.
We do need to point out that Florida auto insurance rates are calculated based on many things which can significantly increase or decrease the price of your policy. This is why Florida drivers need to do a thorough rate comparison when trying to find the cheapest car insurance quotes for drivers requiring a SR22. Rates are determined by many things and can decrease or increase without notice, so the cheapest rate a year ago may now be priced much higher than other options.
Cheap Insurance Rates for SR22 Drivers
USAA may offer some of the most affordable car insurance rates in Florida at around $977 each year. Amica, Electric, Progressive, and Travelers would also be considered some of the best Florida car insurance companies.
As illustrated above, if you are a customer of Electric and switched to USAA, you might see a yearly price reduction of upwards of $735. Drivers with Progressive might save as much as $816 a year, and Travelers customers might cut rates by $911 a year.
It's important to note that these policy prices are averaged across all ages of drivers and types of vehicles and and are not calculated with a rate increase for drivers requiring a SR22. So the company that is best for you may not even be in the top 21 companies in the list above. That underscores the importance of why you need to compare rates from as many companies as possible using your own personal information and vehicle type.
Full coverage versus liability-only in Florida
Reducing the cost of auto insurance is probably important to most drivers, and one of the easiest ways to find cheaper insurance for drivers requiring a SR22 in Florida is to not buy comprehensive and collision coverage. The chart below visualizes the comparison of insurance prices when comparing full coverage to liability only. The data assumes no accidents or driving violations, $1,000 deductibles, single status, and no other discounts are factored in.
Averaged for all age groups, physical damage coverage costs $1,891 per year more than just buying liability insurance. That is a large expense and it proposes the question if paying for full coverage is worth it. There is no specific rule to stop buying physical damage insurance, but there is a general convention. If the yearly cost of full coverage is about 10% or more of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let's pretend your vehicle's replacement value is $7,500 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $6,500 after the policy deductible has been paid. If you are paying in excess of $650 annually to have full coverage, then you may need to consider dropping full coverage.
There are some scenarios where only buying liability is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
Get discounts on Florida auto insurance
Insurance providers that offer quotes for drivers requiring a SR22 could also offer premium discounts that can reduce rates by 40% or more if you are eligible to receive them. The best auto insurance companies and some of the premium reductions they offer are detailed below.
- State Farm policyholders can earn discounts including multiple policy, driver's education, student away at school, good student, good driver, and safe vehicle.
- Nationwide has discounts for easy pay, family plan, multi-policy, anti-theft, and business or organization.
- GEICO offers discounts including driver training, defensive driver, emergency military deployment, good student, and membership and employees.
- AAA may include discounts for multi-policy, AAA membership discount, good student, good driver, and pay-in-full.
- 21st Century includes discounts for early bird, teen driver, homeowners, air bags, and driver training.
- The Hartford may offer discounts for anti-theft, vehicle fuel type, good student, bundle, defensive driver, and air bag.
The illustration below shows the difference between insurance costs with and without discounts. The premium estimates are based on a male driver, one violation and two at-fault accidents, Florida state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows premium with no discounts. The second shows the rates with multiple vehicle, marriage, paperless filing, anti-theft, continuous coverage, and multiple policy discounts applied. When discounts are applied, theaverage yearly reduction on auto insurance for drivers requiring a SR22 is 29% or $2,011.
How to find economical insurance for drivers requiring a SR22
The list below summarizes some of the better penny-pinching suggestions that can help Florida drivers quote more affordable auto insurance.
- Avoid accidents
- Bundle home and auto and earn a discount
- Higher credit scores may earn you cheaper rates
- Remove physical damage coverage on older vehicles
- Lower rates by purchasing a safer vehicle
- Compare rates regularly and switch companies to save money
The last idea is very critical, as was discussed in the prior article. Auto insurance prices fluctuate constantly, so drivers shouldn't be resistant to switch companies if a cheaper rate is available. Brand loyalty is not necessarily bad, but it's not a great idea if your bullheadedness ends up costing you thousands of dollars over several years. Now is a great time to compare rates to find cheaper car insurance for drivers requiring a SR22.