How much does car insurance cost for seniors in Florida?
Car insurance in Florida for seniors is around $2,097.05 on average, but expect to pay anywhere from $763 to $5,072 annually. Costs will be higher if you get into an accident, are convicted of a DUI, or get higher coverage than the minimum.
Is Insurance Worth the Cost?
It’s no secret that insuring your car in Florida is expensive, but it’s worth the cost to avoid legal and financial penalties. Here are the penalties for driving without insurance in Florida:
||Third and subsequent offenses within 3 years of first reinstatement
|Suspension of license and registration until you pay the reinstatement fee and secure noncancelable coverage
Aside from the penalties, you’ll be responsible for your medical costs and property damages, and the other party’s property damages too, in at-fault accidents. Although not having insurance will save you money in the short term, it’s not worth it in the long term, especially if you have an accident.
How to Save
Even though Florida ranks fifth in the nation for high car insurance costs2, there are some ways you, as a senior, can lower your prices.
- Look for discounts. Some car insurance companies offer insurance discounts for drivers ages 55 and over. Direct Auto, for example, lets you save 5 percent if you complete a motor vehicle accident prevention course.3 Other companies also offer discounts for taking defensive driving courses; GEICO offers 10 percent off if you complete an approved course, lowering rates for drivers regardless of age.
- Bundle your insurance. If you also have a homeowners, condo, renters, or any other type of insurance policy, see if you can bundle all your policies under a single provider. You’ll most likely save money by bundling your policies.
- Adjust your policy. You can raise your deductible, lower your limits, or drop unnecessary coverages while still staying financially protected. For example, you don’t need insurance on a car that doesn’t run or collision coverage for a car in storage.