It’s impossible to miss the ads from auto insurance companies like Liberty Mutual, GEICO, and Progressive promising dirt cheap rates. So drivers should just choose any one of them, right?
It’s not that easy, however, as there are a lot of unknown factors such as the level of liability coverage you want, how safe your vehicle is, if you have ever had a coverage lapse, and if you have a spouse, that all go into determining the rate you pay. In this article, we will cover the causes of high insurance rates and educate you enough to have some help in finding cheaper rates.
One of the more important components that aid in calculating car insurance rates is where you normally keep your vehicle. Areas with more people or even just a higher incidence of claims likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates get the luxury of paying less.
The following table ranks the most costly cities in Florida for real estate agents in which to purchase auto insurance. Jacksonville is ranked at #20 with a yearly cost of $1,980 for coverage, which is about $165 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Hialeah | $3,523 |
| 2 | Miami Gardens | $3,245 |
| 3 | Miami | $3,177 |
| 4 | Miami Beach | $2,923 |
| 5 | Hollywood | $2,604 |
| 6 | Miramar | $2,603 |
| 7 | West Palm Beach | $2,599 |
| 8 | Tampa | $2,558 |
| 9 | Fort Lauderdale | $2,550 |
| 10 | Pompano Beach | $2,543 |
| 11 | Coral Springs | $2,499 |
| 12 | Pembroke Pines | $2,481 |
| 13 | Davie | $2,473 |
| 14 | Brandon | $2,298 |
| 15 | St. Petersburg | $2,286 |
| 16 | Clearwater | $2,172 |
| 17 | Spring Hill | $2,039 |
| 18 | Orlando | $2,029 |
| 19 | Port St. Lucie | $1,994 |
| 20 | Jacksonville | $1,980 |
| 21 | Lakeland | $1,901 |
| 22 | Cape Coral | $1,898 |
| 23 | Palm Bay | $1,786 |
| 24 | Tallahassee | $1,731 |
| 25 | Gainesville | $1,680 |
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Information shown are estimated as the garaging address in Jacksonville can increase or decrease insurance rates noticeably.
The type of vehicle you are insuring is probably the largest consideration when shopping around for affordable car insurance for real estate agents. Vehicles with high performance engines, poor passenger safety features, or a history of substantial liability claims will cost much more to insure than safer models. The next list showcases coverage costs for a handful of the cheaper vehicles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $1,138 |
| Honda CR-V LX 4WD | $1,248 |
| Ford Explorer XLT 4WD | $1,272 |
| Hyundai Elantra GLS Touring Station Wagon | $1,284 |
| Toyota RAV4 Limited 2WD | $1,347 |
| Chevrolet Malibu LT | $1,373 |
| Toyota Prius | $1,385 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $1,388 |
| Ford F-150 XLT Crew Cab 2WD | $1,395 |
| Ford Focus SES 4-Dr Sedan | $1,402 |
| Toyota Tacoma X-Runner 2WD | $1,419 |
| Toyota Corolla LE | $1,426 |
| Ford Edge Sport AWD | $1,419 |
| Ford Fusion SEL 4-Dr Sedan | $1,445 |
| GMC Sierra SLT Crew Cab 2WD | $1,453 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $1,445 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,451 |
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Price data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Premium amounts do not factor in Jacksonville, FL location which can alter rates considerably.
Looking at the data, cars like the Ford Escape, Honda CR-V, and Ford Explorer are likely to be some of the most budget-friendly vehicles to insure for realtors.
Car insurance companies ranked
Selecting the right insurer is difficult considering how many companies sell coverage in Jacksonville. The ranking data in the next section may help you choose which companies you want to consider when insurance shopping for real estate agents.
These ratings are for companies that write coverage in many states, so companies that only write business in Florida or surrounding areas are not taken into consideration for the list. If you wish to compare prices from these and other competitive companies, follow this link.
Top 10 Major Auto Insurance Companies in Jacksonville Ranked by Claims Service
- Travelers
- Nationwide
- Allstate
- State Farm
- Liberty Mutual
- GEICO
- American Family
- Esurance
- Titan Insurance
- AAA Insurance
Top 10 Major Auto Insurance Companies in Jacksonville Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
The information below demonstrates how choosing different deductibles can influence premium costs when trying to find cheap insurance for real estate agents. The data is based on a married male driver, comp and collision included, and no discounts are factored in.
As shown above, a 40-year-old driver could lower their car insurance rates by $394 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $590 by switching to a $1,000 deductible. Young drivers, like the Age 20 category, can cut $1,320 every year by choosing a higher deductible. If you make the decision to raise deductibles, it will be important to have plenty of discretionary funds to satisfy the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Difference between full coverage and liability only rates
Finding cheaper car insurance is important to most people, and one way to lower the cost of insurance for real estate agents is to only buy liability coverage. The illustration below compares insurance rates when comparing full coverage to liability only. The premiums assume no accidents or driving violations, $500 deductibles, drivers are single, and no discounts are factored in.
If the expense is averaged for all age categories, comprehensive and collision coverage on your policy costs $2,619 per year more than carrying just liability coverage. At some point, almost every driver questions when is it a good idea to stop buying full coverage. There is no definitive formula that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of having full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s claim settlement value is $11,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company will settle for is $10,000 after the policy deductible has been paid. If you are paying more than $1,000 annually for full coverage, then you might want to consider buying only liability coverage.
There are some conditions where removing full coverage is not recommended. If you haven’t paid off your loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not buy liability only.
Are you paying too much for car insurance in Jacksonville?
Jacksonville car insurance rates are determined by lots of factors that can increase your annual premium. Simply turning a year older, buying a different vehicle, or getting a DUI can trigger price changes resulting in some companies being more affordable than before.
Also, companies file new rates every year in order to maintain liquidity for claims. Unexpectedly high claims can cause higher rates, while profitable underwriting may produce cheaper Jacksonville car insurance rates.
The bar chart below shows which companies have the cheapest car insurance in Jacksonville, FL for a 35-year-old female driver with no accidents, a clean driving record, and a good credit history. If we estimate rates based on her current situation, USAA may offer the most affordable car insurance rates in Jacksonville at $1,151 each year. This is $1,297 less than the average premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers round out the rest of the cheapest Jacksonville, FL auto insurance companies.
Now we will pretend the driver from the above example a chargeable claim, a lower credit rating, and a speeding citation. Due to the fact that every insurance company has a different process to determine rates, comparing prices could now result in a different list of cheap Jacksonville auto insurance companies as shown below.
USAA now has the cheapest car insurance in Jacksonville, FL with Allied, Esurance, GEICO, and State Farm now rounding out the top five. This example illustrates why it is crucial to shop around when trying to get the most economical auto insurance quotes for real estate agents. Insurance prices can be determined by many different factors and can change substantially, so the cheapest option the last time you compared rates may now not even be in the top five.