Cheapest & Best Car Insurance In Miami, FL in May, 2024
State Farm offers the best cheap car insurance policy in Miami.
Miami, a lively city in Florida, is famous for its stunning beauty and friendly community. It’s a hub of adventure, attracting nature lovers and outdoor enthusiasts. With plenty of cars cruising around Miami’s streets, finding reliable and affordable car insurance becomes a top priority.
On average, car insurance in Miami costs about $2,402 per year. It’s lower than the average in Florida ($2,043) but higher than the national average ($1,548).
In this review, we’ll help you discover the best overall choice for affordable coverage (State Farm), the most budget-friendly option for full coverage (Travelers), the least expensive choice for minimal coverage (GEICO), the ideal solution if you have driving violations (USAA), and the most cost-effective option for seniors (Progressive). Armed with these insights, you can confidently navigate the car insurance scene in Miami and find the coverage that suits your needs and budget perfectly.
Cheapest and best car insurance in Miami, FL 2024
Compare the cheapest car insurance in Miami, FL
| AM Best Rating | Average Annual Cost | J.D. Power Rating (Florida) | Overall Rating | Best For | Get A Quote | |
|---|---|---|---|---|---|---|
| Travelers |
A++ |
$2,312 |
818 |
|
Full Coverage |
Instant Quote |
| GEICO |
A++ |
$587 |
833 |
|
Cheapest Minimum Coverage |
Instant Quote |
| State Farm |
A++ |
$1,708 |
840 |
|
Cheapest Overall |
Instant Quote |
| USAA |
A++ |
$856 Increase After Violation |
884 |
|
Cheapest for Driving Violations |
Instant Quote |
| Progressive |
A+ |
$2,676 |
810 |
|
Seniors |
Instant Quote |
| GEICO |
A++ |
$2,078 |
833 |
|
Young Drivers |
Instant Quote |
Our methodology
To find the cheapest car insurance rates in Miami, we checked out various review sites that analyzed data from Quadrant Information Services. These sites looked at rates based on public filings and provided us with an average. Remember, though, that rates can change often and vary depending on your specific situation. Also, the overall rating is based on my personal perspective. I've been a licensed insurance agent for fifteen years, lived in Florida for fourteen years, and obtained car insurance for over three decades.
Years Of Experience
Research Hours
Quotes Analyzed
Brands Reviewed
Cheapest car insurance companies in Miami, FL
Cheapest Overall
Key Statistics
Why We Like Them
⇅In our search for affordable car insurance in Miami, Florida, we came across a standout provider: State Farm. They offer the most economical rates overall, covering both minimum and full coverage.
With nearly a century of experience in insuring vehicles, State Farm takes pride in having the most local offices among all insurers in the United States. They provide a range of features and unique options that drivers can benefit from:
Wide range of coverage options: State Farm offers standard coverage along with extras like rental car reimbursement, roadside assistance, travel expense insurance, and rideshare insurance.
Telematics program: State Farm’s telematics program lets them monitor the driving habits of policyholders remotely. By practicing safe driving, drivers can qualify for discounted rates. This program is particularly helpful for new drivers looking to save on costs.
Strong industry reputation and customer service: State Farm holds the highest AM Best ratings for financial strength (A++ Superior) and consistently earns positive ratings in J.D. Power’s studies of insurers operating in Florida.
Benefits & Drawbacks
⇅- Discount for usage-based insurance
- Wide network of local agents nationwide
- Numerous discount options available for teenagers and students ✓
- Higher annual rates for drivers with low credit scores ✘
Cheapest Overall Rates in Miami
| Company | Rate Per Year |
| State Farm | $1,708 |
| GEICO | $1,484 |
| Mercury | $2,006 |
| Allstate | $2,276 |
| Progressive | $2,800 |
Cheapest For Full Coverage
Key Statistics
Why We Like Them
⇅When it comes to affordable full coverage in Miami, the top choice is Travelers. Full coverage typically includes:
- $100,000 coverage for bodily injury liability per person
- $300,000 coverage for bodily injury liability per accident
- $50,000 coverage for property damage liability per accident
- $100,000 coverage for uninsured motorist bodily injury per person
- $300,000 coverage for uninsured motorist bodily injury per accident
- Collision coverage with a $1,000 deductible
- Comprehensive coverage with a $1,000 deductible
Travelers is a well-known insurance company that operates nationwide. What makes them stand out is their ability to work with independent agents and offer multiple products under a single insurer.
Two notable features of Travelers are their gap insurance, which protects your leased or financed car in the event of a total loss, and their Responsible Driver Plan. This plan forgives one accident and one minor violation within a specific timeframe, ensuring that your rates won’t be affected by these incidents.
Benefits & Drawbacks
⇅- Comprehensive coverage at affordable rates
- A wide selection of coverage options to suit your needs
- One of the largest insurance providers in the United States ✓
- Customer satisfaction ratings are below average
- Rideshare insurance is not available in FloridaKey performance scores ✘
Cheapest Full Coverage in Miami
| Company | Rate Per Year |
| Travelers | $2,312 |
| State Farm | $1,708 |
| Progressive | $2,862 |
| Nationwide | $2,307 |
| Farmers | $2,634 |
Cheapest for Driving Violations
Key Statistics
Why We Like Them
⇅If you’ve ever been pulled over and handed a ticket, you’ve probably noticed that your car insurance rates can go up, especially if you’re a younger driver. The severity of the offense, like DUI, DWI, or reckless driving, usually determines how much your rates increase.
When it comes to forgiving driving violations, USAA stands out. While drivers with a history of violations may still experience rate increases with USAA, they tend to be smaller compared to other auto insurers.
USAA provides standard liability coverage, comprehensive insurance, and collision insurance, just like other car insurance companies. They also offer popular additional coverage options such as roadside assistance, rental car and travel reimbursement, and accident forgiveness.
However, it’s important to note that USAA exclusively serves active military personnel, veterans, and their families.
Benefits & Drawbacks
⇅- J.D. Power's top-rated for customer satisfaction
- Convenient one-stop-shop for insurance, investing, and banking products ✓
- Limited eligibility, exclusively available to veterans, active military personnel, and their family members ✘
Cheapest for Rate Increase After a Driving Violation
| Company | Annual Increase |
| USAA | $858 |
| State Farm | $1,536 |
| Allstate | $1,910 |
| GEICO | $1,997 |
| MetLife | $2,112 |
Cheapest for Minimum Coverage
Key Statistics
Why We Like Them
⇅In our exploration of Miami’s car insurance scene, we’ve discovered that GEICO takes the crown for affordability, offering the most budget-friendly average rates for state minimum coverage. In Florida, drivers must have at least $10,000 in property damage liability insurance and $10,000 in personal injury protection (PIP). It’s worth noting that bodily injury liability coverage is not mandatory for Florida drivers.
GEICO consistently outperforms its competitors in several areas, including excellent customer service, quick claims handling, positive customer reviews, easy policy renewals, and strong customer loyalty. As the second-largest auto insurance company in the United States, GEICO has earned a reputation for providing competitive rates to consumers through online platforms and phone interactions.
GEICO goes the extra mile by offering numerous discounts, making it an appealing choice, especially for Miami residents with older vehicles who want to save money while meeting Florida’s minimum auto insurance requirements. Plus, managing your policy is effortless, thanks to GEICO’s user-friendly website and mobile app.
Benefits & Drawbacks
⇅- Remarkable J.D. Power score for customer satisfaction
- User-friendly website and mobile app
- Plenty of discount opportunities ✓
- Gap or rideshare insurance coverage not offered
- Limited availability of local agents ✘
Cheapest for Minimum Coverage
| Company | Rate Per Year |
| GEICO | $579 |
| State Farm | $903 |
| Progressive | $1,538 |
| Farmers | $1,604 |
| Travelers | $1,808 |
Cheapest for Seniors
Key Statistics
Why We Like Them
⇅Great news for senior drivers in Miami! Our investigation reveals that they can enjoy some of the most budget-friendly car insurance rates among different age groups, with Progressive leading the way as the provider with the lowest rates tailored specifically for seniors.
As the nation’s third-largest auto insurance company, Progressive stands out by offering a wide range of coverage options and an extensive selection of discounts. They go beyond the basics, providing specialized features like rideshare insurance and coverage for pets injured in car accidents. Moreover, Progressive offers unique coverage types that many other insurers don’t, such as gap insurance and rideshare insurance.
Progressive values its long-term policyholders and shows loyalty towards them. Drivers who have been insured with Progressive for five years or more without any accidents won’t face premium increases for larger claims. Customers also have the option to purchase accident forgiveness insurance, which forgives more than one accident.
Benefits & Drawbacks
⇅- Proudly holds the esteemed position as the third-largest auto insurance company in the United States
- Includes coverage for veterinary expenses if pets are injured in car accidents
- Offers specialized rideshare coverage ✓
- Customer satisfaction ratings according to J.D. Power are below average
- Limited availability through a select network of agents ✘
Cheapest Coverage for Seniors
| Company | Rate Per Year |
| Progressive | $2,676 |
| Mercury | $1,823 |
| Allstate | $2,267 |
| Nationwide | $2,127 |
| Farmers | $2,789 |
Cheapest for Young Drivers
Key Statistics
Why We Like Them
⇅Young drivers in Miami face steep car insurance rates because they’re new on the road and have a higher risk of accidents.
But here’s some good news! Among the insurance providers in Miami, GEICO stands out as the most affordable option for young drivers, with an average premium of $3,451. It’s the best rate available for teens and young adults, but it can still be a financial challenge.
Luckily, GEICO is known for being generous with discounts. Young drivers can get various savings, like the good student discount, rewarding academic excellence with up to 15% off. Plus, they can enjoy a safe-driver discount of up to 22% for keeping a clean driving record, and a new car discount for owning a vehicle that’s three years old or newer.
And there’s more! Young drivers who have completed a driver’s education class or a defensive driving course may also qualify for additional discounts.
Benefits & Drawbacks
⇅- Provides high policy limits for comprehensive coverage
- Highly-rated mobile app for convenient insurance management
- Holds an A+ rating from the Better Business Bureau (BBB) ✓
- Does not offer gap insurance options
- Limited number of local agents available ✘
Cheapest for Young Drivers
| Company | Rate Per Year |
| GEICO | $2,078 |
| Allstate | $2,389 |
| State Farm | $2,614 |
| MetLife | $2,737 |
| Progressive | $3,320 |
Average cost of car insurance in Miami
Average cost of car insurance in Miami– by age
| Age Group | Average Yearly Rate |
| Teenagers | $6,760 |
| 20s | $2,971 |
| 30s | $2,263 |
| 40s | $2,191 |
| 50s | $2,047 |
| 60s | $2,073 |
| 70s | $2,540 |
Average cost of car insurance in Miami– by gender
| Gender | Average Annual Rate |
| Male | $2,268 |
| Female | $2,292 |
Average cost of car insurance in Miami – by marital status
| Marital Status | Average Annual Rate |
| Single | $2,171 |
| Married | $2,171 |
| Divorced | $2,249 |
| Widowed | $2,188 |
Average cost of car insurance in Miami – by accident and violation history
| Violation | Average Annual Premium |
| DWI/DUI | $3,289 |
| Reckless Driving | $3,360 |
| At-Fault Accident (damage <$1,000) | $3,081 |
| At-Fault Accident (damage >$2,000) | $3,081 |
| Speeding (16-20 MPH > limit) | $2,811 |
Average cost of car insurance in Miami– by credit tier
| Very poor: | $4,406 |
| Fair: | $2,785 |
| Good: | $2,266 |
| Very good: | $2,080 |
| Exceptional: | $1,858 |
Average cost of car insurance in Miami – by zip code
| ZIP Code | Average Rate |
| 33056 | $421.54 |
| 33066 | $426.42 |
| 33069 | $691.45 |
| 33073 | $133.28 |
| 33101 | $353.31 |
| 33102 | $529.07 |
| 33110 | $453.10 |
Minimum car insurance requirements in Florida
When it comes to car insurance, it’s important to remember the minimum coverage required in Florida:
- $10,000 for property damage liability per accident
- $10,000 for personal injury protection (PIP)
These are the absolute minimums set by Florida law. Depending on your vehicle and how much you drive, you might want to consider higher coverage limits and adding collision and comprehensive insurance to your policy to be extra protected.
How to buy car insurance in Miami
When you’re shopping for car insurance in Miami, follow these five steps to make the whole process smooth:
- Figure out the type of car insurance you need. Decide if you want minimum coverage, full coverage, or something in-between. Consider your car’s value and how much you drive.
- Have all your personal and vehicle info ready. This means your driver’s license number, social security number, Vehicle Identification Number (VIN), and current mileage.
- Get quotes from at least three different companies. Make sure you’re comparing similar coverage amounts and limits.
- Make a well-informed decision and buy your policy. Keep in mind that price isn’t the only factor to consider, but the cheapest option might still be the best for you.
- Cancel your old policy. Remember, your new insurance company won’t do it for you. You need to cancel it yourself. Just be sure your new coverage is active before you cancel the old one.
Factors that impact the cost of your car insurance policy in Miami
Insurance companies in Miami take various factors into account when calculating auto insurance costs. These factors include:
State requirements: Your policy must meet Florida’s minimum coverage standards, which are $10,000 for property damage liability and $10,000 for personal injury protection (PIP).
Age: Younger drivers usually have higher rates due to less experience and more accidents. Rates often start to decrease after turning 25.
Vehicle make and model: The safety features of your car affect your rates. Newer models with better safety features tend to have lower insurance costs.
Driving record: Past accidents and traffic violations can raise your rates because they suggest a higher chance of future claims.
Yearly mileage: Drivers with longer commutes often pay more than those who drive less.
Credit history: A higher credit score is associated with lower rates since people with good credit tend to file fewer claims.
Zip code: Your location can impact your rates. Depending on where you live and park your car, you might qualify for discounts or face rate increases based on the likelihood of damage or vandalism.
Marital status: Married drivers typically enjoy lower rates compared to single drivers.
Gender: Men around the age of 45 usually pay about 6% less than women of the same age. However, this gender difference tends to balance out for drivers in their 30s.
Car insurance discounts in Miami
When it comes to car insurance in Miami, it usually offers better affordability compared to larger cities like Orlando and Miami in Florida. But if you want to save even more money, it’s crucial to check out potential discounts. Here are some common discounts you might qualify for:
- Good driving record
- Installing safety features in your vehicle
- Loyalty discounts for long-term customers
- Enjoying a claims-free history
- Driving fewer miles than average
- Being a student with a minimum “B” average
- Military discounts for service members
- Senior discounts for older drivers
Florida car insurance laws to know
In Florida, all drivers must have at least $10,000 in property liability insurance and $10,000 in personal injury protection (PIP) coverage. And here’s something important to note: Florida operates under a no-fault system. That means, regardless of who’s to blame in an accident, insurance companies handle the medical expenses.
In the news
Florida residents are feeling the pinch as costs keep going up. According to the Dallas Morning News, the state is grappling with the highest inflation in 40 years. And to add to the worries, auto insurance rates in Florida shot up by an average of 23.8% in 2022, which is eight times higher than the previous year’s increase. Homeowners insurance rates also jumped by an average of 10.8% last year, the biggest rise since 2012.
Information about Miami
Miami, a vibrant city in Florida, boasts a captivating mix of beautiful landscapes, cultural delights, and economic prospects. Spanning around 55 square miles, Miami stands as a dynamic city located in Miami-Dade County.
As one of Florida’s rapidly expanding cities, Miami provides a cost of living that’s more affordable than larger urban areas. Residents benefit from the lack of state income tax, making it an attractive place to settle down. Miami’s close proximity to stunning natural attractions like the Everglades National Park and its thriving cultural scene contribute to its unique charm.
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FAQs
Which car insurance provider offers the most budget-friendly rates in the State of Florida?
In Florida, GEICO takes the lead as the most affordable option for car insurance, with an annual premium of $437 for minimum liability coverage.
What's the average cost of car insurance in Miami?
For full coverage car insurance in Miami, the average cost is about $2,562 per year. If you’re seeking minimum coverage, the average cost in Miami is around $1,121 annually.
Is car insurance mandatory in Miami?
Without a doubt. Car insurance is mandatory in Miami and across Florida. It’s a legal requirement to make sure all drivers have auto liability insurance, providing financial responsibility and protection for everyone on the road.
