Florida is one of the most expensive states for car insurance. The average driver pays $3,674 for full coverage insurance and $1,283 for minimum coverage insurance annually in Miami. Car insurance is notoriously pricey in Florida because of the extreme weather and the high rate of uninsured drivers. As of 2015, almost 27% of Florida drivers were driving without insurance, even though legally required.
However, there are a handful of insurance companies in Miami that offer affordable rates. To find the cheapest car insurance companies in Miami, we reviewed the biggest providers based on coverage, discounts, average price and more.
Best car insurance companies in Miami
The best car insurance companies in Miami are Geico, State Farm, Progressive and Allstate. These companies were selected for their affordable premiums, third-party ratings, financial strength scores, discount options, policy offerings and customer service reviews.
|Insurance Company||J.D. Power Score||Average Annual Premium for Minimum Coverage||Average Annual Premium for Full Coverage|
|State Farm||826 / 100||$1,275||$2,621|
|Progressive||834 / 100||$1,526||$3,425|
|Allstate||851 / 100||$1,135||$3,557|
Geico is a popular insurance provider for drivers who want to pay the lowest rate possible. In Miami, the average full coverage policy from Geico costs $2,140, which is over $1,500 less than Miami’s average rate. In addition to cheap premiums, Geico also offers a variety of discounts for further savings. The one downside to Geico is that the coverage options are pretty limited.
State Farm is a well-known insurance provider, and many Miami drivers rely on the company for their insurance needs. The average full coverage policy from State Farm costs $2,621, but drivers can apply several discounts to get a lower rate or enroll in safe driver reward programs. Like Geico, State Farm does not offer many add-on coverages, but it does have several online tools and a highly-rated mobile app.
Progressive’s car insurance policies are slightly more expensive in Miami. The average full coverage policy costs $3,425 per year, which is still lower than Miami’s average rate. However, Progressive is a great option for drivers who want customizable coverage options. With Progressive, you can enhance your policy with roadside assistance, custom parts coverage, rideshare insurance and more.
Allstate was rated as the best car insurance company in Florida for overall customer satisfaction in J.D. Power’s 2020 U.S. Auto Insurance Study. Allstate is the most expensive provider on our list, with an average full coverage premium of $3,557, but the higher cost is still lower than the state average and might be worth it for some drivers. Allstate offers a variety of add-on coverages and discounts, and it has a disappearing deductible program that lowers your premium by $100 for each claims-free year, up to $500.
Cheapest car insurance in Miami
Car insurance in the state of Florida is expensive, especially compared to the national average rate. The average driver in Florida pays $2,544 annually for full coverage insurance, which is significantly cheaper than Miami’s average rate. But based on our research, Geico, State Farm, Progressive and Allstate offer cheaper policies than what the average driver pays in Miami. MetLife’s coverage is more expensive, but the provider offers lots of discounts to bring the premium down, including policy bundling.
|Insurance Company||Average Annual Premium for Minimum Coverage||Average Annual Premium for Full Coverage|
The table above includes the cheapest car insurance rates from the most popular carriers based on market share. However, the cheapest insurance company is not necessarily the best insurance company. These five providers have pros and cons and may not be good options for every driver in Miami.
For example, Geico and State Farm only have a handful of coverage options. Drivers that want to customize their coverage should look at Allstate or Progressive instead. Geico is the only insurance company that offers a military discount, so Miami residents in the armed forces might prefer Geico over other companies. Additionally, drivers who want to get a quote online should not look at MetLife. It is the only company on our list that does not offer instant rates online.
Miami insurance requirements
Car insurance is legally required in Miami. Florida is a no-fault state, which means every driver must carry no-fault car insurance. No-fault car insurance includes:
- $10,000 in Personal Injury Protection (PIP)
- $10,000 in Property Damage Liability (PDL)
Purchasing no-fault car insurance alone means you will pay the lowest price. However, drivers in Miami should consider purchasing more coverage than what is legally required. For example, no-fault car insurance will not cover your vehicle’s damages after an accident or pay to replace a stolen vehicle. Full coverage car insurance is more expensive, but it offers significantly more protection.
Car insurance discounts in Miami
Even though car insurance in Miami can be expensive, there are ways to lower your premium. Most car insurance providers offer discounts that can help save money. One thing to consider is how the make and model of the vehicle influence premiums. Some other common car insurance discounts in Miami include:
- Car safety features: Cars with safety features like anti-lock brakes and an anti-theft system are less likely to have a claim. If your car has these features, your insurance company might give you a discount on your collision or comprehensive policy.
- Good student: Smart students that maintain a minimum GPA or have a stellar report card can often qualify for a discount on their car insurance policy.
- Reduced mileage: The less you drive, the less likely you are to get into an accident. Many insurance companies offer discounted rates for infrequent drivers.
- Pay in full: Paying your annual car insurance premium upfront and in full usually means you can get a small discount on your policy.
Frequently asked questions
What is the best car insurance company?
There are thousands of car insurance companies on the market, but there is not one company that is the best for every driver. For example, some companies are good for drivers who want a low rate, and others are good for drivers who want customizable coverage. To find the best car insurance company for you, shop around, get multiple quotes and read customer reviews to see what current drivers think of the company.
How much does car insurance in Miami cost?
The average driver in Miami pays $3,674 for full coverage insurance and $1,283 for minimum coverage insurance. But keep in mind that insurance rates vary based on age, credit score, claims history, the type of car you drive and more.
How much car insurance do I need 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 should consider purchasing full coverage car insurance, which includes damage protection for their vehicle.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a cleaning 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 coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.
These are sample rates and should be used for comparative purposes only. Your quotes may be different.