What Insurance is Cheapest for Used Cars in Miami?

Wouldn’t it be great if we could instantly tell you the one company that has the lowest rates for used cars? It’s just not that simple, as there are a whole bunch of unknown elements such as how many years you have been driving, how safe your vehicle is, and if full coverage is needed, that all impact the price you pay. The information below will cover the best ways to save on auto insurance and also should give you a good start in finding the cheapest car insurance in Florida.

The type of vehicle driven is one of the main factors when consumers are trying to find the best insurance for used cars. Vehicles with economical engines, a great safety record, or a low likelihood of liability claims will cost much less to insure than fast, unsafe models. The next table presents insurance premiums for a number of the most economical vehicles to buy coverage for.

Cheapest Vehicles to Insure in Miami, FL
Make and Model Estimated Cost for Full Coverage
Honda CR-V EX 4WD $3,020
Toyota Prius $3,265
Ford Escape Limited 2WD $3,452
Honda Accord EX-L 4-Dr Sedan $3,659
Toyota Tacoma X-Runner 2WD $3,670
Chevrolet Impala LTZ $3,675
Jeep Grand Cherokee SRT-8 4WD $3,737
Chevrolet Silverado LT Extended Cab 2WD $3,741
Ford F-150 XLT Super Cab 2WD $3,787
Honda Odyssey LX $3,967
GMC Sierra Denali Crew Cab 4WD $3,982
Toyota Camry Hybrid $3,990
Toyota RAV4 2WD $3,994
Chevrolet Malibu LS $4,001
Chevrolet Silverado 3500HD LT Crew Cab Diesel 2WD $4,048
Ford Explorer Limited 2WD $4,068
Ford Edge SE AWD $4,193
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Prices based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Estimates do not factor in specific zip code location which can change insurance rates considerably.

Based on these rates, you can figure that cars like the Honda CR-V, Toyota Prius, and Ford Escape are most likely going to be the cheaper vehicles to insure for pre-owned vehicles.

For pre-owned vehicles, one of the more important considerations that help determine the price you pay for insurance is where you live. More populated areas tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims benefit from having to pay less for coverage.

The following table lists the highest-priced areas in Florida for used cars to buy auto insurance in. Miami shows up at #3 with an annual cost of $3,177 for coverage, which is around $265 each month.

How much does car insurance cost in Miami, FL?
Rank City Premium Per Year
1 Hialeah $3,523
2 Miami Gardens $3,245
3 Miami $3,177
4 Miami Beach $2,923
5 West Palm Beach $2,705
6 Miramar $2,683
7 Hollywood $2,630
8 Pompano Beach $2,620
9 Tampa $2,610
10 Fort Lauderdale $2,576
11 Coral Springs $2,549
12 Davie $2,523
13 Pembroke Pines $2,505
14 Brandon $2,392
15 St. Petersburg $2,219
16 Clearwater $2,194
17 Spring Hill $2,123
18 Orlando $2,069
19 Port St. Lucie $1,994
20 Jacksonville $1,980
21 Cape Coral $1,917
22 Lakeland $1,845
23 Tallahassee $1,784
24 Palm Bay $1,750
25 Gainesville $1,646
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Premium amounts are approximated as the specific geographic location can modify rates significantly.

Establishing which company has the lowest-priced car insurance rates for used cars may require a little more work in order to find the lowest price quote. Each company uses a different method for setting rates, so let’s examine the car insurance companies that tend to have lower prices in Miami, FL.

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Cheapest auto insurance in Florida ranked by cost per year
Rank Company Cost Per Year
1 USAA $986
2 Electric $1,746
3 Amica $1,746
4 Progressive $1,829
5 Travelers $1,888
6 Mercury $1,933
7 Allied $1,945
8 Esurance $2,082
9 Auto-Owners $2,085
10 State Farm $2,131
11 GEICO $2,150
12 21st Century $2,373
13 Allstate $2,388
14 Windhaven Insurance $2,549
15 MetLife $2,870
16 Safeco $2,927
17 Hanover $3,054
18 Liberty Mutual $3,131
19 United Automobile $3,562
20 Direct General $4,022
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USAA normally has some of the best car insurance rates in Miami at around $986 a year. Electric, Amica, Progressive, and Travelers also make the cut as some of the cheaper Miami, FL car insurance companies.

As shown in the table above, if you are currently insured with Electric and switched to USAA, you may realize yearly savings of upwards of $760. Drivers with Amica may save as much as $760 a year, and Progressive customers might reduce prices by as much as $843 a year.

Be aware that those policy rates are averages for all drivers and vehicles in Florida and do not take into consideration a specific location for used cars. So the car insurance company that has the cheapest rates for you may not even be in the list above. That emphasizes why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.

The information below illustrates how your choice of deductibles can influence premium costs when researching cheap insurance for used cars. The prices are based on a married female driver, full coverage, and no other discounts are factored in.

As shown above, a 30-year-old driver could save $332 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $500 by changing to a $1,000 deductible. Young drivers, like the Age 20 category, have the ability to save up to $708 annually just by choosing higher deductibles.

When using a larger deductible, it is a good idea to have plenty of money set aside to allow you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

How careless driving impacts car insurance rates

In a perfect world, the best way to obtain affordable car insurance rates in Florida for pre-owned vehicles is to be a careful driver and not receive tickets or have accidents. The diagram below illustrates how traffic citations and accident claims impact insurance rates for different age categories. The data is based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied.

The chart shows that the average cost of a car insurance policy per year with no violations or accidents is $2,453. Receive two speeding tickets and the average cost increases to $3,503, an increase of $1,050 each year. Then throw in two accidents along with the two speeding tickets and the 12-month cost of car insurance for used cars jumps again to an average of $7,268. That’s an increase of $4,815, or $401 per month, just for not paying attention while driving!

Why are you paying too much for car insurance?

Miami, FL car insurance rates are based on many factors that will increase or decrease the price you pay for coverage. Simply having another birthday, having a teenage driver, or getting a DUI can cause premium changes resulting in some companies being more affordable than before.

In addition, auto insurance companies file new Florida auto insurance rates every year in order to maintain liquidity for claims. A period of higher than normal claims can result in a rate increase, while a better loss history may produce cheaper Miami car insurance rates.

To illustrate this point, the chart below analyzes the cheapest car insurance in Miami, FL for a 45-year-old male driver with no prior claims, no tickets, and excellent credit. When comparing rates based on his personal risk profile, USAA has the lowest car insurance rates in Miami at $1,846 a year. This is $602 less than the average premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers are the remaining cheapest Miami, FL auto insurance companies.

The next chart shows rates after we give the driver from the first set of rates some claims, a lower credit rating, and a traffic ticket or two. Since each company has a different process to determining premium rates, analyzing rate quotes may now present a different list of affordable Miami car insurance companies as shown below.

USAA now has the best price in Miami with Allied, Esurance, State Farm, and GEICO now rounding out the top five. This illustrates why consumers need to take the time to compare as many rates as possible when trying to get cheap insurance rates for used cars.

Prices are calculated by many risk factors and can decrease or increase without notice, so the most economical option when you bought your policy may now be priced much higher than other options.