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Best cheap car insurance in Miami for 2024
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The best car insurance companies in Miami
In this economy, Miami drivers are watching their bottom line and looking for the best auto insurance deals they can. Affordable rates matter when looking for a cheap auto insurance company, but so do many other factors such as customer service, available coverage options, ease of doing business and more. Bankrate’s insurance editorial team, which includes licensed insurance agents, is here to help drivers find the best car insurance in Miami to meet their needs.
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Geico made our list: Of the carriers we assessed, Geico offers the cheapest average rates for Miami drivers for both full and minimum coverage. In addition to cheap average premiums, Geico also offers several additional coverage options including 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.
Why Geico may be the best for discounts: Geico offers more discount opportunities than most other insurance carriers. Aside from standard discounts for bundling and safe driving, Geico offers alumni and affiliation premium reductions. Miami drivers who are military members, federal employees, or members of certain professional organizations may save up to an additional 15 percent off their insurance.
| Bankrate Score | 4.4 |
| J.D. Power | 812/1,000 |
| AM Best score | A++ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Progressive made our list: Progressive’s car insurance policies offer customizable coverage options, including roadside assistance, custom parts coverage and rideshare insurance. This carrier also offers a decent list of discounts and typically has rates well below the Miami average. However, Progressive also came in below average in the Florida region for customer satisfaction in the J.D. Power Auto Insurance Study.
Why Progressive may be the best for digital tools overall: Progressive offers robust digital tools that may work well for Miami drivers who prefer to handle their insurance needs without working with an agent. Progressive features the Name Your Price Tool, which can help you identify coverage options that meet your budget. Its mobile app and online capabilities allow policyholders to make coverage changes, pay their bills, file claims and more. It may be helpful to know that Progressive does offer a telematics program called Snapshot, however, it ranked toward the bottom of J.D. Power’s 2024 Customer Satisfaction Index Ranking for Usage-Based Insurance (UBI).
| Bankrate Score | 4.4 |
| J.D. Power | 801/1,000 |
| AM Best score | A+ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why State Farm made our list: Even though State Farm offers Miami drivers rates that align with the city average, drivers may save 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.
Why State Farm may be the best for customer service: State Farm is a well-known insurance provider, especially in the south, and many Miami drivers rely on the company for their insurance needs. Miami has over 30 State Farm offices for policyholders who prefer in-person assistance. This may be one of the reasons why State Farm ranked second on the J.D. 2024 U.S. Auto Insurance Study.
| Bankrate Score | 4.3 |
| J.D. Power | 833/1,000 |
| AM Best score | A++ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Allstate made our list: While Allstate offers rates that are only slightly below the average 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. Drivewise, Allstate's usage-based insurance program, allows you the opportunity to save money by improving your driving skills and tracking the driving habits of all the drivers on your policy.
Why Allstate may be the best for local agents: With over 25 office locations and a high customer satisfaction ranking with J.D. Power, Allstate may be a good option for drivers who prefer working directly with an agent. In a state like Florida that experiences a significant number of severe weather losses, flexibility can be key. Allstate’s mobile app allows customers to file a claim, make payments and more which can work well for more independent drivers.
| Bankrate Score | 3.9 |
| J.D. Power | 821/1,000 |
| AM Best score | A+ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Not available
Avg. full coverage premium
Full coverage
Not available
Why National General made our list: National General typically has some of the highest car insurance rates in Miami. However, it offers DynamicDrive, a telematics program along with other potential discounts, like bundling home and auto, low mileage, going paperless and being a safe driver.
Why National General may be the best for high-risk drivers: If you’re a high-risk driver or have poor credit, National General may fit your needs. High-risk drivers can have trouble securing car insurance in Miami but National General specializes in hard-to-place coverage. While the rate may be high, it can be the only option for some drivers.
| Bankrate Score | 3.3 |
| J.D. Power | |
| AM Best score | A+ |
Bankrate's trusted insurance industry expertise
Read our full methodologyThe Florida insurance market is constantly changing and drivers in Miami need to know where to turn for the most up-to-date and accurate information. This is why we created 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.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The cheapest car insurance companies in Miami
When searching for the cheapest car insurance in Florida, it is crucial to keep in mind some of the reasons why car insurance in Miami is higher than most locations. Miami is a popular tourist destination and the second biggest city in Florida. Areas with high population density are more prone to car crashes and vehicle thefts, and in Miami, extreme weather adds another layer of risk. To help make finding more affordable car insurance easier, here are the carriers with the cheapest average rates for minimal coverage in Miami.
| Insurance company | Average annual min coverage premium | Average annual full coverage premium |
|---|---|---|
|
$1,094
|
$3,200
|
|
|
$1,604
|
$3,518
|
|
|
$1,590
|
$4,117
|
|
|
$1,272
|
$4,253
|
How much is car insurance in Miami, FL?
The average cost of car insurance in Miami is $4,459 per year for full coverage, which is $29 percent more than the state average of $3,430 for the same level of coverage. For Miami drivers who opt for minimal coverage, they pay $1,418 per year, which is $30 percent more than the state average of $1,048. Car insurance rates can vary significantly based on several factors like age, coverage level and driving history. You may pay more or less than the city average and comparing rates among carriers can help you find out which carriers work best for your driving profile.
Miami rates for teens
Teen drivers can pay some of the highest rates in car insurance due to their lack of driving experience and maturity. Teen driving stats reveal that teen drivers are more likely to speed and don’t routinely wear a seat belt, which causes a higher rate of accidents and fatalities. By taking advantage of good student discounts and staying on their parents' policy as long as they live in the same household, teen drivers can drastically lower their auto rates.
| Insurance company | 16-year-old* | 18-year-old* |
|---|---|---|
|
$2,143
|
$1,893
|
|
|
$2,302
|
$1,886
|
|
|
$2,403
|
$2,141
|
|
|
$3,097
|
$2,445
|
| Insurance company | 16-year-old* | 18-year-old* |
|---|---|---|
|
$5,678
|
$4,957
|
|
|
$6,477
|
$5,896
|
|
|
$6,807
|
$5,574
|
|
|
$7,958
|
$6,574
|
Miami rates for young drivers
After a few years of clean driving, auto rates for young drivers start to decline. Around the age of 20 is usually when young drivers move away from home and are required to start their own insurance policy. Without the benefit of their parents' driving experience to help offset rates, car insurance for young drivers can still be pricey. By taking advantage of discounts geared toward drivers under the age of 25, young Miami policyholders may secure a more affordable rate.
| Insurance company | 20-year-old | 25-year-old |
|---|---|---|
|
$2,001
|
$1,337
|
|
|
$2,453
|
$1,799
|
|
|
$3,017
|
$1,813
|
|
|
$3,037
|
$1,448
|
| Insurance company | 20-year-old | 25-year-old |
|---|---|---|
|
$5,739
|
$4,054
|
|
|
$6,519
|
$4,104
|
|
|
$7,990
|
$4,749
|
|
|
$9,861
|
$4,978
|
Miami rates for adults
Once drivers are 25, they are no longer considered youthful operators and are moved into rating pools that reflect the driving histories they earned. Most drivers are classified as standard, but some can fall into preferred or high-risk driving depending on various factors.
| Insurance company | 30-year-old | 40-year-old | 50-year-old |
|---|---|---|---|
|
$1,190
|
$1,094
|
$1,040
|
|
|
$1,276
|
$1,272
|
$1,214
|
|
|
$1,606
|
$1,590
|
$1,499
|
|
|
$1,693
|
$1,604
|
$1,483
|
| Insurance company | 30-year-old | 40-year-old | 50-year-old |
|---|---|---|---|
|
$3,530
|
$3,200
|
$3,084
|
|
|
$3,690
|
$3,518
|
$3,208
|
|
|
$4,186
|
$4,117
|
$3,890
|
|
|
$4,264
|
$4,253
|
$4,036
|
Miami rates for senior drivers
Age usually becomes a more significant rating factor for drivers again around the age of 60 for basically two reasons — potentially fading motor skills and longer recovery times. As we age, changes in eyesight and reaction time can lead to more accidents. Also, older drivers are at a higher risk of medical complications from a car accident and have a longer recovery time than younger drivers. These risks impact the cost of most policy coverage types. However, since Florida has historically been a popular retirement destination, older drivers have discount options like the senior defensive driving class to help combat rising auto insurance rates.
| Insurance company | 60-year-old | 70-year-old |
|---|---|---|
|
$986
|
$1,004
|
|
|
$1,169
|
$1,234
|
|
|
$1,420
|
$1,495
|
|
|
$1,457
|
$1,512
|
| Insurance company | 60-year-old | 70-year-old |
|---|---|---|
|
$986
|
$3,003
|
|
|
$1,420
|
$3,302
|
|
|
$1,457
|
$3,909
|
|
|
$1,169
|
$4,071
|
The cheapest car insurance in Miami by driving record
Maintaining a clean driving history puts you in the best position to acquire cheaper car insurance rates. As much as we all strive for this goal, accidents and traffic tickets can still happen to the most cautious drivers. Miami drivers may have an even harder time keeping a good driving record due to the influx of tourists during the spring and summer months. Bankrate’s editorial team analyzed proprietary data provided by Quadrant Information Services to help you find the cheapest Houston car insurance for various driving histories.
Car insurance with a speeding ticket in Miami
Speeding tickets in Florida can cost drivers up to $250 in fines alone and oftentimes there are additional fees on top of that. Speeding is one of the biggest causes of car accidents. Even if you weren’t involved in an accident, your insurance will likely increase due to the risk associated with speeding. Drivers in Miami pay an average of $5,128 per year for full coverage car insurance after receiving a speeding ticket — 28 percent more than the state’s average rate post speeding ticket.
| Insurance company | Average min coverage rate | Average full coverage rate |
|---|---|---|
|
$1,272
|
$4,253
|
|
|
$1,479
|
$4,427
|
|
|
$2,029
|
$4,635
|
|
|
$2,036
|
$4,856
|
Car insurance after an accident in Miami
Along with speeding, behaviors like drowsy driving and distracted driving increase the risk of a collision. Miami drivers involved in an at-fault accident can see a steep increase in car insurance rates. After an accident occurs, insurers can surcharge your policy for up to three years in Florida to account for the added risk of a future accident. Miami drivers pay an average of $6,084 per year for full coverage car insurance after a car accident. When compared to the post-accident state average of $4,687, Miami drivers pay 28 percent more.
| Insurance company | Average min coverage rate | Average full coverage rate |
|---|---|---|
|
$1,446
|
$4,280
|
|
|
$2,032
|
$6,196
|
|
|
$2,350
|
$5,241
|
|
|
$2,470
|
$5,672
|
Car insurance after a DUI in Miami
Drivers convicted of a DUI are considered high-risk drivers. Florida has very strict DUI laws and drivers may have to pay fines up to $2,000 and possibly serve a prison sentence. In Miami, the average cost of full coverage car insurance following a DUI conviction is $6,808 per year, which is 29 percent more than the state average.
| Insurance company | Average min coverage rate | Average full coverage rate |
|---|---|---|
|
$1,647
|
$5,559
|
|
|
$1,727
|
$5,111
|
|
|
$1,834
|
$3,968
|
|
|
$2,984
|
$6,617
|
Minimum coverage requirements in Miami
Each state has its own car insurance laws and Florida law requires the following minimum car insurance coverage:
- Property Damage: $10,000
- Personal Injury Protection (PIP): $10,000
These limits are much lower than the minimum coverage requirements in most other states but there are times when more is mandated. A driver carrying state minimum coverage who causes an at-fault accident involving bodily injury or death is usually required by the state to increase their coverage to include bodily injury (BI) limits of 10/20. Drivers convicted of a DUI are typically required to carry BI limits of 100/300.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze July 2024 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 single, 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 2022 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.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.
Age: Rates were calculated by evaluating our base profile with the ages 20-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Teens: Rates were determined by adding a 16- or 18-year-old teen to their 40-year-old married parents' policy. The rates displayed reflect the total cost of a driver this age added to their parents’ policy.
Bankrate Score
Our 2024 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.
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. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
-
Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average 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, Demotech 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.
