Average car insurance cost in Miami, FL

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The average car insurance cost in Miami, Florida is $3,345 per year, according to Insure.com data. This is $651 more than the average auto insurance cost in Florida and $1,450 more than the national average, as analyzed by Insure.com.

The rates can vary wildly depending on where they are filed. City demographics, including population density and average resident age, will affect how much money you spend on premiums which could make it cheaper or more expensive than other areas with different factors like accident rates, theft and vandalism rates, etc.

The article covers information on – the cheapest car insurance providers in Miami, the average car insurance rates by age, gender and how much is car insurance in Miami based on coverage limits. Whether you’re a new driver or have been driving for years, this article can help you find the best deal on cheap car insurance in Miami. Read on to learn more.

Cheap car insurance companies in Miami

Geico offers the most affordable car insurance in Miami for coverage limits of 100/300/100 at $2,402 per year.

The State Farm comes close second offering car insurance at $3,094 per year.

As mentioned previously, car insurance quotes differ amongst companies due to the factors they consider when determining rates. Hence, it’s advisable to obtain quotes from multiple insurers to find affordable car insurance rates in Miami that align with your needs before finalizing your insurance carrier.

Here are the average annual and monthly costs for the various car insurance companies providing coverage in Miami, Florida:

Read about the best car insurance companies.

Average car insurance cost in Miami by coverage limits

The average car insurance rates in Miami based on coverage types are as follows:

• State minimum coverage: $1,244 per year (limits are 25/50/25)
• Liability only coverage: $1,929 per year (limits are 50/100/50)
• Full coverage: $3,345 per year (limits are 100/300/100)
• Non-owners coverage: $687 per year

In many states, it’s a legal requirement for drivers to maintain the state minimum coverage, although these requirements vary by state. The state minimum coverage does not cover vehicles listed on your policy in an at-fault accident.

To avoid the risk of insufficient coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage, especially if you frequently borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Miami

The average car insurance rate for a female driver in Miami, Florida, is $3,347 per year.

While the rate for a male driver is $3,343 per year, which is $4 less than what female drivers pay, according to a rate analysis by Insure.com.

Women are considered to be safer drivers than men, and statistics have proved this, according to the Insurance Information Institute. They often pay less for auto insurance because of their lower rate of severe accidents than men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Miami

In Miami, car insurance rates are the highest for teens, at $9,758 per year or $813 per month. The rates are higher for teenagers (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road, according to the Insurance Information Institute. There are driving laws for teens to help them drive better. Also, teen insurance rates can be lowered by adding teens to a parent’s auto insurance policy.

Car insurance rates are bound to decrease as teens grow older and earn a good driving record. Young adults pay $5,095 per year for their car insurance which is $4,663 less than what the teens pay for their insurance policy.

The car insurance rates in Miami for adult and senior drivers are $3,399 and $3,238 per year respectively.

The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below depicts the average annual rates for drivers of different age groups:

Car insurance rate trends in Miami

If we look at the car insurance rates trends in Miami, Florida, it was on an downward swing from 2022 to 2023. From 2022 to 2023, the rates decrease overall by 7%, or $259.

The table below shows the trend for last four years:

Conclusion

In conclusion, the insurance rates in Miami, are higher than the average insurance cost in Florida. Shopping around and taking advantage of available discounts, drivers in Miami can find affordable car insurance options. Additionally, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.