For senior citizens, one of the largest criteria that are used to help calculate the annual cost of car insurance is where you live. Cities with more crime and/or more people tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims have the gratification of cheaper auto insurance rates.
The information below sorts the most expensive cities in Florida for seniors to buy an auto insurance policy in. Miami makes the list at #3 with a yearly premium of $3,145 for the average policyholder, which is about $262 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Hialeah | $3,595 |
| 2 | Miami Gardens | $3,245 |
| 3 | Miami | $3,145 |
| 4 | Miami Beach | $2,923 |
| 5 | Miramar | $2,683 |
| 6 | West Palm Beach | $2,625 |
| 7 | Hollywood | $2,604 |
| 8 | Tampa | $2,558 |
| 9 | Fort Lauderdale | $2,550 |
| 10 | Davie | $2,548 |
| 11 | Pompano Beach | $2,543 |
| 12 | Pembroke Pines | $2,505 |
| 13 | Coral Springs | $2,474 |
| 14 | Brandon | $2,368 |
| 15 | St. Petersburg | $2,286 |
| 16 | Clearwater | $2,238 |
| 17 | Spring Hill | $2,039 |
| 18 | Orlando | $2,029 |
| 19 | Jacksonville | $1,960 |
| 20 | Port St. Lucie | $1,916 |
| 21 | Cape Coral | $1,841 |
| 22 | Lakeland | $1,827 |
| 23 | Palm Bay | $1,750 |
| 24 | Tallahassee | $1,731 |
| 25 | Gainesville | $1,680 |
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Premium amounts are comparative as the specific area where the vehicle is garaged can increase or decrease prices significantly.
The make and model of vehicle that needs insurance is one of the main factors that determines whether or not you can buy low-cost car insurance for seniors. Vehicles with lots of speed or power, a lack of safety features, or a track record of large liability claims will cost much more to insure than more economical and safe models. The table below showcases coverage costs for a handful of the more affordable automobiles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 4WD | $2,378 |
| Ford Escape Limited 4WD | $2,521 |
| Toyota Prius | $2,579 |
| Ford F-150 XL Crew Cab 2WD | $2,606 |
| Ford Explorer Eddie Bauer 2WD | $2,611 |
| Toyota Tacoma 4WD | $2,606 |
| Ford Focus S 4-Dr Sedan | $2,691 |
| Volkswagen Jetta 2.0T Station Wagon | $2,721 |
| Chevrolet Equinox LT AWD | $2,749 |
| Chevrolet Impala LT | $2,754 |
| Ford Fusion S 4-Dr Sedan | $2,749 |
| Nissan Altima 2.5 4-Dr Sedan | $2,755 |
| Toyota RAV4 Limited 2WD | $2,749 |
| Chevrolet Malibu Hybrid | $2,756 |
| Dodge Ram Quad Cab ST 2WD | $2,799 |
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Premium data assumes married female driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Rates do not factor in vehicle garaging location which can decrease or increase premium rates considerably.
Based upon these rates, we can tell that cars like the Honda CR-V, Ford Escape, and Toyota Prius should be the most affordable vehicles to insure for senior citizens.
The chart below illustrates how choosing a deductible can change insurance rates when quoting cheap insurance for seniors. The rate quotes are based on a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
In the chart above, a 40-year-old driver could save $348 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $524 by selecting a $1,000 deductible. Even younger insureds, like the age 20 example, can cut $1,162 every year by choosing a higher deductible.
If you do decide to increase your deductibles, it is necessary to have plenty of savings on hand to allow you to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Poor driving habits will raise your insurance rates
A great way to get affordable insurance prices in Miami for senior citizens is to be a safe driver and avoid traffic citations and accidents. The diagram below illustrates how violations and at-fault collisions can influence auto insurance costs for different ages of insureds. The prices are based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are factored in.
In the prior example, the average cost of an auto insurance policy in Miami per year with no accidents and a clean driving record is $2,263. Get written up for two speeding tickets and the average cost surges to $3,121, an increase of $858 each year. Now throw in two accidents along with the two speeding tickets and the yearly cost of insurance for seniors goes up to an average of $6,454. That’s an increase of $4,191, or $349 per month, just for not driving safely!
Types of discounts on Miami insurance
Insurers that provide policies for seniors may provide premium discounts that can lower rates by as much as 40% or more if you meet the requirements. A few of the larger companies and some of the discounts are shown below.
- State Farm may have discounts that include good student, passive restraint, multiple policy, driver’s education, defensive driving training, and multiple autos.
- Nationwide may include discounts for Farm Bureau membership, defensive driving, accident-free, easy pay, family plan, anti-theft, and business or organization.
- GEICO includes discounts for five-year accident-free, emergency military deployment, anti-theft, membership and employees, air bags, and good student.
- AAA policyholders can earn discounts including pay-in-full, education and occupation, AAA membership discount, good driver, and multi-policy.
- 21st Century offers discounts including automatic seat belts, air bags, good student, defensive driver, anti-lock brakes, and teen driver.
- The Hartford has discounts for defensive driver, vehicle fuel type, driver training, air bag, and bundle.
The chart below shows the difference between car insurance rates with and without discounts being applied to the rates. The prices are based on a male driver, no claims or violations, Florida state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with claim-free, safe-driver, defensive driving course, anti-theft, accident-free, and vehicle safety discounts applied. When drivers take advantage of discounts, theamount saved on insurance for seniors is 30% or $955.
Miami car insurance rates
Miami insurance rates are determined by lots of factors which can substantially change the price you pay. Simply having another birthday, marrying your spouse, or getting a speeding ticket can trigger changes in premium resulting in some rates now being cheaper in comparison to the competition.
Additionally, car insurance companies change the rates they charge in Florida every year to adjust for heavy claims or excess profits. An extended period of higher than normal claims may result in additional premium costs, while lower claim levels can cause more affordable Miami car insurance rates.
For example, the data below shows which companies have the cheapest car insurance in Miami, FL for a 40-year-old female driver with a clean driving record, no accidents, and a high credit rating. If we compare prices based on her personal risk profile, USAA may offer the lowest car insurance rates in Miami at $1,885 annually. This is $563 less than the average policy premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers are also on the list of the best Miami, FL auto insurance companies.
Now we will give the driver from above an accident surcharge, a lower credit rating, and a few blemishes on her driving record. Since every insurance provider has their own guidelines to determine rates, comparing quotes will most likely result in a new list of affordable companies as shown below.
USAA now has the cheapest price in Miami, FL with Mercury, Esurance, State Farm, and Auto-Owners also having competitive pricing. This example shows why it is critical to do a thorough rate comparison when trying to find the most budget-friendly car insurance quotes for seniors.
Car insurance prices consist of many factors and change frequently, so the most affordable company the last time you checked may now be quite expensive.