A car is considered a classic in Florida if it's at least 30 years old (or was manufactured before 1945) and has been unaltered from the original manufacturers specifications. When a vehicle in Florida meets these requirements, the owner can register it as an antique vehicle, which will allow the car to use special license plates.
Classic Car Qualifications in Florida
At least 30 years old OR manufactured before 1945
Unaltered from the original manufacturer's specifications
Keep in mind that even if your vehicle is registered as a classic car in Florida, it might not qualify for classic car insurance from certain companies. Each classic car insurer has its own eligibility requirements, so your car will need to meet those standards in order to qualify.
Classic car insurance costs less than regular car insurance because a classic spends less time on the road than a vehicle used for commuting or errands. The average classic car insurance policy costs between $400 and $1,000 per year.
Like with any auto insurance policy, each driver’s classic car insurance premium will vary based on individual risk factors such as location, driving history, the driver’s age, and the vehicle’s value. Classic car insurance usually applies to antique vehicles as well as to old, high-performance cars. Requirements and prices vary by company, though.… read full answer
Why Classic Car Insurance Costs Less Than Normal Car Insurance
Almost every classic car insurance provider forbids regular use of the vehicle, which reduces the risk for the insurer and keeps costs low. Classic cars are generally limited to parades, car shows, and pleasure driving up to a mileage limit stated in the policy. As a result, you may need to provide proof that you own a regular car for daily use when purchasing classic car insurance.
Another key difference is that most classic car insurers pay the vehicle’s “agreed value” if it is totaled. This amount is decided when the policy is purchased and reflects the fact that classic cars maintain their worth over time. On the other hand, standard car insurance policies usually pay a vehicle’s actual cash value in the event of a total loss, accounting for depreciation.
How to Lower the Cost of Classic Car Insurance
You can lower the cost of a classic car insurance policy by comparison-shopping for quotes and taking advantage of discounts. Many discounts will be the same as those for regular car insurance, such as discounts for having an anti-theft device or taking a defensive driving course. Some companies also offer discounts for membership in certain car clubs or for switching from a different insurer.
Car insurance in Florida is $103 per month for minimum coverage and $284 per month for full coverage, on average. The cheapest insurance companies in Florida are Geico, State Farm and Travelers, and getting quotes from several companies can help you find the best deal.
Average Cost of Car Insurance in Florida by Category
The average cost of car insurance in Florida is 71% higher than the national average auto insurance premium, and Florida ranks 47 out of 50 for the most affordable car insurance rates in the U.S.. There are several factors that affect how much you’ll pay for car insurance in Florida, including your driving record, age, location, the amount of coverage that you purchase, and the insurance company you buy it from.
Finally, it’s worth noting that car insurance premiums in Florida are average, compared to the cost of coverage in neighboring states like South Carolina and Georgia. You can find more details in the table below.
Cost of Car Insurance in Florida vs. Neighboring States
Florida car insurance laws require everyone who registers a car in the state to carry at least $10,000 of personal injury protection (PIP) and $10,000 of property damage liability (PDL). This is not much coverage. In fact, Florida has the lowest insurance requirements in the U.S. (except for New Hampshire, which requires no insurance).… read full answer
Minimum Coverage Required by Florida Car Insurance Laws
Personal Injury Protection: $10,000 of coverage is required.
Property Damage Liability: $10,000 of coverage is required.
Florida Car Insurance Laws for Seasonal Residents
In addition to all cars registered in Florida, Florida’s car insurance laws apply to any car that is driven in the state for more than 90 days in a 12-month period. This means Florida’s large seasonal population must meet Florida’s insurance requirements as well.
Seasonal residents often need to add PIP to their out-of-state policies, since this type of insurance is only required in 12 no-fault states. Residents of the few states with lower mandatory PDL limits also may need additional property damage liability coverage to drive legally in Florida.
How Florida Car Insurance Laws Work
Florida requires its drivers to carry PIP insurance
PIP pays the policyholder’s basic medical expenses, no matter who causes an accident. However, Florida doesn’t require bodily injury liability—the insurance that pays for the other party’s injuries.
Florida’s no-fault law is limited
“Fault” becomes an issue in Florida when injuries are permanent or serious (costing over $10,000 in medical bills and/or lost income). In these cases, victims can sue the at-fault driver. To ensure victims can be paid, the at-fault driver in an accident has to provide proof of “financial responsibility.” The most common proof is bodily injury liability insurance. Drivers also have the option of posting a bond of up to $20,000.
Florida’s PDL requirements are relatively low
Property damage liability insurance pays for damages a driver causes to other people's property in a crash. The damage can be to cars or other property such as fences or buildings. Florida’s PDL requirements are also relatively low. Most states require higher minimum limits, although there are some that require $10,000 like Florida and four that require only $5,000—California, Massachusetts, New Jersey, and Pennsylvania.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.