Florida Drivers Are Charged $47/mo for Bare Minimum Coverage

TAMPA, Fla., Sept. 30, 2024 /PRNewswire/ -- According to a recent report published by AutoInsurance.org, residents pay an average of $47 for Florida minimum liability insurance.

Each state writes and enforces its own vehicle liability laws and insurance requirements. In Florida, drivers must carry the following liability coverage minimums:

• $10,000 Property damage liability
• $10,000 Bodily injury liability per person
• $20,000 Bodily injury liability for accidents involving more than one injured person
• $10,000 Personal injury protection (PIP)

The minimum coverage required by law is insufficient for adequate liability protection.

Recommended Auto Insurance Coverage in Florida

Most drivers in Florida would benefit from higher insurance coverage limits. A new vehicle could be worth more than $50,000. An at-fault driver would be liable for the value of a vehicle declared a total loss.

If the at-fault driver has a minimum of $10,000 in property damage liability, they would be responsible for the difference between that and the vehicle's value. That means they may have to come up with $40,000 or more in cash.

Drivers should carry at least $70,000 in property damage liability, $100,000 in bodily injury liability per person, and $300,000 in bodily injury liability per accident.

Since Florida is a no-fault state, in most situations, drivers must be responsible for their own medical costs following an accident regardless of who was at fault. Since medical expenses can add up quickly, drivers should consider $50,000 or more in PIP.

Full Coverage Car Insurance Requirements in Florida

While the state of Florida does not require drivers to carry comprehensive and collision coverages, known as full coverage, lenders almost always require borrowers to have it.

Melanie Musson, a nationally recognized auto insurance expert with AutoInsurance.org, adds, "Borrowers who put down less than 20% and have a 60-month or longer loan are likely to be upside-down on their loan for a while. In this situation, drivers should carry GAP coverage, which will pay the difference between a vehicle's value and the balance owed to the lender."

Best Rates on Florida Auto Insurance Coverage

Comparing car insurance quotes can help determine the best rate on an individual level. In addition to premium costs, drivers should compare the insurer's financial stability and customer service ratings.

Read AutoInsurance.org's entire report here: Florida Minimum Auto Insurance Requirements (2024).

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SOURCE AutoInsurance.org