Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Reviewed by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Jan 25, 2022

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Here's What You Need to Know

  • When you pay for your entire policy in one lump sum, your insurance is considered to be fully paid-up
  • Many insurance companies offer a discount to driver who pay for their entire policy period at once
  • You can shop online to get free fully paid-up insurance quotes

There are a lot of drivers these days who may want to take their families to the top 10 family attractions in Florida but are afraid to do because of the high costs of other things that they have to budget for — like their car insurance.

If you’re in a similar situation, you may be considering turning to a cheap but disreputable insurance company or gouging your own insurance coverage in order to save money, but there’s no reason why you have to skimp on the coverage you need to get the rates you want. This may shock you, but if your insurance company offers a paid-up option, you might be able to save money in the long run by paying more upfront.

With affordable fully paid-up car insurance, you can obtain insurance that protects your car and your budget at the same time. Keep reading to learn how you can get free fully paid up car insurance quotes and start saving on your insurance.

If you can’t wait to start reviewing fully paid insurance quotes, enter your ZIP code to receive free car insurance quotes.

What is fully paid up car insurance?

When you request fully paid up car insurance quotes, you are letting an insurance company know that you are willing to make one lump sum payment to purchase your coverage instead of paying for it on a monthly basis. This is looked upon favorably by many insurance companies as it means that there is less of a chance that you’ll miss making any payments.

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What are the benefits of paying for car insurance in full?

While there may be some weird laws in Florida, one that makes is this: You must have an active insurance policy to drive on the road. Having car insurance protects both yourself and other drivers whenever you start your car, but if you decide to buy fully paid up car insurance, you could reap even more rewards.

For example, if you pay for your car insurance in full, you’ll most likely be able to get a discount from your insurance company. On top of that, if you decide to cancel your policy in the middle of your policy period, you would most likely get a refund as well.

Now, you may think that paying for your car insurance in full will make you eligible to receive paid-up additions as you would be with some life insurance policies, but that isn’t the case.

What are paid-up additions?

If you were to purchase a whole life insurance policy with paid-up additions, you would be able to use the dividends generated by that policy to purchase more insurance. It’s important to remember that this is only available with life insurance policies. If you want to buy more car insurance coverage, you’ll have to use your own funds to do so.

How much does car insurance cost?

Fully paid-up car insurance rates are influenced by a number of factors. When you request a quote, an insurance company requires you to share a lot of personal information so your quote can be sent through the underwriting process. It is through this process that insurance companies determine what your rate will be. In order to get an accurate rate, you must share your age, gender, marital status, driver’s license number, and more.

Your location in particular plays a very big role in your rate calculation. Just take a look at how rates can change depending on what Florida city you live in:

Florida Car Insurance Rates by City

CityZipcodeRate+/- State AvgRank
Waldo32694$3,481-$1,1991029
High Springs32643$3,486-$1,1941028
Archer32618$3,487-$1,1941025
Micanopy32667$3,487-$1,1941025
Newberry32669$3,487-$1,1941025
Gainesville32601$3,489-$1,1911022
Gainesville32609$3,489-$1,1911022
Gainesville32641$3,489-$1,1911022
Alachua32615$3,491-$1,1901020
La Crosse32658$3,491-$1,1901020
Lake Worth33463$6,344+$1,66488
Hallandale33009$6,447+$1,76683
North Miami Beach33160$6,571+$1,89078
Miami Beach33109$6,635+$1,95576
Key Biscayne33149$6,684+$2,00370
Tampa33607$6,976+$2,29633
Homestead33032$7,025+$2,34429
Opa Locka33054$7,162+$2,48221
Hialeah33010$7,448+$2,7688
Miami33142$7,631+$2,9511

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As you can see, even if your car insurance company provides fully paid-up insurance discounts, you could still face a high rate. Thankfully, there are other ways you save money on your insurance.

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Are there other discounts drivers can utilize?

While it’s always a good idea to take advantage of a paid-up insurance option if you can afford to, you may think that your insurance rates are too high even after receiving a fully paid-up discount. If that’s the case, then you should review your to see if you are eligible for other common car insurance discounts. If you’re not sure what discounts you may be able to add to your policy, feel free to review this list of discounts that most insurance companies offer:

  • VIN etching
  • Multi-car
  • Multi-policy
  • Distant student
  • Good student
  • Daytime running lights
  • Forward collision warning
  • Lane assist
  • Anti-theft device
  • Defensive driving course
  • Senior driver
  • Low annual mileage

In addition to reviewing your policy to confirm that every discount you qualify for has been applied to your policy, you should also be sure to update your policy as needed. For example, if your child moves out of the house and gets their own insurance policy, you should remove them and their vehicle from your insurance.

Fully Paid-Up Car Insurance Explained

Many drivers pay for their insurance on a monthly basis; however, if you can afford to pay for your entire policy period with one lump sum, you may be able to get a discount for paying for your car insurance in full.

Most insurance companies greatly appreciate when drivers pay in full as this reduces the risk that drivers may miss making any payments, and in order to encourage more drivers to pay for their entire policy period at once, these insurance companies will offer a discount to the drivers who do.

You can shop online to find the best insurance policy for you from the cozy confines of your own home. Now, be sure to request between 3-5 quotes and compare how many discounts you can get with each policy. This way, you’ll be able to not only obtain the coverage you need to protect your vehicle but also get the rates that can protect your budget as well.

Enter your ZIP code to get free full paid-up insurance quotes from insurance companies near you today.