UPDATED: Mar 13, 2020
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Cheap Car Insurance in Miami, FL
If you need cheap auto insurance in Miami, FL, AutoInsuranceEZ.com can help get you the coverage you need with the best rates in your area. Below, we’ve gathered some data which can help you make an educated decision about your auto insurance policy. For more information, just keep reading.
Many would describe Miami as a fantasy brought miraculously to life. Tourists as well as elderly retirees are frequent visitors to the city of Miami due to the popularity of its subtropical climate and abundance of culture. Today, Miami is also the US gateway to international finance, especially financial business with Latin America.
- Fun Fact: Did you know that Miami is #1 on the list of “Top 101 cities with largest percentage of females in occupations: Health diagnosing and treating practitioners and other technical occupations: (population 50,000+)”. Learn more about Miami, FL, here.
Auto Insurance Coverage Requirements in Florida
Per the Florida Office of Insurance Regulation, the minimum insurance coverage you should have on your car is:
|Bodily Injury Liability||Not required||100,000/300,000|
|Property Damage Liability||10,000||50,000|
|Uninsured Motorist Bodily Injury||Not required||10,000/20,000|
|Medical Payments||Not required||5,000|
|Collision||Not required||500 deductible|
|Comprehensive||Not required||250 deductible|
A special note for drivers who are currently financing an automobile: some lenders in Florida may also require you to purchase Comprehensive and Collision coverage. Uninsured/Underinsured Motorist Coverage and Bodily Injury Liability Coverage are optional, but recommended in some areas. Insurance providers consider different elements when calculating insurance quotes, including your credit score, your gender, the age of your vehicle and your current policy limits. In addition, premiums differ from company to company. But if you’re still unsure about how to get affordable Florida car insurance quotes, you can easily comparison shop online.
If you live in Miami, you could be paying around $131 per month for auto insurance coverage (on average*). This is just under the Florida state average of $153/month, or $1,830 per year.
Based on our collected data, State Farm and 21st Century are the most affordable auto insurance providers located in the Miami area. As an added bonus, they are priced below the state average, despite the fact that Miami drivers tend to pay more per month than the average Florida motorist.
Insurance providers consider different elements when calculating insurance quotes, including your credit score, your gender, the age of your vehicle and your current policy limits. In addition, premiums differ from company to company. In order to make sure you’re still receiving the most favorable rate, you should compare Florida car insurance quotes online.
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Major Car Insurance Factors in Miami
There is a range of numerous items that could factor into the rate quotes you are given. While many of these things aren’t actually anything you can do something about, a few of them are elements which you can change for the better. Here are some factors which may affect your insurance premium:
Your Zip Code
Your automobile insurance rates may differ depending on where you call home. Some companies, such as 21st Century and State Farm (as seen in the chart below) will charge dramatically different rates for a driver who lives in Miami vs. a motorist in Hialeah. Generally, highly populated cities have higher rates because the extra amount of drivers on the road increases the likelihood of an accident! The population of Miami is approximately 433,136 people, with the median household income of $28,999.
If you live in a city where car accidents are common, you will likely be charged a higher rate for insurance. In Miami, automobile accident statistics reflect an unfortunately high crash rate, especially for persons involved in fatal crashes.
Auto Thefts in Miami
Living in a large city (especially one with a high crime rate) will increase your risk of being a victim of auto theft. If your general location has high rates of theft and claims, you can expect to pay more for auto insurance to offset these costs. The total number of stolen vehicles in Miami was 1,914 in 2013 (which was a drastic drop from 2,711 thefts during the previous year). As you can see in the chart below, however, adding Comprehensive coverage to your auto insurance policy will significantly increase your monthly premium. Without Comprehensive coverage, your car insurance company will not pay out claims in the event that your automobile is vandalized or stolen.
Your Credit Score
Why do auto insurance companies look at your credit score before they determine your rate? Well, the working logic is that people with higher credit scores are more likely to pay their premiums on time each month. This reduces the financial risk for the insurance company, and they reward their customers with lower rates. In the chart below, you can see how drastically different rates can be depending on whether you have excellent or poor credit:
It is true what they say: your age will have a significant impact on how much you pay for your car insurance. Compared to someone in their 40’s or 50’s, a young person under the age of 25 might end up paying more than double the monthly premium of someone twice their age.
Your Driving Record
In this chart, you can see how much you can save with a clean driving record vs. the much higher rates you can expect to pay if you’ve had a minor traffic citation or committed a serious offense (such as reckless driving or getting a DUI). Some companies, such as Liberty Mutual or State Farm in the chart below, may refuse to insure you for serious traffic violations. Other companies may have an “accident forgiveness” policy, which means they won’t charge you higher rates if you have one minor violation on an otherwise perfect record. Contact your insurance provider for more information on accident forgiveness.
Generally speaking, the only major factor which auto insurance companies care about is how much it will cost them to replace your car in the event of a serious accident. Because luxury vehicles, such as porches, are so much more expensive than regular sedans, you can see in the chart below that monthly premiums for these automobiles are much higher.
Minor Car Insurance Factors in Miami
At times, these factors might also influence the amount you pay for your insurance:
Your Marital Status
For many years, drivers have been under the impression that your marital status can play a major factor in your monthly car insurance premiums. In truth, it depends more on your insurance company than anything. Certain providers charge married couples more, while others might charge less. Most providers don’t charge any difference at all – and even if they do, it might not amount to more than a few dollars per month. However, married couples can save a great deal of money by bundling their insurance policies together.
Gender is another factor which doesn’t play as big of a role in car insurance premiums as previously thought. Some providers will charge more for women, while other companies may charge more for men. Many providers don’t discriminate at all. But for those who do, it usually makes no more than a 1-2% difference in your overall premium.
Your Driving Distance to Work
Travel time to work in Miami is on average between 35-40 minutes. Most people drive a car alone to work, although a smaller percentage take public transportation or carpool. If you take an alternate means of transportation to work on a regular basis, you may be eligible for some discounts.
When comparing rates between companies, your premium may vary based on total miles driven annually, and the reason you’re driving in the first place (for fun, for work, or for business). For the most part, your reason for being on the road as well as the total number of miles driven will have a modest effect on your monthly rate. Some auto insurance companies (but not all) may charge a moderately higher premium per month for business vehicles, but the few companies who do chare no more than 2-3% extra per month.
Your Coverage and Deductibles
As is with most forms of insurance, the more coverage you purchase, the more you will pay in premiums each month. Also, keep in mind that higher deductibles will save you money on your monthly premium – however, it will be more expensive to get your vehicle fixed in the event of an accident.
Education in Miami, FL
Some people believe that having a better job can get you lower monthly payments for your car insurance. But in reality, a higher education can save you money on your premiums. Most of the population of Miami has either a high school diploma or an incomplete high school education.
There are two major universities which service the Miami area. Florida International University, a state-sponsored public university, currently educates over 31,000 enrolled students. The University of Miami, on the other hand, is a private school with a great deal of prestige. UM has over 47,000 students enrolled.
If you aren’t a mathematician, it can be almost impossible to accurately calculate your financial risk. Unlike the average automobile insurance consumer, insurance companies have a fleet of researchers and data on their side. Find out how to get a lower automobile insurance rate from your provider (or find a better insurance company).
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.
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