Half-Year Florida Auto Insurance: Possible?

Can You Get Florida Auto Insurance for Half a Year?

It is possible to get Florida auto insurance for half a year. Auto insurance contracts in the state typically run for six months, and there is no requirement to commit to a longer policy. However, it is worth noting that swapping policies every month comes with some risks, and you may be penalised for letting your insurance lapse. Florida is a no-fault state, so personal injury protection (PIP) insurance is mandatory, and you must also have property damage liability (PDL) insurance.

Florida's insurance requirements

Florida is a no-fault state, which means that each driver's insurance covers injuries or medical expenses for them and their passengers, regardless of who is at fault.

Florida drivers are required to carry a minimum of $10,000 in both personal injury protection (PIP) and property damage liability (PDL) coverage. This is backed up by Florida law, which states that if you own a motor vehicle with four or more wheels, you must carry $10,000 of personal injury protection (PIP) insurance and a minimum of $10,000 of property damage liability insurance.

PIP covers 80% of all necessary and reasonable medical expenses up to $10,000 resulting from a covered injury, no matter who caused the crash. It also covers 60% of lost wages as a result of the accident and $5,000 for death benefits.

PDL coverage pays for damage to another person's property caused by you or someone else driving your insured vehicle.

Vehicles registered as taxis must carry bodily injury liability (BIL) coverage of $125,000 per person, $250,000 per occurrence and $50,000 for PDL coverage.

While Florida's minimum coverage limits are fairly low for both PIP and PDL, drivers can purchase a policy with higher limits.

Florida drivers can benefit from adding optional coverages such as collision and comprehensive insurance to ensure they're fully protected.

The cheapest providers

Florida is the eighth most expensive state for auto insurance, with the average cost of full-coverage car insurance in the state being $3,795 per year, well above the national average of $2,681 per year. However, there are a few providers that offer more affordable rates.

According to MarketWatch, Geico offers the cheapest minimum liability coverage in Florida at $650 per year or $54 per month, as well as the cheapest full-coverage car insurance at $2,087 per year or $174 per month. Geico is also the only provider to offer coverage at an estimated rate below the national average.

State Farm is another affordable option, with an average annual rate of $1,652 per year or $138 per month, according to US News. State Farm also has the lowest sample rates for drivers with a speeding ticket, a single accident on their record, and a DUI.

For married 35-year-olds in Florida, Geico once again offers the cheapest rates, with an average annual premium of $1,820 for females and $1,634 for males.

For seniors, State Farm is the cheapest option, with average annual rates of $1,487 for both males and females aged 60.

It's worth noting that these rates may vary depending on factors such as age, driving history, location, and vehicle type. Additionally, USAA offers cheap rates for active military members, veterans, and their families, although specific state-specific rates are not available.

The most expensive providers

While State Farm is the cheapest car insurance carrier in Florida, Allstate is the most expensive insurer in several categories. Allstate's rates for 17-year-old drivers are $16,597 for females and $18,311 for males. For 25-year-olds, Allstate's average rate is $4,035 for females and $4,093 for males. For 35-year-olds, Allstate's sample annual rates are $4,067 for females and $3,928 for males. For seniors, Allstate's sample rates are $3,588 for females and $3,675 for males. Allstate is also the most expensive insurance company for drivers with a clean record, with an average annual rate of $3,898.

No-fault insurance

The minimum coverage for PIP in Florida is $10,000 per accident, which covers 80% of all necessary and reasonable medical expenses. PIP also provides 60% of lost wages and 100% of replacement service costs, such as any service needed due to a loss of ability caused by the accident.

Florida's no-fault law does not cover vehicle damage, so a not-at-fault driver can file a liability claim against the at-fault driver's policy to pay for their vehicle repairs.

In 2021, Florida's legislature voted to repeal no-fault insurance, but this was vetoed by Governor Ron DeSantis.

Risks of inadequate insurance

Florida is a no-fault state, which means that each driver's insurance covers injuries or medical expenses for themselves and their passengers, regardless of who is at fault for the accident. Before you can register a car in Florida, you need a minimum of $10,000 in both personal injury protection and property damage liability coverage.

High Out-of-Pocket Costs

If you are in an accident and the at-fault driver has inadequate insurance, your own insurance policy may not be sufficient to cover all the expenses related to damages or injuries. This can result in significant out-of-pocket costs for you, especially if you require ongoing care for catastrophic injuries.

Difficulty in Recovery

In no-fault states, you are supposed to collect from your own insurance policy, regardless of who is at fault. However, if the at-fault driver has insufficient insurance, recovering the full amount of your damages can be very difficult. This is because you will first need to collect whatever amount you can from the at-fault driver's insurance and then make a claim with your insurance provider for the remaining cost.

Lack of Legal Recourse

In many states, you cannot collect from your insurance company if you do not have underinsured coverage. In such cases, your only option may be to file a negligence claim against the at-fault driver. Proving fault can be challenging and time-consuming, especially if you are partially to blame for the accident. Even if you are successful in your claim, collecting the judgment amount can be difficult if the defendant has no valuable assets or money.

Increased Financial Risk

If you do not have adequate insurance coverage, you are taking on a higher financial risk. This means that in the event of an accident, you may have to pay for repairs, medical bills, and other expenses out of your own pocket. This can be financially devastating, especially if you are not prepared for these unexpected costs.

Legal Consequences

Driving without insurance or with inadequate insurance can result in legal consequences. In Florida, failure to maintain the required insurance coverage can result in the suspension of your driver's license, registration, and license plate for a minimum of three years, as well as a reinstatement fee of up to $500.

It is important to review your insurance coverage regularly and make adjustments as needed to ensure you have adequate protection in the event of an accident.

Frequently asked questions