Best Cheapest Auto Insurance Quotes in Miami, Florida
Best Cheapest Auto Insurance Quotes in Miami, Florida
Find Cheap Auto Insurance Quotes in Miami
Minimum coverage auto insurance in Miami costs an average of $3,788, or $316 each month. The average price of a full coverage policy is $5,094, or $425 per month.
Miami is not only the sixth-largest city in the country, but it’s also a major cultural and financial center in Florida. It’s no surprise that this densely populated city has some of the highest premium rates in Florida.
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 at 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 the minimum liability policy. Most states in the U.S. require drivers to demonstrate financial responsibility in the event of an accident, in the form of an insurance policy. The minimum liability policy is 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. Drivers insured under a minimum coverage policy are not financially protected from damage caused by storms or hurricanes, which are common in Florida.
Miami residents who own new vehicles or cars worth more than $3,000 should invest in higher coverage limits or additional protection options.
Rank | Company | Average annual premium |
|---|---|---|
| 1 | Geico | $1,501 |
| 2 | State Farm | $3,110 |
| 3 | Direct General | $3,336 |
| 4 | MetLife | $3,520 |
| 5 | Progressive | $4,891 |
| 6 | Allstate | $6,369 |
Cheapest Miami full coverage policy: Geico
Geico not only has the best rates for a minimum liability policy but it also has the cheapest full coverage plan. The company’s full coverage plan is an average $665 more than its minimum coverage policy.
The closest alternative is State Farm, which has an average full policy cost of $4,167.
Rank | Company | Average annual premium |
|---|---|---|
| 1 | Geico | $2,166 |
| 2 | State Farm | $4,167 |
| 3 | Direct General | $4,502 |
| 4 | Progressive | $5,971 |
| 5 | MetLife | $6,711 |
| 6 | Allstate | $7,047 |
A full coverage policy is one that encompasses the financial protections offered by a minimum liability policy as well as collision and comprehensive coverage.
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We recommend you opt for additional coverage if you have a new car or an expensive car.
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.
Rank | Company | Average annual premium |
|---|---|---|
| 1 | Geico | $4,262 |
| 2 | Direct General | $6,654 |
| 3 | State Farm | $7,847 |
| 4 | MetLife | $9,228 |
| 5 | Progressive | $12,361 |
| 6 | Allstate | $13,212 |
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 than older drivers.
Young drivers have to navigate the already-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 have a large offering of discounts, their rates may be cheap enough to compensate.
Cheapest insurance in Miami for drivers with accident histories
Geico and State Farm increased their rates the least out of six major insurers in Miami.
Drivers should keep in mind how an accident will affect their insurance rates. Depending on your insurer, you may see a jump in premium costs of up to several thousands of dollars post accident.
In fact, MetLife, the most expensive insurer, increased prices for their drivers by nearly 60% after an accident — a whopping $3,996 difference.
Rank | Company | Rate before accident | Rate after accident | Difference |
|---|---|---|---|---|
| 1 | Geico | $2,166 | $3,162 | $996 |
| 2 | State Farm | $4,167 | $4,990 | $823 |
| 3 | Direct General | $4,502 | $6,081 | $1,579 |
| 4 | Progressive | $5,971 | $8,467 | $2,495 |
| 5 | Allstate | $7,047 | $10,143 | $3,996 |
| 6 | MetLife | $6,711 | $10,707 | $3,996 |
Accidents are unpredictable; you'll 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
In conjunction with cheap prices, Miami drivers should look for 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.
Our survey of customer satisfaction found that the Miami insurer that had 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.
Best auto insurers in Florida, by complaints
It’s important to receive more than one perspective when searching for the best Miami insurer.
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 best customer service according to the NAIC are:
- Amica
- Farm Bureau
- Southern-Owners
- Progressive
Rank | Company | Complaint Index |
|---|---|---|
| 1 | Amica | 0.06 |
| 2 | Florida Farm Bureau | 0.07 |
| 3 | Southern-Owners | 0.10 |
| 4 | Progressive | 0.10 |
| 5 | Safeco | 0.11 |
Average cost of minimum insurance by Miami area
Insurance rates can fluctuate even depending on the area of the city you reside in. Miami is one of the largest and most diverse cities in the country. Each neighborhood 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.
ZIP code | Neighborhood | Average annual car insurance rate |
|---|---|---|
| 33122 | Doral | $4,109 |
| 33125 | Little Havana | $4,425 |
| 33126 | Flagami | $4,264 |
| 33127 | Wynwood / Model City | $4,033 |
| 33128 | East Little Havana | $4,179 |
Auto theft statistics in Miami
Although Miami is the second-largest city in Florida, its vehicle theft rate is lower than less populated areas like Orlando and Tallahassee. Miami reported 815 cars stolen in 2019, approximately 172 cars for every 100,000 vehicles in the city.
City | Population | Car thefts | Thefts per 100,000 |
|---|---|---|---|
| Fort Lauderdale | 182,150 | 426 | 233.9 |
| Orlando | 286,679 | 602 | 210.0 |
| Tallahassee | 192,443 | 336 | 174.6 |
| Miami | 473,047 | 815 | 172.3 |
| St. Petersburg | 265,942 | 377 | 141.8 |
| Jacksonville | 903,213 | 1,240 | 137.3 |
| Hialeah | 241,778 | 259 | 107.1 |
| Tampa | 392,945 | 273 | 69.5 |
Car insurance companies in Miami, Florida
The car insurance market in Florida is dominated by the biggest three insurers. Geico, Progressive and State Farm write 55.29% of direct premiums in the state.
Drivers debating between purchasing insurance coverage from a large company versus a smaller company should weigh the pros and cons of both options.
Large companies tend to be more financially secure and will have a larger range of discount options than smaller insurers. In addition, large insurers are widely available and have more offices. Miami drivers insured under small companies receive a personalized customer service experience and are able to interact solely with one agent rather than multiple.
Rank | Insurers | Direct premiums written | % of direct premiums |
|---|---|---|---|
| 1 | Geico | 5,492,413 | 22.67% |
| 2 | Progressive | 5,001,524 | 20.64% |
| 3 | State Farm | 2,903,833 | 11.98% |
| 4 | Allstate Corp | 1,999,192 | 8.25% |
| 5 | Liberty Mutual | 618,341 | 2.55% |
| 6 | Auto-Owners | 608,822 | 2.51% |
| 7 | Travelers | 557,276 | 2.30% |
| 8 | Kemper | 449,651 | 1.86% |
| 9 | National General Holdings | 407,566 | 1.68% |
| 10 | Farmers | 337,648 | 1.39% |
| N/A* | USAA | 1,481,933 | 6.12% |
*USAA is only available to current and former military members and their families.
Minimum coverage requirement in Miami, Florida
The minimum car insurance requirement is set at the state level. All Florida, and subsequently all Miami, drivers are required to obtain the following coverages to legally drive in the state:
Coverage type | Minimum limit |
|---|---|
| Personal injury protection (PIP) | $10,000 per accident |
| Property damage liability (PDL) | $10,000 per accident |
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, this is not the best plan for all drivers.
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 an egregious amount of out-of-pocket costs.
Florida’s no-fault law
No-fault states are areas where insurers are required 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 personal injury protection liability. No-fault insurance is distinct from liability coverage because the latter pays other parties when you are found at fault in an accident.
Florida's financial responsibility law: SR-22 and FR-44 policies
Florida’s financial responsibility law requires residents who have been convicted of driving without insurance, driving under the influence (DUI) or driving while intoxicated (DWI) to obtain higher coverage limits. Drivers in this high-risk category will need to show proof that they’ve met this requirement through SR-22 or FR-44.
SR-22 insurance requirements
SR-22 is required for Miami drivers who are considered high risk. SR-22 is an insurance policy with an SR-22 endorsement attached. A driver can be required to obtain SR-22 if they have been in an accident while uninsured or received too many points on their driving record.
- Bodily injury liability: $10,000 per person / $20,000 per accident
- Property damage liability: $10,000 per accident
FR-44 insurance requirements
Miami drivers who have been found guilty of driving under the influence (DUI) or driving while intoxicated (DWI) are required to obtain an auto insurance policy with an FR-44 endorsement. Due to the severity of the two crimes, FR-44 coverage requirements are significantly higher than SR-22 requirements.
- Bodily injury liability: $100,000 per person / $300,000 per accident
- Property damage liability: $50,000 per accident
Methodology
Auto insurance quote data was collected from six insurance companies located in Miami. Our study used a sample driver who, unless explicitly stated, received quotes for a minimum liability policy. The driver met the following profile:
- 30-year-old man
- No credit history
During instances where a full coverage policy was analyzed, the following limits were applied:
Coverage type | Study limits |
|---|---|
| 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.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.