You may need high-risk auto insurance if you have a history of driving infractions, such as at-fault accidents and tickets. In this situation, insurance providers consider you to have a high probability of incurring a considerable risk of financial cost to the company, so you may need to shop around to find a carrier that will write you a policy. Read on for a comprehensive guide to Florida high-risk auto insurance if you need car coverage to drive legally in the state.
Who Requires High-Risk Auto Insurance?
Auto insurance website The Balance reports that these four categories of drivers may typically require high-risk auto insurance:
- Young drivers sometimes need high-risk insurance, since teens have a much higher risk for accidents than motorists in other age groups.
- Drivers with poor credit may need high-risk insurance if they live in a state where insurers can use this factor to assess claim risk.
- Drivers who have at least one serious traffic infraction or several less serious violations in just a few months may need high-risk insurance.
- Senior drivers over the age of 65 are considered to be higher-risk drivers by some insurance companies. This can be addressed by taking defensive driving courses or looking into insurers that have better rates or group plans for seniors.
According to WalletHub, for example, your Florida auto policy rates could increase by more than 100 percent after a ticket for driving under the influence of alcohol or drugs. Receiving several tickets in a short time is associated with a rate increase of about 35 percent, while drivers who have poor credit can pay up to 69 percent more for auto insurance than good-credit drivers.
How Much Does High-Risk Auto Insurance Cost in Florida?
The Zebra reports that the average auto insurance rate in Florida for a driver after an at-fault accident is $2558 per year, compared to the national average insurance rate of $2012 per year. It usually takes about three years for your coverage cost to go down again after this type of incident.
According to the website, drivers who qualify for USAA can get the best average rates in this situation. The company charges an average of $1727 per year after an at-fault crash, 68 percent less than the overall average insurance cost after an accident. You’ll pay the most after an accident claim if you have a policy with Allstate or Progressive.
After a distracted driving ticket in Florida, you can expect your insurance cost to increase by about $297 annually. That’s about 16 percent higher than you would otherwise pay in Florida and 72 percent higher for drivers with a similar history across the U.S.
Reckless driving can result in an annual policy increase of $981. That’s more than double what you’ll pay on average in Florida without this ticket, but less than U.S. drivers with this history pay on average.
Where Can I Buy Florida High-Risk Auto Insurance?
According to Acceptance Insurance, most drivers who need a high-risk policy pay up to 69 percent more than drivers who have a clean motor vehicle history. You can save money and time by reviewing which providers offer this type of insurance to Florida drivers. WalletHub recommends going with State Farm, MetLife, or Progressive if you find yourself in this situation, noting their low customer complaint rate and strong finances and their relatively affordable rates for high-risk drivers.
The Balance recommends Bristol West, a company with a 45-year history of insuring high-risk drivers who have DUIs, no insurance history, or no credit. This Farmers Insurance subsidiary gets an Excellent A rating from AM Best for financial strength.
Another option, GEICO, tends to offer lower prices for high-risk drivers than other large insurance companies. AM Best gives this firm a financial strength rating of Superior A++; it also earns high independent customer satisfaction ratings. The company offers very reasonable rates for young drivers as well as those who fall into the high-risk category because of poor credit scores.
GEICO can also provide an SR-22 filing. This document proves to the state that you have purchased minimum liability auto insurance and may be required for high-risk drivers.
State Farm is another smart option for high-risk drivers. The company has the largest market share for car insurance in the U.S. and has high ratings both from independent customer services and industry organizations. State Farm also offers lower-than-average rates for drivers who have a history of multiple traffic tickets or DUI. The company’s Drive Safe and Save program allows you to save up to 30 percent if you enroll in a telematics program that monitors your driving behavior.
If you get multiple rejections from private auto insurance companies, you can seek insurance through the Florida Automobile Joint Underwriting Association (FAJUA). This state-administered group writes policies that work like regular car insurance and have similar coverage options, but tends to cost more than a traditional policy because of the higher associated risk level.
To qualify for this plan, you must be a Florida resident and you do not need to show proof of rejection from traditional insurance companies. You may also qualify as a nonresident who:
- Has a vehicle with a valid Florida registration
- Are stationed in Florida by the U.S. military
- Live in another state but attend a Florida college or university on a full-time basis
The basic FAJUA policy provides the coverage you need to legally drive your car in Florida.
How Do I Buy High-Risk Auto Insurance?
When you fall into the high-risk category because of past auto insurance claims, ask your prior insurance company for a full history documenting your claims. You will need this information to shop for a policy from other providers. If you receive multiple coverage denials, consider contacting the office of the Florida insurance commissioner to find out about special insurance programs for high-risk drivers.
To find the best rates for Florida high-risk auto insurance, get quotes from several insurers before you make your decision. Try to talk to the agent personally so you can ask about ways to lower your rates and strategies to lower your risk level.
Sources:
Best High-Risk Auto Insurance Companies
How can I get cheap high-risk auto insurance in Florida?
High-Risk Driver Car Insurance in Florida
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