This would be a real easy article to write if we could just tell you the one company that has the cheapest rates in Florida. That is not the case, however, as there are a ton of unknowns like the likelihood of vehicle theft where you live, the number of miles you drive in a year, and your financial stability, that all factor into the price you pay. We will touch on these things and also should give you a good start in finding the cheapest insurance in Orlando.
One of the more important factors that determine car insurance rates is where you live. More populated areas likely pay more, whereas areas with lower crime rates and fewer weather claims benefit from lower coverage costs.
The following table sorts the highest-priced places in Florida for teenage males to buy car insurance in. Orlando is ranked #17 with an annual cost of $2,090 for the average insured, which is approximately $174 each month.
|5||West Palm Beach||$2,705|
|20||Port St. Lucie||$1,935|
|Find Cheaper Rates Go|
Rate quotes are comparative as zip code location can modify price quotes significantly.
Comparing quotes for low-cost auto insurance is hard enough, and figuring out which companies offer the lowest-priced auto insurance rates for teenage males takes even more rate comparisons.
Every car insurance company has their own formula to establish rates, so first let’s look at the rankings for the auto insurance companies with the overall best prices in Orlando.
Find the Best Cheap Insurance for Teens
|Rank||Company||Cost Per Year|
|Find Your Rate Go|
USAA generally has some of the cheapest car insurance rates in Orlando at around $986 annually. This is $1,462 less than the average price paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers would also be considered some of the most economical Orlando, FL insurance companies.
In this example, if you are insured with Amica and switched to USAA, you could see a yearly savings of in the vicinity of $778. Drivers with Progressive might save as much as $789 a year, and Travelers customers might reduce rates by $883 a year.
It’s important to note that these policy rates are averaged across all types of insureds and vehicles and and are not calculated with an exact location for teenage males. So the auto insurance company that fits your age and vehicle best may not even be in the list above. That points out the importance of why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.
The illustration below illustrates how your deductible choice can increase or decrease premium costs when getting quotes for cheap insurance for teenage males. The premiums are based on a single female driver, comp and collision included, and no policy discounts are applied.
The data above shows that a 30-year-old driver could lower their policy premium by $512 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $770 by switching to a $1,000 deductible. Even younger insureds, like the 20-year-old category, could shave up to $1,148 each year just by choosing larger deductibles.
When raising deductibles, it’s a good idea to have plenty of savings on hand to allow you to cover the extra out-of-pocket expense, which deters some people from using high deductibles.
Drive responsibly or pay higher rates
In a perfect world, the best way to maintain affordable auto insurance premiums in Florida for teen boys is to be a good driver and not get tickets or have accidents. The information below demonstrates how citations and accidents can influence auto insurance costs for different age categories. The premiums assume a married female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied to the premium.
In the previous chart, the average cost of an auto insurance policy in Florida per year with no accidents and a clean driving record is $1,841. Get two speeding tickets and the average cost jumps to $2,622, an increase of $781 each year. Now throw in two accidents along with the two speeding tickets and the 12-month cost of auto insurance for teenage males jumps again to an average of $5,396. That’s an increase of $3,555, or $296 per month, just for not paying attention while driving!
Rate difference between full and liability-only coverage
Reducing premiums for auto insurance should be important to most vehicle owners, and an effective way to lower the cost of insurance for teenage males is to only pay for liability coverage. The chart below shows the difference between insurance premiums when comparing full coverage to liability only. The prices are based on no claims or violations, $250 deductibles, marital status is single, and no discounts are factored in.
Averaged for all ages 20 through 70, comprehensive and collision coverage on your policy costs an extra $2,922 per year more than insuring for liability only. That raises the question when is the right time to remove full coverage. There is no exact formula to exclude physical damage coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s assume your vehicle’s book value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $8,000 after paying your deductible. If you are paying more than $800 a year for physical damage coverage, then you might want to consider buying only liability coverage.
Are you paying too much for car insurance in Orlando?
Orlando auto insurance rates are impacted by many factors that can increase the cost of your policy. Improving your credit score, getting married, or getting a reckless driving citation may prompt premium changes that may make certain companies cheaper than competitors. In addition to those changes, car insurance companies change their prices at least once a year as an adjustment for underwriting gains or losses. A period of higher than normal claims may result in increased rates, while a lower level of claims can produce cheaper Orlando car insurance rates.
To help illustrate this point, the bar chart below shows a variety of companies that have the cheapest car insurance in Orlando, FL for a 35-year-old female driver with a clear driving record, no claims, and excellent credit. If we look at prices based on her current situation, USAA might offer the most affordable car insurance rates in Orlando at $1,191 each year. This is $1,257 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Mercury are also on the list of the cheapest Orlando, FL auto insurance companies.
The example below compares rates after we give the driver from the first rate comparison a claim surcharge, less-than-perfect credit, and a blemish on her driving record. Because every insurance company has a different process for determining rates in each state, comparing quotes will most likely result in a different list of affordable Orlando car insurance companies as shown below.
USAA now has the best car insurance rate in Orlando, FL with Allied, Esurance, State Farm, and Auto-Owners completing the list. This example proves why it is critical to perform a complete rate comparison when trying to get the most budget-friendly auto insurance quotes for teenage males. Insurance prices are impacted by many different factors and can decrease or increase without notice, so the cheapest rate the last time you checked may now be one of the higher cost companies.