The average annual cost of car insurance in Miami is $2,593. That is $385 more than the Florida state average. The cheapest widely available comprehensive car insurance policy in Miami is from GEICO, for $1,396 per year on average. MoneyGeek analyzed the cheapest insurers by coverage limits and driving profiles to help you secure the best provider in terms of quality and cost.
Compare the Cheapest Car Insurance Quotes in Miami, FL
The Cheapest and Best Car Insurance in Miami
The Cheapest Car Insurance Companies in Miami
The cheapest insurers for a full coverage car insurance policy in Miami include:
- USAA: $1,103 per year (exclusive for military members and their families)
- GEICO: $1,396 per year
MoneyGeek calculated average auto insurance rates in Miami using a sample 40-year-old driver profile. In this scenario, the driver’s full coverage policy has liability insurance and comprehensive and collision insurance.
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Average Cost of Car Insurance in Miami
The average car insurance in Miami is $2,593 per year, which is higher than both the state and national average costs of auto insurance. Drivers living in this city pay around 17.4% more than the state average of $2,208 annually. In comparison, this rate is 82% more than the $1,424 average annual premium in the United States.
The Best Car Insurance Companies in Miami
MoneyGeek rated the best auto insurance companies in Miami out of 100 points based on several factors, including customer satisfaction, financial stability and affordability scores from J.D. Power.
If you want to purchase car insurance coverage that balances affordability and quality service, MoneyGeek found that the best insurers in the city for most drivers are:
- Esurance: MoneyGeek score of 95 out of 100
- GEICO: MoneyGeek score of 85 out of 100
USAA received the highest score in Miami by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
Personalized Quotes to Get You the Cheapest Car Insurance in Miami
Car insurance companies in Miami evaluate risks related to a specific driver using several factors, which include age, gender, car make and model, ZIP code and driving history, among others. For instance, in Miami, senior citizens are more likely to get better deals. In Miami, a 70-year-old male policyholder with GEICO may have a $1,367 annual premium. However, GEICO may offer an 18-year-old male Miami resident an annual premium of $3,803. Changes in your personal circumstances, including age, will have an impact on your car insurance rates. That is why it is best to regularly get personalized quotes from various auto insurance companies.
Shopping around for car insurance in Miami could save you $1,197, which is enough to buy:
Cheapest Car Insurance in Miami by Coverage Amount
In Miami and other cities in Florida, car insurance costs depend on how much insurance you purchase. A state minimum liability-only policy costs an average of $1,334 per year, while full coverage insurance costs $2,593, a difference of $1,258 annually.
Florida Minimum Liability Requirements
- Property Damage$10,000 for property damage. A more protective level is 100/300/100.
- Personal Injury Protection$10,000 per person.
Car insurance quotes in Miami reflect the limits of each coverage level and insurance type. The cheapest option for a state minimum liability plan is USAA at an average of $450. GEICO comes in second at an average of $638.
Providers also offer 50/100/50 liability-only and full-coverage plans, which allow you to claim up to 50,000 for bodily injuries per person, $100,000 per accident and $50,000 for property damage repairs. If you are unsure which one to pick, find out if the difference between the two options is minimal. If that is the case, then it may be better to go for full coverage. In Miami, MetLife offers a 50/100/50 liability-only policy for $1,748. Adding $211 will allow you to get full coverage.
For more comprehensive protection for all injuries and vehicle damages, you can purchase a 100/300/100 full-coverage plan. GEICO offers this option for $1,396, which is the cheapest option outside of the military-exclusive USAA.
Average Car Insurance Premiums: Liability-Only vs. Full Coverage
- CompanyState Minimumper year50 / 100 / 50per year
- Company50 / 100 / 50per year100 / 300 / 100per year
Cheapest Car Insurance in Miami if You Have Driving Violations
The perks of being a responsible driver include more affordable annual premiums. Drivers with clean records are more likely to find cheap car insurance in Miami compared to those with violations. For example, GEICO policyholders in Miami who have no violations pay an average annual premium of $1,396. That same GEICO customer may see their average premium raise to $2,528 if they get a speeding ticket. A DUI can increase that same person's GEICO premium to $3,195. It pays to be a safe driver.
- CompanySpeeding Ticketper yearAt-Fault Accidentper yearDUIper year
Average Cost of Car Insurance by Postal Code
The average car insurance rates in Miami vary depending on the ZIP code. The difference between the cheapest and most expensive rates in the city, based on ZIP code, is $435. The most expensive neighborhood, 33165, has an average auto insurance annual premium of $2,784. Meanwhile, 33157 has the most affordable average premium of $2,349.
- Zip CodeState Minimumper year
Top Agents Offering Affordable Car Insurance in Miami
Factors That Impact Insurance Costs in Miami
In addition to individual driver needs and history, location-specific factors like personal injury protection coverage requirements and the percentage of uninsured motorists also contribute to car insurance rates in Miami. How Miami ranks compared to the 300 most populous cities in the United States can have a significant impact on premium costs.
Methodology and Assumptions
MoneyGeek’s average premium rates for Miami are based on 100/300/100 comprehensive collision coverage with a $1,000 deductible for a 40-year-old male driver. The average driver profiled drives a 2010 Toyota Camry LE and has no tickets or accidents on their record. Additional premiums are added based on coverage type, location and driving record. Learn more about MoneyGeek’s data and methodology here.
About the Author
- Florida Highway Safety and Motor Vehicles. "Florida Insurance Requirements." Accessed June 18, 2020.