What Insurance is Cheapest for Young Drivers in Miami?

The type of vehicle you are seeking coverage for is a large factor that determines if you can find the most affordable car insurance for young drivers. Vehicles with limited speed and performance, an excellent safety record, or a positive history of liability claims will cost significantly less to insure than higher performance models. The list below shows car insurance prices for a selection of the most economical vehicles to insure in Florida.

Cheapest Vehicles to Insure in Miami, FL
Insured Vehicle Estimated Cost for Full Coverage
Honda CR-V EX 2WD $10,681
Ford Escape XLT 4WD $10,782
Volkswagen Jetta S 2.5 Station Wagon $11,457
Hyundai Elantra SE Touring Station Wagon $11,463
Toyota Prius $11,562
Honda Odyssey LX $11,890
Ford Explorer XLT 2WD $11,990
Ford F-150 FX2 Super Cab 2WD $12,000
Honda Civic DX 4-Dr Sedan $12,565
Toyota Tacoma 2WD $12,572
Chevrolet Impala LT $12,666
Toyota RAV4 Limited 2WD $12,673
Chevrolet Equinox LT 2WD $12,666
Chevrolet Malibu Hybrid $12,674
Dodge Grand Caravan Crew $12,770
Toyota Corolla XLE $13,341
Ford Edge Sport 2WD $13,346
Toyota Camry XLE $13,341
Nissan Altima 2.5 S 4-Dr Sedan $13,351
Jeep Grand Cherokee SRT-8 4WD $13,445
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Table data represents single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium amounts do not factor in the specific area where the vehicle is garaged which can change insurance rates substantially.

By looking at the data, we can conclude that cars like the Honda CR-V, Ford Escape, Volkswagen Jetta, Hyundai Elantra, and Toyota Prius are most likely to be a few of the most budget-friendly vehicles to insure for youthful drivers. The cost of auto insurance will tend to be more expensive because there is more inherent risk for young drivers, but generally speaking those vehicles will have the cheapest rates compared to all other vehicles.

Buying low-priced auto insurance is not the easiest thing to do, and finding out which company quotes the lowest-priced insurance rates for young drivers calls for even more diligence. Every car insurance company uses slightly different criteria to establish rates, so we’ll take a look at the most budget-friendly insurance companies in Miami, FL.

Cheap Insurance Rates for Teens

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Cheapest insurance companies in Florida
Rank Company Cost Per Year
1 USAA $957
2 Electric $1,694
3 Amica $1,746
4 Progressive $1,847
5 Travelers $1,869
6 Mercury $1,914
7 Allied $1,926
8 Esurance $2,040
9 Auto-Owners $2,085
10 GEICO $2,108
11 State Farm $2,110
12 Allstate $2,411
13 21st Century $2,469
14 Windhaven Insurance $2,653
15 MetLife $2,870
16 Safeco $2,898
17 Liberty Mutual $3,039
18 Hanover $3,054
19 United Automobile $3,457
20 Direct General $3,942
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USAA has some of the cheapest car insurance rates in Miami at around $957 a year. This is $1,491 less than the average rate paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers are also some of the more affordable Miami, FL insurance companies.

In the above rates, if you currently have coverage with Amica and switched to USAA, you could earn a yearly price reduction of upwards of $789. Policyholders with Progressive could save as much as $890 a year, and Travelers policyholders might cut rates by $912 a year.

It’s important to note that these policy prices are averaged for all drivers and vehicles in Florida and and are not figured with an exact vehicle garaging location for young drivers. So the auto insurance company that fits your age and vehicle best may not even be in the top 21 companies shown above. That affirms the importance of why you need to quote rates from as many companies as possible using your own individual information.

For youthful drivers, one of the largest components that help determine auto insurance rates is where you choose to live in Miami. Regions with larger populations or more claims likely pay more, whereas more rural areas receive better rates.

The table below lists the highest-priced areas in Florida for young drivers to purchase auto insurance in. Miami comes in at #2 with an annual cost of $3,177 for the average policy, which is around $265 each month.

How much is car insurance in Miami?
Rank City Premium Per Year
1 Hialeah $3,488
2 Miami $3,177
3 Miami Gardens $3,149
4 Miami Beach $2,923
5 Miramar $2,709
6 West Palm Beach $2,705
7 Hollywood $2,604
8 Fort Lauderdale $2,576
9 Davie $2,548
10 Tampa $2,532
11 Pompano Beach $2,518
12 Pembroke Pines $2,505
13 Coral Springs $2,499
14 Brandon $2,322
15 St. Petersburg $2,219
16 Clearwater $2,172
17 Spring Hill $2,102
18 Orlando $2,008
19 Port St. Lucie $1,975
20 Jacksonville $1,960
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Prices are approximated as the vehicle garaging location can modify rates substantially.

The diagram below illustrates how your deductible choice can influence premium costs when quoting cheap insurance for young drivers. The data is based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.

The data above shows that a 30-year-old driver could cut expenses by $522 a year by increasing from a $100 deductible up to a $500 deductible, or save $786 by switching to a $1,000 deductible. Even younger insureds, like the Age 20 chart data, could possibly save up to $1,550 or even more by using higher deductibles when buying full coverage.

When choosing a higher deductible, it will now be necessary to have additional funds squirreled away to enable you to pay the extra out-of-pocket expense that is associated with using high deductibles.

Safe drivers pay less for insurance

In a perfect world, the ideal way to obtain the best insurance premiums in Miami for youthful drivers is to be a cautious driver and avoid at-fault accidents and violations. The chart below highlights how speeding tickets and accident claims can affect insurance costs for different categories of driver ages. The prices are based on a married female driver, full physical damage coverage, $250 deductibles, and no additional discounts are factored in.

The chart shows that the average cost of auto insurance per year with no accidents and a clean driving record is $1,865. Factor in two speeding tickets and the average cost hikes up to $2,658, an increase of $793 each year. Now add one accident along with the two speeding tickets and the 12-month cost of insurance for young drivers goes up to an average of $3,451. That’s an increase of $1,586, or $132 per month, just for being a careless driver!

Why you should shop around

Miami insurance rates are based on many factors that control the policy premium. Simply turning a year older, having a teen driver, or getting a few speeding tickets may cause policy rate changes that can cause some rates to be cheaper than before. Not only that, but insurers change the rates they charge in Florida every year to help ensure profitability. A period of higher than normal claims may cause price increases, while lower claim levels can result in more affordable Miami car insurance rates.

To illustrate this example, the bar chart below shows which company has the cheapest car insurance in Miami, FL for a 35-year-old male driver with no prior claims, no tickets, and a good credit rating. When quoting prices based on his personal profile, USAA might quote the lowest car insurance rates in Miami at $1,848 per year. This is $600 less than the average rate paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Allied also make the list of the cheapest Miami, FL auto insurance companies.

In the next rate comparison, we’ll give the driver in the first chart a chargeable accident, a lower credit score, and a blemish on his driving record. Since every insurance provider has a unique formula for setting rates, analyzing rates most likely will result in a different set of affordable companies as shown below.

USAA now has the cheapest rate in Miami, FL with Mercury, State Farm, Esurance, and Auto-Owners also having competitive pricing. This example demonstrates why it is critical to compare rates when trying to find the most budget-friendly auto insurance quotes for young drivers.

Auto insurance prices are made up of many factors and can change substantially, so the most economical company the last time you compared rates may now be quite expensive.

How to find budget-friendly insurance for young drivers

Lowering your rates is not difficult, and here are many money-saving ideas that can help drivers locate low-cost car insurance.

The last suggestion is very crucial, as was discussed in this write-up. Coverage prices can be adjusted at any time, so don’t be tentative to change insurance companies if a lower price can be found.

Having a favorite company is great, but it’s not a great idea if that loyalty ends up costing money that could be used for better things. Now is a great time to shop around to find cheaper auto insurance for young drivers in Miami.