The car, truck, or SUV needing coverage is probably the most important factor that determines if you can find affordable auto insurance for drivers under 21. Vehicles with lots of horsepower, poor crash test ratings, or high incidents of liability claims will cost substantially more to insure than more modest models. The next table outlines car insurance prices for a handful of the most economical automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$9,130|
|Honda Accord LX-P 4-Dr Sedan||$9,137|
|Honda CR-V EX-L 2WD||$9,242|
|Jeep Wrangler Sport 4WD 2-Dr||$9,441|
|Volkswagen Jetta S 2.5 Station Wagon||$9,882|
|Honda Odyssey LX||$10,085|
|Ford Edge SE 2WD||$10,093|
|Toyota Tacoma 4WD||$10,196|
|Dodge Grand Caravan CV||$10,205|
|Ford Explorer Eddie Bauer 2WD||$10,196|
|Ford F-150 XLT Super Cab 4WD||$10,308|
|Ford Focus S 4-Dr Sedan||$10,725|
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Data based on single female driver age 19, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, and claim-free. Rates do not factor in garaging location in Miami, FL which can increase or decrease premium rates noticeably.
Based upon the rates shown, we can expect models like the Ford Escape, Honda Accord, Honda CR-V, Jeep Wrangler, and Volkswagen Jetta are most likely to be some of the most economical vehicles to insure for minors. Car insurance rates will trend higher just because there is more inherent risk for drivers under 21, but overall those vehicles will have the lowest insurance rates that you’ll find.
Figuring out which company quotes the most affordable auto insurance rates for drivers under 21 may require a bit more effort than just picking a company at random.
Every insurance company has their own guidelines to determine rates, so to begin we’ll rank the auto insurance companies with the most affordable rates in Florida.
Find the Best Cheap Insurance for Minors
|Rank||Company||Cost Per Year|
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USAA may offer some of the best car insurance rates in Miami at around $986 each year. Electric, Amica, Progressive, and Travelers also make the cut as some of the most economical Miami, FL insurance companies.
As shown above, if you are insured with Travelers and switched to Electric, you may realize a yearly savings of in the vicinity of $176. Customers with Allied might save as much as $273 a year, and Mercury policyholders might lower prices by $280 a year.
If you would like to find cheaper car insurance rates, click here to start your custom quote or visit any of the companies below.
Remember that these premiums are averages for all ages of drivers and types of vehicles and and are not figured with an exact zip code location for drivers under 21. So the car insurance company that has the cheapest price for you may not even be in the list above. That points out the importance of why you need to compare as many prices as possible using your own driver and vehicle profiles.
One of the more important considerations that are used to help calculate car insurance rates is where your car is garaged. Areas with more people or more claims tend to have more expensive auto insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims have the luxury of cheap car insurance rates.
The illustration below shows the most expensive places in Florida for drivers under 21 to buy auto insurance in. Miami is ranked #3 with an annual cost of $3,241 for the average insured, which is around $270 per month.
|5||West Palm Beach||$2,679|
|20||Port St. Lucie||$1,916|
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Information shown are estimated as the specific geographic location can impact price quotes substantially.
The illustration below shows how different deductible levels can increase or decrease annual premium costs when researching cheap insurance for drivers under 21. The premiums assume a single male driver, full physical damage coverage, and no discounts are applied.
The chart above illustrates that a 50-year-old driver could save $476 a year by changing from a $100 deductible to a $500 deductible, or save $720 by switching to a $1,000 deductible. Younger drivers, like the Age 20 chart data, could reduce their rates as much as $1,582 or even more just by using higher deductibles. When using a larger deductible, it is a good idea to have enough in a savings account to offset the extra out-of-pocket expense, which deters some people from using high deductibles.
How much more does full coverage cost in Miami?
Reducing premiums for auto insurance is important to most vehicle owners, and one way to pay less for insurance for drivers under 21 is to only pay for liability coverage. The example below visualizes the comparison of insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums assume a clean driving record, no claims, $1,000 deductibles, drivers are not married, and no discounts are applied.
Averaged out for all age groups, full coverage on your policy costs an additional $1,747 per year over and above liability coverage. Lot’s of drivers question if you should buy full coverage at all. There is no clear-cut formula for excluding physical damage coverage on your policy, but there is a general convention. If the yearly cost of full coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.
Comparing rates can save you money
Miami auto insurance rates are impacted by many things that may substantially change your annual premium. Simply improving your credit, buying a different vehicle, or having an accident can trigger rate changes resulting in some companies being cheaper in comparison to the competition. And not only may your rating factors change, but insurers amend pricing without warning in order to remain profitable. A period of higher than normal claims may cause additional premium costs, while less frequent claims may cause more affordable Miami car insurance rates.
For example, the bar chart below analyzes the cheapest car insurance in Miami, FL for a 35-year-old male driver with no accidents or violations, and a high credit rating. If we estimate rates based on his current rating profile, USAA may have the lowest car insurance rates in Miami at $1,942 annually. This is $506 less than the average policy premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Mercury are the remainder of the most affordable Miami, FL auto insurance companies.
The next chart shows rates after we give the driver from the first rate comparison a chargeable accident, less-than-perfect credit, and a few blemishes on his driving record. Since every insurance provider has their own unique process for determining prices, analyzing rates may now show a new list of cheap Miami auto insurance companies as shown below.
USAA now has the cheapest insurance rate in Miami, FL with Allied, Esurance, State Farm, and Auto-Owners also being competitive. This shows why it is so important to take the time to shop around when trying to get the most economical car insurance quotes for drivers under 21.
Insurance rates can be altered by many risk factors and can decrease or increase without notice, so the cheapest company when you bought your policy may now cost much more than other companies.
How to find more affordable insurance for drivers under 21
It is possible to find better rates, and here are some of the better penny-pinching solutions that can help you get more affordable coverage.
- Too many claims can make car insurance unaffordable
- Drive a car with a high safety rating
- Keep your driving record clean
- Better credit scores save money
- Drive attentively and avoid accidents
- Compare rates regularly and switch companies to save money
The last suggestion is notably significant, as we hit on in this article. Prices in Miami can be modified anytime, so don’t be unwilling to change to a new company if you can save money.
Brand loyalty is not necessarily bad, but it isn’t a good idea if that stubbornness costs you a wad of cash every year. In just a couple of minutes you could shop around to find cheaper car insurance for drivers under 21.
If you like to have some professional guidance when shopping around for cheaper insurance for minors, the insurance agencies below are a good start to answer your questions and help you decide which is the best policy. To find a Miami insurance agency in your neighborhood, click the button below the list.
Beck and Lo’s Insurance Agency
3636 NW 36th St – Miami, FL 33142 – (305) 634-3306
Oliva Insurance Agency Inc
370 Miracle Mile – Miami, FL 33134 – (305) 270-1447
Unbeatable Homeowners Insurance Agency
90 SW 3rd St – Miami, FL 33130 – (239) 689-1025
Exclusive Insurance Agency Inc.
7175 SW 8th St #203 – Miami, FL 33144 – (305) 263-4855
Allstate Insurance: Ramon Balladares
2455 SW 27th Ave #210 – Miami, FL 33145 – (305) 859-8556