Minimum coverage auto insurance in Miami costs an average of $3,788, or $316 per month. The average price of a full coverage policy is $5,094, or $425 per month.
Miami drivers may find a cheaper car insurance policy with Geico, which provides quotes well under 50% of the city average.
Find Cheap Auto Insurance Quotes in Miami
To save as much money as possible in Florida’s Magic City, you should compare quotes and policies from multiple insurers.
Cheapest auto insurance in Miami: Geico
Geico had the most affordable rates for Miami drivers at an average annual cost of $1,501 — about $2,287 less than the city average.
The next cheapest option is State Farm, but it's approximately double the price of Geico’s minimum insurance policy.
Find Cheap Auto Insurance Quotes in Miami
The cheapest auto insurance plan a driver can get is a minimum liability policy, which provides the lowest amount of coverage a state requires drivers to hold in order to legally operate a vehicle. Florida has the second-highest minimum liability policy in the country.
Although the cheapest coverage option is a minimum policy, this may not necessarily be the best for your needs or background. For example, drivers insured under a minimum coverage policy are not financially protected from damage caused by storms or hurricanes.
Miami residents who own new vehicles or cars worth more than $3,000 should invest in higher coverage limits or additional protection options.
Cheapest Miami full coverage policy: Geico
Geico has the cheapest full coverage plan at $2,166 per year. That's $665 more than its minimum coverage policy.
The closest alternative is State Farm, which has an average full coverage policy cost of $4,167.
Average annual premium
A full coverage policy is one that encompasses the financial protections offered by a minimum liability policy as well as collision and comprehensive coverage.
Cheapest car insurance for young Miami drivers: Geico
Young drivers searching for affordable car insurance in Miami should check out Geico, which has an average premium rate of $4,262.
Average annual premium
The cheapest full coverage policy for a young person is more expensive than the city average. Insurance rates tend to be higher if you are a new and inexperienced driver because you are statistically more likely to be involved in an accident.
Young drivers have to navigate the pricey landscape of insurance in Florida, oftentimes with a limited budget. There are a few ways you can make your insurance more affordable.
Here are a few ways save money on auto insurance:
- Obtain a combined or multi-car policy with your family. Ask your parents, or an older driver in your family, if you can sign onto their insurance plan. Having a young person on their policy will increase their insurance premium. However, it’s more than $2,000 cheaper on average than having two separate plans.
- Ask about discounts. Most insurers have a list of discounts drivers can qualify for. If you fulfill the eligibility criteria of multiple discounts, the savings will add up. Be aware that smaller companies have more limited discount offers compared to larger insurers.
- Shop around. Being insured under a large or widely available company isn’t always the best option. Consider looking into small insurers to see if they offer better premium estimates. While they may not offer many discounts, their rates may be cheap enough to compensate.
Cheapest insurance in Miami for drivers with accident histories
Depending on your insurer, you may see a jump in premium costs of up to several thousands of dollars after an accident.
MetLife, the most expensive insurer, increased prices for their drivers by nearly 60% after an accident — a whopping $3,996 difference.
Rate before accident
Rate after accident
Accidents are unpredictable; you never know when you might be involved in one. Having an accident on your record affects your rates tremendously, which is why we recommend comparing car insurance from multiple insurers and looking for extra discounts.
Best insurance company customer service in Miami, Florida
Our survey of customer satisfaction found that the Miami insurer with the most positive service feedback is Allstate, as 64% of customers expressed that they were extremely satisfied with their experience.
Another large insurer with similar ratings is State Farm, with 59% of customers saying they were satisfied with their experience.
Miami drivers should consider insurers that have top-ranked customer service. Even if a company has low insurance rates, it may not be enough to make up for long claims processes, lagging or nonexistent response times or rude agents.
Best auto insurers in Florida, by complaints
The National Association of Insurance Commissioners (NAIC), measures the quality of a company’s customer service by the frequency of formal complaints it receives from drivers. The companies with the fewest customer complaints according to the NAIC are:
- Farm Bureau
The national median for the NAIC's Complaint Index is 1.0, meaning companies with a lower index generally provide better customer service.
|2||Florida Farm Bureau||0.07|
Average cost of minimum insurance by Miami area
Insurance rates can fluctuate even depending on the area of the city you reside in. Each neighborhood in Miami differs in terms of crime rate, accident rate and population density. As a result, policy premiums can vary by more than $1,000.
For example, the average resident of South Miami, one of the most inexpensive areas of the city, pays approximately $3,128 for a minimum policy. Meanwhile, Little Havana, one of the most expensive neighborhoods, is a major cultural center of Miami where residents pay an average of $4,425 for auto insurance.
Average annual car insurance rate
|33127||Wynwood / Model City||$4,033|
|33128||East Little Havana||$4,179|
Minimum coverage requirement in Miami, Florida
The minimum car insurance requirement is set by the state of Florida. All Miami drivers are required to have the following coverages to legally drive in the state:
Considering Florida’s high insurance rates, it’s understandable that drivers might opt for the minimum amount of coverage, since that is the cheapest option. However, it may not meet your individual needs.
Drivers whose cars are less than 10 years old or worth more than $3,000 should consider opting for additional coverage. If you get into an expensive accident with insufficient coverage, you can end up paying out-of-pocket costs.
Florida’s no-fault law
No-fault states require insurers to provide coverage for medical costs regardless of who is at fault in an accident. Florida is one of these states. This no-fault coverage comes in the form of PIP liability.
PIP covers up to 80% of medical expenses and 60% of lost income if you are unable to work, with a combined limit of $10,000.
No-fault insurance is distinct from liability coverage because the latter pays other parties when you are found at fault in an accident.
Auto insurance quote data was collected from six insurance companies located in Miami. Our sample driver is a 30-year-old man who, unless explicitly stated, received quotes for a minimum liability policy. During instances where a full coverage policy was analyzed, the following limits were applied:
|Bodily liability||$50,000 per person / $100,000 per accident|
|Property damage||$25,000 per accident|
|Uninsured/underinsured motorist bodily injury||$50,000 per person / $100,000 per accident|
|Comprehensive and collision||$500 deductible|
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.