It’s probably not a huge surprise to hear that Miami drivers with tickets or accidents pay an average of $550 more for car insurance each year than drivers with clean records. But did you know driving a high-end Infiniti rather than a low-end Honda in “The Magic City” can cost you $100 more per month in premiums? Or a car made between 2015 and 2017 can cost over $400 more annually to insure than a model from 2000 to 2004?
Who Has the Cheapest Car Insurance in Miami, Florida?
QuoteWizard made these discoveries after surveying Miami residents about how much they pay for auto insurance. We also asked the city’s drivers to share other details about themselves, including their:
- Driving History
- Vehicle year, make, and model
When combined, these factors create a vivid picture of how much car insurance costs in Miami, and how much a driver there can save under certain circumstances.
Average Monthly Miami Car Insurance Rate
How does what you spend on auto insurance compare to what others in this city spend? Keep reading to find out which company offers the cheapest car insurance in Miami.
Average Monthly Rate in Miami = $164
A Miami driver pays an average of $164 per month on car insurance. However, this amount includes all of the city’s demographics. Here is how much some specific demographics pay for this type of insurance.
Men = $166
Your typical male in Miami pays $166 per month for an auto policy. That’s above average.
Possible causes? Well, according to the Miami Herald, the top 25 companies in Florida have increased their premiums by an average of 13.8% in 2016. That’s a huge jump.
Women = $161
While women pay $3 less than the average Miami driver, they pay well above what females paid a few years ago.
In 2013 and 2014, the city’s female drivers paid an average of $1,462.11. In 2016, they pay $1,932 per year. That’s a whopping $469.89 difference.
Rates by Age Group
Insurance rates are highly dependent on your age. Here is a breakdown of the average amount Miami drivers pay for car insurance per age group.
Aged 18-24 = $181
Insurers tend to charge this age group high rates. The reason being they have the least experience on the road. Also, statistically they have more accidents, collisions, and tickets on their records.
Miami is no exception. Drivers aged 18 to 24 tend to pay $17 more per month for car insurance than the average Miamian.
Aged 25-34 = $179
Once you turn 25, most drivers see their rates plunge. This is partially because 25- to 34-year-olds have more experience on the road, which translates to fewer accidents. They aren’t as much of a risk as the previous age bracket.
Aged 35-44 = $156
As you get older, the amount of miles you’ve driven increases. This translates to lower car insurance rates. In other words, getting older and gaining more experience on the road pays off. In fact, it pays off by about $23 per month—which is how much less car insurance costs drivers in this age range compared to the previous one.
Aged 45-54 = $162
A possible explanation as to why drivers in this age range pay more than the previous one is this demographic tends to make more money. They also buy nicer cars. And newer and nicer cars often means higher insurance premiums.
Aged 55-64 = $149
This age range is known for getting the lowest rates. Why? One probable reason is they have the most experience behind the wheel. They’re also the least likely to get in accidents.
Keep in mind your rates will increase again once you turn 65. A probable cause for this is a person’s reflexes deteriorate as they age.
The Cheapest Car Insurance Companies in Miami
It’s probably been drilled into your head by now that no two insurance companies will provide you with the same rates. Well, it’s true. Even if you’re the same age, the same gender, and own the same car as someone else who is shopping for an auto policy, you could get different quotes while comparing with multiple companies.
This can be attributed to the fact that each company uses its own algorithms to determine rates. Some companies heavily weigh your credit score, while others will focus on where you live and park your car.
Nonetheless, here’s how the rates paid by each age range stacks up by company.
Rates for 18-24 Year Olds
For Miami drivers aged 18 to 24, there is a $72 difference in premiums charged by the top five insurance providers. Liberty Mutual is the cheapest, offering an average of $150 per month on premiums. Progressive is the most expensive, with premiums averaging $222 per month.
If you think this is too pricey, remember that many factors affect rates.
Rates for 25-34 Year Olds
Luckily, once you turn 25, what you pay for car insurance should begin to decrease. This holds true in Miami. Driver aged 25 to 34 pay $50 less for Liberty Mutual than 18- to 24-year-olds. However, Progressive’s rates are the second cheapest in this category, but the highest in the 18-to-24 range. This is a perfect example of how rates aren’t consistent among companies.
Rates for 35-44 Year Olds
While it may seem like getting older would equate to more experience on the road and cheaper rates, this isn’t always true. In fact, Miami drivers between 35 and 44 often pay at least $30 more per month for auto insurance than those who are 25 to 34. Liberty Mutual policyholders pay even more—up to $85 more, in some cases.
If you’re looking for a reason, one is this age range usually has more disposable income. As a result, they also usually have money to spend on nicer cars. And purchasing nicer cars means spending more on car insurance.
Rates for 45-54 Year Olds
Once you reach the 45-to-54 age range in Miami, your insurance rates tend to decrease with some companies and increase with others.
For example, Nationwide averages $94 per month for drivers between 45 and 54, but $135 for drivers 35 to 44. On the other hand, Progressive averages $155 per month with the 35-to-44 range, but $172 for the 45-to-54 group.
This is yet another example of how rates vary among insurance companies.
Rates for 55-64 Year Olds
What’s even more surprising is how Nationwide policyholders aged 55 to 64 pay an average of $70 more than their 45- to 54-year-old counterparts. Yet the other top insurers serving Miami charge less for this age range than they do for people in the 45-to-54 demographic.
As far as company ratings go, Liberty Mutual and Progressive both hold the spot for the most valued. Which makes sense, as Liberty Mutual provides the lowest rates for 18- to 34-year-old Miami drivers. For Progressive, it offers the second-lowest rates to residents aged 25 to 44.
Allstate comes in third place here, which also makes sense. After all, it has the third-highest rates for 45- to 54-year-olds and the third-highest rates for 35- to 44-year-olds. It also has the third- and fourth-highest rates for Miami drivers aged 25 to 34 and 18 to 24, respectively.
As for Geico and Nationwide, they jump around a lot in the rates department. They aren’t consistent when selling car insurance to different age groups. This may explain why they came in last in our study.
The Real Cost of Tickets and Accidents for Miami Drivers
It’s a no-brainer that having tickets or accidents on your driving record leads to higher insurance rates. But did you know it can cause you to pay $540 more in premiums per year? Read on to find out how much someone with one or more blemishes on their record will spend on car insurance in Miami.
Drivers who reported tickets or accidents 24%
Average monthly cost WITH tickets or accidents = $203
Average monthly cost WITHOUT tickets or accidents = $158
In Miami, 24% of drivers have a ticket or accident on their record. These men and women pay about $203 per month—and $2,436 per year--on car insurance.
People without tickets or accidents on their driving records pay an average of $1,896 per year. That’s a $540 difference.
Rates by Age With Tickets or Accidents
It shouldn’t be a shock to hear that 18- to 24-year-old drivers with tickets or accidents on their records pay an average of $22 more per month than those with clean records. And drivers aged 25 to 34 who have tainted records pay about $44 more than their cohorts whose records aren’t tainted. This should be enough of an incentive to stay safe and sober while on the road.
According to our study, 38% of Miami road incidents were the fault of the driver. Also, 3% of incidents were DUI related, while 18% were from speeding.
The lesson to learn here: be careful while driving, because as the data above shows, just one incident on your record can cost you in higher car insurance premiums.
Driving a Newer Car in Miami Costs More to Insure
The newer your vehicle, the more it costs to insure. But by how much? We surveyed Miami drivers and broke down the results for you.
Rates by Age of Car
Owning a car built between 1990 and 1999 costs significantly less to insure in Miami than one built more recently. In fact, people with cars built between 1990 and 1994 pay around $76 less for car insurance than people who have cars built between 2015 and 2017.
Newer cars are more attractive to thieves. They also usually cost more to repair. All of these factors add up to higher insurance premiums.
Average Rates by Car Make and Model
Besides the age of your car, the make and model also affect your rates. In fact, they play a huge part in how much Miami drivers pay for car insurance.
Top 10 most common cars by rate
It shouldn’t be a surprise that a Ford Mustang costs more to insure in Miami than a Toyota Camry. One is a sports car, while the other is a sedan. Plus, Ford Mustangs have more horsepower than hybrid vehicles like the Toyota Prius--and a powerful engine means more risk on the road. Hence the higher premiums.
Most Expensive Makes to Insure in Miami
Cheapest Makes to Insure
The BMW, Lexus, and Infiniti are all luxury vehicles. So it shouldn’t be a shock that they can cost up to $240 or more to insure than standard vehicles. Owners of these vehicles often need more collision and comprehensive coverage to fully protect themselves in case of an accident.
On the other hand, Hondas, Nissans, and Fords are the cheapest car makes to insure for Miami drivers. This is because they’re cheap to fix and they aren’t theft targets. Honda models also tend to be smaller and less powerful, which makes them safer.