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Table of Contents
- Miami Rates vs. State + National Averages
- Miami Auto Insurance Costs by Insurer
- Miami Auto Insurance Premiums by Driver Age
- Miami Car Insurance Premiums by Gender and Marital Status
- Average Miami Insurance Rates After a Violation or Accident
- Miami Auto Insurance Premiums by Credit Tier
- Expensive Miami Zip Codes
- Cheaper Miami Zip Codes
- List of Insurance Companies in Miami
- No-Fault Insurance in Miami Information
Miami Rates vs. State + National Averages
Drivers in Miami pay an average of $ 2593 per year for auto insurance, which is higher than the national average of $ 1424 per year and the average in the state of Florida, which is $ 2208 per year. The average cost in Miami is 17.4 percent higher than the state average and 82 percent higher than the national average.
Auto insurance providers offering coverage in Miami evaluate several key risk factors, which include:
- Make and model of vehicle
- Location/zip code
- Driving record
All drivers in Florida must carry a minimum of $ 10,000 in coverage for property damage liability per incident and $ 10,000 in coverage for personal injury protection (PIP).
The state’s Financial Responsibility Law also requires drivers to carry $ 10,000 in bodily injury liability per person on their policies, along with $ 20,000 in bodily injury liability per incident if you are at fault. In addition to the minimum requirements, Value Penguin and Nerd Wallet agree that drivers should purchase more than the state minimum in auto liability coverage.
Miami Auto Insurance Costs by Insurer
Moneygeek reports that some of the most affordable insurance providers in Miami include:
- USAA: $1103
- GEICO: $1396
- MetLife: $2047
- State Farm: $2235
- Allstate: $2505
- Allied: $2895
- Progressive: $2947
- Travelers: $3220
- Mercury: $3496
According to Bankrate, if you choose a plan that covers the state-mandated minimums, the average cost from USAA is $450 per year. For a similar plan from GEICO, the average cost is $638. To obtain more comprehensive coverage for damages and injuries, you may choose a full-coverage plan, also known as a 100/300/100 plan. The most affordable provider of a full-coverage plan in Miami is GEICO, coming in at an average of $ 1396. USAA also offers affordable rates for military members and their families.
If you plan to obtain liability-only coverage, the cheapest providers include:
- USAA: $450-$675 per year
- GEICO: $638-$903 per year
- MetLife: $1171-$1748 per year
- State Farm: $1414-$1703 per year
- Allstate: $1190-$1822 per year
- Allied: $1258-$1931 per year
- Progressive: $1671-$2133 per year
- Travelers: $1525-$2236 per year
- Mercury: $1809-$2459 per year
GEICO offers the most affordable rates for minimum liability coverage and full-coverage policies. On average, a full-coverage plan will cost about $665 more than a minimum-liability plan. The next cheapest full-coverage option is from State Farm, which costs an average of $ 4167. Other affordable options include Direct General, which costs an average of $ 4502 per year, Progressive at $ 5971 per year, MetLife at $ 6711 per year, and Allstate at $ 7047 per year.
Miami Auto Insurance Premiums by Driver Age
Age is a factor that impacts auto insurance rates in Miami. Drivers between the ages of 50 and 59 have the most affordable rates, paying an average of $2 802 per year. In the next decade, drivers pay an average of $ 2848 per year. Younger drivers between the ages of 16 and 19 have the highest rates, while reaching the age of 20 can result in a decline of up to $ 4753 per year, marking the largest difference between any two age brackets.
Below are the average annual car insurance premiums in Miami by driver age:
- 16-19: $8662
- 20-29: $3909
- 30-39: $3058
- 40-49: $2988
- 50-59: $2802
- 60-69: $2848
- 70-79: $3460
Miami Car Insurance Premiums by Gender and Marital Status
Gender and marital status can also impact your auto insurance rates. Female drivers in Miami pay an average of $99 more per year than males. Female drivers pay an average of $ 3174 per year, while males pay an average of $ 3075 per year. Single and married drivers’ averages came in at the same rate of $ 2964 per year, although divorced drivers pay an average of $ 3075 and widowed drivers pay slightly less at $ 3029 per year on average.
Average Miami Insurance Rates After a Violation or Accident
You can keep your car insurance costs down by maintaining a clear driving record. DUIs, reckless driving citations, at-fault accidents, and speeding tickets will all raise your rates.
The Zebra reports the following average annual insurance rates following a citation or collision:
- Speeding ticket: $3862
- At-fault accident: $4277
- DWI/DUI: $4463
- Reckless driving: $4623
Below is a list of insurance companies offering coverage to Miami drivers and the average annual cost for a driver with a speeding ticket, at-fault accident, and DUI, respectively.
- USAA: $1219 / $1438 / $2017
- GEICO: $2528 / $1973 / $3195
- State Farm: $2436 / $2637 / $2436
- Allstate: $2505 / $3320 / $3180
- MetLife: $2435 / $2808 / $4793
- Progressive: $4262 / $4905 / $3820
- Allied: $3724 / $3970 / $5858
- Travelers: $4422 / $4510 / $6103
- Mercury: $4907 / $6281 / $5913
Miami Auto Insurance Premiums by Credit Tier
Your credit score also impacts your car insurance costs. Between the “very poor” (300-579 score) and “exceptional” (800-850 score) tiers, the cost differs by 62 percent. Improving your credit from “very poor” to “fair” could save you up to $ 2510 per year. Average annual premiums by credit tier are:
- Very Poor: $6337
- Fair: $3827
- Good: $3075
- Very Good: $2771
- Exceptional: $2430
Expensive Miami Zip Codes
One of the most expensive zip codes in Miami is 33165, with an average cost of $ 2784 per year. The average annual costs for state-mandated minimum coverage by zip code include:
- 33157: $2349
- 33186: $2519
- 33175: $2719
- 33165: $2784
Cheaper Miami Zip Codes
Several zip codes in Miami offer cheaper insurance options. For example, 33157 is the zip code in Miami with the most affordable premium of $ 2349.
List of Insurance Companies in Miami
Many of the major auto insurance companies offer coverage to drivers in Miami. These include Allstate, GEICO, State Farm, Direct Auto, MetLife, Progressive, USAA, Allied, Travelers, Mercury, and Direct General.
No-Fault Insurance in Miami Information
Florida is a state with a no-fault auto insurance system, and it’s one of two states that has no bodily injury liability coverage requirement. Under this statute, those involved in a crash will submit injury claims to their own personal injury payment coverage, with a payout capped at 80 percent of the costs. If serious injuries result, the driver deemed at-fault will use their coverage to pay for any additional injury-related costs.
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