It’s hard to miss the ads from auto insurance companies like State Farm, Progressive, and GEICO claiming enormous savings. So you just need to choose any one of them, right?
Unfortunately, it’s just not that easy, as there are a lot of unknown factors such as if you want the added protection of full coverage, if you have maintained coverage continuously, and how old you are, that all have an effect on the price. This article delves into some of these topics and will hopefully give the reader a good beginning to your search for cheaper coverage.
The vehicle you are insuring is probably the largest consideration when comparison shopping for economical car insurance for infrequent drivers. Vehicles with lower acceleration and performance, modern passenger safety features, or a positive history of liability claims will cost much less to insure than higher performance models. The information below presents auto insurance premiums for a number of the cheapest vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra SE Touring Station Wagon||$1,054|
|Honda CR-V EX 2WD||$1,056|
|Ford Escape XLT 4WD||$1,083|
|Jeep Wrangler Sport 4WD 2-Dr||$1,092|
|Chevrolet Impala LS||$1,124|
|Honda Odyssey EX||$1,130|
|Nissan Altima 2.5 4-Dr Sedan||$1,148|
|Honda Accord EX-L 4-Dr Sedan||$1,156|
|Ford F-150 XLT Regular Cab 2WD||$1,157|
|Toyota Tacoma Double Cab 4WD||$1,169|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$1,178|
|Ford Explorer Eddie Bauer 2WD||$1,184|
|Toyota Camry SE||$1,208|
|Ford Edge SEL AWD||$1,222|
|Ford Focus S 4-Dr Sedan||$1,231|
|Jeep Grand Cherokee Limited 4WD||$1,229|
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Above prices assume married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rate quotes do not factor in specific Jacksonville, FL garaging location which can lower or raise prices considerably.
Based upon the table data, we can assume that vehicles like the Hyundai Elantra, Honda CR-V, and Toyota Prius are likely to be a few of the less-costly vehicles to insure for low mileage drivers.
For low mileage drivers, one of the big components that determine auto insurance rates is where you call home. Cities with larger populations or higher claim trends tend to have more expensive car insurance rates, whereas more rural areas have the benefit of cheaper auto insurance prices.
The illustration below lists the most expensive places in Florida for infrequent drivers to purchase a policy in. Jacksonville makes the list at #20 with the yearly price of $1,960 for the average insurance policy, which is about $163 per month.
|Rank||City||Premium Per Year|
|6||West Palm Beach||$2,679|
|19||Port St. Lucie||$1,975|
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Table data uses estimated as the specific geographic location can impact coverage rates greatly.
Liability-only versus full coverage
Saving on auto insurance is important to most vehicle owners, and an easy way to buy cheaper insurance for infrequent drivers is to only buy liability insurance. The illustration below shows the difference between insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Florida. The prices are based on no accidents, no driving violations, $1,000 deductibles, drivers are single, and no other discounts are factored in.
If we average all the age groups together, physical damage coverage on your policy costs an additional $2,362 per year more than insuring for liability only. Many drivers will wonder when is it a good idea to stop buying full coverage. There is no exact formula for excluding physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
There are some situations where dropping full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should keep full coverage.
Types of discounts on Jacksonville car insurance
Insurance companies that offer quotes for infrequent drivers may also provide premium discounts that can lower rates by 30% or more if you are eligible to receive them. The best auto insurance companies and some of the discounts are detailed below.
- AAA discounts include anti-theft, education and occupation, multi-policy, multi-car, good student, and good driver.
- Progressive may have discounts that include multi-vehicle, online quote discount, good student, online signing, and continuous coverage.
- State Farm includes discounts for multiple policy, good driver, defensive driving training, safe vehicle, good student, Steer Clear safe driver discount, and accident-free.
- Esurance has savings for claim free, homeowner, Switch & Save, multi-car, and anti-lock brakes.
- Nationwide offers premium reductions for multi-policy, business or organization, family plan, defensive driving, and accident-free.
The example below shows the comparison of annual premium costs with and without discounts being applied to the rates. The premium estimates are based on a male driver, no claims or violations, Florida state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with anti-theft, claim-free, homeowner, passive restraint, accident-free, and marriage discounts applied. When taking advantage of discounts, the average savings per year on auto insurance for infrequent drivers is 28% or $891.
The example below illustrates how your deductible choice can impact insurance premiums when researching cheap insurance for infrequent drivers. The premiums are based on a married male driver, comp and collision included, and no other discounts are factored in.
As shown above, a 30-year-old driver could pocket $320 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $486 by using a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, could drop their prices $966 or even more just by choosing larger deductibles. When increasing deductibles, it will be required to have enough in a savings account to satisfy the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
How to find economical insurance for infrequent drivers
Lowering your rates is not difficult, and here are many money-saving solutions that can help you quote cheaper car insurance.
- Serious violations like DUI or reckless driving can increase rates dramatically
- Remain accident-free and save
- Higher physical damage deductibles lower rates
- Multi-policy discounts save money
- Clean up your credit
- Having too many claims will increase rates substantially
- Compare rates regularly to ensure the best deal
The last idea is notably important, as we discussed in this write-up. Auto insurance rates vary greatly, so drivers shouldn’t be resistant to switch to a new company if you find a cheaper price. Being loyal to a particular company is commendable, but it isn’t a good idea if that loyalty results in overpaying hundreds of dollars a year. If you have a few minutes, compare rates and find cheaper auto insurance for infrequent drivers in Jacksonville.
The insurance agents in Jacksonville listed below are a good start to help you determine which coverages are best, as many people would rather have some professional guidance when comparing insurance rates for infrequent drivers. It’s not always easy to find the best policy on your own, and getting advice from a licensed Florida insurance agent can give you comfort knowing your coverage gives you adequate asset protection. To locate an agency near you, click the button link following the list or click here to compare price quotes.
Edie Williams – State Farm Insurance Agent
2325 Park St – Jacksonville, FL 32204 – (904) 425-4054
Chris Nickas – State Farm Insurance Agent
9542 Argyle Forest Blvd #12 – Jacksonville, FL 32222 – (904) 854-4700
8206 Philips Hwy – Jacksonville, FL 32256 – (904) 527-3029