What Are The Car Insurance Coverage Level Rates By The Company
Now that you are beginning to understand how things can influence the type of coverage you might need, it is time to consider how much coverage you might need. The table below can help you do just that.
Florida Car Insurance Coverage Level Rates by Company
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As you can see, the higher your coverage, the higher your car insurance rate will be, which is why it is so important to shop around. That is not the end of the story.
An older car with higher mileage might not need as much coverage. A lender on a new car might require you to have a better credit score or clean driving record.
What Additional Coverages Are Available In Fl
While Florida may only require you to maintain $10,000 for an individuals bodily injury, $20,000 for injury to multiple persons, $10,000 for property damage, and a $30,000 minimum per accident, there are benefits to going above and beyond what the law requires.
Some of these options include:
- MedPay insurance subject to the policy limits will cover the medical payments for all passengers in a vehicle that is injured in an accident. This includes the ambulance ride and treatment.
- Uninsured/Underinsured insurance will protect you if you are in an accident with an at-fault driver who isnt carrying liability insurance or whose limits are too low to cover the damages and medical expenses incurred by you or others during an accident.
Below are the loss ratio trends for Florida as a whole, which can give you an indication of how the car insurance market as a whole is doing.
Loss Ratio of Florida Car Insurance Claims
| Loss Ratio |
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The loss ratio numbers for PIP, MedPay, and Uninsured/Underinsured motorist sections are good news to you as a Florida consumer. Why? What do these loss ratios mean to you?
- A High Loss Ratio indicates that the companies are losing money because they pay out too many claims for the rates they have earned, which might cause them to face bankruptcy. A high loss ratio is a good indicator of future rate increases.
- A Low Loss Ratio indicates that companies might have overpriced their policies and that a rate decrease could occur soon.
Cheapest For Young Drivers: Geico
Geico has an even more competitive rate advantage when it comes to young drivers. On average, an 18-year-old driver pays 42% less for a policy with Geico than Liberty Mutual. That’s an average savings of $2,182 per year.
Geico is particularly cheap for young drivers shopping for full-coverage car insurance. At $3,854 per year, a policy from Geico costs $3,078 less per year than a policy from Liberty Mutual. However, both insurers are cheaper than the national average for 18-year-olds, which is $7,396 per year.
| Coverage | |
|---|---|
| $6,932 | $3,854 |
Insurers consider young drivers especially teenagers at a high risk of getting into an accident. Young people should always compare rates from multiple insurers to find the best policy.
Young drivers can also consider joining their parents’ auto insurance policy. Their rates will be more expensive if you’re on the policy, but the price of a combined policy is usually less than the cost of having separate policies across family members.
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What Are Floridas Safety Laws
There are several laws on the books in Florida that are designed to keep Floridians safe while on the road. Some of these include DUI laws and laws that regulate distracted driving.
Partying and texting have their place, but not behind the wheel. Scroll down to find out how the state of Florida deals with such bad decisions.
What are the DUI laws in Florida?
Drinking and driving is nothing to celebrate. According to Responsibility.org, Florida suffered 839 Alcohol-Impaired Driving fatalities in 2017 alone.
The penalties for driving while impaired are stiff, and they should be. Take a look at what it could cost you to take your party on the road.
- First Offense up to six months in jail, $500-$2,000 fine/penalty, and between 180 days to a year of license suspension.
- Second Offense up to nine months in jail, $1,00-$4,000 fine/penalty, and between 1-5 years of license suspension.
- Third Offense 30 days to five years in jail, $2,000-$5,000 fine/penalty, and 2-10 years of license suspension.
It is just not worth the risk. As we say in Florida: Arrive Alive.
Does Florida have marijuana-impaired driving laws?
While it is now legal to partake in medical marijuana in the Sunshine State, it is still illegal to drive while under its influence.
Penalties and fines for driving while under the influence of drugs are just as stiff as they are for DUIs. Take a look:
In short, Florida is not kidding around, so make sure that you choose not to get behind the wheel while under the influence.
What Kind Of Car Insurance Does My State Require
Want to learn more about a states specific auto insurance requirements? Choose a state to see a summary of the coverage requirements and some optional coverages to consider based on location.
When you get a car insurance quote, well make sure you get the auto insurance coverage required where you live. Then, you can customize your coverage, so you only pay for what you need.
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Liberty Mutual Auto Insurance Reviews
We rate Liberty Mutual a 9.0 out of 10.0 and recognize it for having Good Programs for Young Drivers in 2022. The overall rating of 9.0 was aggregated from the companys performance across five key categories for car insurance: cost, coverage, reputation, availability and customer experience.
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Overall Rating |
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*Ratings are determined by our editorial review team. Learn more about our scoring methodology below.
Do All States Require Auto Insurance
No. If you live in Virginia or New Hampshire, youre not required by law to have car insurance. Its important to note however, that in the event youre found at fault for an accident, you will be responsible for the cost of any resulting damages.
Even if you live somewhere with no insurance requirement, its still a good idea to consider getting insurance for your vehicle and most car owners who live in these states do to protect themselves financially and provide peace of mind.
Regardless of where you live, if you finance or lease your vehicle, you will most likely be required to carry insurance on your vehicle.
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Liberty Mutual Insurance Quote
Our team got a quote from Liberty Mutual for $215 per month for a full coverage policy. This quote was for a 26-year-old driver who owns a 2018 Honda Accord and drives 12,500 miles per year. The cost for this policy comes out to $2,580 a year, which is higher than the national average of $1,730.
Heres a closer look at how Liberty Mutual rates compare to leading national providers.
What Factors Affect Liberty Insurance Rates?
Car insurance costs are influenced by many factors, some of which are in your control and some which are not. Understanding which ones you have control can help you ensure you get the best rate.
Here are the most common factors that affect car insurance rates:
Is Liberty Mutual Good Car Insurance
The biggest benefit of Liberty Mutual is the variety of options. The firm provides a variety of coverage alternatives, including specialist options. There are various ways to save money by participating in discount programs.
However, Liberty Mutual auto insurance may not be the best or cheapest alternative for high-risk drivers.
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Pricing Based On Tracked Driving Habits
In some states, you can get a discount for allowing Liberty Mutual to monitor your driving through its RightTrack program. An app on your phone or a small tracking device in your car measures habits like acceleration, braking, distance and time of day. You get a discount for signing up, which can change later based on how safely you drive during a 90-day evaluation.
See what you could save on car insurance
Easily compare personalized rates to see how much switching car insurance could save you.
What Are The Rules Of The Road In Florida
No matter which state you reside in, there will always be rules of the road. Knowing what they are in Florida could help you keep your driving record clean.
Knowing the laws and obeying them can also help you keep your cool when shopping around for the best prices on car insurance.
Keep scrolling to find out all you need to know to be a well-informed driver as you head out on the road.
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Liberty Mutual Auto Insurance Coverage
When youre shopping for car insurance, its important to understand what car insurance coverage you want and what youre required to buy. Most states require car insurance in order to drive a vehicle. Although minimum coverage requirements vary from state to state, they generally include liability insurance and uninsured or underinsured motorist coverage.
If you want extra protection, you may be interested in full coverage insurance. Full coverage isnt a specific policy type it’s a combination of coverage types, like liability, collision and comprehensive insurance.
Check out the most common types of car insurance coverage below to see how they work:
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Coverage type |
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|---|---|---|
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Bodily injury and property damage liability |
Costs for injuries, deaths or property damage from an accident you caused. |
Typically required. |
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Uninsured or underinsured motorist coverage |
Medical and property damage costs after an accident with a driver who has insufficient insurance or none at all. |
Often required. |
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Repair expenses from traffic-related accidents, regardless of who’s at fault. |
A car loan or lease may require it. |
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Comprehensive coverage |
Repair costs from events outside of your control, including weather events, hitting an animal while driving, theft and vandalism. |
A car loan or lease may require it. |
Liberty Mutual offers standard auto policies to which you can add several types of optional coverage, including:
» MORE:Compare car insurance rates
Free Car Insurance Comparison
GEICO controls approximately 25% of the overall car insurance market in Florida. GEICO also has $4,678,326 in Direct Premiums Written, which indicates that GEICO is financially sound as well since:
While insurance companies can increase revenue by increasing premiums on policies that have come up for renewal, the main driver for growth in this area is writing new policies.
What about The General auto insurance in Florida? You can get cheaper car insurance, but GEICO and other high market companies perform much better.
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What Is The Average Cost Of Car Insurance In Florida
The average cost of car insurance in Florida is $2,328 per year per year according to thezebra.com.2 Thats 56.5% higher than the national average. Of course, your auto insurance cost will depend on many different factors including your age, where you live, and your driving history.
Some people get the bare minimum coverage, while others prefer the comfort and security of more protection. Liberty Mutual customizes your Florida auto insurance, so you only pay for what you need.
How To Cancel Car Insurance Liberty Mutual
Policyholders can easily terminate their auto coverage with Liberty Mutual by calling 1 658-9857 and speaking with an insurance advisor. If the representative you speak with asks you questions regarding your new insurance, be prepared to provide them with your policy details. It would be best to inquire about any costs or refunds that may apply during the cancellation process.
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Liberty Mutual Auto Insurance Reviews: Conclusion
In this article, Liberty Mutual auto insurance received 9.0 out of 10.0 stars by our reviews team based on the same categories used to assess all car insurance providers. We also included a complete guide to Liberty Mutual, providing in-depth information on the companys auto and home insurance costs, coverage and customer reviews.
Liberty Mutual Insurance Company Reviews
Founded: 1912Better Business Bureau rating: A+AM Best financial strength rating: A
The Liberty Mutual Group is an international insurance provider that was founded in Boston in 1912. The provider offers many auto insurance policies and add-oncoverage options for drivers nationwide. According to the National Association of Insurance Commissioners , Liberty Mutual wrote over $12.7 billion in direct premiums in 2021.
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Liberty Mutual Vs Geico Discounts
Liberty Mutual offers more discounts than Geico.
Many of Liberty Mutual’s discounts are easy to earn like its early shopper discount for getting a quote before your current policy expires.
Both Geico and Liberty Mutual offer a military discount. However, Geico’s discount is only available to active-duty service members and veterans. Liberty Mutual extends the discount to reservists, too.
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Why Does The Cost Of Auto Insurance Vary By State
The cost of car insurance varies by state for a few reasons. Some of the most straightforward reasons are state-specific laws that dictate required insurance coverages or minimums that vehicle owners need to meet.
Some of the lesser-known reasons car insurance cost may vary from one state to another include severe weather-related risks, a states claims-to-litigation ratio, or that a state prohibits insurance companies from using specific driver information, such as age or gender, as a factor to determine rates.
Some common coverage disparities that you might see from state to state include Personal Injury Protection coverage limits and uninsured motorist coverage.
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Cheapest For Most Drivers: Geico
Geico has cheaper car insurance prices than Liberty Mutual across multiple coverage levels. A minimum-coverage policy from Geico costs $667 per year, or $56 per month, on average. That’s $185 per year cheaper than the same coverage from Liberty Mutual, and $118 less expensive than the national average.
Find Cheap Auto Insurance Quotes in Your Area
Full-coverage car insurance is also cheaper with Geico. A policy costs $108 per month, which is $49 per month cheaper than Liberty Mutual.
| Coverage |
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| $1,291 |
Liberty Mutual Coverage Options
Drivers can also purchase add-on coverage. Heres an overview of the additional coverage options Liberty Mutual provides:
| Liberty Mutual Coverage | |
|---|---|
| This optional collision coverage helps reduce your deductible by $100 each year. | |
| Lifetime Repair Guarantee | If your vehicle needs repairs because of an accident, this coverage takes care of all arrangements and guarantees your repair for as long as you own your car. The company partners with over 2,000 repair facilities nationwide. |
| New Car Replacement Insurance | This ensures that you receive a brand-new car if your totaled vehicle is under one year old and has fewer than 15,000 miles. |
| Better Car Replacement Insurance | If you get into an accident and your car is deemed a total loss, your coverage will give you money for a replacement car that is one model year newer with 15,000 fewer miles than your current car. |
| Rental Car Reimbursement | If your vehicle is repaired at an approved repair facility, Liberty Mutual will reimburse you for your rental car. |
| 24-Hour Roadside Assistance | This add-on coverage provides 24-hour roadside assistance and covers towing, jump-starts, emergency fuel and flat tires. |
| Gap Coverage | Gap coverage will cover the remaining amount you owe on your car loan if your car is totaled. |
| Original Parts Replacement | This optional coverage will replace any damaged parts on your vehicle with components that meet the highest quality standards. |
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What Are The Car Insurance Laws In Florida
As discussed in the earlier section, there are minimum coverage requirements for drivers and car owners in Florida. According to the NAIC, the Sunshine State also requires that you file the proper forms before your insurance can be used.
While it is common knowledge that you must be covered by car insurance to tag a vehicle or drive in Florida, many people are shocked to learn that they can also be denied car insurance coverage simply because they are considered to be a high-risk driver.
This is why it pays to be proactive by driving defensively when you are on Floridas roads, and why you should always obey all traffic laws. By practicing safe driving, you can keep your driving record clean and thereby prevent yourself from being labeled a high-risk driver.
You can also do your part by understanding how the laws in the state of Florida are determined.
The Following Insurance Coverages Are Recommended For Homeowners In Florida:
- Flood insurance: Homeowners insurance generally does not cover damage caused by floods, which can be a significant problem for Florida coast to coast, anytime of year. Keep in mind that even if you are not in a flood zone, flooding frequently occurs outside of flood risk areas.
Liberty Mutual offers flood insurance in partnership with the National Flood Insurance Program under the Federal Emergency Management Agency . While flood insurance needs to be purchased separately and is often optional, it may be required to secure a home loan if you live in a high-risk flood area.
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Is Hurricane Damage Covered Under Car Insurance
Your car insurance policy may cover hurricane-related damage, depending on the coverages you’ve purchased and the damage your vehicle sustains.
Comprehensive coverage, for example, will cover perils such as hurricane and flood damage as well as damage caused by falling objects.
Collision coverage can also protect you from certain events, such as a collision with a stationary object due to strong winds or rain.
If you live in a higher-risk county like Miami-Dade, Collier, Brevard, Sarasota and many others, these types of car insurance coverages could be worth the extra money.