The words “low-priced” and “auto insurance” really should not be used together, especially when you are trying to find the lowest insurance prices for college students. Because it’s not cheap, let’s go over some things that can significantly affect auto insurance prices, and find some ways to take a little off the next policy you buy.
Buying low-priced auto insurance is easier said than done, and deciding which companies quote the cheapest car insurance rates for college students may require even more shopping around. Each insurance company uses a slightly different approach to set premium rates, so first let’s look at the rankings for the overall cheapest car insurance companies in Miami.
It’s important to know that Miami car insurance rates are determined by lots of factors that will increase or decrease the price of your policy. This price variability is why consumers need to compare many different companies when trying to find the lowest auto insurance quotes for college students. Auto insurance prices consist of many different factors and can change without notice, so the most economical option when you last compared rates may now not even be in the top five.
Cheapest Insurance Rates for College Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $986 |
| 2 | Electric | $1,746 |
| 3 | Amica | $1,764 |
| 4 | Progressive | $1,793 |
| 5 | Travelers | $1,926 |
| 6 | Mercury | $1,933 |
| 7 | Allied | $1,945 |
| 8 | Esurance | $2,020 |
| 9 | State Farm | $2,068 |
| 10 | GEICO | $2,086 |
| 11 | Auto-Owners | $2,171 |
| 12 | 21st Century | $2,397 |
| 13 | Allstate | $2,411 |
| 14 | Windhaven Insurance | $2,575 |
| 15 | MetLife | $2,870 |
| 16 | Safeco | $3,016 |
| 17 | Hanover | $3,024 |
| 18 | Liberty Mutual | $3,131 |
| 19 | United Automobile | $3,422 |
| 20 | Direct General | $3,942 |
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USAA normally has some of the most affordable car insurance rates in Miami at around $986 a year. Electric, Amica, Progressive, and Travelers also are some of the more affordable Miami, FL car insurance companies.
As shown above, if you are insured with Progressive and switched to USAA, you could earn an annual premium reduction of upwards of $807. Florida drivers with Travelers could save as much as $940 a year, and Mercury policyholders might see rate reductions of $947 a year.
Bear in mind that those prices are averaged for all drivers and vehicles in Florida and do not factor in a vehicle location for college students. So the car insurance company that can offer the best rates for your situation may not even be in the top 21 companies in the list above. That illustrates why you need to compare as many prices as possible using your own personalized driver profile and vehicle information.
One of the many things that determine insurance cost is where you live in Miami. More populated areas tend to have higher rates, whereas areas with less crime or weather claims benefit from lower prices.
The following table ranks the highest-priced places in Florida for college students to buy an auto insurance policy in. Miami ranks #2 with an annual cost of $3,273 for the average insurance policy, which is about $273 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Hialeah | $3,488 |
| 2 | Miami | $3,273 |
| 3 | Miami Gardens | $3,181 |
| 4 | Miami Beach | $3,043 |
| 5 | Miramar | $2,709 |
| 6 | Hollywood | $2,630 |
| 7 | West Palm Beach | $2,625 |
| 8 | Coral Springs | $2,574 |
| 9 | Pompano Beach | $2,543 |
| 10 | Tampa | $2,532 |
| 11 | Fort Lauderdale | $2,500 |
| 12 | Pembroke Pines | $2,481 |
| 13 | Davie | $2,448 |
| 14 | Brandon | $2,392 |
| 15 | Clearwater | $2,238 |
| 16 | St. Petersburg | $2,219 |
| 17 | Spring Hill | $2,060 |
| 18 | Orlando | $2,029 |
| 19 | Port St. Lucie | $1,975 |
| 20 | Jacksonville | $1,960 |
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Table data uses comparative as zip code location can affect insurance rates greatly.
The make and model of vehicle requiring coverage is a large consideration when comparison shopping for the most affordable car insurance for college students. Vehicles with high performance, poor passenger safety features, or a high likelihood of having liability claims will cost more to insure than more modest models.
The data below illustrates coverage rates for a selection of the more affordable automobiles to buy coverage for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $6,624 |
| Ford Escape Limited 2WD | $6,722 |
| Honda Accord EX-L 4-Dr Sedan | $7,148 |
| Volkswagen Jetta S 2.5 Station Wagon | $7,154 |
| Hyundai Elantra SE Touring Station Wagon | $7,148 |
| Toyota Prius | $7,250 |
| Honda Odyssey LX | $7,329 |
| Chevrolet Impala LS | $7,754 |
| Ford Edge Limited 2WD | $7,762 |
| Chevrolet Silverado LS Extended Cab 4WD | $7,852 |
| Toyota RAV4 Limited 4WD | $7,861 |
| Chevrolet Malibu Hybrid | $7,852 |
| Dodge Grand Caravan SXT | $7,955 |
| Ford F-150 FX4 4WD | $7,960 |
| Ford Explorer Eddie Bauer AWD | $7,955 |
| Ford Focus SEL 4-Dr Sedan | $8,179 |
| Toyota Tacoma X-Runner 2WD | $8,278 |
| GMC Sierra SLT Crew Cab 2WD | $8,380 |
| Jeep Grand Cherokee SRT-8 4WD | $8,386 |
| Toyota Corolla XRS | $8,380 |
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Table data represents single female driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, and claim-free. Information does not factor in Miami, FL location which can influence premiums noticeably.
Based upon the table data, you can expect vehicles like the Honda CR-V, Ford Escape, and Honda Accord are going to be the most economical vehicles to insure for students in college. Rates will trend higher because there is more claim risk for college students, but generally speaking those specific models will most likely have the cheapest auto insurance rates compared to all other vehicles.
The example below illustrates how your choice of deductibles can influence annual premium costs when searching for cheap insurance for college students. The data assumes a single male driver, comp and collision included, and no other discounts are factored in.
The data above shows that a 40-year-old driver could pocket $344 a year by changing from a $100 deductible up to a $500 deductible, or save $518 by switching to a $1,000 deductible. Youthful drivers, such as the 20-year-old chart data, could possibly save up to $1,126 or even more just by choosing larger deductibles. When insureds make the decision to increase the deductibles on their policy, it is necessary to have additional funds in a savings account to be able to pay the extra out-of-pocket expense associated with higher deductibles.
Ending up with a high-quality car insurance company can be rather challenging considering how many companies provide coverage in Miami. The ranking information displayed below can help you decide which auto insurers to look at when comparing rates.
The ratings below include companies who write in the majority of U.S. states, so smaller companies are not factored into the list. To compare prices from the insurers below and more, click here.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
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Data Source: Insure.com Best Car Insurance Companies
Why are you paying too much for car insurance?
Miami car insurance rates are calculated based on many things that may substantially change the cost of a policy. Turning one year older, buying a different home, or getting caught speeding may generate price changes that may make certain companies more affordable than competitors.
Additionally, car insurance companies change their prices every year to reflect underwriting profits or losses. Significantly higher losses may result in high rates, while profitable underwriting may result in lower-cost Miami car insurance rates.
For example, the bar chart below shows a variety of companies that have the cheapest car insurance in Miami, FL for a 30-year-old male driver with a clean driving record, no accidents, and a good credit rating. If we estimate rates based on his current risk factors, USAA has the cheapest car insurance rates in Miami at $1,923 per year. This is $525 less than the average rate paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers are also on the list of the best Miami, FL auto insurance companies.
Let’s now give the driver in the first chart a chargeable accident, less-than-perfect credit, and a stop sign violation. Since each insurance company has a different process to establish rates, analyzing rate quotes may now show a different ranking of affordable companies as shown below.
USAA now has the lowest car insurance rate in Miami, FL with Allied, Esurance, State Farm, and GEICO completing the list. This demonstrates why it is crucial to take the time to shop around to get affordable auto insurance quotes for college students.
Auto insurance prices can be altered by many factors and change frequently, so the best option when you last compared rates may now be quite expensive.