By: Ishan Mukhopadhyay Sep. 21, 2018
Consumers can save between $916 and $3,087 on car insurance premiums in Broward County, Florida – a recent analysis conducted by Raltin revealed. Raltin compared the cheapest and median-priced policies for cohorts profiled on the basis of driver type and background, using data published by the Florida Office of Insurance Regulation. The largest difference was valued at $3,087 and observed for the cohort of families with young drivers, while the smallest was $916 for married couples aged between 65-70 years.
Following are the findings of the analysis on car insurance policies for three key cohorts.
Single Females Aged 25 Years with One Minor Violation and One Not-At-Fault Accident in the Past 3 Years: The company offering the cheapest car insurance for this cohort is the United Services Automobile Association with a premium of $2,125. On the other hand, the most expensive premium for this cohort is offered by Progressive American Insurance Company and estimated at $8,746. The car chosen for the study is the latest Toyota Camry LE model, which is driven for 24 road miles to work and back. The insurance coverage for bodily injuries selected for the study is $25,000 and that for property damage is $50,000.
Family with Young Drivers and No Violation or Accident in the Past 3 Years: Florida Farm Bureau General Insurance Company offers the cheapest car insurance premium of $5,367 for this group. Progressive American Insurance Company reports a median premium of $8,454. The cars selected for this cohort are the Toyota Camry LE and Toyota Corolla LE. The former is driven for 24 miles to and from work. In addition, the vehicle is driven 8,000 miles per year for pleasure. The coverage for bodily injuries is $25,000 and that for property damage is $50,000.
Senior Married Couples with No Violation or Accident in the Past 3 Years: Florida Farm Bureau General Insurance Company offers the cheapest premium for this cohort at $1,116 per year. In this case, the savings from the median when investing in the cheapest premium is $916. The car chosen is a five-year-old Toyota Camry LE used for pleasure trips for a travel distance of up to 6,000 miles per year. The coverage for bodily injuries is $50,000 and that of property damage is $100,000.
The following chart presents a comparison of prices for each cohort.
The table below lists the prices for each cohort along with the companies offering them.
|Cohort||Cheapest Car Insurance Companies in Broward County, FL||Second Cheapest Car Insurance Companies in Broward County, FL||Median Car Insurance Companies in Broward County, FL||Second Most Expensive Companies in Broward County, FL||Most Expensive Car Insurance Companies in Broward County, FL||Difference between Cheapest and Median Prices||Difference in Price between Most Expensive and Median Prices|
|25-year-old Single Females||UNITED SERVICES AUTOMOBILE ASSOCIATION ($2,125)||USAA CASUALTY INSURANCE COMPANY ($2,273)||ALLSTATE INSURANCE COMPANY ($3,868)||PROGRESSIVE AMERICAN INSURANCE COMPANY ($6,930)||PROGRESSIVE AMERICAN INSURANCE COMPANY ($8,746)||$1,743||$4,878|
|Families With Young Drivers||FLORIDA FARM BUREAU GENERAL INSURANCE COMPANY ($5,367)||GEICO GENERAL INSURANCE COMPANY ($5,788)||PROGRESSIVE AMERICAN INSURANCE COMPANY ($8,454)||INFINITY INDEMNITY INSURANCE COMPANY ($38,104)||INFINITY AUTO INSURANCE COMPANY (38,733)||$3,087||$30,279|
|Senior Married Couples||FLORIDA FARM BUREAU GENERAL INSURANCE COMPANY ($1,116)||GEICO GENERAL INSURANCE COMPANY & GOVERNMENT EMPLOYEES INSURANCE COMPANY ($1,313)||METROPOLITAN CASUALTY INSURANCE COMPANY ($2,032)||INFINITY AUTO INSURANCE COMPANY ($4,783)||DIRECT GENERAL INSURANCE COMPANY ($5,580)||$916||$3,548|