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Do Families and Individuals with Low Income gets Car Insurance in Florida?
In Florida or any other state, car insurance companies give the least importance to income as compared to other several factors they consider while evaluating the car insurance cost.
Factors like age, location, driving habits, etc. always overshadow the income factor. However, families with low income always wonder if they can get car insurance with some discounts so that their budget stays intact.
To clear the confusion, there is no car insurance assistance program in Florida that can help families and individuals with low income to get car insurance with discounts.
Due to this reason, around 20% of car drivers are uninsured in Florida. Yes, the number is high, and not having car insurance implies that they are risking a lot of things.
If budget is your concern, you can always go with a car insurance policy with a state minimum coverage policy. Yes, the coverage with this policy will a bit less, but your car will be insured, and you will be covering a very important base. Remember, not getting your car insured might land you into legal trouble in case of an accident and even put a heavy toll on your pocket in case of car repair.
However, there are several ways by which you can get car insurance at a discounted price, and hence, do a major favor to your pocket. This article further on describes them and helps you to get low income car insurance in Florida.
Does Income Matter for Car Insurance in Florida?
For a majority of car insurance companies, income doesn’t matter when it comes to car insurance rates. At least, it doesn’t have any direct impact here. Yes, there are several ways in which your income can indirectly affect car insurance rates.
Other factors like your age, your driving experience, the number of accidents your car is involved in, the car model, etc. play an important role when it comes to your car insurance rates.
We have listed and explained some of the most important factors for car insurance rates in Florida. Read them out.
- Your Age – Age is the most important factor that car insurance companies do consider before providing you with a quote. Young drivers pay more as compared to middle-aged ones.
- Coverage – The coverage type you go with is another important factor here. Full coverage always costs you more as compared to other coverage types.
- Car Model – Your car’s model is another important factor when it comes to car insurance rates. For instance, the deprecated car model might increase your car insurance rates by up to 200%.
- Your Credit Score – The more your credit score is, the less the premium you pay. It’s simple math. Hence, do try to maintain your credit score.
- Adding a Teen Driver – Yes, young drivers pay high insurance premiums, but teens do pay the most. If you are adding a teen driver into your policy, expect the premiums to rise considerably.
Lastly, several other factors that might or might not be related to your income might be taken into consideration when preparing a car insurance quote for you.
What are the Minimum Coverage Requirements for Florida Drivers?
The average minimum coverage cost in Florida is $997. If you desire to be recognized as a legal driver in Florida, you must at least have minimum coverage.
The minimum coverage in Florida includes:
- Personal Injury Protection: $10,000
- Damage Liability: $10,000
If you are a car owner in Florida, you don’t require a bodily injury liability. However, if you prefer not to get it, you need to prove your ability to pay the repair costs, in case of an accident. Hence, it’s always recommended to get insurance rather than risk your finances, specifically, when you have a low income.
If you don’t have bodily insurance coverage, you might end up paying heavy penalties in case of accidents. The PIP or damage liability would hardly matter here. Along with a heavy fine, the state might also decide to suspend your driving license.
When it comes to bodily insurance coverage n Florida, it includes:
- Bodily Injury Liability per Person: $10,000
- Bodily Injury Liability per Accident: $20,000
You will also be provided with uninsured motorist coverage, but you can prefer not to take it. Just give the same in writing, and you are good to go.
A minimum coverage policy might seem to be tempting, but most insurance agents recommend against it. If you are in a position to go with a full coverage policy, it’s always better to go with it. It would mean better coverage for your car.
Moreover, a minimum coverage policy doesn’t include collision or comprehensive coverage, which won’t be covering the damages to your vehicle. Full coverage covers the same, and hence, keeps your finance secure to a good extent.
If your vehicle is on a lease or loan, you are required to get full coverage. In fact, certain institutes make it mandatory for you to get a full coverage policy.
Lastly, it’s your decision with what coverage policy you desire to go. But, having at least one coverage policy is a must as it is legally required, and when it’s an investment that is as huge as a car, securing the same is always necessary.
Car Insurance Discount Types in Florida
Now, let’s discuss the ways to get low cost car insurance in Florida. Well, you must know that there are several car insurance discounts available that you can claim and give yourself a strong platform to get your car insured within your budget.
However, you must know these discounts correctly to ensure that you negotiate well, and that your claims go successful. Read out some of the major discount types that most car insurance companies offer in Florida below.
- Defensive Driving Discount – If you have conducted a defensive driving course, you can highlight the same to the car insurance company. Most companies do take this course seriously and don’t hesitate to discount the individuals who take it. A defensive driving course validates the fact that you know how to drive safely, which reduces the chance of accidents.
- Telematics Discount – Telematics discount implies getting car insurance discount on the basis of your driving habits. To get this discount, you can download a mobile app, and record your driving habits and show the same to car insurance company. It can save you considerable amount.
- Military Discount – Almost every car insurance company provides discounts to the individuals affiliated to military. Hence, if you are affiliated with military, you are eligible to save several bucks.
- Bundling Discount – You can combine two policies, and save money on both of them. Two policies imply profit for a car insurance company and the company doesn’t hesitate to help you make some profit out of their profit.
These are some of the major discounts that you can keep in your mind and claim when you are purchasing a car insurance. Along with the above discount types, you can also claim the good student discount, paperless discount, full payment discount, etc.
Lastly, negotiating is a must too. Yes, it might not save you a lot many bucks, but you will be definitely saving some amount.
How Do You Get the Low Cost Car Insurance in Florida?
So, what are the best ways to get low-cost car insurance in Florida? Well, there are plenty of them, but you simply can’t avoid some factors. Check them out below.
- Shop More & Compare – With car insurance, the more you shop around, the more you explore options, the more you compare, the easier it would be for you to find cost-effective car insurance and with maximum coverage.
Make sure to get insurance quotes from the best companies, and compare them. Check out the price and coverage well, and see which insurance policy fits your bill the best.
- Maintaining Clean Driving Record – Car insurance companies do check the driving records. If you have a clean driving record and if your car isn’t involved in any violation or accident, you are eligible to claim a Telematics discount, which can help you save to a considerable extent.
A clean driving record implies fewer chances of accidents, which definitely improves your chance of getting a cost-effective car insurance policy.
- Maintain a Good Credit Score – The importance of a credit score when it comes to the car insurance policy cannot be stressed enough. Make sure to be on time with paying your premium amount as it will impact your credit score. The poor your credit score is, the more you will be paying car insurance premiums.
Keeping the above ways in your mind and nailing them would make it easy for you to get low-income auto insurance in Florida. With car insurance, it’s just about being a bit patient, being right with several things, and doing your research well.
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About the Author
Alex Huber is a content writer for Atoz Insurances and he is a very experienced and well-rounded freelance content writer who specializes in the insurance and finance niches. His writing is engaging and informative, and he has a strong understanding of the industries he writes about.