The words “cheap” and “auto insurance” really shouldn’t be used together, specifically when you are trying to find the best insurance rates for drivers with good credit. Because it’s so expensive, let’s open your eyes to some of the things that help determine insurance rates, and see if we can help you lower the price of the next policy you buy.
The type of vehicle requiring coverage is a significant factor when consumers are trying to find the lowest-priced insurance for drivers with good credit. Vehicles with more horsepower, poor passenger safety features, or an increased likelihood of liability claims will cost much more to insure than safer models.
The next list estimates insurance rates for a handful of the most affordable automobiles to buy coverage for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Jeep Wrangler Sport 4WD 2-Dr | $2,829 |
| Hyundai Elantra SE Touring Station Wagon | $2,956 |
| Toyota Prius | $3,016 |
| Ford Escape XLS 4WD | $3,121 |
| Ford Focus SE 4-Dr Sedan | $3,162 |
| Honda CR-V EX-L 2WD | $3,188 |
| Chevrolet Impala LT | $3,226 |
| Toyota Corolla S | $3,394 |
| Jeep Grand Cherokee SRT-8 4WD | $3,454 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $3,460 |
| Ford Explorer XLT AWD | $3,499 |
| Honda Accord EX 2-Dr Coupe | $3,630 |
| Dodge Grand Caravan Hero | $3,694 |
| Ford F-150 FX2 Super Cab 2WD | $3,746 |
| Honda Odyssey EX W/Rear Entertainment | $3,878 |
| Ford Edge Limited 2WD | $3,888 |
| Toyota Camry SE | $3,885 |
| Chevrolet Silverado LTZ Crew Cab 4WD | $3,956 |
| Chevrolet Equinox LTZ AWD | $3,966 |
| Toyota RAV4 Limited 4WD | $3,956 |
| Compare Rates Now Go | |
Prices above 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 multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Prices do not factor in garaging location in Miami, FL which can influence auto insurance rates noticeably.
Based on these rates, models like the Jeep Wrangler, Hyundai Elantra, Toyota Prius, and Ford Escape are most likely going to be a few of the cheaper vehicles to insure for financially responsible drivers.
One of the more important components that help determine car insurance rates is where your car is garaged in Miami. Areas with more people or even just a higher incidence of claims tend to have higher rates, whereas more rural areas have the benefit of cheaper car insurance.
The following table sorts the most expensive cities in Florida for drivers with good credit in which to purchase auto insurance. Miami is listed at #3 costing $3,241 for the average insured, which is around $270 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Hialeah | $3,523 |
| 2 | Miami Gardens | $3,277 |
| 3 | Miami | $3,241 |
| 4 | Miami Beach | $3,013 |
| 5 | Miramar | $2,683 |
| 6 | West Palm Beach | $2,679 |
| 7 | Pompano Beach | $2,595 |
| 8 | Tampa | $2,558 |
| 9 | Hollywood | $2,526 |
| 10 | Davie | $2,523 |
| 11 | Coral Springs | $2,499 |
| 12 | Pembroke Pines | $2,481 |
| 13 | Fort Lauderdale | $2,475 |
| 14 | Brandon | $2,392 |
| 15 | St. Petersburg | $2,219 |
| 16 | Clearwater | $2,172 |
| 17 | Spring Hill | $2,102 |
| 18 | Orlando | $2,069 |
| 19 | Jacksonville | $1,980 |
| 20 | Port St. Lucie | $1,916 |
| Find Cheaper Rates Go | ||
Rate quotes are approximated as the vehicle garaging location can increase or decrease rates considerably.
Trying to find low-priced auto insurance is confusing at best, and deciding which companies have the best insurance rates for drivers with good credit takes even more diligence. Each insurer uses a little different formula to establish rates, so we need to take a look at the most affordable insurance companies in Miami.
Best Cheap Insurance Rates for High Credit
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $957 |
| 2 | Electric | $1,764 |
| 3 | Amica | $1,764 |
| 4 | Progressive | $1,793 |
| 5 | Travelers | $1,888 |
| 6 | Mercury | $1,914 |
| 7 | Allied | $2,004 |
| 8 | State Farm | $2,047 |
| 9 | Esurance | $2,082 |
| 10 | GEICO | $2,086 |
| 11 | Auto-Owners | $2,107 |
| 12 | Allstate | $2,388 |
| 13 | 21st Century | $2,469 |
| 14 | Windhaven Insurance | $2,627 |
| 15 | Safeco | $2,927 |
| 16 | MetLife | $2,958 |
| 17 | Liberty Mutual | $3,009 |
| 18 | Hanover | $3,054 |
| 19 | United Automobile | $3,527 |
| 20 | Direct General | $3,902 |
| View More Rates Go | ||
USAA generally has some of the best car insurance rates in Miami at around $957 per year. Electric, Amica, Progressive, and Travelers are also some of the cheapest Miami, FL insurance companies.
As shown in the table above, if you are a policyholder with Progressive and switched to Electric, you could see a yearly savings of roughly $29. Insureds with Travelers may save as much as $124 a year, and Mercury insureds might lower prices by $150 a year.
These estimates are averages across all types of insureds and vehicles and and are not calculated with a specific zip code for drivers with good credit. So the company that can offer you the lowest price may not even be in the top 21 companies shown above. That affirms the importance of why you need to get rate quotes using your own specific driver and vehicle information.
Ending up with a highly-rated auto insurance provider can be rather challenging considering how many companies sell coverage in Florida. The company ratings displayed below could help you pick which coverage providers to look at buying from.
The rankings below are only comprised of the largest companies in the United States, so companies with more of a regional focus will not be included in the list. To view rates from many more Florida auto insurance companies, just click here.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Cautious Miami drivers save money
The obvious way to enjoy affordable insurance premiums in Florida for financially responsible drivers is to be a safe driver and not receive tickets or have accidents. The diagram below illustrates how traffic citations and at-fault claims impact annual premium costs for each age group. The data is based on a married female driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.
The data above shows the average cost of auto insurance in Miami per year with a clean driving record and no accidents is $1,841. Get written up for one speeding ticket and the average cost surges to $2,140, an increase of $299 each year. Then throw in two accidents along with the one speeding ticket and the annual cost of insurance for drivers with good credit increases to an average of $4,671. That’s an increase of $2,830, or $236 per month, just for being a less-than-perfect driver!
Rate comparison of full coverage and liability-only
Saving money when shopping for insurance is important to the majority of vehicle owners, and one common way to pay lower rates for insurance for drivers with good credit is to buy only liability coverage. The information below illustrates the comparison of insurance rates with full coverage compared to only the Florida minimum liability coverage. The data assumes a clean driving record, no at-fault accidents, $100 deductibles, drivers are not married, and no policy discounts are applied.
As an average, comp and collision coverage costs an extra $3,196 per year over having just liability coverage. Many drivers will wonder if you should buy full coverage at all. There is no exact rule of when to eliminate comp and collision coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than 10% of replacement cost minus your deductible, then you might consider buying liability only.
Who has the cheapest Miami car insurance?
Miami, FL insurance rates are impacted by many things that control the policy price. Improving your credit score, getting divorced, or having an at-fault accident may generate price changes that can cause some rates to be affordable when they were higher priced. Not only may your risk profile change, but auto insurance companies modify pricing as needed to help ensure profitability. A period of higher than normal claims can result in high rates, while profitable underwriting can cause cheaper Miami car insurance rates.
To illustrate this point, the chart below compares the cheapest car insurance in Miami, FL for a 35-year-old female driver with no violations or accidents, and great credit. When quoting prices based on her current rating profile, USAA might quote the lowest car insurance rates in Miami at $1,793 annually. This is $655 less than the average premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers are also on the list of the most affordable Miami, FL auto insurance companies.
In the next rate comparison, we’ll give the driver in the first example an accident claim, poor credit, and a blemish on her driving record. Because each company uses their own formula to set premium rates, analyzing rates may now show a new list of cheap Miami auto insurance companies as shown below.
USAA now has the cheapest insurance rate in Miami, FL with Allied, Esurance, Auto-Owners, and State Farm also being competitive. This example proves why it is so important to do a thorough rate comparison to get the most affordable car insurance rates for drivers with good credit. Insurance prices can be determined by many factors and change substantially, so the cheapest option two years ago may now cost much more than other companies.