This would be a much shorter article if we could simply tell you the single company that has the cheapest rates in Florida. Unfortunately, it’s just not that easy, as there are many unknowns such as whether you just want liability only, the crime level of your neighborhood, if you have a tendency to get into accidents, and the annual mileage you drive, that all influence how much you pay for auto insurance. We will try to teach you about the types of things that cause high car insurance rates and will give you a good start in finding the cheapest car insurance in Florida.
Finding dependable, cost effective auto insurance is not the easiest thing to accomplish, and figuring out which company quotes the lowest-priced auto insurance rates for homeowners involves even more work.
Each insurer has their own formula to establish rates, so let’s take a look at the auto insurance companies with the overall best prices in Florida. It’s important that you understand Miami, FL auto insurance rates are determined by lots of factors that will increase or decrease the policy premium. Improving your credit score, buying a different vehicle, or getting caught speeding may prompt premium changes that can now make some companies more expensive than competitors.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $986 |
| 2 | Electric | $1,764 |
| 3 | Amica | $1,764 |
| 4 | Progressive | $1,829 |
| 5 | Travelers | $1,888 |
| 6 | Mercury | $1,914 |
| 7 | Allied | $2,004 |
| 8 | Esurance | $2,040 |
| 9 | State Farm | $2,068 |
| 10 | GEICO | $2,108 |
| 11 | Auto-Owners | $2,149 |
| 12 | Allstate | $2,317 |
| 13 | 21st Century | $2,445 |
| 14 | Windhaven Insurance | $2,653 |
| 15 | MetLife | $2,900 |
| 16 | Safeco | $2,927 |
| 17 | Hanover | $2,964 |
| 18 | Liberty Mutual | $3,009 |
| 19 | United Automobile | $3,422 |
| 20 | Direct General | $3,902 |
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USAA normally has some of the best car insurance rates in Miami at around $986 a year. This is $1,462 less than the average premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers also rank well as some of the most economical Miami, FL insurance companies.
As the rates illustrate above, if you buy coverage from Progressive and switched to USAA, you might see a yearly savings of around $843. Customers with Travelers may save as much as $902 a year, and Mercury policyholders might see rate reductions of $928 a year.
To find the cheapest coverage for you, click here to begin a quote or feel free to get quotes from the companies below.
These policy rates are averages for all ages of drivers and types of vehicles and do not take into consideration a vehicle location for homeowners. So the company that fits your needs best may not even be in the top 21 companies shown above. That underscores the importance of why you need to compare rates from multiple companies using your own individual information.
For people who own their homes, one of the more important components that aid in calculating the price you pay for insurance is where you keep your vehicle. More densely populated places tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from having to pay less for coverage.
The following table sorts the most costly cities in Florida for homeowners to purchase car insurance in. Miami is ranked #2 with an annual rate of $3,273 for the average insurance policy, which is around $273 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Hialeah | $3,488 |
| 2 | Miami | $3,273 |
| 3 | Miami Gardens | $3,245 |
| 4 | Miami Beach | $2,953 |
| 5 | West Palm Beach | $2,679 |
| 6 | Miramar | $2,603 |
| 7 | Pompano Beach | $2,595 |
| 8 | Fort Lauderdale | $2,576 |
| 9 | Coral Springs | $2,574 |
| 10 | Tampa | $2,532 |
| 11 | Hollywood | $2,526 |
| 12 | Pembroke Pines | $2,505 |
| 13 | Davie | $2,473 |
| 14 | Brandon | $2,368 |
| 15 | St. Petersburg | $2,219 |
| 16 | Clearwater | $2,194 |
| 17 | Spring Hill | $2,039 |
| 18 | Orlando | $2,029 |
| 19 | Port St. Lucie | $1,994 |
| 20 | Jacksonville | $1,960 |
| 21 | Cape Coral | $1,917 |
| 22 | Lakeland | $1,827 |
| 23 | Palm Bay | $1,803 |
| 24 | Tallahassee | $1,748 |
| 25 | Gainesville | $1,696 |
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Information shown are estimated as the garaging address in Miami can alter coverage prices noticeably.
Finding the best insurer can be rather challenging considering how many companies are available to choose from in Florida. The information in the lists below may help you select which car insurance providers you want to consider when comparing rates.
The rankings below only include large, nationwide insurance companies, so smaller regional companies will not be included in the list. If you wish to compare rates from these companies 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 |
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Data Source: Insure.com Best Car Insurance Companies
Get discount Miami auto insurance rates
Car insurance companies that offer quotes for homeowners may have rate discounts that could reduce prices by as much as 40% or more if you qualify. A list of companies and a selection of discounts are included below.
- State Farm discounts include Steer Clear safe driver discount, multiple policy, good driver, multiple autos, anti-theft, and student away at school.
- GEICO includes discounts for multi-vehicle, anti-lock brakes, multi-policy, anti-theft, seat belt use, daytime running lights, and military active duty.
- Progressive has discounts for homeowner, online signing, multi-policy, multi-vehicle, and continuous coverage.
- 21st Century offers discounts including defensive driver, theft prevention, homeowners, teen driver, anti-lock brakes, good student, and air bags.
- American Family offers discounts for accident-free, multi-vehicle, early bird, bundled insurance, Steer into Savings, air bags, and good driver.
- The Hartford may have discounts that include driver training, vehicle fuel type, air bag, bundle, defensive driver, and good student.
- AAA has savings for multi-policy, pay-in-full, anti-theft, good driver, and multi-car.
The illustration below shows the difference between annual premium costs with and without policy discounts. The premium estimates are based on a female driver, no driving violations, no at-fault accidents, Florida state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with anti-theft, vehicle safety, passive restraint, defensive driving course, safe-driver, and homeowner discounts applied. When discounts are applied, theamount saved on auto insurance for homeowners is 28% or $632.
The example below shows how different deductible levels can influence insurance prices when trying to find cheap insurance for homeowners. The prices are based on a married female driver, comprehensive and collision coverage, and no discounts are taken into consideration.
As shown above, a 40-year-old driver could reduce rates by $384 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $578 by selecting a $1,000 deductible. Even younger insureds, like the age 20 example, could possibly save $952 or even more just by choosing higher deductibles. If you do raise deductibles, it is essential to have enough savings to be able to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Why it’s important to shop around
Miami auto insurance rates are influenced by many factors which can significantly increase or decrease the price you pay for coverage. Improving your credit score, increasing deductibles, or having a fender bender can trigger price changes that can cause some rates to be cheaper in comparison to the competition. In addition to those changes, auto insurance companies change premium rates as needed in order to offset underwriting gains or losses. An unexpected high level of claims may cause increased policy costs, while a lower level of claims may result in cheaper Miami car insurance rates.
As an example, the graph below shows rates for the cheapest car insurance in Miami, FL for a 35-year-old female driver with no violations or accidents, and good financial standing. Based on her current risk profile, USAA may have the cheapest car insurance rates in Miami at $1,810 per year. This is $638 less than the average price paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers also make the list of the best Miami, FL auto insurance companies.
Now we will give the driver from the first rate comparison an accident claim, a little lower credit rating, and a few blemishes on her driving record. Because each company has a proprietary method for establishing rates, analyzing rate quotes could now result in a new list of the cheapest car insurance companies in Miami as shown below.
USAA now has the lowest price in Miami, FL with Mercury, Esurance, Auto-Owners, and GEICO completing the list. This shows why it is important to compare lots of rates to find the most economical insurance quotes for homeowners. Car insurance prices are influenced by many factors and can change without notice, so the lowest-price company when you last compared rates may now be wasting a lot of money.