UPDATED: Mar 13, 2020
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Cheap Car Insurance in Orlando, FL
Are you looking for cheap auto insurance in Orlando? At AutoInsuranceEZ.com, you can get the best rates near you. We’ve conducted some in-depth research, and gathered the data below. With the right information, you too can find great rates on your car insurance.
Orlando may be known worldwide as the home of Disney World, but there is more to this city than meets the eye. Orlando is in the middle of significant economic growth, and not just in the tourism industry. Everything from agriculture to military operations to film production is flourishing in Orlando. Locals say that the constant sunshine and enjoyable weather is an added bonus.
- Fun fact: Did you know that Orlando is #3 on the list of “Top 101 cities with largest percentage of males and females working in industry: Arts, entertainment, and recreation (population 50,000+)”? Learn more about Orlando, Florida.
Auto Insurance Coverage Requirements in Orlando
Like other major Florida cities, Orlando drivers must meet the state minimum requirements for car insurance in Florida. And those minimums are:
|Bodily Injury Liability||Not required||100,000/300,000|
|Property Damage Liability||10,000||50,000|
|Uninsured Motorist Bodily Injury||Not required||10,000/20,000|
|Medical Payments||Not required||5,000|
|Collision||Not required||500 deductible|
|Comprehensive||Not required||250 deductible|
It’s also worth mentioning that drivers who are financing their automobile may be required to purchase Comprehensive & Collision coverage, in addition to the state minimums. But this requirement will come from your insurance provider, not the state of Florida. You have the option to add Uninsured/Underinsured and/or Bodily Injury Liability coverage to your policy as well.
For Orlando drivers, the average cost per month for insurance comes to about $79 monthly, which is lower than the state average of $153/month. Please keep in mind however that these are averages based on aggregated data. Your individual rate will vary.
Based on our collected data, Amica and 21st Century are the most affordable auto insurance providers located in the Orlando area. As an added bonus, they are priced below the state average, despite the fact that Orlando drivers tend to pay more per month than the average Florida motorist.
Insurance carriers consider numerous elements when assessing insurance quotes, including geography, your zip code, your marital status, your credit score/rating, driving distance to work, and whether or not you have multiple cars and drivers on the same policy. Additionally, premiums differ from provider to provider. To make sure you’re still paying the most favorable rate, compare local quotes for car insurance in Florida online.
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Major Car Insurance Factors in Orlando
Insurance companies take several factors into account when crafting an insurance policy. Unfortunately, many of these factors are difficult or impossible to change, such as your gender or where you live. Other factors your car insurance company may consider include:
Your Zip Code
Where you park your car each night will have a major impact on your auto insurance rate. As you can see in the chart below, living in Orlando is significantly cheaper than Miami or Hialeah. The population of Orlando is 255,483. In 2013, the approximate median household income was $41,345.
If you live in an area with a lot of traffic, odds are that the crash statistics will be higher as well. As you can see from the chart, Orlando has some moderately high crash rates, especially when it comes to persons involved in fatal crashes.
Auto Thefts in Orlando
Living in a large city (Especially one with a high crime rate) will increase your risk of being a victim of auto theft. If your general location has high rates of theft and claims, you can expect to pay more for auto insurance to offset these costs. The total number of stolen vehicles in Orlando was 1,020 back in 2013. Most drivers don’t know that basic insurance coverage policies don’t have Comprehensive coverage, and therefore don’t cover auto theft. But, as you can see from the price differences, there’s a good reason most drivers don’t have this type of coverage.
Your Credit Score
You may not think about your credit score that often, but your auto insurance company sure does. By examining the chart below, you can see what a significant difference your credit score can make. For some companies, your monthly premium could skyrocket by 75% or more if you are currently suffering from a poor credit score.
Age, however, is a different story. Insurance companies clearly believe that young drivers are a greater risk on the road – and this philosophy is reflected by the difference in monthly premiums. For a clearer picture, take a look at the chart below.
Your Driving Record
Another major factor which influences your auto insurance premiums is your driving record. For minor violations, such as a speeding ticket or a “fender-bender”, you insurance will increase somewhat (anywhere between 18-30%, depending on the violation). However, some companies with an “Accident forgiveness” policy may ignore past discrepancies from your record. But for more serious violations, such as a DUI, your car insurance rates could double in price virtually overnight. Some major providers might discontinue your coverage entirely for being cited with a DUI or a reckless driving violation.
Confused about which vehicles are cheaper to insure than others? Well, so are most insurance companies. But one thing they are very clear on, however, is that more expensive vehicles (such as luxury cars) should be charged a higher premium than your typical, compact sedan. This sentiment is reflected in the chart below, where you can see that carrying auto insurance on a luxury vehicle is significantly more expensive than with your typical sedan.
Minor Car Insurance Factors in Orlando
There are other factors which can influence your rate, although not as much as the others listed above:
Your Marital Status
Did you know that married couples can save a bundle on their car insurance by bundling their policies together? If you are married, and you and your spouse have the same insurance company, go ahead and take advantage of the discounts your provider may offer.
Gender is another attribute which, like marital status, varies from one company to another. Some insurance providers charge their male drivers 1-2% more, while other companies quote similarly higher rates for female motorists. And some companies will charge you the same price, despite whether you are male or female.
Your Driving Distance to Work
In Orlando, you can expect your daily work commute to last about 26 minutes on average. Around 80% prefer to drive to work alone, while less than 10% of motorists can be found carpooling to work.
In some states, you may have heard that the miles you drive yearly or your purpose on the road (whether you’re driving to work, school, or out for fun) can impact your rates. In some cases this is true, but in others, not as much. Vehicles driven for business tend to get a moderately higher rate – somewhere around 11%. Other than that, your yearly mileage or personal reasons for driving will unlikely change your premiums much.
Your Coverage and Deductibles
The amount, as well as the types of coverage you purchase for your vehicle will have significant influences on your monthly premium. For obvious reasons, a bare bones state minimum coverage policy will be much cheaper than a fully comprehensive, high coverage plan. You can alleviate your monthly costs by choosing a higher deductible, or eliminating certain coverage options (such as towing or rental car coverage).
Education in Orlando, FL
The greater your education, the cheaper your insurance will be. Many Orlando motorists have a high school diploma or some other equivalent. Additionally, there are more drivers in Orlando with Bachelor’s degrees than there are high school drop-outs. However, contrary to some popular beliefs, there is no evidence to suggest that your specific profession or your annual income influences your monthly insurance payments.
If you aren’t already one of the Orlando residents with a higher education, becoming one can be a very easy process. Rollins College and the University of Central Florida (UCF) are four-year colleges where you can get a degree in just about anything, from engineering to performing arts. UCF is a public institution, whereas Rollins is a private school. There are also several two-year colleges which offer associates degrees and technical training to more than 75,000 students.
Finding affordable automobile insurance can be a hassle. There’s a lot of information you need to consider, and figuring out how insurance companies evaluate your potential risk can be complicated. But don’t let the wrong insurance company talk you into purchasing the wrong policy.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.
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