This would be a really short article if we could just give you the name of the one company in Florida that has the lowest rates in Florida. It’s not that easy, however, as there are a whole slew of unknown elements like your marital status, when you were born, and how safe your vehicle is. This article should teach you a little about the things that influence insurance rates and should give you a good beginning to your quest for cheaper car insurance in Florida.
Figuring out which company offers the lowest-priced car insurance rates for drivers requiring a SR22 requires a little more effort than just comparing rates from one or two companies. Each auto insurance company used slightly different criteria for setting prices, so let’s take a look at the most affordable car insurance companies in Florida.
Keep in mind that Miami car insurance rates are impacted by many things that will increase or decrease the policy price. Simply having another birthday, buying higher coverage limits, or having a fender bender may generate price changes resulting in some companies being cheaper than others.
Best Insurance Companies for SR22 Drivers
|Rank||Company||Cost Per Year|
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USAA generally has some of the best car insurance rates in Miami at around $986 a year. Amica, Electric, Progressive, and Travelers also make the cut as some of the best Miami, FL insurance companies.
In the rate table above, if you currently have a policy with Electric and switched to USAA, you might achieve an annual premium reduction of upwards of $760. Insureds with Progressive could save as much as $807 a year, and Travelers customers might see rate reductions of $883 a year.
Bear in mind that those policy prices are averaged for all ages of drivers and types of vehicles and do not factor in an exact location for drivers requiring a SR22. So the car insurance company that can offer you the best rate may not even be in the top 21 companies shown above. That illustrates why you need to compare as many prices as possible using your own driver data and vehicle information.
The type of vehicle you are insuring is one of the largest factors when comparing the cheapest car insurance for drivers requiring a SR22. Vehicles with limited top-end speed, excellent safety ratings, or low incidents of liability claims will cost substantially less to insure than high performance models.
The next list presents auto insurance prices for a number of the most budget-friendly automobiles to insure in Florida.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$10,437|
|Honda CR-V EX 4WD||$10,884|
|Hyundai Elantra SE Touring Station Wagon||$11,116|
|Honda Accord EX-L 4-Dr Sedan||$11,571|
|Toyota RAV4 Sport 2WD||$12,358|
|Chevrolet Equinox LT AWD||$12,364|
|Chevrolet Malibu LS||$12,358|
|Honda Odyssey EX||$12,613|
|Chevrolet Impala LS||$12,725|
|GMC Sierra SL Extended Cab 2WD||$12,740|
|Toyota Camry LE||$12,868|
|Ford F-150 Lariat Super Cab 4WD||$12,875|
|Toyota Corolla XLE||$12,925|
|Toyota Tacoma X-Runner 2WD||$12,930|
|Ford Explorer Limited AWD||$13,006|
|Dodge Grand Caravan SXT||$13,016|
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Data based on single male driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, homeowner, and multi-policy. Information does not factor in vehicle location which can change prices substantially.
Looking at the numbers, we can expect models like the Ford Escape, Honda CR-V, Hyundai Elantra, and Honda Accord are likely to be some of the less-costly vehicles to insure for high risk drivers. The cost of a car insurance policy will be more expensive because of the fact that there is more liability risk for drivers requiring a SR22, but in general those makes and models will probably have the least expensive rates compared to all other vehicles.
Do you need full coverage?
Finding the cheapest car insurance is the goal of most people, and an effective way to pay lower rates for insurance for drivers requiring a SR22 is to buy liability only. The chart below shows the comparison of car insurance costs with full coverage compared to only the Florida minimum liability coverage. The rate quotes are based on no accidents, no driving violations, $100 deductibles, single marital status, and no discounts are applied to the premium.
As an overall average, physical damage coverage on your policy costs $2,385 per year more than just buying liability only. That brings up the question if buying full coverage is a good investment. There is no exact formula to stop paying for full coverage on your policy, but there is a broad guideline. If the annual cost of coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.
There are some cases where only buying liability is not recommended. If you haven’t satisfied your loan, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should maintain full coverage.
Discounts on Miami car insurance rates
Auto insurance companies that provide policies for drivers requiring a SR22 may also offer premium discounts that could reduce prices by as much as 30% if you are eligible. The best car insurance companies and their possible discounts can be read below.
- State Farm offers discounts for Drive Safe & Save, defensive driving training, passive restraint, Steer Clear safe driver discount, anti-theft, and student away at school.
- GEICO has discounts for anti-theft, driver training, anti-lock brakes, five-year accident-free, good student, multi-vehicle, and seat belt use.
- Progressive may include discounts for multi-policy, online signing, online quote discount, homeowner, multi-vehicle, and continuous coverage.
- 21st Century includes discounts for 55 and older, teen driver, air bags, theft prevention, anti-lock brakes, early bird, and defensive driver.
- American Family policyholders can earn discounts including defensive driver, good driver, early bird, accident-free, mySafetyValet, air bags, and good student.
- The Hartford offers premium reductions for air bag, good student, driver training, vehicle fuel type, bundle, defensive driver, and anti-theft.
- AAA may have discounts that include pay-in-full, anti-theft, multi-car, good driver, AAA membership discount, multi-policy, and education and occupation.
The diagram below illustrates the comparison of annual premium costs with and without some available policy discounts. The price estimates are based on a female driver, three traffic citations and one accident, Florida state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with multiple vehicle, multiple policy, paperless filing, marriage, continuous coverage, and homeowner discounts applied. In this example, theaverage yearly reduction on car insurance for drivers requiring a SR22 is 28% or $861.
Ideas for buying budget-friendly insurance for drivers requiring a SR22
It is possible to find better rates, and here are some of the better money-saving solutions that can help Miami drivers buy cheaper coverage.
- Higher credit scores may earn you cheaper rates
- Drive attentively and avoid accidents
- Drop full coverage on older vehicles
- Safer vehicles cost less to insure
- Save money by insuring your home and auto with the same company
- Shop around for cheaper rates regularly
That last tip is certainly significant, as was affirmed in this piece. Auto insurance prices in Miami vary greatly, so don’t be afraid to change insurance companies if you find a better deal. Loyalty to a specific company is fine, but it’s not a great idea if that faithfulness ends up costing you a fortune every year. If you have a few minutes, compare prices to find cheaper insurance for drivers requiring a SR22.
If you wish to get help from a professional when comparing insurance rates for drivers requiring a SR22, the insurance agencies listed below can provide answers to your questions and help you determine which policy fits your needs best. To locate a Miami car insurance agency near you, click the link at the bottom.
State Farm: Carlos Luis
6001 Bird Rd – Miami, FL 33155 – (305) 663-2300
Globalgreen Insurance Agency
6840 Bird Rd – Miami, FL 33155 – (305) 677-8022
Mario Obregon – State Farm Insurance Agent
6701 Sunset Dr #115 – South Miami, FL 33143 – (305) 661-7667