What Auto Insurance is Cheapest for 16 Year Olds in Miami?

The type of vehicle requiring insurance is a large factor that determines if you can find cheaper insurance for 16 year olds. Vehicles with high performance features, poor safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than safer, lower-performance models.

The next table shows auto insurance prices for a handful of the more affordable automobiles to insure in Florida.

Cheapest Vehicles to Insure in Miami, FL
Vehicle Make and Model Estimated Cost for Full Coverage
Honda CR-V EX 4WD $13,365
Ford Escape Limited 4WD $14,175
Hyundai Elantra SE Touring Station Wagon $14,180
Toyota Prius $14,300
Honda Odyssey LX $14,764
Ford Explorer Eddie Bauer 2WD $14,892
Jeep Wrangler Rubicon 4WD 2-Dr $14,902
Ford Edge Limited 2WD $15,574
GMC Sierra SL Extended Cab 2WD $15,703
Toyota Camry LE $15,711
Chevrolet Impala LT $15,703
Ford Fusion S 4-Dr Sedan $15,709
Nissan Altima 2.5 4-Dr Sedan $15,703
Toyota RAV4 Sport 4WD $15,711
Dodge Grand Caravan Hero $15,703
Jeep Grand Cherokee Laredo 2WD $15,713
Ford F-150 SVT Raptor Super Cab 4WD $15,827
Chevrolet Malibu LT $15,835
Ford Focus SES 4-Dr Sedan $16,384
Toyota Tacoma X-Runner 2WD $16,513
Volkswagen Jetta SE 4-Dr Sedan $16,638
Chevrolet Silverado LTZ Extended Cab 4WD $16,645
Chevrolet Silverado 2500HD LT Crew Cab 4WD $16,638
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Cost estimates assume single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, and claim-free. Price estimates do not factor in specific location which can raise or lower price quotes greatly.

Based on these rates, you can expect makes and models like the Honda CR-V, Ford Escape, Hyundai Elantra, and Toyota Prius are most likely going to be the cheaper vehicles to insure for new drivers. The cost of auto insurance will tend to be higher because there is a higher risk for 16 year olds, but in general those makes and models will most likely have the cheapest rates possible.

For new drivers, one of the more important considerations that aid in calculating the amount you pay each year for auto insurance is the neighborhood you call home. Cities with larger populations or higher claim trends will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates can boast about having cheaper rates.

The information below rates the most expensive places in Florida for 16 year olds to purchase car insurance in. Miami comes in at #3 with an annual rate of $3,273 on average, which is about $273 monthly.

How much does auto insurance cost in Miami?
Rank City Premium Per Year
1 Hialeah $3,523
2 Miami Gardens $3,277
3 Miami $3,273
4 Miami Beach $3,043
5 Miramar $2,629
6 Tampa $2,610
7 West Palm Beach $2,599
8 Pompano Beach $2,595
9 Hollywood $2,552
10 Fort Lauderdale $2,550
11 Coral Springs $2,549
12 Pembroke Pines $2,481
13 Davie $2,448
14 Brandon $2,392
15 St. Petersburg $2,263
16 Clearwater $2,260
17 Spring Hill $2,123
18 Jacksonville $2,040
19 Orlando $2,008
20 Port St. Lucie $1,916
21 Cape Coral $1,898
22 Lakeland $1,883
23 Palm Bay $1,803
24 Tallahassee $1,748
25 Gainesville $1,630
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Rates are approximated as the specific area where the vehicle is garaged can revise premium rates noticeably.

How much more does full coverage cost?

Paying a lower price for insurance is probably important to most people, and one way to buy cheaper insurance for 16 year olds is to buy liability only. The example below illustrates the difference between auto insurance costs with full coverage and liability only. The data assumes a clean driving record, no claims, $100 deductibles, single status, and no additional discounts are factored in.

If we average the cost for all age groups, comp and collision coverage costs $2,385 per year more than buying just liability insurance. At some point, every insured wonders if it’s worth it to buy full coverage. There is no specific rule for excluding full coverage, but there is a general convention. If the yearly cost of comp and collision coverage is more than 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s pretend your vehicle’s settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $5,000 after paying your deductible. If you are paying over $500 annually for your policy with full coverage, then you may need to consider dropping full coverage.

There are a few cases where removing full coverage is not advised. If you haven’t paid off your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should not buy liability only.

Discounts on Miami auto insurance rates

Cheaper Miami, FL insurance for new driversCar insurance companies that offer coverage for 16 year olds may have special discounts that could reduce prices by 25% or more if you meet certain criteria. A list of companies and their offered discounts can be read below.

The illustration below shows the difference between insurance rates with and without discounts being applied to the rates. Data assumes a male driver, no claims or driving citations, Florida state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with passive restraint, anti-theft, vehicle safety, paperless filing, good student, and paid-in-full discounts applied. With discounts applied, theaverage yearly reduction on insurance for 16 year olds is 28% or $974.

Buying coverage from the highest-rated auto insurance company is difficult considering how many choices drivers have in Miami. The rank data below could help you select which providers to look at comparing price quotes from.

The ratings below only include companies with a national presence, so smaller companies are not taken into consideration for this list. To view rates from these and other top-rated companies, simply click here.

Top 10 Major Auto Insurers in Miami Ranked by A.M. Best Rating

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Titan Insurance – A+
  6. Esurance – A+
  7. Progressive – A+
  8. The Hartford – A+
  9. Allstate – A+
  10. Nationwide – A+

Top 10 Major Auto Insurers in Miami Ranked by Customer Satisfaction

  1. USAA – 91%
  2. AAA Insurance – 90%
  3. Esurance – 90%
  4. Mercury Insurance – 89%
  5. Nationwide – 89%
  6. Travelers – 88%
  7. Progressive – 88%
  8. Safeco Insurance – 88%
  9. State Farm – 88%
  10. Allstate – 88%

Tips for buying economical insurance for 16 year olds

The list below summarizes some of the better money-saving suggestions that can help you quote more affordable coverage.

That last idea is especially critical, as was emphasized in the prior article. Insurance rates fluctuate considerably, so don’t be afraid to buy from a different company if a cheaper rate is available. Loyalty to a specific company is fine, but it’s not a good idea if that devotion results in you overpaying hundreds of dollars year after year. Spend a few minutes and shop around and find cheaper auto insurance for 16 year olds in Miami.