bad Credit

Best Auto Insurance in Florida with Bad Credit

Best Auto Insurance in Florida with Bad Credit
Written by Publishing Team

Your credit score can fluctuate based on many factors. Not all changes to your credit are due to payment delays — some are normal events, like a month of overspending on a credit card for an emergency or a difficult withdrawal to apply for a new car loan. However, depending on your credit score prior to the event, a drop in your FICO can affect how much you pay for car insurance.

Unlike in California, Hawaii, or Massachusetts where credit is not allowed to be a determining factor in auto insurance premiums, insurers in Florida can use credit as a factor in determining how much you pay. However, there are options if you cannot pay higher premiums based on your credit history. You can find auto insurance for bad credit in Florida to save money. It’s possible to find cheap auto insurance for bad credit in Florida with a little extra work, but the savings might be worth it.

Average cost of full coverage auto insurance in Florida by credit
Bad credit auto insurance in Florida tends to have higher premiums. You may be surprised to learn that your premiums may be higher if you have a low FICO than if you cause an accident. Take a look at how premiums can change based on your credit score:

Provider double credit average credit good credit Excellent credit
Florida average $5,817 $3,032 USD $2,364 $2,161
national average 3,873 dollars 1865 USD $1674 $1,487

Best auto insurance for bad credit in Florida

Florida drivers already pay above average premiums. A car owner with good credit pays an average of $2,364 a year. A person with poor credit can see a jump of nearly two and a half times in annual premiums to $5,817 per year.Premiums for auto insurance with bad credit in Florida are about $4,200 more annually than the national average for someone with good credit.

It’s hard to assess how much your prices will increase until they actually increase. Carriers may classify policyholders differently. However, using Equifax’s, Experian’s, and TransUnion’s credit scoring systems can give you a good overview of where car insurance rates based on credit might fall. Scores below 580 are considered “poor”. Below 670 can be seen as “average”. A 670 or higher is “good,” with 800 seconds reserved for premium credit and the cheapest car insurance rates.

Why does my credit affect my car insurance rates in Florida?

The Insurance Information Institute (III) explains why your credit affects your premiums. According to III, “Studies show that the way a person manages their finances, which is what these scores indicate, is a good predictor of insurance claims.”

Recent Florida legislation regulates the use of a credit history in providing property coverage, such as auto and home insurance. The insurance company is not allowed to limit, deny or cancel coverage based on credit history only, or request a credit report because of race, gender, income, marital status, etc. However, Florida laws allow carriers to charge policyholders and applicants a higher amount based on the risks involved in poor credit.

The best way to avoid the high cost of bad credit auto insurance in Florida is to protect your score — or work to improve it. However, improving your credit score takes time. You may not see a difference big enough to make an impact on your car insurance rates for several months or a year.

What other factors affect auto insurance rates in Florida?

It is important to realize that your credit history is only one of several factors that affect your car insurance premiums. We have published a True Cost report with information on how changes will affect your car insurance premiums. The most important may be:

  • Driving record: Making a mistake in an accident, being convicted of a DUI, or having one or more moving offenses such as a speeding ticket can significantly increase your car insurance premiums. In fact, Bankrate reports that a DUI leads to more expensive car insurance than having poor credit.
  • your location: Some areas of Florida have higher base car insurance rates than others based on the number of claims from local theft or accidents due to area road conditions.
  • Vehicle Type: Some cars are cheaper to buy insurance for. Three of the most expensive cars to insure are the BMW 330i, Toyota Prius and Toyota Camry.

How to Get Cheap Car Insurance in Florida With Double Credit

There are ways to get cheap auto insurance for bad credit in Florida. Consider starting with the following ideas for saving your premiums:

  • Shop around: Collecting comparable quotes from several carriers and switch providers may be the most effective way to save on your car insurance.
  • Review your credit score: You can collect a free annual credit report to check. You may find errors that affect your score, such as an incorrect report from someone with a similar name or an account that has not been updated after the balance has been paid off. Disputing errors can help you increase your credit score quickly.
  • Look for discounts: Most carriers have discounts on auto insurance that can lower your premiums. Your employer may have negotiated a special enrollment discount, or you may earn a discount for being in the military. Safe driving, combination of coverage at home, and automatic coverage can bring you the biggest savings.

Frequently Asked Questions

Will I get a credit check when I get an insurance quote?

Insurance rates are usually soft pull-ups, which means they don’t negatively impact your credit score the way a more in-depth and more difficult examination might. You can get quotes from several carriers without having to worry about every inquiry that generates a report on your credit file.

Why is auto insurance for bad credit so expensive in Florida?

Carriers find that car owners with a history of not paying their bills on time are statistically more inclined to file more auto insurance claims.

How can I get cheaper car insurance?

Usually the best way to save on car insurance is to get quotes from several carriers to compare and choose the best. However, consider using more than one online citation tool. You may find additional discounts for changing providers or depending on the number of vehicles you plan to insure. By doing this, you may be able to find the best auto insurance for bad credit in Florida.

methodology

Bankrate uses Quadruple Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states, prices quoted in Washington, D.C. are based on a 40-year-old driver with a clean driving history, varied credit levels, and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 for bodily injury liability for each accident
  • $50,000 for property damage liability for each accident
  • $100,000 Uninsured Motorist Injury Per Person
  • 300,000 dollars for the injury of an uninsured motorist for each accident
  • $500 collision deduction
  • $500 full discount

To set minimum coverage limits, Bankrate used the minimum coverage that meets each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles a year.

These are sample rates and should only be used for comparison purposes.

credit: Prices have been calculated based on the following insurance credit levels assigned to our drivers: “Poor, Average, Good (Basic), Excellent.” Insurance credit levels affect your official credit scores but are not dependent on this variable alone. The following states do not allow credit to be a factor in determining auto insurance rates: CA, HI, MA

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