Best cheap car insurance in Miami
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Florida is one of the most expensive states for car insurance, but drivers may still qualify for the best cheap car insurance companies in Miami. To give you an idea of how much it could cost, the average cost of car insurance in Miami is $3,713 for full coverage, or about $309 per month. For minimum coverage, the average annual premium is $1,340. Geico, State Farm and Progressive offer some of the cheapest car insurance in Miami, according to Bankrate’s 2022 study of quoted annual premiums. Knowing what these carriers, and others available in Miami, have to offer can help when searching for the most affordable rates in the area.
Best cheap car insurance companies in Miami
The best car insurance companies in Miami with the cheapest rates on average are Geico, State Farm, Progressive, Allstate and National General, according to data collected from Quadrant Information Services. To determine the best carriers and help shoppers find the companies offering the most important features, Bankrate has developed the Bankrate Score. Based on a five-point scale, the Bankrate Score analyzes each carrier’s average annual premiums, third-party rankings in studies like J.D. Power’s 2022 Auto Insurance Study, financial strength scores, discount options, policy offerings and customer service reviews.
|Insurance company||Bankrate Score||J.D. Power score (Florida)||Average annual premium for full coverage||Average annual premium for minimum coverage|
Geico is often one of the cheapest car insurance companies on average, and it offers the cheapest average rates for Miami drivers looking for full or minimum coverage in our study. 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 are slightly higher than the Miami average. Progressive also performed the worst 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, though the carrier earned the lowest Bankrate Score of 4.0 on our Miami list. 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 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
Getting cheap car insurance in Miami can be a challenge, but so can keeping the cheapest rates. With the average cost of car insurance so high in Miami, 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 from different companies to find the cheapest rates.
- Verify before you buy. If you’re in the market for a new or used car, consider getting car insurance quotes before you buy. The make and model you choose can have a big impact on your premiums, which could blow your budget when combined with your car payment. You should also consider how much your insurance could increase if you have to go from minimum to full coverage car insurance.
Frequently asked questions
The best car insurance in Miami and other cities may not be the same company for everyone. The best company will have the features that matter most to you, whether it is 24/7 claims support, an award-winning mobile app or customizable coverage options. Determining what is most important can help you select a carrier that aligns with your criteria for the best car insurance company.
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. For reference, the national average cost of car insurance is $1,771 per year for full coverage—less than half the average for full coverage car insurance in Miami.
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.
Besides liability insurance for bodily injuries and property damage, comprehensive and collision coverage make up what is often referred to as full coverage car insurance. Comprehensive and collision provide property damage coverage if your car is damaged. If you only have liability insurance, there is no physical damage coverage for your vehicle. People who lease or finance their vehicle may have a requirement from the lender to carry full coverage insurance.
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all 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 2020 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.
Bankrate Scores are calculated on a five-point scale and primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.
To determine how well the best car insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which drivers may compare each provider.
While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.