Who Has Cheap Auto Insurance for Business Use in Miami?

The words “low-cost” and “insurance” really don’t belong together, especially when trying to find the lowest insurance rates for business use. Because it’s not cheap, let’s teach you some of the things that impact auto insurance prices, and see if you can shave a little off your next policy.

Comparing quotes for reasonably-priced auto insurance is easier said than done, and finding out which companies have the lowest-priced insurance rates for business use involves a bit more work. Every insurance company uses their own calculation for establishing rates, so to begin we’ll rank the insurance companies with the overall best prices in Miami, FL.

It’s important to understand that Miami, FL insurance rates are impacted by many things that will increase or decrease the cost of coverage. Taking a driver safety course, marrying your spouse, or getting a ticket for running a stop sign may prompt premium changes that may make certain companies much higher than others.

Best Car Insurance Prices for Business Use

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USAA normally has some of the lowest car insurance rates in Miami at around $977 each year. This is $1,471 less than the average rate paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers also are some of the lowest-priced Miami, FL auto insurance companies.

As the rates illustrate above, if you are currently insured with Progressive and switched to Electric, you could see annual savings of around $117. Policyholders with Travelers may save as much as $176 a year, and Allied insureds might reduce rates by $233 a year.

Be aware that those premium estimates are averages for all types of insureds and vehicles and and are not calculated with a vehicle location for business use. So the company that is most affordable for your situation may not even be in the list above. That’s why you need to compare rates from as many companies as possible using your own personalized driver profile and vehicle information.

The type of vehicle requiring coverage is probably the largest consideration in finding affordable coverage for business use. Vehicles with economical engines, advanced safety features, or a low likelihood of liability claims will cost less to insure than high performance models. The list below presents auto insurance prices for a number of the most cost-effective vehicles to buy coverage for.

Cheapest Vehicles to Insure in Miami, FL
Make and Model Estimated Cost for Full Coverage
Honda Accord EX-L 4-Dr Sedan $3,265
Ford Escape Limited 4WD $3,275
Chevrolet Impala LS $3,493
Honda CR-V EX-L 2WD $3,528
Chevrolet Silverado LS Regular Cab 2WD $3,568
Ford Explorer Eddie Bauer AWD $3,627
Honda Odyssey EX-L W/Navigation $3,745
GMC Sierra 2500HD SLE Extended Cab 4WD $3,812
Jeep Grand Cherokee SRT-8 4WD $3,820
Toyota Prius $3,820
Ford F-350 XL Crew Cab 2WD $3,883
Ford Focus SE 2-Dr Coupe $4,005
Jeep Wrangler Sport Islander Package 4WD 2-Dr $4,044
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Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Table data does not factor in specific location information which can raise or lower price quotes substantially.

Looking at the rates, makes and models like the Honda Accord, Ford Escape, and Chevrolet Impala are most likely going to be some of the cheapest vehicles to insure for using your car for business. The cost of auto insurance will tend to be more expensive just due to the fact that there is more claim exposure for business use, but overall those models will probably have the least expensive rates that you’ll find.

How careless driving impacts Miami insurance rates

In a perfect world, the best way to receive low insurance rates in Florida for using your car for business is to drive safely and avoid accidents and violations. The chart below highlights how speeding tickets and at-fault fender-benders influence insurance costs for each different age group. The rate quotes are based on a single female driver, comp and collision included, $100 deductibles, and no discounts are factored in.

In the chart above, the average cost of car insurance per year with a clean driving record and no accidents is $3,027. Receive two speeding tickets and the average cost increases to $4,078, an increase of $1,051 each year. Now get two accidents along with the two speeding tickets and the 12-month cost of insurance for business use increases to an average of $7,843. That’s an increase of $4,816, or $401 per month, just for not paying attention while driving!

Difference between full coverage and liability only rates

Finding cheaper insurance is important to most drivers, and an easy way to buy cheap insurance for business use is to only buy liability coverage. The diagram below illustrates the comparison of insurance costs with full coverage and liability only. The prices are based on a clean driving record, no claims, $1,000 deductibles, single marital status, and no discounts are factored in.

As an average for all age groups, physical damage insurance costs an extra $1,747 per year over and above liability only. That proposes the question if physical damage coverage is worth the money. There is no exact rule to delete comp and collision coverage, but there is a guideline you can consider. If the yearly cost of full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.

The chart below illustrates how your choice of deductibles can change annual premium costs when researching cheap insurance for business use. The data assumes a single male driver, comp and collision included, and no discounts are factored in.

As shown above, a 30-year-old driver could reduce rates by $384 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $582 by changing to a $1,000 deductible. Even younger drivers, such as the 20-year-old example, can save as much as $1,126 annually by choosing a higher deductible. When choosing a higher deductible, it is essential to have plenty of savings on hand to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.