Did you fall for a flashy sales pitch and buy overpriced car insurance? Say no more because there are a lot of people in Miami Lakes just like you who feel imprisoned by their car insurance policy.
Sad but true, a large majority of consumers have bought car insurance from the same company for well over three years, and approximately 40% of consumers have never compared rates to find cheap insurance. Florida drivers could save roughly $1,130 every year by just comparing quotes, but they underestimate the amount of savings they would get if they switched to a cheaper policy. There are many car insurance companies to buy insurance from, and although it's nice to have a choice, so many choices can make it hard to compare rates and find the lowest cost car insurance.
Smart consumers take time to shop coverage around occasionally because prices trend upward over time. Just because you found the best deal on car insurance on your last policy you may be paying too much now. Forget all the misinformation about car insurance because we're going to demonstrate the things you must know in order to properly buy coverages while reducing your premium.
Comparing quotes for the best-priced policy in Miami Lakes is not as time-consuming as you think. If you are already insured or are looking for a new policy, use these cost-cutting techniques to save money and still have adequate protection. Vehicle owners just need to use the fastest way to buy auto insurance from many different companies.
Cost influencing factors
Many things are used when you quote your car insurance policy. Some of the criteria are obvious such as traffic violations, but other factors are less obvious such as whether you are married or your commute time.
The following are a partial list of the pieces used by companies to determine your rates.
Youthful drivers are expensive to insure - Teenage drivers in Florida are known to be careless and easily distracted when at the wheel of a vehicle so they pay higher insurance rates. Parents adding a beginning driver onto your insurance can cause a big jump in price. Mature drivers are viewed as being more responsible, statistically cause fewer accidents, and tend to be get fewer driving tickets.
Males pay higher rates - Over the last 50 years, statistics have shown women are more cautious behind the wheel. Now that doesn't mean men are worse drivers. Both genders cause auto accidents at a similar rate, but the male of the species get into accidents with more damage. In addition to higher claims, males also get ticketed for serious violations like DUI and reckless driving.
Rates increase with policy add-ons - There are a ton of optional add-on coverages that may not really be needed on your insurance policy. Add-on coverages like vanishing deductibles, accidental death, and membership fees are some examples. You may think they are a good idea when discussing your needs, but if you have no use for them think about removing them and cutting costs.
Single drivers take more risk - Your spouse actually saves money when buying insurance. Marriage is viewed as being more stable financially and statistics show drivers who are married file infrequent claims.
Careless drivers pay higher prices - Having a clean driving record can have a huge impact on auto insurance premiums. Good drivers pay lower auto insurance prices compared to drivers with tickets. Just one moving violation could increase your next policy renewal by as much as twenty percent. Drivers who have gotten multiple citations such as DWI, reckless driving or hit and run convictions are required to submit a SR-22 or proof of financial responsibility with their state DMV in order to legally drive.
Never let your insurance expire - Allowing your insurance policy to lapse can be a fast way to increase your rates. Not only will you pay higher rates, not being able to provide proof of insurance can result in fines or a revoked license.
The car insurance companies shown below provide price comparisons in Miami Lakes, FL. To buy the best cheap car insurance in Florida, it's highly recommended you visit as many as you can to get the best price comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Malibu Hybrid||$1,452||$726||$121|
|Chevrolet Silverado LT Extended Cab 2WD||$1,300||$650||$108|
|Dodge Ram Crew Cab ST 2WD||$1,408||$704||$117|
|Ford Edge SEL AWD||$1,444||$722||$120|
|Ford Escape XLS 4WD||$1,066||$533||$89|
|Ford F-150 XLT Crew Cab 4WD||$992||$496||$83|
|Ford Focus S 4-Dr Sedan||$952||$476||$79|
|Honda Accord EX 4-Dr Sedan||$1,188||$594||$99|
|Honda CR-V LX 2WD||$1,374||$687||$115|
|Honda Civic EX 2-Dr Coupe||$1,370||$685||$114|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,024||$512||$85|
|Mazda 3 S Grand Touring 4-Dr Sedan||$1,368||$684||$114|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,400||$700||$117|
|Nissan Rogue SL AWD||$1,244||$622||$104|
|Toyota Camry Hybrid||$1,264||$632||$105|
|Toyota Corolla S||$1,370||$685||$114|
|Toyota RAV4 2WD||$1,148||$574||$96|
|Get Your Own Custom Quote Go|
Premium data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Estimates do not factor in garaging location in Miami Lakes which can affect coverage prices considerably.
Should you raise deductibles?
The example below shows how choosing a deductible and can impact Honda Pilot annual premium costs for each different age category. The costs are based on a single female driver, comp and collision included, and no additional discounts are factored in.
Honda Pilot rates are for example purposes only. To get rates for your specific vehicle, click here.
Car insurance prices based on gender
The diagram below shows the difference between car insurance costs for male and female drivers in Miami Lakes. The rates are based on no claims or violations, comp and collision included, $250 deductibles, drivers are not married, and no discounts are taken into consideration on a Hyundai Sonata GLS.
Hyundai Sonata rates are for example purposes only. To get rate quotes for your specific vehicle, click here.
Full coverage or liability only
The example below illustrates the difference between Honda Pilot insurance costs with liability coverage only compared to full coverage. The premiums are based on no claims or driving citations, $250 deductibles, married male driver, and no discounts are applied.
Honda Pilot rates are for example purposes only. To get rates for your specific vehicle, click here.
Guidelines for eliminating full coverage
There is no definitive formula of when to phase out full coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is 10% or more of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let's say your Honda Pilot book value is $8,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $7,000 after the deductible is paid. If it's costing in excess of $700 annually for full coverage, then you might consider buying liability only.
There are some conditions where dropping full coverage is not a good idea. If you still have a loan on your vehicle, you have to maintain full coverage to protect the lienholder's interest. Also, if you can't afford to buy a different vehicle in case of an accident, you should keep full coverage on your policy.
Is there truth in advertising?
Florida drivers can't get away from all the ads that claim the lowest car insurance rates by companies like State Farm and Allstate. All the companies make an identical promise of big savings if you just switch your coverage.
That's great but how can every company lower your car insurance rates?
Many companies have an ideal profile for the driver that earns them the most money. For example, this type of insured may need to be between the ages of 30 and 50, carries high limits, and drives a lower-performance vehicle. A customer who matches those parameters will get very good Miami Lakes rates and will most likely save money with a new company.
Drivers who don't measure up to this stringent profile will probably be forced to pay a more expensive rate which results in the customer not buying. If you pay close attention to the ads, they say "drivers that switch" not "everybody who quotes" save that much. That's why insurance companies can advertise the way they do.
Different companies use different criteria so it is so important to do a quote comparison often. It's not possible to predict which company will give you the biggest savings.
Auto insurance is not optional in Florida
Despite the high cost of buying insurance in Miami Lakes, insurance is a good idea for several reasons.
- Almost all states have minimum liability requirements which means the state requires a specific minimum amount of liability insurance in order to license the vehicle. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your vehicle has a loan, most banks will force you to have physical damage coverage to protect their interest in the vehicle. If the policy lapses, the lender will be forced to insure your vehicle at an extremely high rate and require you to fork over the higher price.
- Auto insurance protects both your vehicle and your assets. It will also reimburse you for medical bills for you, your passengers, and anyone else injured in an accident. As part of your policy, liability insurance also covers all legal expenses up to the policy limit in the event you are sued. If your car is damaged in a storm or accident, your policy will pay to repair the damage.
The benefits of insuring your car more than cancel out the cost, especially with large liability claims. Today the average American driver is currently overpaying as much as $855 a year so compare rate quotes each time the policy renews to ensure rates are inline.
Lower-cost Miami Lakes auto insurance rates with discounts
Some insurance providers don't list all available discounts in a way that's easy to find, so we took the time to find some of the best known as well as some of the hidden credits that may apply to you.
- No Claim Discounts - Good drivers with no accidents have much lower rates as compared to frequent claim filers.
- Payment Method - If you can afford to pay the entire bill instead of paying each month you could save 5% or more.
- Seat Belts Save more than Lives - Using a seat belt and requiring all passengers to use their safety belts could cut 10% or more off the medical payments premium.
- Good Students Pay Less - A discount for being a good student can get you a discount of up to 25%. Many companies even apply the discount to college students well after school through age 25.
- Auto/Life Discount - Larger companies have better prices if you take out auto and life insurance together.
- Distant Student Discount - Youth drivers living away from Miami Lakes attending college without a vehicle on campus can be insured at a reduced rate.
- Mature Driver Discount - Drivers over the age of 55 can get better auto insurance rates.
- More Vehicles More Savings - Having several vehicles with one company can reduce rates for all insured vehicles.
- Early Switch Discount - A few auto insurance companies give discounts for switching policies before your current coverage expires. Ten percent is about the average savings.
- Defensive Driving Course - Taking time to complete a defensive driver class could save 5% or more and easily recoup the cost of the course.
Consumers should know that most discounts do not apply to the overall cost of the policy. Most only cut the cost of specific coverages such as physical damage coverage or medical payments. Despite the appearance that you could get a free auto insurance policy, nobody gets a free ride.
Auto insurance companies that may offer policyholders these money-saving discounts possibly include:
If you need cheaper Miami Lakes auto insurance quotes, ask every prospective company the best way to save money. All car insurance discounts may not be offered in Miami Lakes. If you would like to see a list of insurers with the best auto insurance discounts in Miami Lakes, follow this link.
Compare rate quotes but still have a local Miami Lakes insurance agent
A lot of people still like to go talk to an agent and that is not a bad decision Good insurance agents are trained to spot inefficiencies and help file insurance claims. One of the best bonuses of comparing rates online is you can get cheap car insurance quotes and still have a local agent. And supporting local insurance agents is important especially in Miami Lakes.
After completing this simple form, the coverage information is immediately sent to companies in Miami Lakes that can give you free Miami Lakes auto insurance quotes and help you find cheaper coverage. It's much easier because you don't need to drive around since rate quotes are delivered to you instantly. If you wish to get a rate quote from a specific company, you can always go to their quote page and fill out their quote form.
Miami Lakes car insurance agents are either independent or exclusive
When finding an insurance agent, you need to know there are two types of agencies and how they are distinctly different. Agents in Miami Lakes are categorized either exclusive or independent (non-exclusive). Both write car insurance policies, but it's a good idea to understand why they differ because it can impact your selection of an agent.
Independent Car Insurance Agents (or Brokers)
Independent agencies are not employed by any specific company so they can write business with lots of companies and find you the best rates. If your premiums go up, they simply move your policy to a different company and you stay with the same agent.
When comparison shopping, you definitely need to check rates from at a minimum one independent agency in order to have the best price comparison.
Exclusive insurance agents write business for a single company and examples are AAA, State Farm, Farmers Insurance, and Allstate. Exclusive agents are unable to compare rates from other companies so they have no alternatives for high prices. Exclusive insurance agents are usually quite knowledgeable on the products they sell which aids in selling service over price.
Choosing an insurance agent requires more thought than just the premium amount. These are valid questions to ask:
- Do they see any coverage gaps in your plan?
- If they are an independent agency in Miami Lakes, which companies do they recommend?
- How long has their agency been in business in Miami Lakes?
- Do you have coverage for a rental car if your vehicle is in the repair shop?
- Does the agency provide any after hours assistance?
- Who is covered by the car insurance policy?
What is YOUR best insurance company?
When trying to cut insurance costs, it's not a good idea to reduce coverage to reduce premium. There have been many cases where someone dropped full coverage only to discover later that it was a big error on their part. Your goal should be to buy enough coverage at the best cost, not the least amount of coverage.
Some insurance providers do not provide rates over the internet and these small insurance companies prefer to sell through independent insurance agents. Lower-priced insurance in Miami Lakes is definitely available from both online companies and also from your neighborhood Miami Lakes agents, and you need to price shop both to have the best chance of lowering rates.
In this article, we covered some good ideas how you can reduce insurance prices online in Miami Lakes. The most important thing to understand is the more you quote Miami Lakes auto insurance, the better your comparison will be. Consumers could even find that the lowest prices are with a smaller regional carrier. Smaller companies often have lower rates on specific markets than their larger competitors like Progressive and GEICO.
Even more information can be found at these sites:
- Understanding your Policy (NAIC.org)
- How Much are Car Insurance Rates for a Toyota RAV4 in Florida? (FAQ)
- Who Has Affordable Auto Insurance Rates for Low Income Drivers in Florida? (FAQ)
- How Much are Florida Car Insurance Rates for Drivers with Accidents? (FAQ)
- How Much are Auto Insurance Rates for Welfare Recipients in Florida? (FAQ)
- Who Has Affordable Florida Auto Insurance for a Nissan Sentra? (FAQ)
- Choosing an Insurance Company (Insurance Information Institute)
- What are my Rights when Filing a Claim? (Insurance Information Institute)