The type of vehicle requiring insurance is a large factor that determines if you can find cheaper insurance for 16 year olds. Vehicles with high performance features, poor safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than safer, lower-performance models.
The next table shows auto insurance prices for a handful of the more affordable automobiles to insure in Florida.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 4WD | $13,365 |
| Ford Escape Limited 4WD | $14,175 |
| Hyundai Elantra SE Touring Station Wagon | $14,180 |
| Toyota Prius | $14,300 |
| Honda Odyssey LX | $14,764 |
| Ford Explorer Eddie Bauer 2WD | $14,892 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $14,902 |
| Ford Edge Limited 2WD | $15,574 |
| GMC Sierra SL Extended Cab 2WD | $15,703 |
| Toyota Camry LE | $15,711 |
| Chevrolet Impala LT | $15,703 |
| Ford Fusion S 4-Dr Sedan | $15,709 |
| Nissan Altima 2.5 4-Dr Sedan | $15,703 |
| Toyota RAV4 Sport 4WD | $15,711 |
| Dodge Grand Caravan Hero | $15,703 |
| Jeep Grand Cherokee Laredo 2WD | $15,713 |
| Ford F-150 SVT Raptor Super Cab 4WD | $15,827 |
| Chevrolet Malibu LT | $15,835 |
| Ford Focus SES 4-Dr Sedan | $16,384 |
| Toyota Tacoma X-Runner 2WD | $16,513 |
| Volkswagen Jetta SE 4-Dr Sedan | $16,638 |
| Chevrolet Silverado LTZ Extended Cab 4WD | $16,645 |
| Chevrolet Silverado 2500HD LT Crew Cab 4WD | $16,638 |
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Cost estimates assume single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, and claim-free. Price estimates do not factor in specific location which can raise or lower price quotes greatly.
Based on these rates, you can expect makes and models like the Honda CR-V, Ford Escape, Hyundai Elantra, and Toyota Prius are most likely going to be the cheaper vehicles to insure for new drivers. The cost of auto insurance will tend to be higher because there is a higher risk for 16 year olds, but in general those makes and models will most likely have the cheapest rates possible.
For new drivers, one of the more important considerations that aid in calculating the amount you pay each year for auto insurance is the neighborhood you call home. Cities with larger populations or higher claim trends will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates can boast about having cheaper rates.
The information below rates the most expensive places in Florida for 16 year olds to purchase car insurance in. Miami comes in at #3 with an annual rate of $3,273 on average, which is about $273 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Hialeah | $3,523 |
| 2 | Miami Gardens | $3,277 |
| 3 | Miami | $3,273 |
| 4 | Miami Beach | $3,043 |
| 5 | Miramar | $2,629 |
| 6 | Tampa | $2,610 |
| 7 | West Palm Beach | $2,599 |
| 8 | Pompano Beach | $2,595 |
| 9 | Hollywood | $2,552 |
| 10 | Fort Lauderdale | $2,550 |
| 11 | Coral Springs | $2,549 |
| 12 | Pembroke Pines | $2,481 |
| 13 | Davie | $2,448 |
| 14 | Brandon | $2,392 |
| 15 | St. Petersburg | $2,263 |
| 16 | Clearwater | $2,260 |
| 17 | Spring Hill | $2,123 |
| 18 | Jacksonville | $2,040 |
| 19 | Orlando | $2,008 |
| 20 | Port St. Lucie | $1,916 |
| 21 | Cape Coral | $1,898 |
| 22 | Lakeland | $1,883 |
| 23 | Palm Bay | $1,803 |
| 24 | Tallahassee | $1,748 |
| 25 | Gainesville | $1,630 |
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Rates are approximated as the specific area where the vehicle is garaged can revise premium rates noticeably.
How much more does full coverage cost?
Paying a lower price for insurance is probably important to most people, and one way to buy cheaper insurance for 16 year olds is to buy liability only. The example below illustrates the difference between auto insurance costs with full coverage and liability only. The data assumes a clean driving record, no claims, $100 deductibles, single status, and no additional discounts are factored in.
If we average the cost for all age groups, comp and collision coverage costs $2,385 per year more than buying just liability insurance. At some point, every insured wonders if it’s worth it to buy full coverage. There is no specific rule for excluding full coverage, but there is a general convention. If the yearly cost of comp and collision coverage is more than 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your vehicle’s settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $5,000 after paying your deductible. If you are paying over $500 annually for your policy with full coverage, then you may need to consider dropping full coverage.
There are a few cases where removing full coverage is not advised. If you haven’t paid off your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should not buy liability only.
Discounts on Miami auto insurance rates
Car insurance companies that offer coverage for 16 year olds may have special discounts that could reduce prices by 25% or more if you meet certain criteria. A list of companies and their offered discounts can be read below.
- GEICO may have discounts that include federal employee, good student, five-year accident-free, multi-vehicle, daytime running lights, membership and employees, and air bags.
- USAA offers discounts for new vehicle, safe driver, vehicle storage, loyalty savings, driver training, military installation, and multi-vehicle.
- Progressive discounts include multi-vehicle, good student, homeowner, online quote discount, online signing, and multi-policy.
- American Family includes discounts for bundled insurance, multi-vehicle, air bags, Steer into Savings, accident-free, good student, and defensive driver.
- Esurance may offer discounts for multi-car, homeowner, claim free, DriveSense, and multi-policy.
- Farmers Insurance may include discounts for mature driver, homeowner, business and professional, alternative fuel, early shopping, and switch companies.
- State Farm has discounts for driver’s education, Drive Safe & Save, accident-free, good driver, student away at school, multiple policy, and anti-theft.
The illustration below shows the difference between insurance rates with and without discounts being applied to the rates. Data assumes a male driver, no claims or driving citations, Florida state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with passive restraint, anti-theft, vehicle safety, paperless filing, good student, and paid-in-full discounts applied. With discounts applied, theaverage yearly reduction on insurance for 16 year olds is 28% or $974.
Buying coverage from the highest-rated auto insurance company is difficult considering how many choices drivers have in Miami. The rank data below could help you select which providers to look at comparing price quotes from.
The ratings below only include companies with a national presence, so smaller companies are not taken into consideration for this list. To view rates from these and other top-rated companies, simply click here.
Top 10 Major Auto Insurers in Miami Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- The Hartford – A+
- Allstate – A+
- Nationwide – A+
Top 10 Major Auto Insurers in Miami Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
Tips for buying economical insurance for 16 year olds
The list below summarizes some of the better money-saving suggestions that can help you quote more affordable coverage.
- Avoid filing excessive claims
- Avoid accidents and claims
- Drive a car with a high safety rating
- Save money by observing traffic laws and speed limits
- Save money by bundling your home and auto policies
- Shop around and save
That last idea is especially critical, as was emphasized in the prior article. Insurance rates fluctuate considerably, so don’t be afraid to buy from a different company if a cheaper rate is available. Loyalty to a specific company is fine, but it’s not a good idea if that devotion results in you overpaying hundreds of dollars year after year. Spend a few minutes and shop around and find cheaper auto insurance for 16 year olds in Miami.