WELCOME
Letter from the CFO
Consumer Services Helpline
Service Offices
SiteMap

COVERAGES
Basic Insurance Requirements
Optional Coverage
Special Cases
DHSMV Requirements

PREMIUMS
Factors that Affect Premiums
Discounts and Surcharges
Premiums

POLICIES
Cancellation, Nonrenewal, Policy Transfer
Before and After Accidents

CONSUMER INFO
Selecting Agents & Companies
Protecting Your Privacy
Community Outreach Programs

Glossary

 

Premiums

Premiums vary widely from company to company. Check out the numbers in the Auto Rate Fact Sheet, published annually by the Department of Financial Services. Get a copy by calling our Hotline, or visit www.myfloridacfo.com. You’ll see that the best way to save money on your car insurance is to shop around.

Quotes

You have the right to a fair quote for coverage, which provides an estimate of your premium. Such an offer does not give you a firm price or contract.

Disclosure

When applying for auto insurance, it is important that you disclose all members in your household, or anyone else who regularly drives your vehicle. If you do not list a driver who is later involved in an accident, you may encounter problems. Your claim may be denied for misrepresentation and your policy contract rescinded for not properly disclosing drivers and use of the vehicle. This may apply to households with a family member or teen-age driver, or a friend who uses the vehicle occasionally.

Financing

If necessary, you may finance your premium through a personal bank loan or your credit card account. Another option is to obtain financing through a premium finance company. Many consumers do not understand the financing offered by such companies. In particular, you should remember the following:

• You may reach a separate payment agreement with a premium finance company that acts as the lender.
• The finance charges, processing fees and late-payment fees may dramatically increase your total insurance cost. Ask your insurance company or agent for a full explanation of these charges.
• The agent must provide a copy of the premium finance contract you sign.
• You must pay the premium finance company charges upon the cancellation of your policy. The Florida Department of Financial Services regulates premium finance companies.