Finding dependable, affordable auto insurance is not easy, and deciding which companies quote the lowest-priced car insurance rates in Miami involves even more work.
Every insurance company uses their own formula for determining rates in each state, so we'll take a look at the most affordable car insurance companies in Florida. It's important to know that Miami, FL car insurance rates are impacted by many factors which can substantially decrease or increase the price you have to pay for coverage. This price variability is why consumers need to take the time to shop around when trying to find the most budget-friendly insurance rates in Miami. Prices can be altered by many factors and can increase or decrease at any time, so the most economical option the last time you compared rates may now be quite expensive.
USAA offers some of the cheapest car insurance rates in Miami at around $957 annually. Electric, Amica, Progressive, and Mercury also make the cut as some of the cheapest Miami, FL auto insurance companies.
In the above example, if you buy coverage from Electric and switched to USAA, you could earn an annual savings of about $737. Customers with Amica may save as much as $807 a year, and Progressive insureds might realize rate reductions of up to $890 a year.
To get a quick, customized rate comparison, click here to begin a quote or quote prices from the following companies.
Be aware that those rates are averages across all drivers and vehicles and and are not figured with an exact zip code location in Miami. So the car insurance company that can offer you the best rate may not even be in the list above. That point stresses why you need to get car insurance quotes using your own individual information.
One of the many components that aid in calculating car insurance rates is where you live. Areas with a lot of weather claims or more people tend to have more expensive car insurance rates, whereas areas that tend to be more rural tend to receive slightly lower rates.
The illustration below lists the priciest cities in Florida to purchase auto insurance in. Miami shows up at #2 with the yearly price of $3,273 for car insurance, which is about $273 per month.
|6||West Palm Beach||$2,705|
|20||Port St. Lucie||$1,975|
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Rate information is approximated as the specific Miami residence address can change rates substantially.
The vehicle model that needs insurance is probably the largest consideration in finding the most economical auto insurance in Miami. Vehicles with lower acceleration and performance, a great safety record, or a low likelihood of liability claims will cost less to insure than high performance models. The data below estimates auto insurance rates for some of the most budget-friendly vehicles to insure in Florida.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Toyota Tacoma 4WD||$3,179|
|Ford Escape XLS 4WD||$3,248|
|Honda Accord EX 4-Dr Sedan||$3,254|
|Toyota RAV4 Limited 4WD||$3,351|
|Hyundai Elantra SE Touring Station Wagon||$3,523|
|Honda CR-V EX-L 2WD||$3,558|
|Nissan Altima 3.5 SR 4-Dr Sedan||$3,592|
|Ford Fusion SE 4-Dr Sedan||$3,602|
|Hyundai Sonata GLS 4-Dr Sedan||$3,596|
|Chevrolet Silverado LT Regular Cab||$3,603|
|Dodge Grand Caravan SE||$3,642|
|Honda Odyssey EX W/Rear Entertainment||$3,772|
|Chevrolet Impala LS||$3,777|
|Chevrolet Equinox LT AWD||$3,844|
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Table data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Prices do not factor in specific garaging location which can revise price quotes noticeably.
Based upon these rates, we can presume that vehicles like the Toyota Tacoma, Ford Escape, Honda Accord, Toyota RAV4, and Hyundai Elantra will definitely be some of the most economical vehicles to insure for drivers in Miami.
Irresponsible driving raises your rates
The best way to get cheap insurance premiums in Miami for drivers in Miami is to be a careful driver and avoid getting tickets or having accidents. The illustration below shows how traffic citations and fender-benders impact insurance premiums for different ages of insureds. The rates are based on a married male driver, full coverage, $1,000 deductibles, and no policy discounts are applied.
The data above shows the average cost of auto insurance per year with a clean driving record and no accidents is $1,976. Get one speeding ticket and the average cost hikes up to $2,277, an increase of $301 each year. Now get one accident along with the one speeding ticket and the yearly cost of insurance in Miami jumps again to an average of $3,117. That's an increase of $1,141, or $95 per month, just for not maintaining a clean driving record!
Rate difference between full and liability-only coverage
Reducing premiums for insurance is the goal of the majority of vehicle owners, and one of the easiest ways to pay less for insurance in Miami is to only pay for liability coverage. The illustration below shows the difference between insurance rates with full coverage compared to only the Florida minimum liability coverage. The rate quotes are based on no claims or driving violations, $1,000 deductibles, marital status is single, and no other discounts are factored in.
As an average for all age groups, full coverage costs an additional $2,362 per year over and above liability coverage. Many people question if it's worth it to buy full coverage. There is no clear-cut formula for eliminating comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of having full coverage is more than about 10% of the settlement you would receive from your company, then you might consider buying liability only.
There are some circumstances where removing full coverage is not financially feasible. If you haven't paid off your loan, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you can't afford to buy a different vehicle if your current one is totaled, you should not buy liability only.
How to get discounts on Miami auto insurance rates
Insurance providers that sell policies in Miami may also offer policy discounts that could potentially reduce rates by 40% or more if you are eligible to receive them. A list of insurance companies and some of the premium reductions they offer are outlined below.
- Travelers may include discounts for multi-policy, save driver, new car, home ownership, and driver training.
- 21st Century offers discounts for 55 and older, anti-lock brakes, air bags, driver training, and student driver.
- State Farm policyholders can earn discounts including multiple autos, good driver, anti-theft, good student, Drive Safe & Save, and defensive driving training.
- GEICO may offer discounts for five-year accident-free, multi-policy, military active duty, good student, seat belt use, anti-lock brakes, and air bags.
- SAFECO offers discounts including homeowner, teen safety rewards, multi-car, safe driver, teen safe driver, anti-theft, and bundle discounts.
- AAA includes discounts for good student, AAA membership discount, pay-in-full, education and occupation, and multi-policy.
The illustration below shows the difference between insurance rates with and without discounts applied to the policy premium. The premium estimates are based on a male driver, no tickets, no at-fault accidents, Florida state minimum liability limits, comp and collision included, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with homeowner, vehicle safety, multiple policy, anti-theft, multiple vehicle, and passive restraint discounts applied. In this example, theamount saved on insurance in Miami is 28% or $659.