Cheap Auto Insurance in Miami, FL
Miami, FL auto insurance costs $589/mo. on average. However, you can save over $100 when you compare Miami, FL auto insurance companies. Auto insurance in Miami, FL, is based on a few determining factors. The most significant factors that affect car insurance rates in Miami include your age, credit score, driving record, and vehicle. Comparing multiple companies and shopping around is the best road to affordable Miami auto insurance quotes.
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UPDATED: Dec 9, 2020
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- Miami, FL, auto insurance is $589 per month or $7,078 on average.
- The biggest factors that determine auto insurance in Florida are age and driving record.
- Comprehensive coverage in Miami is higher than average due to the number of thefts across the city.
- You can save money on auto insurance if you drive less in Miami, FL.
Miami, FL auto insurance is some of the most expensive in the United States. On average, Miami residents spend $589 per month or $7,078 annually on insurance. However, drivers looking for cheap auto insurance in Miami, FL, have several choices.
Your insurance premiums are based on your age, driving record, ZIP code, credit score, and more. By proving you’re a lower risk driver in Miami, you can secure cheaper than average rates. Keep reading through our guide to learn how to compare auto insurance companies in Miami, FL, and find the best policy for you.
You can find the cheapest insurance in Miami right now by entering your five-digit Florida ZIP code into our FREE quote tool above to compare cheap car insurance in Miami, Florida.
How much is Miami, Florida auto insurance on average?
We won't keep in suspense how much you'll pay for automobile insurance in Miami, FL. Here is the average cost of Miami auto insurance compared to the state and national average.
|Miami, FL Average Monthly Rate||Florida Average Monthly Rate||National Average Monthly Rate|
Miami's average auto insurance rate is $589, which is substantially more than the national average and higher than the Florida state average.
There are many reasons why Miami's auto insurance is more expensive. Read on to learn how you can lower the average auto insurance rate in Miami.
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Miami, Florida Auto Insurance Coverage Requirements
Auto insurance is legally required in 49 states, and Florida is no exception. Take a look at the table below to see the minimum Florida auto insurance requirements.
|Bodily injury liability||Not required||$100,000/$300,000|
|Property damage liability (PDL)||$10,000||$50,000|
|Personal injury protection (PIP)||$10,000||$10,000|
|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|
As you can see, Florida’s auto insurance requirements are very minimal. Many drivers find that such a basic policy has too many gaps in coverage and choose to purchase additional policies to be better protected.
Watch the following video for more information about Florida's legal auto insurance limits.
Fortunately, there are many different coverage options for you to choose from to make your Florida auto insurance policy more well-rounded.
Uninsured and underinsured motorist coverage and bodily injury liability coverage are optional but recommended. Comprehensive insurance is also recommended, specifically in parts of the city with a higher chance of vehicle theft or weather-related damage.
A special note for drivers who are currently financing a car, some lenders in Florida may also require you to purchase comprehensive and collision coverage. You must oblige if you want to finance through that company.
Also, the cheapest auto insurance in Miami, FL, differs from company to company. But if you're still unsure about getting the right Miami, FL, auto insurance quotes, continue to the next section to learn more about how to shop for the cheapest auto insurance in Miami, Florida.
Cheapest Miami, Florida Auto Insurance Companies
If you live in Miami, you could be paying around $589 per month for auto insurance coverage on average. However, there are a few companies in Miami, FL, where you could pay much less.
Let's examine those companies in the graph below. Check it out.
There are a variety of companies offering competitive rates, such as Estrella Insurance in Miami. But based on our collected data, State Farm and 21st Century are the most affordable Miami, FL, auto insurance companies.
As a bonus, these companies are priced below the state average, although Miami drivers tend to pay more per month than the average Florida motorist.
So, why is auto insurance so expensive in Miami? The reason is simple. Miami, FL auto insurance companies consider different factors when calculating car insurance quotes in Miami, Florida. Let's continue to the next section to learn more about those factors.
Major Auto Insurance Factors in Miami, Florida
Florida auto insurance companies consider different factors when calculating insurance quotes, including your credit score, your gender, the age of your vehicle, and your current policy limits.
Many different demographics could factor into the rate quotes you are given. While many of these things can't be changed, there are a few factors you can control. Keep reading to learn more.
What ZIP codes have the cheapest auto insurance rates in Miami, Florida?
Your Miami, FL auto insurance rates may differ depending on where in the city you live. Often, ZIP codes with higher crime rates and more population density lead to higher rates.
According to DataUSA, Miami's population is 470,911, and there are 31 different ZIP codes throughout the city. Find out if yours is costing you money or helping you save on your auto insurance rates in the table below.
|Miami, FL ZIP Code||Average Annual Auto Insurance Rate|
As you can see, if you live in 33135, where rates are highest, you’re paying $1,205 more annually than if you lived in 33139, the ZIP code that secures the lowest average rates. Where you park your car at night in Miami matters.
Here's a condensed list of Miami's five most expensive and least expensive ZIP codes:
- Most Expensive ZIP Codes: 33136, 33130, 33128, 33135, 33125
- Cheapest ZIP Codes: 33140, 33141, 33154, 33197, 33160
Generally, highly populated cities have higher rates because the extra amount of drivers on the road increases the likelihood of an accident.
But how do Miami rates compare to other major cities located in Florida? Find out in the graph below.
As you can see, Miami auto insurance premiums are some of the highest in the state.
Virtually every company, including 21st Century and State Farm, charge more for auto insurance if you live in Miami versus other Florida cities.
Automotive Accidents in Miami, Florida and Your Auto Insurance Rates
If you live in a city where car accidents are common, you will likely be charged a higher insurance rate.
In Miami, automobile accident statistics reflect an unfortunately high crash rate, especially for persons involved in fatal crashes. See more details in the graph below.
Unfortunately, these fatal accident statistics are likely partially to blame for Miami’s higher than average auto insurance rates.
Auto Thefts in Miami, Florida and Your Auto Insurance Rates
Living in a large city will increase your risk of being a victim of auto theft. If your general location has high theft rates and claims, you can expect to pay more auto insurance to offset these costs.
In order to rely on your insurance provider for assistance in the event that your car gets stolen, you’ll have to purchase comprehensive coverage.
According to City-Data, vehicle theft rates in Miami have been steadily decreasing since 2015. However, the total number of stolen vehicles in 2018 was still 2,690, which is quite high.
Due to the higher than average thefts per year, Miami, FL auto insurance companies will charge more for comprehensive rates. See what we mean in the graph below.
As you can see, adding comprehensive coverage to your auto insurance policy will significantly increase your monthly premium.
Just remember, without comprehensive coverage, your auto insurance company will not pay out vandalism or vehicle theft claims.
If you want comprehensive insurance but are on a tighter budget, consider increasing your deductible to minimize your monthly premium.
Best Auto Insurance for Credit History Rates in Miami, Florida
Why do auto insurance companies look at your credit score before they determine your rate? According to Experian, 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 the customer is rewarded with lower rates. In the chart below, you can see how different rates can depend on whether you have excellent or poor credit.
If you live in Miami and have bad credit, there are a few things you can do to increase your credit score. Paying your auto insurance policy on time each month will help.
However, consider paying off any current debt that you can and avoid taking on any new credit. Over time, your credit score will improve, and you’ll qualify for better rates.
Does age affect my auto insurance rates in Miami, Florida?
Your age will have a significant impact on how much you pay for your auto insurance in Miami. A young person under the age of 25 might pay more than double the monthly premium of someone 25 or older.
You can see the monthly rates a 17-year-old driver in Miami pays for auto insurance compared to a 34-year-old Miami driver.
If you’re a young driver in Miami and are worried about these high rates, consider staying on your parent’s policy and paying them the difference. You can also ask about good student discounts and safe driver discounts for even more savings.
The table below looks at the cost of auto insurance in Miami, FL, by age.
|Drivers' Age Group||Miami, FL Average Monthly Rate|
The cheapest auto insurance in Miami, FL, is offered to drivers in their 30s, 40s, and 50s.
Best Auto Insurance for Driving Record Rates in Miami, Florida
Your driving record is one of the most important factors when it comes to your auto insurance rates. People with a clean driving history always receive the best rates, even in Miami.
You can see how a single speeding ticket or traffic conviction can impact your annual auto insurance costs in the table below.
|Company||Clean record||With 1 Accident||With 1 DUI||With 1 Speeding Violation|
Speeding tickets have the lowest increase. However, severe traffic violations can increase your average cost by hundreds of dollars per month if you're convicted of DUI or reckless driving.
In the graph below, you can see how much you can save with a clean driving record versus the much higher rates you can expect to pay if you’ve had a few traffic citations or committed a serious offense.
Safe driving not only saves lives, but it also saves you money on auto insurance rates. Some companies, such as Liberty Mutual or State Farm, may even refuse to insure you after committing a serious traffic violation.
Your Vehicle Make and Model and Your Miami, Florida Auto Insurance Rates
Another major factor auto insurance companies care about is how much it will cost to replace or repair your car in a severe accident. Therefore, the type of car you drive can either save you money on auto insurance or cost you extra.
Customarily, safe vehicles that are inexpensive to repair or replace receive much lower rates than luxury vehicles or sports cars that tempt people to drive recklessly.
The graph below compares the monthly auto insurance rates for an economy car versus a luxury vehicle.
Another reason why luxury vehicles cost more to insure is the level of coverage the car owners choose to invest in. Most people who drive an expensive car buy a full coverage policy to ensure their property is well-protected.
As you’ve already learned, Miami's full coverage auto insurance policies are quite a bit more expensive than basic policies.
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Minor Auto Insurance Factors in Miami, Florida
We’ve discussed the major factors that influence what you pay for auto insurance in Miami, Florida. Now, let’s talk about some minor factors that come into play but will not change your rates quite so substantially.
Some of the following factors, like your education level or marital status, have become much smaller over the years. Some of them have never been major contributors when determining auto insurance.
Read through the next section to learn about these factors and how they might also influence the amount you pay for your insurance.
Your Marital Status and Your Miami, Florida Auto Insurance Rates
For many years, drivers have been under the impression that your marital status is a significant factor in your monthly auto 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 regardless of your marital status. 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. If you and your spouse drive multiple vehicles, you can also put them all on the same plan and receive a multi-car discount.
Your Gender and Your Miami, Florida Auto Insurance Rates
Gender is another factor that doesn't play as big of a role in auto 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 one to two percent difference in your overall premium.
While there is a small difference between male and female driver auto insurance in Miami, the difference is negligible. Male drivers still pay very close to the average Miami monthly costs.
Your Commute Length and your Miami, Florida Auto Insurance Rates
When comparing auto insurance rates between companies in Miami, your premium may vary based on total miles driven annually and the reason you’re driving in the first place.
For the most part, your reason for being on the road as well as the total number of miles driven will only have a modest effect on your monthly rate. However, if you take an alternate means of transportation to work, you may be eligible for some discounts.
Travel time to work in Miami is between 35 to 40 minutes. Most people in Miami drive a car alone to work, although a smaller percentage take public transportation or carpool.
Your Coverage and Deductibles and Your Miami, Florida Auto Insurance Rates
The more auto insurance coverage you purchase in Miami, the more you will pay in premiums each month. If you’re interested in buying collision and comprehensive coverage but are on a tight budget, consider increasing your deductibles to keep your monthly premiums low.
A deductible is the amount of money you pay out of pocket before your insurance provider steps in the cover the remaining damages.
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.
Your Education Level and Your Miami, Florida Auto Insurance Rates
Some people believe that having a better job can get you to lower monthly payments for your auto insurance. But in reality, higher education saves you very little money on your premiums.
Most of the population of Miami has either a high school diploma or an incomplete high school education. Two major universities 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.
How We Conducted Our Auto Insurance Analysis in Miami, Florida
We calculated our average auto insurance rates based on a married, 34-year-old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, and who owns his own home.
The 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.
You are now an expert on securing affordable auto insurance in Miami, Florida. If you aren’t a mathematician, it can feel almost impossible to calculate your financial risk accurately. Unlike the average automobile insurance consumer, insurance companies have a fleet of researchers and data on their side.
However, you’re now armed with all of the knowledge you need to make an informed decision about what Miami car insurance policy you purchase.
Frequently Asked Questions: Miami, FL Auto Insurance
Do you still have more questions about Miami, FL auto insurance? Check out our frequently asked questions below. These answers will give you more confidence when you start shopping for auto insurance.
#1 – What drives up auto insurance rates in Miami?
Miami, FL auto insurance increases if you're a high-risk driver or have poor credit. Also, any accidents or traffic violations on your driving record could raise your auto insurance rates.
#2 – How does my address affect auto insurance rates in Miami, FL?
Yes. Miami is a large metropolitan area with a dense population. Due to the number of people that reside in Miami, your chances of an accident increases. Each town in Miami carries a unique ZIP code and different challenges for auto insurance companies.
#3 – How can I get the cheapest auto insurance in Miami, FL?
The best way to get the cheapest auto insurance in Miami, FL, is through comparison shopping. Use our FREE online quote tools to locate cheap auto insurance quotes in Miami, Florida.
#4 – Who offers the cheapest auto insurance in Miami, FL?
According to our research, 21 Century has the cheapest car insurance in Miami, FL. Some may argue that Mercury Insurance is the most affordable. Keep comparing and shopping around until you find the rate that meets your needs.
Don't hesitate to use our quote tool. If you're ready to buy Miami, FL auto insurance, enter your Florida ZIP code into our FREE comparison tool below and start comparing cheap Miami, FL auto insurance right now.