Study: Florida has the 2nd most expensive car insurance

by | Jan 18, 2023

  • Florida sits behind only Michigan as the most expensive state for car insurance
  • Full-coverage in the Sunshine State will cost on average $238, according to the report
  • Tampa was the most expensive city, with an average monthly cost of $306

The Sunshine State is home to some of the most expensive auto insurance rates, according to a new report.

ValuePenguin, a subsidiary of LendingTree, said in a new study that Florida is the second most expensive state when it comes to the average cost for car insurance in the country. The study analyzed both liability-only coverage and full-coverage for drivers across the United States.

According to the report, Florida has an average cost of $238 per month for full-coverage insurance. The state’s liability only coverage was also high, sitting at $91.

The financial planning company also found coverage rates skyrocketed for teenagers, with the average 16-year-old costing $584 per month compared to $143 per month for the average 35-year-old driver.

“Average annual car insurance costs can decrease significantly between the ages of 18 and 25, as insurance companies tend to evaluate older drivers as both less risky and less likely to file a claim,” the study noted.

Additionally, Tampa was the most expensive city in the state, with residents paying an average monthly cost of $306 for coverage. The cheapest coverage in the state was in Englewood, with residents paying $193 on average.

Geico has the cheapest minimum-coverage car insurance in Florida. Car insurance from Geico costs $28 per month, which is 69% less than the average cost of coverage in Florida.

Likewise, State Farm has the cheapest full coverage auto insurance in Florida, with quotes at $127 per month. That’s 47% cheaper than the statewide average.

Florida was only beaten out by Michigan who had the most expensive state for car insurance at $399 per month for full-coverage, and $196 per month for minimum coverage. South Dakota has the cheapest average rate, at $148 for full-coverage, and $28 per month for a minimum-coverage policy.


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