You have probably watched the catchy commercials from companies like GEICO, The General, and Allstate that say if you switch you’ll get huge savings. So you should just pick the one with the catchiest commercial, right?
It’s just not that easy, however, as there are a whole bunch of unknown aspects such as the crash test ratings of your vehicle, what deductibles to use for physical damage coverage, what coverage limits you need, and if you are currently insured. In this article, we will teach you about these factors and others that can influence the price of auto insurance and educate you enough to have a jump start in finding the best auto insurance in Florida.
One of the many factors that determine the price you pay for insurance is where you live in Miami. Regions with larger populations or more claims tend to pay more, whereas areas with less crime or weather claims tend to receive slightly lower rates.
The next table rates the most expensive places in Florida for teenage males to purchase car insurance in. Miami comes in at #3 with an annual rate of $3,145 for the average insurance policy, which is about $262 each month.
|Rank||City||Premium Per Year|
|5||West Palm Beach||$2,705|
|20||Port St. Lucie||$1,935|
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Rates are estimated as the specific geographic location can influence prices greatly.
The type of vehicle needing coverage is a large consideration that determines if you can find the best cheap insurance for teenage males. Vehicles with lower performance, excellent safety ratings, or a low likelihood of having liability claims will cost quite a bit less to insure than fast, unsafe models. The next table outlines auto insurance premiums for the most cost-effective automobiles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$12,994|
|Honda CR-V EX-L 4WD||$13,121|
|Ford Escape Limited 2WD||$13,126|
|Ford Edge SE 2WD||$14,488|
|Jeep Wrangler Rubicon 4WD 2-Dr||$14,615|
|Chevrolet Malibu LS||$15,410|
|GMC Sierra SLE Crew Cab 2WD||$15,419|
|Toyota Camry LE||$15,410|
|Nissan Altima 2.5 4-Dr Sedan||$15,418|
|Chevrolet Equinox LS AWD||$15,410|
|Chevrolet Impala LT||$15,416|
|Toyota RAV4 Limited 2WD||$15,410|
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Data rating is based on single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium costs do not factor in Miami, FL location which can change insurance rates noticeably.
Looking at the rates, we can tell that vehicles like the Honda Accord, Honda CR-V, and Ford Escape should be a few of the more affordable vehicles to insure for teen boys. Car insurance rates will tend to be more expensive anyway just due to the fact that there is more exposure for teenage males, but in general those models will most likely have the lowest insurance prices compared to other types of vehicles.
Impact of speeding/accidents on insurance rates
The common sense way to get low insurance premiums in Miami for teen boys is to drive safe and not receive tickets or have accidents. The diagram below illustrates how traffic citations and accidents impact auto insurance rates for different age groups. The prices are based on a single female driver, comp and collision included, $250 deductibles, and no discounts are applied.
The data in the chart shows the average cost of an auto insurance policy in Miami per year with no accidents and a clean driving record is $2,823. Get one speeding ticket and the average cost rises to $3,198, an increase of $376 each year. Then add one accident along with the one speeding ticket and the yearly cost of insurance for teenage males jumps again to an average of $4,262. That’s an increase of $1,439, or $120 per month, just for not being a responsible driver!
Discount Miami car insurance rates
Insurers that offer coverage for teenage males may have rate discounts that can lower rates by 35% or more if you are eligible for them. Popular insurance companies and their possible discounts are:
- American Family discounts include mySafetyValet, defensive driver, accident-free, early bird, and bundled insurance.
- State Farm offers premium reductions for anti-theft, good student, passive restraint, multiple autos, accident-free, and good driver.
- 21st Century may have discounts that include theft prevention, homeowners, automatic seat belts, air bags, 55 and older, anti-lock brakes, and early bird.
- Travelers may include discounts for save driver, early quote, new car, driver training, good student, and IntelliDrive.
- GEICO includes discounts for emergency military deployment, military active duty, good student, anti-lock brakes, seat belt use, and air bags.
The diagram below visualizes the comparison of auto insurance rates with and without discounts applied to the rates. The rates are based on a male driver, a clean driving record, no at-fault accidents, Florida state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with paperless filing, continuous coverage, vehicle safety, paid-in-full, anti-theft, and passive restraint discounts applied. When these discounts are applied to the policy premium, theamount saved on insurance for teenage males is 28% or $877.
Full coverage versus liability-only
Paying less for insurance is probably important to the majority of drivers, and one good way to buy cheap insurance for teenage males is to not insure for full coverage. The chart below visualizes the comparison of insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premium estimates are based on no claims or violations, $250 deductibles, marital status is single, and no other discounts are factored in.
If we average all the age groups together, physical damage coverage on your policy costs an additional $2,186 per year more than just buying liability only. That is a large expense which might make you wonder if full coverage is worth the money. There is no set rule to eliminate full coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s assume your vehicle’s claim settlement value is $10,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would receive is $9,000 after the deductible is paid. If premiums are more than $900 a year to have full coverage, the it may be a good time to stop paying for full coverage.
Last year’s bargain might be this year’s rip off
Miami, FL insurance rates are influenced by many factors which can significantly increase or decrease the price you have to pay. Simply turning a year older, buying a home instead of renting, or having an at-fault accident can produce rate changes that can now make some companies cheaper than competitors.
Not only that, but auto insurance companies file new Florida auto insurance rates every year to reflect underwriting profits or losses. Heavy losses can result in more expensive premiums, while a profitable period can produce more affordable Miami car insurance rates.
As an example, the chart below shows a variety of companies that have the cheapest car insurance in Miami, FL for a 40-year-old male driver with no accidents, a clean driving record, and a good credit rating. If we look at prices based on his current situation, USAA has the lowest car insurance rates in Miami at $1,848 a year. This is $600 less than the average price paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers are the rest of the most affordable Miami, FL auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison a chargeable accident, bad credit, and a few traffic violations. Since every car insurance company has a unique approach for setting prices, comparing rates may now show a different ranking of the cheapest car insurance companies in Miami as shown below.
USAA now has the cheapest auto insurance in Miami, FL with Allied, Esurance, State Farm, and Auto-Owners now rounding out the top five. This example demonstrates why Miami drivers need to perform an extensive rate comparison to find the most economical car insurance quotes for teenage males. Prices are impacted by many factors and can change without notice, so the best company three years ago may now be quite expensive.
The agents below are willing to provide answers to your questions and help you determine which insurance coverage will be best for you, since lots of drivers aren’t clear which coverage they need and would like to have professional advice when trying to find lower insurance rates for teen boys. It can be time-consuming to find the cheapest rate yourself, and getting advice from a licensed Florida insurance agent can provide satisfaction knowing your coverage gives you enough protection. To locate a Miami car insurance agency near you, click the button at the bottom of the list.
GEICO Insurance Agent
8514 SW 8th St – Miami, FL 33144 – (305) 595-2911
Tadeo Insurance Agency, Inc.
9120 SW 40th St – Miami, FL 33165 – (305) 553-1760
Beck and Lo’s Insurance Agency
3636 NW 36th St – Miami, FL 33142 – (305) 634-3306