It’s a fact that car insurance companies don’t want you to look for a cheaper policy. Drivers who compare other prices will presumably switch auto insurance companies because of the high probability of finding coverage at a more affordable price. Surprisingly, a recent survey revealed that people who made a habit of comparing rate quotes saved on average $3,400 over four years compared to those who never compared other company’s rates.
If finding the lowest rates on insurance in Miami is why you’re reading this, understanding how to shop and compare cheaper coverage can make shopping around easier.
The best way we recommend to find cheaper car insurance rates is to start comparing prices yearly from insurers in Miami. You can compare prices by completing these steps.
First, try to understand how car insurance works and the modifications you can make to lower rates. Many policy risk factors that result in higher rates such as speeding tickets, careless driving and a less-than-favorable credit history can be controlled by being financially responsible and driving safely.
Second, request price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like GEICO and State Farm, while independent agencies can quote rates from many different companies.
Third, compare the new quotes to your current policy to determine if switching companies saves money. If you find better rates and switch companies, make sure there is no lapse between the expiration of your current policy and the new one.
Fourth, provide notification to your current agent or company to cancel the current policy and submit a down payment along with a completed application to the newly selected company. Once the application is submitted, keep the new certificate of insurance in your glove compartment.
A crucial key to this process is to try to use the same deductibles and limits on each quote and and to get rate quotes from as many carriers as you can. This provides an apples-to-apples comparison and a complete selection of prices.
If you are insured now, you stand a good chance to be able to shop for the lowest rates using the ideas covered in this article. Comparing quotes for the best insurance policy in Miami is easy to do. But Florida drivers need to learn the way insurance companies calculate their prices because rates are impacted by many factors.
Car insurance providers offering competitive rates in Florida
The companies shown below offer quotes in Florida. If multiple companies are listed, we recommend you visit several of them to get the lowest price.
BMW M3 insurance analysis
The premium information shown next highlights a range of policy rates for BMW M3 models. Having insight into how prices are formulated can help you make smart choices when purchasing an insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $252 | $482 | $430 | $26 | $128 | $1,318 | $110 |
| M3 CI 2-Dr Coupe | $274 | $538 | $430 | $26 | $128 | $1,396 | $116 |
| M3 2-Dr Convertible | $274 | $538 | $430 | $26 | $128 | $1,396 | $116 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Information does not factor in Miami location which can impact price quotes greatly.
Higher deductibles save money
One of the most common car insurance questions is how high should your deductibles be. The tables below can help you visualize the premium difference between high and low physical damage deductibles. The first set of prices uses a $250 comprehensive and collision deductible and the second pricing table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $446 | $834 | $418 | $24 | $124 | $1,871 | $156 |
| M3 CI 2-Dr Coupe | $488 | $930 | $418 | $24 | $124 | $2,009 | $167 |
| M3 2-Dr Convertible | $488 | $930 | $418 | $24 | $124 | $2,009 | $167 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $276 | $524 | $418 | $24 | $124 | $1,366 | $114 |
| M3 CI 2-Dr Coupe | $302 | $586 | $418 | $24 | $124 | $1,454 | $121 |
| M3 2-Dr Convertible | $302 | $586 | $418 | $24 | $124 | $1,454 | $121 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Premium amounts do not factor in specific location information which can influence coverage prices significantly.
Based on these figures, using a $250 deductible will cost you roughly $44 more each month or $528 a year than buying the higher $1,000 deductible. Due to the fact that you would have to pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you usually have more than 17 months between claim filings, you would probably save some money if you opt for a higher deductible. Here’s how this decision is made.
| Average monthly premium for $250 deductibles: | $163 |
| Average monthly premium for $1,000 deductibles (subtract): | – $119 |
| Monthly savings from raising deductible: | $44 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $44 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 17 months |
Lower your auto insurance rates with discounts
Companies don’t necessarily list every discount very clearly, so the following list contains some of the more common as well as the least known credits available to lower your premiums when you buy Miami auto insurance online.
- Good Student – A discount for being a good student can earn a discount of 20% or more. The discount lasts until age 25.
- Include Life Insurance and Save – Select insurance carriers reward you with a discounted rate on car insurance if you buy a life policy as well.
- ABS and Traction Control Discounts – Cars, trucks, and SUVs that have anti-lock braking systems can avoid accidents so companies give up to a 10% discount.
- Pay Upfront and Save – By making one initial payment rather than paying monthly you may reduce your total bill.
- Telematics Discount – People who choose to allow driving data collection to look at driving habits remotely such as Progressive’s Snapshot might see lower rates if they exhibit good driving behavior.
We need to note that most of the big mark downs will not be given to your bottom line cost. Some only apply to the price of certain insurance coverages like comprehensive or collision. So despite the fact that it appears all the discounts add up to a free policy, you won’t be that lucky.
The diagram below shows the comparison of BMW M3 insurance rates with and without discounts applied to the premium. The prices are based on a female driver, a clean driving record, no claims, Florida state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, marriage, homeowner, claim-free, and multi-policy discounts applied.
A list of auto insurance companies and a selection of discounts include:
- American Family offers discounts for defensive driver, good student, multi-vehicle, TimeAway discount, good driver, and air bags.
- Nationwide has discounts for multi-policy, easy pay, anti-theft, good student, Farm Bureau membership, accident-free, and defensive driving.
- MetLife discounts include multi-policy, claim-free, accident-free, defensive driver, and good student.
- 21st Century may offer discounts for defensive driver, anti-lock brakes, good student, early bird, theft prevention, and student driver.
- Farmers Insurance offers premium reductions for pay in full, mature driver, homeowner, distant student, and youthful driver.
- Allstate may have discounts that include eSmart discount, passive restraint, anti-lock brakes, premier discount, senior citizen, and economy car.
Double check with every company how many discounts you can get. Some of the earlier mentioned discounts may not be available in Miami. If you would like to choose from a list of insurers that offer the discounts shown above in Miami, click here.
Lower Your Miami Insurance Prices
Many factors are used in the calculation when premium rates are determined. Some are obvious like a motor vehicle report, but other criteria are not quite as obvious like your continuous coverage or your commute time.
Shown below are some of the most rate-impacting factors used by your company to calculate rates.
Higher car insurance rates for policy lapses – Letting your insurance expire can be a guaranteed way to increase your rates. And not only will insurance be more expensive, being ticketed for driving with no insurance could result in fines or a revoked license. You could then be forced to file a SR-22 with the Florida motor vehicle department.
Vehicle risk affects costs – The performance of the vehicle you drive makes a significant difference in how high your rates are. The lowest premiums will normally be found when insuring lower performance four cylinder passenger cars, but other factors influence the final cost greatly.
The next chart uses these variables: single male driver age 50, full coverage with $500 deductibles, and no discounts or violations. It illustrates BMW M3 insurance premiums compared to other models of vehicles that have different performances.
Gender and car insurance prices – Statistics demonstrate that females take fewer risks when driving. Now that doesn’t mean men are WORSE drivers than women. Both sexes tend to get into fender benders in similar numbers, but the males tend to have more serious accidents. Not only that, but men also receive more major tickets like DUI and reckless driving.
The example below shows the difference between BMW M3 yearly insurance costs for male and female drivers. The premium estimates are based on no accidents, no driving violations, comprehensive and collision coverage, $1,000 deductibles, single status, and no additional discounts are factored in.
Get a ticket, pay higher premiums – Your driving record can have a huge impact on auto insurance premiums. Good drivers receive lower rates as compared to those with violations. Even one speeding ticket may cause rates to rise twenty percent or more. Drivers who get dangerous violations such as hit and run, DWI or reckless driving convictions may find that they have to to file a SR-22 with their state motor vehicle department in order to prevent a license revocation.
The information below illustrates how violations and at-fault claims can drive up BMW M3 insurance costs for each different age group. The data assumes a married male driver, comprehensive and collision coverage, $250 deductibles, and no other discounts are factored in.
Rural vs Urban Areas – Having an address in less populated areas has definite advantages when shopping for auto insurance. Fewer drivers on the road means a lower chance of having an accident and also fewer theft and vandalism claims. People in densely populated areas have more auto accidents and much longer commute distances. Higher commute times statistically corresponds to a higher accident and claim rate.
Certain jobs raise prices – Did you know your car insurance rates can be affected by your occupation? Careers such as real estate brokers, executives, and medical professionals tend to pay higher premium rates due to intense work-related stress and long work hours. On the flip side, careers like professors, historians and retirees generally pay rates lower than average.
Too many insurance claims drive up prices – Auto insurance companies in Florida provide the best rates to drivers who are claim-free. If you frequently file small claims, you can definitely plan on much higher rates or policy non-renewal. Your car insurance is intended for the large, substantial claims.
BMW M3 insurance loss statistics – Insurers use past loss statistics for each vehicle to help determine costs. Vehicles that statistically have higher losses will have increased rates.
The table shown below demonstrates the insurance loss data used by companies for BMW M3 vehicles. For each policy coverage type, the claim amount for all vehicles averaged together is considered to be 100. Values under 100 suggest losses that are better than average, while values over 100 indicate higher probability of having a loss or a tendency for losses to be larger than average.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW M3 4dr | 302 | 186 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
There’s no such thing as the perfect car insurance policy
When buying a policy, there really isn’t a best way to insure your cars. Each situation is unique.
These are some specific questions could help you determine whether your personal situation might need professional guidance.
- Does liability extend to a camper or trailer?
- Is pet coverage available?
- What is motorclub and do I need it?
- If my BMW M3 is totaled, can I afford another vehicle?
- Can I rent a car in Mexico?
- Should I bundle my homeowners policy with my auto?
If you don’t know the answers to these questions but a few of them apply, you might consider talking to a licensed agent. If you want to speak to an agent in your area, complete this form.
Shop online but buy locally
Certain consumers would rather buy from a local agent and that is recommended in a lot of cases An additional benefit of comparing rates online is the fact that drivers can get cheap insurance rates and still have an agent to talk to. And supporting local insurance agents is definitely important in Miami.
After completing this quick form, your information is immediately sent to local insurance agents that can provide free Miami auto insurance quotes and help you find cheaper coverage. You won’t even need to search for any insurance agencies since rate quotes are delivered directly to you. You can find the lowest rates AND an agent nearby. In the event you want to compare prices from a particular provider, you just need to navigate to their website and complete a quote there.
When researching a local insurance agency, there are a couple of different types of agents and how they operate. Insurance agents in Miami can be described as either exclusive or independent.
Independent Agents (or Brokers)
Agents in the independent channel are not required to write business for one company and that allows them to write policies with an assortment of companies and potentially find a lower price. If you want to switch companies, your agent can just switch to a different company and you can keep the same agent. If you are comparing rate quotes, you will definitely want to get rate quotes from a few independent agents for maximum quote selection. Most can insure with additional companies that you may not be familiar with which could offer lower prices.
Below is a partial list of independent insurance agents in Miami that may be able to give you free insurance quotes.
- GreatFlorida Insurance – Westchester Insurance Agency
8833 Bird Rd – Miami, FL 33165 – (786) 409-2211 – View Map - Koski and Co. Insurance Agents
9875 Sunset Dr – Miami, FL 33173 – (305) 595-2127 – View Map - Neighbors Insurance Agency
7149 W Flagler St – Miami, FL 33144 – (786) 401-4820 – View Map
Exclusive Agencies
These agents work for only one company and some examples include Allstate, Farmers Insurance or State Farm. These agents are unable to provide rate quotes from other companies so you might not find the best rates. Exclusive agencies are well trained on the products they sell which aids in selling service over price. Consumers frequently purchase coverage from exclusives partially due to the prominent brand name rather than having the cheapest rates.
Listed below are exclusive insurance agents in Miami that are able to give comparison quotes.
- Rick Gonzalez – State Farm Insurance Agent
8830 Coral Way – Miami, FL 33165 – (305) 226-3412 – View Map - Rick Burke – State Farm Insurance Agent
2250 S Dixie Hwy Ste. 2 – Miami, FL 33133 – (305) 860-0616 – View Map - Mario Obregon – State Farm Insurance Agent
6701 Sunset Dr #115 – South Miami, FL 33143 – (305) 661-7667 – View Map
Picking the best auto insurance agent requires more thought than just the bottom line cost. These are some valid questions you should ask.
- If independent agents, which companies do they recommend?
- Is assistance available after office hours?
- Which insurance companies are they affiliated with?
- Is vehicle damage repaired with OEM or aftermarket parts?
- Will the quote change when the policy is issued?
- Will you get a loaner vehicle if you car is being repaired?
Keep this in mind when shopping around
We just covered quite a bit of information on how to get a better price on BMW M3 insurance in Miami. It’s most important to understand that the more companies you get rates for, the more likely it is that you will get a better rate. You may even discover the best prices are with some of the smallest insurance companies.
Consumers leave their current company for a number of reasons such as poor customer service, delays in responding to claim requests, being labeled a high risk driver or delays in paying claims. Whatever your reason, choosing a new company is easier than you think.
Budget-friendly insurance in Miami is attainable from both online companies in addition to many Miami insurance agents, so you need to shop Miami auto insurance with both so you have a total pricing picture. Some companies do not offer online rate quotes and most of the time these smaller companies work with independent insurance agencies.
More detailed insurance information can be found at these sites:
- Neck Injury FAQ (iihs.org)
- Who Has Affordable Miami Car Insurance Rates for Hybrid Vehicles? (FAQ)
- Who Has Cheap Auto Insurance Quotes for Low Mileage Drivers in Miami? (FAQ)
- Driving in Bad Weather (Insurance Information Institute)
- Coverage Information (Progressive Insurance)