Who Has the Cheapest Car Insurance Rates for Drivers with Good Credit in Miami?

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.

Cheapest Vehicles to Insure in Miami, FL
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
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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.

How much does car insurance cost in Miami, FL?
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
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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

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Cheapest insurance companies in Florida
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
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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.

Top Insurance Companies for Drivers with Good Credit in Miami, FL
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
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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.