- Florida sits behind solely Michigan as the costliest state for automobile insurance coverage
- Full-coverage within the Sunshine State will value on common $238, in response to the report
- Tampa was the costliest metropolis, with a median month-to-month value of $306
The Sunshine State is residence to a few of the most costly auto insurance coverage charges, in response to a brand new report.
ValuePenguin, a subsidiary of LendingTree, mentioned in a new examine that Florida is the second most costly state with regards to the common value for automobile insurance coverage within the nation. The examine analyzed each liability-only protection and full-coverage for drivers throughout the USA.
Based on the report, Florida has a median value of $238 per thirty days for full-coverage insurance coverage. The state’s legal responsibility solely protection was additionally excessive, sitting at $91.
The monetary planning firm additionally discovered protection charges skyrocketed for youngsters, with the common 16-year-old costing $584 per thirty days in comparison with $143 per thirty days for the common 35-year-old driver.
“Common annual automobile insurance coverage prices can lower considerably between the ages of 18 and 25, as insurance coverage firms have a tendency to guage older drivers as each much less dangerous and fewer more likely to file a declare,” the examine famous.
Moreover, Tampa was the costliest metropolis within the state, with residents paying a median month-to-month value of $306 for protection. The most cost effective protection within the state was in Englewood, with residents paying $193 on common.
Geico has the most cost effective minimum-coverage automobile insurance coverage in Florida. Automobile insurance coverage from Geico prices $28 per thirty days, which is 69% lower than the common value of protection in Florida.
Likewise, State Farm has the most cost effective full protection auto insurance coverage in Florida, with quotes at $127 per thirty days. That’s 47% cheaper than the statewide common.
Florida was solely crushed out by Michigan who had the costliest state for automobile insurance coverage at $399 per thirty days for full-coverage, and $196 per thirty days for minimal protection. South Dakota has the most cost effective common fee, at $148 for full-coverage, and $28 per thirty days for a minimum-coverage coverage.