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Florida has high average car insurance rates, and Miami is no exception. Based on Bankrate’s 2023 survey of quoted annual premiums, the average annual cost of car insurance in the city is $3,483 for full coverage and $1,168 for minimum coverage. These rates put average full coverage policies at 73 percent higher than the national average and 9 percent higher than the state average. Fortunately you may be able to find competitive rates without sacrificing coverage quality by shopping with Geico, State Farm and Progressive.
Best cheap car insurance companies in Miami
Based on data sourced from Quadrant Information Services, the cheapest average car insurance in Miami can be found with State Farm, Geico, Progressive, Allstate and National General. To help Miami drivers find the best coverage for their needs, Bankrate’s insurance editorial team developed the Bankrate Score. This five-point scale is determined using factors such as average annual premiums, discount and add-on options, customer reviews and third-party rankings from industry organizations. These include AM Best, which monitors financial strength, and J.D. Power, which publishes an annual Auto Insurance Study that assesses each company’s customer satisfaction efforts on a regional basis.
|Insurance company||Bankrate Score||J.D. Power score (Florida)||Average annual premium for full coverage||Average annual premium for minimum coverage|
|National General||3.5||Not scored||$5,119||$1,696|
Geico is known as one of the cheapest car insurance companies, and, of the carriers we assessed, it offers the cheapest average rates for Miami drivers looking for minimum coverage. In addition to cheap average premiums, Geico also offers a variety of discounts for further savings. Additional coverage options include emergency road service, rental reimbursement and mechanical breakdown insurance. Although it offers some valuable add-ons, those looking for rideshare or gap insurance will have to look elsewhere.
Learn more: Geico Insurance review
State Farm is a well-known insurance provider, and many Miami drivers rely on the company for their insurance needs. Even though State Farm offers lower-than-average car insurance rates in Miami, drivers may save even more with its Drive Safe and Save telematics program. While State Farm has several online tools and a highly-rated mobile app, it does not offer many add-on coverage choices and has limited discount offerings.
Learn more: State Farm Insurance review
Progressive’s car insurance policies offer customizable coverage options, including roadside assistance, custom parts coverage and rideshare insurance. Progressive also features the Name Your Price Tool, which can help you identify coverage options that meet your budget. Although it offers a decent list of discounts, its average rates for minimum coverage are slightly higher than the Miami average. Progressive also came in below average in the Florida region for customer satisfaction in the J.D. Power Auto Insurance Study.
Learn more: Progressive Insurance review
Allstate earned second place in Florida for overall customer satisfaction in J.D. Power’s auto insurance study. While Allstate has higher-than-average rates for Miami, it offers a variety of add-on coverage options and discounts, including a disappearing deductible program that lowers your premium by $100 for each claims-free year, up to $500. Increasing your deductible could offset the higher premium, as long as you can afford the higher out of pocket cost if you are involved in an accident.
Learn more: Allstate Insurance review
If you’re a high-risk driver or only need basic Florida car insurance, National General may fit your needs. Miami drivers may be able to save with National General’s DynamicDrive telematics program, along with other potential discounts, like bundling home and auto, low mileage, going paperless and being a safe driver. However, the carrier has the most expensive average rates on our list and did not make the J.D. Power ranking for customer satisfaction in the Florida region.
Learn more: National General Insurance review
How to get and keep the cheapest car insurance in Miami
Maintaining cheap rates over time typically requires some proactive steps. With a high average cost of car insurance, these tips might help you get and keep the cheapest car insurance in Miami.
- Understand your coverage needs. Each state has its own insurance requirements, and Florida is no different. Besides the minimum coverage types and limits required by law, you may need other coverage to meet your needs. Working with an insurance agent can help you determine the right coverage for you, then you can compare car insurance quotes in Miami from different companies to find the cheapest rates.
- Avoid tickets and accidents. Insurance rates are based on the level of risk you pose to your insurer. If you have infractions on your record, your carrier is likely to assign you a higher rate because it believes you will be more likely to be involved in accidents or get tickets in the future, which could result in pricey claims. In general, you can earn the lowest possible rate for your policy by driving safely and maintaining a clean driving record.
Frequently asked questions
There is no single company that is always the best choice for everyone. Your priorities play a role in dictating the best company for your needs. If low prices are your highest priority, for example, you may want to consider one of the companies we have reviewed above. If you’re more interested in working with a company that has award-winning customer service, you might consider a company that is highly rated by J.D. Power. Whatever your choice, it’s generally a good strategy to gather and compare quotes from several companies that fit your criteria.
The average rates for car insurance in Miami are $3,483 for full coverage, which includes optional collision and comprehensive coverage, and $1,168 for the state’s minimum insurance requirements. Keep in mind that your own rate will differ from the city’s average, since your rate is based on multiple factors that are unique to you, such as your age, driving record and even where in the city you live, as well as your car’s make, model and age. You may be able to earn a low average rate by shopping around and gathering multiple quotes, and by driving safely and avoiding moving violations.
Miami car insurance rates are likely so high because of several factors, including population density, urban sprawl, severe weather events and uninsured drivers. Florida is sixth in the country for uninsured drivers, with 20.4 percent driving uninsured. Miami is also prone to congested traffic, which can increase accident claims, as well as severe weather, like hurricanes.
Drivers in Miami are only required to carry no-fault insurance, including $10,000 in personal injury protection (PIP) and $10,000 in property damage liability coverage. However, Miami drivers might want to consider purchasing higher liability limits than required as well as full coverage car insurance, which includes damage protection for your vehicle.
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.