The type of vehicle needing coverage is a large consideration when shopping for economical coverage for drivers with bad credit. Vehicles with higher performance characteristics, poor safety ratings, or an increased likelihood of liability claims will cost more to insure than more economical and safe models. The information below features coverage rates for a handful of the more affordable automobiles to insure in Florida.
|Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$2,718|
|Ford Edge SE 2WD||$2,991|
|Jeep Wrangler Rubicon 4WD 2-Dr||$3,051|
|Ford Escape XLS 2WD||$3,115|
|Honda CR-V EX 2WD||$3,124|
|Chevrolet Equinox LS AWD||$3,220|
|Chevrolet Malibu LS||$3,225|
|Toyota Camry SE||$3,388|
|Ford F-150 Lariat Crew Cab Harley 2WD||$3,452|
|Kia Optima LX||$3,459|
|GMC Sierra SLT Extended Cab 4WD||$3,452|
|Chevrolet Silverado LT Regular Cab||$3,461|
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Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Estimates do not factor in specific garaging location which can alter premium rates noticeably.
Based upon these rates, you can figure that vehicles like the Hyundai Elantra, Ford Edge, Jeep Wrangler, Ford Escape, and Honda CR-V are most likely to be the cheapest vehicles to insure for people with poor credit. Car insurance rates will trend higher just because there is more inherent risk for drivers with bad credit, but generally speaking those particular models will tend to have the least expensive rates compared to other types of vehicles.
For people with poor credit, one of the largest components that aid in calculating car insurance rates is the neighborhood you call home. Areas with increased crime or more people tend to pay more, whereas areas with fewer weather claims and lower vehicle theft rates profit from lower rates.
The following table ranks the highest-priced places in Florida for drivers with bad credit to buy an auto insurance policy in. Miami comes in at #2 with the annual price of $3,273 for the average policyholder, which is about $273 each month.
|Rank||City||Premium Per Year|
|8||West Palm Beach||$2,599|
|19||Port St. Lucie||$1,975|
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Information shown are approximated as specific Miami zip code can lower or raise price quotes noticeably.
Insuring your vehicle with the right insurer can be difficult considering how many different companies there are to choose from in Miami. The rank data shown next could help you pick which car insurance companies to look at purchasing a policy from.
The ratings below are for companies that insure vehicles across America, so companies that have a smaller presence are not factored into the list. If you wish to compare prices from these top-rated insurers and more, just click here.
Top 10 Major Auto Insurers in Miami Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
The illustration below demonstrates how deductible levels can raise or lower premium costs when quoting cheap insurance for drivers with bad credit. The premiums assume a married male driver, comp and collision included, and no policy discounts are applied.
The data above shows that a 40-year-old driver could lower rates by $292 a year by changing from a $100 deductible up to a $500 deductible, or save $440 by choosing a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could lower their rates as much as $966 annually just by choosing higher deductibles when buying full coverage.
When insureds make the decision to increase the deductibles on their policy, it is a good idea to have plenty of discretionary funds to allow you to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Why you should be shopping around
Miami, FL auto insurance rates are influenced by many factors that can increase your annual premium. Getting older, having a teen driver, or getting a ticket for careless driving may cause policy rate changes that can now make some companies cheaper than others. Additionally, auto insurance companies file new Florida auto insurance rates at least once a year to adjust for heavy claims or excess profits. A period of higher than normal claims can cause additional premium costs, while long-term profits may result in lower-cost Miami car insurance rates.
The graph below demonstrates which company has the cheapest car insurance in Miami, FL for a 40-year-old male driver with no prior accidents, a clean driving record, and solid credit. If we estimate rates based on his current rating profile, USAA offers the best car insurance rates in Miami at $1,792 per year. This is $656 less than the average premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers are also included in the most affordable Miami, FL auto insurance companies.
In this next rate comparison, we will give the driver from the first example an accident surcharge, less-than-perfect credit, and an imperfect driving record. Since every car insurance company has their own guidelines for establishing rates, analyzing rates could result in a new list of companies as shown below.
USAA now has the cheapest car insurance in Miami with Mercury, State Farm, Esurance, and Auto-Owners completing the list. This demonstrates why it is critical to spend some time comparing rates to find the most economical auto insurance quotes for drivers with bad credit. Auto insurance prices are calculated by many things and change substantially, so the cheapest option the last time you compared rates may now be an over-priced policy.
How to find low-cost car insurance for drivers with bad credit
Below you’ll find a few money-saving solutions that can help Florida drivers locate cheaper coverage.
- Violations and traffic tickets increase rates
- Do not file small claims
- Buying car and homeowners insurance together can save money
- Avoid having at-fault accidents
- Clean up your credit
- Increase your deductibles
- Shop around and save
The last suggestion is highly necessary, as we discussed in this article. Prices charged by auto insurers change frequently, so drivers shouldn’t be resistant to buy a policy from a new company if a more affordable rate is found.
Sticking with a specific company is fine, but it’s not a great idea if that faithfulness ends up costing you thousands of dollars over the life of your policy. In less than five minutes you could compare rates and find cheaper auto insurance for drivers with bad credit in Miami.