Best Miami Auto Insurance

With the high cost of insurance in Miami and surrounding suburbs, why are drivers required to carry it and what are the benefits?

First, most states have minimum liability requirements which means you are required to carry specific limits of liability insurance coverage in order to be legal. 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.

Second, if you bought your vehicle with a loan, almost every bank will force you to have physical damage coverage to protect their interest in the vehicle. If the policy lapses, the bank may buy a policy for your vehicle at a much higher rate and require you to fork over for it.

Third, insurance safeguards not only your vehicle but also your assets. It will also reimburse you for medical expenses for yourself as well as anyone injured by you. One of the most valuable coverages, liability insurance, also pays for attorney fees and expenses if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, your policy will pay to have it repaired.

The benefits of carrying adequate insurance more than offset the price you pay, especially when you need to use it. The average driver in America is wasting up almost $900 each year just because they don't shop their coverage around. Taking a few minutes once a year can help ensure you're not overpaying and actually getting the cheapest rates.

The price of auto insurance depends on a lot of factors, but the average price for a policy in Miami is approximately $1,400 each year. Other states average around $1,200, so Miami residents pay about $200 more per year than drivers in surrounding states. That's not horrible, but the cost of car insurance in Miami depends on many factors. The rate table below shows estimated premium rates for popular vehicles insured in Miami.

Auto Insurance Rates for Popular Cars in Miami
Make, Model, and Trim Level Annual Cost Semi-Annual Cost Monthly Cost
Chevrolet Malibu LT $1,102 $551 $92
Ford Focus SES 2-Dr Coupe $1,212 $606 $101
Ford Fusion Hybrid 4-Dr Sedan $1,360 $680 $113
Honda Accord LX-P 4-Dr Sedan $914 $457 $76
Hyundai Sonata Limited 4-Dr Sedan $1,234 $617 $103
Nissan Altima Hybrid 4-Dr Sedan $1,158 $579 $97
Toyota Camry XLE $1,136 $568 $95
Volkswagen Jetta SE 4-Dr Sedan $1,158 $579 $97
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Premium data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Price information does not factor in specific location which can revise insurance rates greatly.

Car Insurance Rates for Popular Pickup Trucks in Miami
Make, Model, and Trim Level Annual Cost Semi-Annual Cost Monthly Cost
Chevrolet Colorado LT Extended Cab 2WD $1,056 $528 $88
Chevrolet Silverado LT Regular Cab 2WD $1,156 $578 $96
Dodge Ram 2500 Crew Cab Laramie 2WD $1,290 $645 $108
Dodge Ram 3500 Crew Cab Laramie 2WD $1,262 $631 $105
Dodge Ram Quad Cab SLT 4WD $1,178 $589 $98
Ford F-150 XLT Regular Cab 4WD $1,024 $512 $85
Ford F-250 XLT Turbo Diesel 4WD $1,328 $664 $111
GMC Sierra 3500HD SLE Crew Cab 2WD $1,182 $591 $99
GMC Sierra SLT Crew Cab 4WD $1,238 $619 $103
Toyota Tundra SR/5 Double Cab 4WD $1,178 $589 $98
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Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Rate quotes do not factor in the specific area where the vehicle is garaged which can revise coverage prices significantly.

Auto Insurance Rates for Popular SUVs and Crossovers in Miami
Make, Model, and Trim Level Annual Cost Semi-Annual Cost Monthly Cost
Acura RDX Technology Package 2WD $1,072 $536 $89
Cadillac Escalade Hybrid 4WD $1,472 $736 $123
Chevrolet Traverse LS AWD $960 $480 $80
Ford Escape Limited 4WD $994 $497 $83
Ford Explorer Limited AWD $1,102 $551 $92
GMC Acadia SLE 2WD $1,024 $512 $85
Honda CR-V LX 2WD $914 $457 $76
Honda Fit Sport VSA $936 $468 $78
Honda Pilot Touring 2WD $1,102 $551 $92
Hyundai Tucson Limited 4WD $1,080 $540 $90
Jeep Grand Cherokee Laredo 2WD $1,080 $540 $90
Toyota Highlander 2WD $1,024 $512 $85
Toyota RAV4 Sport 4WD $1,080 $540 $90
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Data rating is based on married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Premium amounts do not factor in specific Miami garaging location which can lower or raise prices significantly.

Safe Miami drivers pay less for auto insurance

The illustration below highlights how traffic violations and at-fault accidents can affect auto insurance rates for each age group. The rate quotes are based on a married male driver, full physical damage coverage, $250 deductibles, and no other discounts are factored in.

How to find cheaper Miami car insurance rates

It only takes a few minutes to compare rates, and our four-step process for price comparison is as follows.

First, gain an understanding of how insurance companies determine prices and the factors you can control to prevent high rates. Many things that drive up the price such as inattentive driving and a not-so-good credit history can be improved by improving your driving habits or financial responsibility.

Second, compare prices from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like Progressive and State Farm, while independent agents can quote rates from multiple companies. View companies

Third, compare the quotes to your existing policy to see if you can save by switching companies. If you can save some money and switch companies, ensure there is no coverage lapse between policies.

Fourth, give proper notification to your current agent or company of your intention to cancel your existing policy and submit payment and a signed application to the new company. Immediately keep the new certificate verifying coverage with the vehicle registration.

One bit of advice is to make sure you're comparing the same physical damage deductibles and liability limits on every quote request and and to get prices from as many car insurance companies as possible. This provides the most accurate price comparison and a complete rate analysis.