The words “economical” and “insurance” probably shouldn’t be used in the same sentence, especially when you are searching for the lowest insurance rates for college students. To help control this cost, let’s learn about some of the factors that have a considerable impact on auto insurance rates, and come up with some ideas to reduce the cost of your next policy.
One of the more important factors that are looked at to help calculate the annual cost of car insurance is where you call home. More populated areas tend to have more expensive car insurance rates, whereas areas that tend to be more rural tend to receive slightly lower rates.
The illustration below sorts the most costly cities in Florida for college students to purchase auto insurance in. Miami is ranked #3 with the annual price of $3,241 for the average insurance policy, which is approximately $270 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Hialeah | $3,630 |
| 2 | Miami Gardens | $3,277 |
| 3 | Miami | $3,241 |
| 4 | Miami Beach | $2,953 |
| 5 | Miramar | $2,683 |
| 6 | Tampa | $2,636 |
| 7 | West Palm Beach | $2,625 |
| 8 | Fort Lauderdale | $2,576 |
| 9 | Coral Springs | $2,574 |
| 10 | Hollywood | $2,552 |
| 11 | Pompano Beach | $2,518 |
| 12 | Davie | $2,448 |
| 13 | Pembroke Pines | $2,407 |
| 14 | Brandon | $2,368 |
| 15 | St. Petersburg | $2,263 |
| 16 | Clearwater | $2,260 |
| 17 | Spring Hill | $2,060 |
| 18 | Jacksonville | $2,040 |
| 19 | Orlando | $2,008 |
| 20 | Port St. Lucie | $1,975 |
| Find Cheaper Rates Go | ||
Annual rates are comparative as the vehicle garaging location can affect insurance rates greatly.
The make and model of vehicle you are insuring is a large factor that determines whether or not you find the most affordable insurance for college students. Vehicles with lots of horsepower, a lack of modern safety features, or a high likelihood of having liability claims will cost substantially more to insure than safer models. The table below outlines auto insurance prices for a handful of the more affordable automobiles to buy coverage for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $3,311 |
| Honda CR-V EX-L 4WD | $3,384 |
| Ford Escape Limited 2WD | $3,394 |
| Ford Explorer Limited 2WD | $3,485 |
| Toyota Tacoma X-Runner 2WD | $3,596 |
| Toyota Camry XLE | $3,604 |
| Hyundai Elantra SE 4-Dr Sedan | $3,596 |
| GMC Sierra SLT Extended Cab 2WD | $3,662 |
| Nissan Altima Hybrid 4-Dr Sedan | $3,670 |
| Toyota Prius | $3,662 |
| Dodge Grand Caravan CV | $3,712 |
| Jeep Wrangler Unlimited Rubicon 4WD 4-Dr | $3,782 |
| Ford Edge SEL 2WD | $3,843 |
| GMC Sierra 2500HD SLE Regular Cab 2WD | $3,909 |
| Hyundai Sonata Limited 4-Dr Sedan | $3,916 |
| Toyota Camry Hybrid | $3,909 |
| Dodge Ram Crew Cab Sport 4WD | $3,975 |
| Chevrolet Malibu LT | $3,990 |
| Ford Focus SE 4-Dr Sedan | $4,110 |
| Chevrolet Impala LS | $4,115 |
| Toyota RAV4 2WD | $4,195 |
| Ford F-150 Lariat Crew Cab Harley 2WD | $4,198 |
| Chevrolet Silverado LT Crew Cab 4WD | $4,203 |
| Find Cheaper Rates Go | |
Prices based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Prices do not factor in specific garaging location which can influence price quotes substantially.
Looking at the numbers, we can conclude that vehicles like the Honda Accord, Honda CR-V, Ford Escape, Ford Explorer, and Toyota Tacoma are some of the cheaper vehicles to insure for students in college.
Buying reasonably-priced car insurance is easier said than done, and determining which companies have the cheapest insurance rates for college students may require a bit more work. Each auto insurer uses different criteria for setting prices, so let’s take a look at the insurance companies with the most affordable rates in Miami, FL.
It’s important that readers know that Miami insurance rates are calculated based on many things that can increase the policy premium. That is why consumers need to take the time to shop around to get affordable car insurance rates for college students. Insurance rates are made up of many things and can decrease or increase without notice, so the most economical option the last time you checked may now be wasting a lot of money.
Find the Cheapest Car Insurance for College Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $977 |
| 2 | Electric | $1,694 |
| 3 | Amica | $1,746 |
| 4 | Progressive | $1,793 |
| 5 | Travelers | $1,869 |
| 6 | Allied | $1,945 |
| 7 | Mercury | $1,973 |
| 8 | State Farm | $2,047 |
| 9 | Esurance | $2,082 |
| 10 | GEICO | $2,108 |
| 11 | Auto-Owners | $2,149 |
| 12 | Allstate | $2,340 |
| 13 | 21st Century | $2,373 |
| 14 | Windhaven Insurance | $2,627 |
| 15 | MetLife | $2,988 |
| 16 | Safeco | $3,016 |
| 17 | Liberty Mutual | $3,039 |
| 18 | Hanover | $3,054 |
| 19 | United Automobile | $3,422 |
| 20 | Direct General | $4,022 |
| Find Cheaper Rates Go | ||
USAA offers some of the lowest car insurance rates in Miami at around $977 annually. This is $1,471 less than the average premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers are also some of the lowest-priced Miami, FL insurance companies.
As shown in the rates above, if you currently have a policy with Amica and switched to USAA, you could earn yearly savings of in the vicinity of $769. Florida drivers with Progressive might save as much as $816 a year, and Travelers policyholders might reduce rates by $892 a year.
These policy rates are averages for all insureds and vehicles and do not take into consideration a specific vehicle garaging location for college students. So the company that fits your situation best may not even be in the list above. That’s why you need to get rate quotes from many companies using your own specific driver and vehicle information.
Discounts on Miami auto insurance
Auto insurance companies that provide policies for college students may also provide rate discounts that can lower rates by as much as 30% if you meet specific criteria. A few popular companies and a selection of discounts are detailed below.
- State Farm includes discounts for multiple autos, Drive Safe & Save, safe vehicle, passive restraint, anti-theft, and driver’s education.
- Progressive offers premium reductions for multi-policy, continuous coverage, homeowner, online signing, online quote discount, and good student.
- Travelers has discounts for good student, multi-policy, IntelliDrive, multi-car, student away at school, and payment discounts.
- American Family offers discounts for accident-free, good driver, early bird, good student, and air bags.
- Liberty Mutual discounts include new move discount, exclusive group savings, newly retired, preferred payment discount, and multi-policy.
The diagram below illustrates the comparison of insurance costs with and without discounts applied to the policy premium. The data assumes a female driver, no claims or driving citations, Florida state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The second shows the rates with multiple vehicle, defensive driving course, vehicle safety, multiple policy, passive restraint, and marriage discounts applied. When these discounts are applied, the average savings per year on insurance for college students is 28% or $574.
What is the best insurance company in Florida?
Selecting the right auto insurance company can be rather challenging considering how many companies provide coverage in Florida. The ranking data below could help you pick which providers to look at when comparing auto insurance rates for college students.
The ratings below only include the largest auto insurers in America, so companies that may only write in Florida are not factored into these rankings. If you’d like to compare prices and find the cheapest rates for college students, just click here.
Top 10 Large Auto Insurance Providers in Miami Ranked by Value
- Mercury Insurance
- Travelers
- American Family
- AAA Insurance
- Safeco Insurance
- Progressive
- The Hartford
- The General
- 21st Century
- Esurance
Top 10 Large Auto Insurance Providers in Miami Ranked by Customer Service
- USAA
- Travelers
- Mercury Insurance
- AAA Insurance
- Nationwide
- Safeco Insurance
- Progressive
- State Farm
- The Hartford
- The General
The diagram below illustrates how choosing a deductible can raise or lower premium costs when researching cheap insurance for college students. The data is based on a single female driver, full physical damage coverage, and no policy discounts are applied.
As shown above, a 50-year-old driver could pocket $448 a year by switching from a $100 deductible to a $500 deductible, or save $674 by selecting a $1,000 deductible. Younger drivers, like the 20-year-old, could shave up to $1,148 or more by choosing larger deductibles on their policy. When raising deductibles, it will be required to have enough savings set aside to satisfy the extra out-of-pocket expense. That is the one drawback of using higher deductibles.