Factors That Affect Your Florida Auto Insurance Rates
The following are things that can affect your premiums, along with ways that you may save money. This information is provided by The Florida Department of Financial Services.
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Type of vehicle
Newer, more expensive cars
are more costly to repair or replace, and
insurance prices reflect this.
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Territory
Where you keep and drive the vehicle,
population, and the number of accidents in an
area can all affect risk. This is why drivers in
heavily populated cities will generally pay more
for insurance than rural drivers.
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Usage
Someone who drives fewer miles, say
only to work or for pleasure, will pay lower rates
than someone who puts many miles on or uses
their vehicle for commercial purposes.
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Gender
Statistics show that men have twice
as many fatal accidents as women. Insurance
companies typically charge higher premiums for
males, especially those younger than 25.
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Age
Statistically, Florida drivers younger than 25
or older than 65 make up a larger share of
people involved in accidents, and may pay
higher premiums.
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Credit history
Insurance companies are
permitted to use credit history as one of the
factors that determine risk, and therefore
premium cost.
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Mature Driver
If you are 55 or older, you may
qualify for a discount by successfully
completing an accident prevention course.
For more information, contact the AARP at
1-888-687-2277, or the National Safety
Council at 1-800-621-7615.
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Retired?
If you have retired or otherwise do
not earn wages, you may reduce your premium
by excluding coverage for lost wages.
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Deductible
You may increase your deductible
in order to reduce your premium, but you
should carefully consider such factors as how
much of a discount you will receive for a given
deductible, and how much you can afford to
pay for each claim.
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Good driver discounts
Many companies
offer discounts to policyholders with accident free
driving records and violations for an
extended period of time.
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Older Vehicle
You may drop collision and/or
comprehensive coverage on older vehicles
because of their decreased value, unless a
lien holder, such as a bank, requires it.
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Restraint Systems and Anti-theft Devices
Companies may offer discounts for certain
equipment such as anti-lock brakes, air bags,
anti-theft devices or vehicle-recovery systems.
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Nondrinker and Nonsmoker
A few
companies offer discounts for drivers who
refrain from drinking alcohol or smoking
tobacco products.
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