For drivers in Miami Beach, one of the big components that determine the price you pay for insurance is where you live. More populated areas will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates have the luxury of cheap car insurance rates.
The following table rates the most expensive places in Florida to buy car insurance in. Miami Beach is ranked at #4 with the annual price of $3,013 for the average insured, which is approximately $251 monthly.
|Rank||City||Average Per Year|
|6||West Palm Beach||$2,679|
|20||Port St. Lucie||$1,975|
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Information shown are approximated as specific location information can alter price quotes substantially.
Seeing where Miami Beach ranks compared to other areas, finding decent, reasonably-priced insurance is not the easiest thing to do, and finding out which company has the most affordable auto insurance rates in Miami Beach requires a bit more work.
Each insurance company has a unique approach for setting rates, so let's take a look at the auto insurance companies with the overall best prices in Miami Beach, FL. It's important that you understand Miami Beach, FL auto insurance rates are calculated based on many things which can substantially decrease or increase the price of your policy. Simply having a birthday, increasing deductibles, or having an accident can trigger rate changes resulting in some rates now being much higher than others.
Best Cheap Insurance Rates in Miami Beach
USAA generally has some of the lowest car insurance rates in Miami Beach at around $948 annually. Amica, Electric, Progressive, and Mercury are also some of the most economical Miami Beach, FL car insurance companies.
As the example above demonstrates, if you currently buy coverage from Electric and switched to USAA, you could earn a yearly savings of in the vicinity of $764. Florida drivers with Progressive could save as much as $845 a year, and Mercury policyholders might reduce prices by as much as $966 a year.
Be aware that those premium estimates are averaged across all types of drivers and the different vehicles they drive and do not take into consideration a vehicle location in Miami Beach. So the auto insurance company that fits your age and vehicle best may not even be in the top 21 companies shown above. That is why you need to get quotes using your own driver data and vehicle information.
The vehicle model you are buying coverage for is one of the largest considerations when trying to find the most economical auto insurance in Miami Beach. Vehicles with higher performance, a lack of safety features, or a high likelihood of having liability claims will cost much more to insure than more modest models. The information below presents car insurance premiums for the cheapest vehicles to insure in Florida.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$2,248|
|Ford Escape Limited 2WD||$2,303|
|Honda CR-V LX 4WD||$2,511|
|Ford Focus SE 4-Dr Sedan||$2,603|
|Ford F-150 Lariat Crew Cab 4WD||$2,713|
|Honda Odyssey LX||$2,742|
|Hyundai Elantra GLS 4-Dr Sedan||$2,797|
|GMC Sierra SL Crew Cab 4WD||$2,852|
|Ford Fusion SE 4-Dr Sedan||$2,862|
|Volkswagen Jetta SE 4-Dr Sedan||$2,852|
|Ford Explorer Eddie Bauer AWD||$2,962|
|Toyota Camry LE||$2,976|
|Chevrolet Impala LT||$2,986|
|Toyota RAV4 Limited 4WD||$2,976|
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Table data does not factor in specific zip code location which can decrease or increase premiums greatly.
Based upon these rates, you can figure that vehicles like the Honda Accord, Ford Escape, and Toyota Prius are the cheaper vehicles to insure for drivers in Miami Beach.
Types of discounts on Miami Beach car insurance
Insurance providers that offer cheap quotes in Miami Beach may provide special discounts that may potentially lower prices by as much as 35% if you meet certain criteria. A few of the larger companies and some of the premium reductions they offer are detailed below.
- Progressive may have discounts that include multi-vehicle, online signing, good student, multi-policy, online quote discount, and homeowner.
- GEICO has discounts for driver training, military active duty, anti-theft, emergency military deployment, anti-lock brakes, multi-vehicle, and good student.
- State Farm offers discounts for student away at school, multiple autos, multiple policy, Drive Safe & Save, passive restraint, and Steer Clear safe driver discount.
- Esurance may offer discounts for multi-car, online shopper, anti-lock brakes, defensive driver, good driver, good student, and DriveSense.
- The Hartford offers discounts including bundle, anti-theft, defensive driver, air bag, driver training, good student, and vehicle fuel type.
The chart below illustrates the comparison of insurance costs with and without discounts applied to the rates. The price estimates are based on a female driver, no driving violations, no at-fault accidents, Florida state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with homeowner, passive restraint, safe-driver, multiple vehicle, multiple policy, and vehicle safety discounts applied. When drivers take advantage of discounts, theamount saved on auto insurance in Miami Beach is 28% or $785.
Do you need full coverage?
Saving money on auto insurance should be important to the majority of people, and one of the best ways to pay less for insurance in Miami Beach is to only buy liability insurance. The example below visualizes the comparison of annual premium costs with and without full coverage. The rate quotes are based on a clean driving record, no claims, $500 deductibles, single marital status, and no discounts are applied.
On average, comp and collision coverage costs an extra $1,961 per year over and above liability only. Many people question if buying full coverage is a waste of money. There is no set guideline of when to stop paying for full coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let's assume your vehicle's claim settlement value is $6,500 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, you would only receive $5,500 after paying your deductible. If it's costing you more than $550 annually to have full coverage, then it's probably a good time to buy liability coverage only.
How to find more affordable insurance in Miami Beach
The list below shows some of the recommended money-saving ideas that can help Miami Beach drivers find cheaper auto insurance.
- Claim-free drivers earn discounts
- Speeding tickets and other violations increase rates
- Pay lower rates with good credit
- Buying home and auto insurance together can earn discounts
- Raise deductibles to save money
- Being accident-free can lower rates significantly
- Comparison shop at least every other year
The last item on the list is extremely necessary, as we stressed in this article. Prices charged by car insurance companies vary greatly, so drivers shouldn't be resistant to buy from a new company if a cheaper price is available. Staying with the same car insurance company is fine, but we do not recommend it if that loyalty results in overpaying hundreds of dollars a year. Now is a great time to compare rates and find cheaper car insurance in Miami Beach.