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 provides the best value for car insurance in Miami with coverage limits of 100/300/100, costing $2,402 annually.

A close second is State Farm, which offers car insurance at $3,094 per year.

Read about the best car insurance companies.

Average car insurance cost in Miami by coverage limits

The average car insurance rates in Miami by coverage type are as follows:

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

In many states, drivers are legally required to maintain state minimum coverage. However, these requirements vary by state. However, the state minimum coverage does not protect vehicles listed on your policy in an at-fault accident.

It’s advisable to choose full coverage to avoid the risk of inadequate coverage and out-of-pocket expenses. You can also choose non-owners coverage if you often borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Miami

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

Whereas the yearly average car insurance rate for male drivers is $3,343, which is $4 less than what female drivers pay.

According to the Insurance Information Institute, women are considered to be safer drivers than men, and statistics have proved this. They often enjoy lower auto insurance premiums due to their lower incidence of severe accidents compared to men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Miami

In Miami, teenagers have the highest car insurance rates, at $9,758 per year or $813 per month. This higher rate is attributed to the increased risk of road accidents among teenagers (aged 16 to 19) due to their limited experience on the road, according to the Insurance Information Institute.

However, there are driving laws for teens to improve their driving habits. Additionally, the cost of teen insurance can be reduced by adding them to a parent’s auto insurance policy. As teens mature and establish a positive driving history, their car insurance rates are likely to decrease.

Young adults, pay an average of $5,095 annually for car insurance, which is $4,663 less than what the teens pay for their insurance policy.

Meanwhile, adult, and senior drivers in Miami have car insurance rates of $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 shows the average annual rates for drivers of different age groups:

Car insurance rate trends in Miami

Examining car insurance rate trends in Miami, Florida, we observe a downward trend from 2022 to 2023. Subsequently, from 2022 to 2023, the rates experienced decrease overall, with an increase of 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. 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.