Deciding which companies offer the cheapest car insurance rates in Miami will take more time in order to find coverage that fits your budget.
Every auto insurer has their own guidelines for filing rates in each state, so let’s look at the rankings for the car insurance companies that tend to have lower prices in Florida. Keep in mind that Florida car insurance rates are influenced by many factors that will increase or decrease the cost of a policy. Simply having a birthday, adding a teenager to your policy, or having an accident can trigger changes in premium resulting in some rates now being affordable when they were higher priced.
|Rank||Company||Cost Per Year|
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USAA quotes some of the most affordable car insurance rates in Miami at around $957 annually. Electric, Amica, Progressive, and Travelers would also make the list of some of the most economical Miami, FL car insurance companies.
As the example above demonstrates, if you have coverage with Progressive and switched to Electric, you may see a yearly price reduction of roughly $65. Drivers with Travelers may save as much as $124 a year, and Mercury policyholders might lower prices by up to $150 a year.
To find the cheapest coverage for you, click here or visit any of the low-priced companies below.
Be aware that those policy rates are averages across all types of insureds and vehicles and are not factoring in an exact zip code location in Miami. So the insurer that is best suited for you may not even be in the top 21 companies in the list above. That point stresses why you need to compare rates from as many companies as possible using your own individual information.
For drivers in Miami, one of the more important criteria that are used to help calculate insurance cost is your zip code. Areas with high crime rates or more dense population tend to have higher rates, whereas areas with lower crime rates and fewer weather claims have the luxury of lower rates.
The table below rates the most expensive areas in Florida to buy car insurance in. Miami is ranked at #2 with an annual cost of $3,177 for the average policyholder, which is about $265 each month.
|7||West Palm Beach||$2,625|
|20||Port St. Lucie||$1,935|
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Annual rates are comparative as specific Miami garaging address can affect coverage prices greatly.
The vehicle model on the policy is one of the main factors that determines whether or not you find low-cost car insurance in Miami. Vehicles with high performance engines, poor safety features, or an increased likelihood of liability claims will cost more to insure than safer models.
The list below showcases insurance costs for a selection of the most economical vehicles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$3,034|
|Honda CR-V LX 4WD||$3,056|
|Toyota RAV4 Sport 2WD||$3,204|
|Toyota Tacoma Double Cab 4WD||$3,210|
|Chevrolet Silverado LS Regular Cab 4WD||$3,245|
|Hyundai Elantra Blue 4-Dr Sedan||$3,319|
|Ford Focus SEL 4-Dr Sedan||$3,329|
|Nissan Rogue S AWD||$3,431|
|Chevrolet Impala LS||$3,438|
|Jeep Grand Cherokee Limited 2WD||$3,442|
|Volkswagen Jetta 2.0T 4-Dr Sedan||$3,447|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$3,442|
|Ford Explorer XLT 4WD||$3,449|
|GMC Sierra 3500HD SLE Regular Cab 2WD||$3,501|
|Chevrolet Malibu Hybrid||$3,508|
|Nissan Altima 2.5 4-Dr Sedan||$3,513|
|Dodge Grand Caravan Crew||$3,579|
|Honda Accord EX 2-Dr Coupe||$3,605|
|Kia Optima EX||$3,668|
|Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD||$3,675|
|Ford F-150 Lariat Crew Cab 4WD||$3,694|
|Honda Odyssey EX-L W/Rear Entertainment||$3,701|
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Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Premium amounts do not factor in garaging location in Miami, FL which can lower or raise auto insurance rates noticeably.
Looking at the numbers, we can presume that models like the Ford Escape, Honda CR-V, and Toyota RAV4 are most likely going to be the most budget-friendly vehicles to insure for drivers in Miami.
Rate increases following a ticket or accident
In a perfect world, the ideal way to maintain the cheapest car insurance prices in Miami for drivers in Miami is to be a careful driver and not get tickets or have accidents. The information below shows how traffic citations and fender-benders increase insurance prices for different ages of insureds. The premium estimates are based on a single male driver, full coverage, $100 deductibles, and no discounts are taken into consideration.
In the chart above, the average cost of a car insurance policy in Miami per year with no accidents and a clean driving record is $3,196. Receive two speeding tickets and the average cost swells to $4,247, an increase of $1,051 each year. Now add two accidents along with the two speeding tickets and the 12-month cost of car insurance in Miami jumps again to an average of $8,013. That’s an increase of $4,817, or $401 per month, just for being a careless driver!
Discount Miami auto insurance rates
Car insurance companies that provide policies in Miami could also offer policy discounts that could lower prices by as much as 30% if you meet certain criteria. Companies and their possible discounts can be read below.
- GEICO includes discounts for defensive driver, five-year accident-free, membership and employees, multi-vehicle, anti-lock brakes, and multi-policy.
- Auto-Owners Insurance may have discounts that include group or association, multi-policy, air bags, safe vehicle, and good student.
- American Family may include discounts for defensive driver, early bird, accident-free, good driver, good student, bundled insurance, and air bags.
- Esurance policyholders can earn discounts including claim free, online quote, homeowner, Pac-12 alumni, multi-car, and anti-theft.
- Progressive offers discounts for continuous coverage, multi-policy, good student, online quote discount, homeowner, and multi-vehicle.
- State Farm has discounts for defensive driving training, good student, passive restraint, Steer Clear safe driver discount, and student away at school.
- AAA has savings for good student, education and occupation, multi-car, good driver, anti-theft, pay-in-full, and AAA membership discount.
The diagram below compares insurance premiums with and without discounts. The data assumes a female driver, no tickets, no at-fault accidents, Florida state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with multiple vehicle, accident-free, claim-free, multiple policy, anti-theft, and passive restraint discounts applied. When discounts are applied, theamount saved on car insurance in Miami is 28% or $518.
The diagram below shows how different deductible levels can raise or lower annual premium costs when researching cheap insurance in Miami. Data assumes a single female driver, full physical damage coverage, and no discounts are taken into consideration.
As shown above, a 40-year-old driver could pocket $448 a year by changing from a $100 deductible up to a $500 deductible, or save $674 by choosing a $1,000 deductible. Even younger insureds, such as the 20-year-old example, could reduce their rates $1,148 or more by using higher deductibles when buying full coverage. When raising deductibles, it will now be necessary to have enough savings set aside to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.