The cheapest car insurance may vary depending on your driver profile. GEICO has the lowest rate for minimum and full coverage, military-affiliated drivers, seniors, drivers with a sports car and those with poor credit. State Farm is the cheapest for female teens or if you have a driving violation like a ticket, accident or DUI. Allstate is the lowest for male teens.
MoneyGeek also found which companies provide the best car insurance in Miami.
Cheapest Car Insurance in Miami, FL
Cheapest Minimum Coverage Car Insurance in Miami
The car insurance companies offering the average cheapest minimum coverage policy in Miami are:
- GEICO: $578 per year
- Mercury: $757 per year
Direct General is the most expensive provider of the companies we collected quotes for in Miami, offering a minimum coverage policy of roughly $2,152 per year.
Travelers has the cheapest auto insurance in Florida, with the minimum coverage policy rate averaging $658 per year. The roughly $80 difference from what drivers may pay in Miami with GEICO gives you an idea of how location and company can impact the cost of car insurance.
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Florida’s minimum liability requirement for car insurance covers property damage and personal injury protection with the following limits:
- $10,000 property damage liability per accident
- $10,000 personal injury protection
Your liability limits set how much your insurer will pay if you're at fault in an accident. If your policy has a property damage liability limit of $10,000 per accident, your insurer will pay only up to $10,000 in total property damage. That includes the cost to repair another driver’s vehicle and to fix fences, lampposts and other objects that were damaged by the accident. You’ll have to pay out of pocket for costs beyond your policy’s property damage liability limit.
Cheapest Full Coverage Car Insurance in Miami
On average, the companies offering the most affordable full coverage car insurance in Miami are:
- GEICO: $1,472 per year
- State Farm: $1,704 per year
The most expensive provider in Miami is Direct General, with a full coverage policy setting a driver back around $3,792 per year.
Travelers has the cheapest full coverage car insurance in Florida, with a statewide average of $1,394 annually. That makes getting insured in Miami more expensive, even with GEICO, the cheapest option. Location can affect the cost of car insurance.
A full coverage policy adds comprehensive and collision coverage to your liability coverage.
- Collision insurance: Covers the costs of repairing or replacing your vehicle if it sustains damage in an at-fault accident, such as a collision with another vehicle or an object, like a tree, fence or light pole.
- Comprehensive insurance: It covers expenses related to the repair or replacement of your vehicle if it sustains damage in a non-accident incident like theft, fire, vandalism, weather-related event or animal damage.
We recommend getting full coverage car insurance to most drivers since it gives you more financial protection. But it may not be worth paying hundreds of dollars more a year for full coverage if you have an older car with a heavily depreciated value.
Compare minimum and full coverage policies.
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Cheaper insurers could pocket you hundreds of dollars per year.
Cheapest Car Insurance in Miami After a Driving Offense
Drivers with a moving violation on their record can find the average cheapest full coverage auto insurance in Miami from the following companies:
- Speeding ticket: State Farm ($1,928 per year)
- At-fault accident: State Farm ($2,098 per year)
- DUI: State Farm ($1,928 per year)
The most expensive provider is Progressive (around $3,886 per year) for drivers with a speeding ticket, Direct General (roughly $5,221 per year) for drivers with an at-fault accident and Nationwide (around $5,274 per year) for those with a DUI.
A driving violation may cause your car insurance premium to skyrocket, with even the cheapest insurers charging you a much higher rate compared to someone with a clean driving record.
Car insurance typically increases in proportion to the severity of the moving violation. In Miami, a speeding ticket can drive up your full coverage rate by around $616 per year, while getting a DUI raises your annual premium by roughly $1,012. MoneyGeek found several options for cheap auto insurance for drivers with a poor driving record without trading affordability for quality service.
Cheapest Car Insurance in Miami for Teens and Their Families
The following companies offer, on average, the most affordable car insurance for teens on a full coverage family policy in Miami:
State Farm: $4,369 per year for female teens
Nationwide: $4,411 per year for female teens
Nationwide: $4,974 per year for male teens
Allstate: $5,029 per year for male teens
Farmers has the highest average full coverage rate for female teens in Miami on a family policy at $6,878 per year, while Travelers is the least affordable insurer for male teens on a family policy at $7,819 per year.
Female teens are typically less expensive to insure because companies may consider them safer drivers than male teens. We found this to be the case in Miami, where the cheapest full coverage family policy costs around $693 more yearly with a male teen than with a female teen, albeit with different companies. But the cost difference evens out in early adulthood.
Teens looking for cheap auto insurance are better off being included on a family policy than purchasing a separate one, and they cannot legally purchase auto insurance under age 18 without a parent or guardian as a co-signer.
Full coverage insurance for a 16-year-old male driver on a family policy in Miami costs around $4,449 per year, whereas an individual policy costs a staggering $9,389 a year, which is more than double the family rate.
Cheapest Car Insurance in Miami for Military Drivers
The average cheapest companies for full coverage auto insurance in Miami for drivers with a military background are:
- GEICO: $1,472 per year
- State Farm: $1,704 per year
The cheapest providers for minimum coverage are GEICO and Mercury, charging an annual premium of roughly $578 and $757, respectively.
How to Compare Cheap Miami Car Insurance Quotes Online
If you’re like many insurance buyers, you don’t have the time to comparison shop. Personalized quotes in Miami are available online for free, but it could take more than 15 minutes to complete the process for each company since you have to enter a lot of personal information.
MoneyGeek’s car insurance calculator gives a quick ballpark figure of your premium from multiple companies. Our system automatically scans thousands of quotes that we’ve collected from various insurers to give you a reliable estimate based on your age, vehicle type, preferred coverage level and driving record.
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Cheapest Car Insurance in Miami for Young Adults
The following providers offer the average cheapest car insurance for young adults in Miami who are shopping for full coverage:
- State Farm: $2,003 per year
- GEICO: $2,088 per year
Direct General charges the highest rate for young adults in Miami, with a full coverage policy averaging $4,806 per year.
Young adults pay less for car insurance than teens but more than older drivers. We found that in Miami, 25-year-old drivers pay around $499 more for full coverage car insurance than 40-year-old drivers.
Cheapest Car Insurance in Miami for Seniors
The following companies have the average cheapest car insurance for seniors in Miami with a full coverage policy:
- GEICO: $1,365 per year
- State Farm: $1,559 per year
Direct General is the most expensive provider for seniors in Miami, charging an average annual rate of $3,641 for full coverage.
We found that annual car insurance rates for older drivers in Miami are cheaper than for middle-aged drivers. For instance, 65-year-olds pay roughly $2,261, while 40-year-old drivers spend around $2,368 for full coverage — a $107 difference.
Cheapest Car Insurance in Miami for Poor Credit
The following insurers offer the average cheapest full coverage car insurance for drivers with poor credit in Miami:
- GEICO: $3,038 per year
- Mercury: $3,145 per year
Travelers charges the most expensive annual premium for full coverage at around $4,798 if a driver has bad credit in Miami.
Miami drivers with poor credit pay around $1,411 more per year for car insurance than those with good credit scores — a roughly 60% increase in the annual rate.
But don’t worry because MoneyGeek has your back. We’ve found ways to get cheap auto insurance with bad credit.
Insurers have found that drivers with low credit-based insurance scores may be more likely to file claims, causing them to charge a higher premium. There are several steps that you could take to lower your auto insurance, including searching for discount opportunities that you qualify for, like bundling policies or safe driving. You should also make sure to shop around for quotes and explore how to improve your credit score over time.
Cheapest Car Insurance in Miami for Sports Cars
The following companies offer the average cheapest car insurance for sports car drivers in Miami with full coverage:
- GEICO: $1,458 per year
- State Farm: $1,884 per year
Progressive is the least affordable provider for full coverage with a sports car in Miami, charging an average annual rate of $3,123.
The type of car you drive has an impact on your auto insurance. Generally, drivers with standard vehicles pay a lower rate than those with sports cars. But in Miami, we found that drivers with a Ford Mustang pay around $110 less per year for full coverage auto insurance than if they had a Toyota Camry — a nearly 5% decrease in the premium.
Typically, sport, luxury and electric vehicles are the most expensive to insure. To get an idea of how much it costs to insure a sports car in Miami, MoneyGeek gathered quotes for a Ford Mustang. We found that this city is rare, as the Mustang is cheaper to insure than a Toyota Camry. But remember that pricing may vary by the make and model of a sports car.
Average Cost of Car Insurance in Miami
The average cost of auto insurance in Miami is $2,368 per year. That's for a full coverage policy with $100,000 bodily injury liability per person, $300,000 bodily injury liability per accident and $100,000 property damage liability per accident.
Full coverage car insurance in Miami is relatively expensive — about $433 more than the average cost of car insurance in Florida and roughly $1,103 higher than the national average ($1,265 per year).
It also costs more to insure a car in Miami than in other Florida cities. For example, full coverage costs around $1,767 in Orlando a year and $1,427 in Tallahassee.
About Mark Fitzpatrick