For student drivers, one of the largest criteria that determine the annual cost of car insurance is where you keep your car in Orlando. Areas with high crime rates or more dense population tend to have more expensive car insurance rates, whereas less populated areas have the luxury of lower rates.
The information below sorts the most expensive cities in Florida for good students to purchase a policy in. Orlando ranks #17 with a yearly cost of $2,090 for the average insured, which is approximately $174 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Hialeah | $3,630 |
| 2 | Miami Gardens | $3,181 |
| 3 | Miami | $3,145 |
| 4 | Miami Beach | $3,013 |
| 5 | West Palm Beach | $2,705 |
| 6 | Tampa | $2,636 |
| 7 | Hollywood | $2,604 |
| 8 | Miramar | $2,603 |
| 9 | Pompano Beach | $2,595 |
| 10 | Coral Springs | $2,574 |
| 11 | Pembroke Pines | $2,505 |
| 12 | Fort Lauderdale | $2,475 |
| 13 | Davie | $2,473 |
| 14 | Brandon | $2,298 |
| 15 | Clearwater | $2,238 |
| 16 | St. Petersburg | $2,196 |
| 17 | Orlando | $2,090 |
| 18 | Spring Hill | $2,060 |
| 19 | Jacksonville | $2,040 |
| 20 | Port St. Lucie | $1,994 |
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Table data uses comparative as vehicle location can impact auto insurance rates substantially.
Figuring out which company offers the cheapest car insurance rates for good students involves a tad more effort in order to find the most economical policy.
Every auto insurer uses a different method for determining rates in each state, so let’s take a look at the overall cheapest car insurance companies in Orlando.
Cheap Insurance Rates for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $948 |
| 2 | Amica | $1,694 |
| 3 | Electric | $1,712 |
| 4 | Progressive | $1,793 |
| 5 | Mercury | $1,914 |
| 6 | Travelers | $1,926 |
| 7 | Allied | $1,985 |
| 8 | Esurance | $2,040 |
| 9 | State Farm | $2,047 |
| 10 | Auto-Owners | $2,107 |
| 11 | GEICO | $2,150 |
| 12 | Allstate | $2,317 |
| 13 | 21st Century | $2,445 |
| 14 | Windhaven Insurance | $2,549 |
| 15 | MetLife | $2,900 |
| 16 | Hanover | $2,934 |
| 17 | Safeco | $2,987 |
| 18 | Liberty Mutual | $3,101 |
| 19 | United Automobile | $3,422 |
| 20 | Direct General | $3,902 |
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USAA offers some of the cheapest car insurance rates in Orlando at around $948 per year. Amica, Electric, Progressive, and Mercury also make the cut as some of the cheapest Orlando, FL insurance companies.
As the rates illustrate above, if you currently have coverage with Electric and switched to USAA, you could earn an annual premium reduction of in the vicinity of $764. Policyholders with Progressive might save as much as $845 a year, and Mercury policyholders might lower prices by up to $966 a year.
These premium estimates are averaged for all insureds and vehicles and and are not calculated with an exact vehicle garaging location for good students. So the car insurance company that has the lowest price for you may not even be in the top 21 companies in the list above. That is why you need to get quotes using your own personalized driver profile and vehicle information.
Rate difference between full and liability-only coverage
Paying a lower price for car insurance should be important to the majority of vehicle owners, and one of the easiest ways to find cheaper insurance for good students is to buy liability only. The chart below visualizes the comparison of car insurance rates with full coverage and liability only. Data assumes no claims, a clean driving record, $1,000 deductibles, marital status is single, and no other discounts are factored in.
If we average the cost for all age groups, physical damage coverage costs $1,747 per year over liability only. That is a large expense which might make you wonder if paying for full coverage is worth it. There isn’t a steadfast formula to drop physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of full coverage is more than around 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let’s pretend your vehicle’s claim settlement value is $12,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company would pay you is $11,000 after you pay the deductible. If you are paying in excess of $1,100 a year for your policy with full coverage, then it could be time to drop full coverage.
There are some cases where buying only liability insurance is not advised. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not remove full coverage.
Buying coverage from the best car insurance company can be challenging considering how many choices you have in Orlando. The ranking data listed below may help you select which car insurance providers you want to consider shopping prices with. The ratings below include the largest auto insurers in America, so smaller regional companies are not taken into consideration for the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
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Data Source: Insure.com Best Car Insurance Companies
The diagram below illustrates how choosing a deductible can increase or decrease yearly insurance costs when quoting cheap insurance for good students. The price estimates are based on a married male driver, full physical damage coverage, and no additional discounts are factored in.
The chart above illustrates that a 50-year-old driver could reduce rates by $406 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $610 by choosing a $1,000 deductible. Even younger insureds, like the 20-year-old, could shave up to $1,354 or more just by choosing higher deductibles when buying full coverage.
If you do make the decision to raise your deductibles, it will be important to have additional funds squirreled away to offset the extra out-of-pocket expense that comes with higher deductibles.
Why are you paying too much for car insurance?
Orlando, FL car insurance rates are calculated based on many things which can significantly increase or decrease the cost of a policy. Improving your credit score, having a claim, or getting a couple of tickets may generate price changes resulting in some companies being more affordable than competitors.
Not only may your risk profile change, but insurers amend pricing every year in order to remain profitable. Higher than usual claims may cause more expensive prices, while a better claims history may produce lower-priced Orlando car insurance rates.
To illustrate this point, the bar chart below demonstrates which company has the cheapest car insurance in Orlando, FL for a 40-year-old male driver with no prior accidents, a clean driving record, and good financial standing. When comparing rates based on his current situation, USAA might quote the best car insurance rates in Orlando at $1,144 a year. This is $1,304 less than the average policy premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers also make the list of the cheapest Orlando, FL auto insurance companies.
The example below compares rates after we give the driver from the above example a claim or two, a lower credit rating, and a few blemishes on his driving record. Due to the fact that every auto insurer has their own unique process to establish rates, analyzing rates may now result in a substantially altered list of cheap Orlando auto insurance companies as shown below.
USAA now has the cheapest insurance rate in Orlando with Mercury, Auto-Owners, Esurance, and State Farm now rounding out the top five. This shows why it is critical to shop around with many companies when trying to find the cheapest auto insurance quotes for good students. Auto insurance prices consist of many different factors and change substantially, so the most economical option the last time you compared rates may now be priced much higher than other options.
The agents listed below are willing to help you make a decision which coverage meets your needs best, as some people prefer to get some professional advice when trying to find the best insurance rates for student drivers. It’s not always simple to find the best coverage yourself, and insurance agents licensed in the state of Florida can provide peace of mind knowing you have adequate protection in the event of a claim.
To locate an Orlando insurance agent close to you, click the link after the list.
- R J Allen – State Farm Insurance Agent
8255 Lee Vista Blvd C – Orlando, FL 32829 – (407) 823-7900 - Leigh DelVesco – State Farm Insurance Agent
3806 Edgewater Dr – Orlando, FL 32804 – (407) 290-8544 - Andy Phillips – State Farm Insurance Agent
7608 W Sand Lake Rd – Orlando, FL 32819 – (407) 354-1320