Trying to buy cost effective car insurance is not the easiest thing to do, and determining which companies quote the lowest-priced car insurance rates for drivers over age 50 will take even more shopping around. Every insurance provider has their own process to establish rates, so let’s take a look at the car insurance companies with the overall best prices in Florida.
It’s a good idea to be aware that Florida car insurance rates are impacted by many factors that can increase the cost of a policy. Simply improving your credit, getting married, or getting a ticket for running a stop sign can produce rate changes resulting in some companies being more affordable than competitors.
Find the Cheapest Auto Insurance for Age 50+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $986 |
| 2 | Amica | $1,712 |
| 3 | Electric | $1,764 |
| 4 | Progressive | $1,829 |
| 5 | Travelers | $1,869 |
| 6 | Allied | $1,926 |
| 7 | Mercury | $1,992 |
| 8 | Esurance | $2,040 |
| 9 | State Farm | $2,047 |
| 10 | Auto-Owners | $2,107 |
| 11 | GEICO | $2,172 |
| 12 | Allstate | $2,411 |
| 13 | 21st Century | $2,469 |
| 14 | Windhaven Insurance | $2,627 |
| 15 | MetLife | $2,870 |
| 16 | Hanover | $2,934 |
| 17 | Liberty Mutual | $3,009 |
| 18 | Safeco | $3,016 |
| 19 | United Automobile | $3,562 |
| 20 | Direct General | $3,902 |
| Find Your Rate Go | ||
USAA may have some of the lowest car insurance rates in Miami at around $986 each year. Amica, Electric, Progressive, and Travelers also qualify as some of the cheaper Miami, FL insurance companies.
In the rate table above, if you currently buy coverage from Amica and switched to USAA, you might achieve an annual savings of about $726. Florida drivers with Electric may save as much as $778 a year, and Progressive policyholders might lower prices by up to $843 a year.
To find out how your current rates compare, click here to get quotes or quote rates from the companies below.
It’s important to note that these premium estimates are averages across all insureds and vehicles and and are not calculated with an exact zip code location for drivers over age 50. So the auto insurance company that is most affordable for your situation may not even be in the list above. That point stresses why you need to get rate quotes using your own driver data and vehicle information.
For older drivers, one of the big things that are looked at to help calculate insurance cost is where your residence is in Miami. Areas with a lot of weather claims or more people will most likely have higher rates, whereas areas with less people or fewer weather incidents tend to receive slightly lower rates.
The illustration below ranks the highest-priced places in Florida for drivers over age 50 to buy auto insurance in. Miami is listed at #2 with a yearly premium of $3,241 for the average insured, which is about $270 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Hialeah | $3,488 |
| 2 | Miami | $3,241 |
| 3 | Miami Gardens | $3,181 |
| 4 | Miami Beach | $2,923 |
| 5 | Miramar | $2,683 |
| 6 | West Palm Beach | $2,625 |
| 7 | Pompano Beach | $2,620 |
| 8 | Tampa | $2,558 |
| 9 | Fort Lauderdale | $2,550 |
| 10 | Hollywood | $2,526 |
| 11 | Coral Springs | $2,499 |
| 12 | Davie | $2,448 |
| 13 | Pembroke Pines | $2,431 |
| 14 | Brandon | $2,298 |
| 15 | St. Petersburg | $2,263 |
| 16 | Clearwater | $2,194 |
| 17 | Spring Hill | $2,102 |
| 18 | Orlando | $2,069 |
| 19 | Jacksonville | $1,960 |
| 20 | Cape Coral | $1,917 |
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Rate information is approximated as vehicle location can influence insurance rates greatly.
The make and model of vehicle needing coverage is probably the biggest factor when quoting low-cost insurance for drivers over age 50. Vehicles with lots of horsepower, a lack of advanced safety features, or a track record of large liability claims will cost more to insure than safer models. The information below showcases insurance rates for a selection of the more affordable automobiles to buy insurance for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $3,013 |
| Honda CR-V EX 4WD | $3,080 |
| Toyota Prius | $3,332 |
| Chevrolet Impala LS | $3,493 |
| Volkswagen Jetta 2.0T Station Wagon | $3,517 |
| Toyota RAV4 Limited 2WD | $3,560 |
| Toyota Tacoma Double Cab 4WD | $3,566 |
| Chevrolet Malibu LS | $3,560 |
| Ford Explorer Eddie Bauer AWD | $3,627 |
| Ford F-150 XLT Crew Cab 4WD | $3,636 |
| Dodge Grand Caravan SXT | $3,627 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $3,632 |
| Ford Focus SES 4-Dr Sedan | $3,678 |
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Table data represents single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Premium costs do not factor in specific zip code location which can revise prices greatly.
Looking at the numbers, you can infer that makes and models like the Ford Escape, Honda CR-V, Toyota Prius, and Chevrolet Impala will be a few of the cheaper vehicles to insure for older drivers.
The diagram below demonstrates how choosing different deductibles can change insurance prices when quoting cheap insurance for drivers over age 50. Data assumes a married female driver, full physical damage coverage, and no discounts are applied to the premium.
The chart above illustrates that a 30-year-old driver could reduce rates by $448 a year by switching from a $100 deductible to a $500 deductible, or save $674 by switching to a $1,000 deductible. Even younger drivers, such as the 20-year-old chart data, could drop their prices as much as $952 or more by selecting a higher deductible. If you make the decision to raise deductibles, it is important to have plenty of discretionary funds to satisfy the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Irresponsible driving raises your rates
The easiest method to obtain cheap car insurance rates in Florida for older drivers is to drive carefully and avoid getting tickets or having accidents. The example below highlights how speeding tickets and at-fault collisions can increase insurance costs for different age groups. The rate quotes are based on a single male driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.
In the prior example, the average cost of auto insurance in Miami per year with a clean driving record and no accidents is $3,253. Get written up for two speeding tickets and the average cost rises to $4,324, an increase of $1,071 each year. Next add one accident along with the two speeding tickets and the 12-month cost of car insurance for drivers over age 50 jumps again to an average of $5,410. That’s an increase of $2,156, or $180 per month, just for not being more responsible behind the wheel!
Cost comparison with and without full coverage
Reducing the cost of car insurance is the goal of the majority of people, and one easy way to lower the cost of insurance for drivers over age 50 is to not pay for full coverage. The information below illustrates the difference between auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premium estimates are based on a clean driving record, no at-fault accidents, $250 deductibles, single status, and no other discounts are factored in.
If averaged for all ages, full coverage on your policy costs an additional $2,922 per year more than just buying liability only. That is a large expense which might make you wonder if you should buy full coverage. There is no exact rule of when to phase out physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
There are some cases where dropping physical damage coverage is not a good plan. If you have an outstanding loan on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not drop full coverage.
The benefits of price comparisons
Miami car insurance rates are influenced by many factors that can increase the price you have to pay. Getting older, buying a different home, or getting a speeding ticket can produce rate changes that can cause some rates to be cheaper than others.
Not only that, but insurance companies change premium rates as often as every quarter to adjust for heavy claims or excess profits. Larger than normal claims may cause a rate increase, while a lower level of claims can cause more affordable Miami car insurance rates.
As an example, the data below compares the cheapest car insurance in Miami, FL for a 35-year-old female driver with no prior accidents, a clean driving record, and excellent credit. When comparing rates based on her personal risk profile, USAA quotes the cheapest car insurance rates in Miami at $1,923 each year. This is $525 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Mercury are also on the list of the most affordable Miami, FL auto insurance companies.
In this next rate comparison, we will give the driver from the first example an accident surcharge, slightly worse credit, and a speeding ticket. Due to the fact that every auto insurer has their own process to determining premium rates, comparing prices may now present a different ranking of cheap Miami auto insurance companies as shown below.
USAA now has the lowest price in Miami, FL with Allied, Esurance, State Farm, and Auto-Owners also having competitive pricing. This illustrates why it is critical to shop around to find the most budget-friendly car insurance rates for drivers over age 50. Prices are calculated by many different factors and can change substantially, so the most economical option the last time you checked may now be an over-priced policy.