The vehicle model that needs insurance is a large factor when quoting affordable auto insurance for retired military. Vehicles with more horsepower, a lack of safety features, or an increased likelihood of liability claims will cost substantially more to insure than more economical and safe models. The list below illustrates insurance costs for a handful of the most cost-effective vehicles to insure in Florida.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $2,998 |
| Dodge Grand Caravan SE | $3,283 |
| Honda Accord EX 4-Dr Sedan | $3,307 |
| Ford Escape Limited 2WD | $3,391 |
| GMC Sierra SLE Regular Cab 2WD | $3,469 |
| Ford Explorer Eddie Bauer 4WD | $3,534 |
| Ford F-150 Lariat Crew Cab 2WD | $3,539 |
| Toyota Prius | $3,569 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $3,574 |
| Ford Focus SES 4-Dr Sedan | $3,588 |
| Ford Edge SEL AWD | $3,723 |
| Toyota Tacoma 2WD | $3,733 |
| Volkswagen Jetta SE 2.5 Station Wagon | $3,777 |
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Rate information does not factor in zip code location which can change coverage prices significantly.
Looking at the numbers, we can assume that vehicles like the Honda CR-V, Dodge Grand Caravan, and Honda Accord will definitely be some of the most budget-friendly vehicles to insure for veterans.
Deciding which company has the cheapest insurance rates for retired military requires more work in order to find the lowest price.
Each insurer used slightly different criteria for filing rates in each state, so we need to take a look at the most budget-friendly insurance companies in Miami, FL.
Find Cheaper Auto Insurance for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $986 |
| 2 | Amica | $1,746 |
| 3 | Electric | $1,764 |
| 4 | Progressive | $1,847 |
| 5 | Mercury | $1,914 |
| 6 | Travelers | $1,926 |
| 7 | Allied | $1,926 |
| 8 | Esurance | $2,020 |
| 9 | State Farm | $2,068 |
| 10 | GEICO | $2,086 |
| 11 | Auto-Owners | $2,149 |
| 12 | Allstate | $2,317 |
| 13 | 21st Century | $2,445 |
| 14 | Windhaven Insurance | $2,653 |
| 15 | Hanover | $2,934 |
| 16 | MetLife | $2,988 |
| 17 | Safeco | $3,016 |
| 18 | Liberty Mutual | $3,039 |
| 19 | United Automobile | $3,562 |
| 20 | Direct General | $3,942 |
| Get Personalized Rates Go | ||
USAA has some of the best car insurance rates in Miami at around $986 a year. Amica, Electric, Progressive, and Mercury would also be considered some of the cheaper Miami, FL auto insurance companies.
As the rates illustrate above, if you currently have a policy with Mercury and switched to Amica, you might achieve a yearly savings of around $168. Insureds with Travelers could save as much as $180 a year, and Allied policyholders might realize rate reductions of up to $180 a year.
Be aware that those estimates are averaged across all ages of drivers and types of vehicles and do not take into consideration an exact zip code location for retired military. So the company that is most affordable for your situation may not even be in the top 21 companies in the list above. That point stresses why you need to get quotes using your own driver data and vehicle information.
For veterans, one of the more important factors that determine auto insurance rates is where you live in Miami. Cities with larger populations or higher claim trends tend to have more expensive car insurance rates, whereas areas with less congestion get the luxury of paying less.
The table below rates the priciest cities in Florida for retired military to purchase car insurance in. Miami makes the list at #3 with a yearly cost of $3,177 on average, which is about $265 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Hialeah | $3,523 |
| 2 | Miami Gardens | $3,245 |
| 3 | Miami | $3,177 |
| 4 | Miami Beach | $3,013 |
| 5 | Miramar | $2,709 |
| 6 | Hollywood | $2,630 |
| 7 | West Palm Beach | $2,625 |
| 8 | Fort Lauderdale | $2,576 |
| 9 | Coral Springs | $2,549 |
| 10 | Pompano Beach | $2,543 |
| 11 | Tampa | $2,532 |
| 12 | Pembroke Pines | $2,481 |
| 13 | Davie | $2,448 |
| 14 | Brandon | $2,322 |
| 15 | St. Petersburg | $2,219 |
| 16 | Clearwater | $2,172 |
| 17 | Spring Hill | $2,123 |
| 18 | Orlando | $2,090 |
| 19 | Jacksonville | $2,020 |
| 20 | Cape Coral | $1,917 |
| Quote Best Rates Go | ||
Rate information is approximated as the specific zip code location can impact rates considerably.
The information below demonstrates how deductible levels can increase or decrease insurance costs when searching for cheap insurance for retired military. The premium estimates are based on a single female driver, full physical damage coverage, and no policy discounts are applied.
The chart above illustrates that a 50-year-old driver could cut expenses by $332 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $500 by changing to a $1,000 deductible. Even younger insureds, like the 20-year-old, could roll back prices up to $838 or more just by choosing higher deductibles when buying full coverage.
When raising deductibles, it is essential to have additional funds squirreled away to allow you to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Bad driving habits will cost you more
One of the best ways to score cheap insurance premiums in Miami for veterans is to drive safe and not have accidents or get tickets. The illustration below shows how violations and accidents can raise auto insurance costs for different age groups. The costs are based on a married male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are factored in.
In the prior example, the average cost of auto insurance in Miami per year with no violations or accidents is $2,535. Add in two speeding tickets and the average cost swells to $3,506, an increase of $971 each year. Now add in one accident along with the two speeding tickets and the annual cost of insurance for retired military increases to an average of $4,485. That’s an increase of $1,950, or $162 per month, just for not keeping your driving record clean!
Can you find cheaper Miami car insurance?
Miami insurance rates are impacted by many factors which can substantially change the price you pay. Simply improving your credit, getting divorced, or getting a reckless driving citation may generate price changes that can now make some companies more affordable than the competition.
Additionally, insurers file new Florida auto insurance rates as often as every quarter to adjust for unexpected claims or profits. Heavier than normal losses may result in a rate increase, while lower claim expenses may result in lower-cost Miami car insurance rates.
To illustrate this example, the chart below demonstrates which company has the cheapest car insurance in Miami, FL for a 45-year-old male driver with no accidents, a clean driving record, and a good credit rating. If we estimate rates based on his current risk factors, USAA might quote the most affordable car insurance rates in Miami at $1,828 per year. This is $620 less than the average price paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Allied are the remainder of the most affordable Miami, FL auto insurance companies.
Now we will give the driver from the above example an at-fault accident, slightly worse credit, and a traffic ticket or two. Since each insurance company has a different process to establish rates, comparing insurance quotes may now present a substantially altered list of affordable companies as shown below.
USAA now has the best auto insurance rate in Miami with Mercury, Esurance, State Farm, and Auto-Owners completing the list. This demonstrates why consumers need to take the time to shop around when trying to find cheap insurance rates for retired military.
Rates are influenced by many risk factors and can change substantially, so the best price three years ago may now be quite expensive.