Florida is one of the most expensive states for auto insurance. According to Bankrate’s 2021 Annual Listed Premiums Study, the average driver pays $ 3,314 for full coverage insurance and $ 1,544 for minimum coverage insurance each year in Miami. This makes Florida one of the most expensive states for auto insurance, which might not come as a surprise given the extreme weather conditions and many uninsured drivers in the Sunshine State.
However, it is possible to find affordable rates. To find the best auto insurance in Texas, our editorial team regularly reviews coverage options, rates, discounts, and third party ratings. Based on these and other factors, this is the best cheap Miami car insurance for 2021.
Best Auto Insurance Companies in Miami
The best auto insurance companies in Miami for 2021 are Geico, State Farm, Progressive, and Allstate. These companies were selected for their affordable premiums, third party ratings, financial strength scores, discount options, policy offerings, and customer service reviews.
|Insurance company||JD Power Customer Satisfaction Score||Average annual premium for minimum coverage||Average annual premium for full coverage|
|Allstate||851/100||$ 1,546||$ 3,170|
|Geico||846/100||$ 995||$ 2,268|
|Progressive||834/100||$ 1,820||$ 3,449|
|State farm||826/100||$ 1,488||$ 2,641|
Allstate has been ranked as Florida’s Best Auto Insurance Company for Overall Customer Satisfaction under JD Power 2021 US Auto Insurance Study. Allstate is the most expensive provider on our list, with an average full coverage premium of $ 3,170, but the higher cost is still below the state average and might be worth it for some drivers. Allstate offers a variety of top-up coverage and discounts, and it has a waived deductible program that reduces your premium by $ 100 for each loss-free year, up to $ 500.
Learn more: Allstate Insurance Review
Geico is a popular insurance provider for drivers who want to pay the lowest possible rate. In Miami, Geico’s average full coverage policy costs $ 2,268, more than $ 1,500 less than the average Miami rate. In addition to the cheap premiums, Geico also offers a variety of discounts for additional savings. Additional coverage options include emergency road service, rental reimbursement, and mechanical breakdown insurance.
Learn more: Geico Assurance review
Progressive auto insurance policies are slightly more expensive in Miami. The average full coverage policy costs $ 3,449 per year, which is still lower than the average Miami rate. However, Progressive is a great option for drivers who want customizable coverage options. With Progressive, you can enhance your policy with roadside assistance, personalized parts coverage, ridesharing insurance and more.
Learn more: Gradual insurance review
State Farm is a well-known insurance provider and many Miami drivers rely on the company for their insurance needs. State Farm’s average full coverage policy costs $ 2,641, but drivers can apply multiple discounts to get a lower rate or enroll in safe driver reward programs. State Farm doesn’t offer a lot of top-up coverage, but it does have several online tools and a popular mobile app.
Learn more: State agricultural insurance review
The cheapest auto insurance in Miami
Auto insurance in the state of Florida is expensive, especially compared to the national average rate. The average cost of auto insurance in Florida pays $ 3,314 per year for full coverage, which is significantly cheaper than the average Miami rate. But based on our research, Allstate, Geico, Progressive, and State Farm offer policies that are cheaper than what the average Miami driver pays. MetLife’s coverage is more expensive, but the provider offers a number of discounts to lower the premium, including policy bundling.
|Insurance company||Average annual premium for minimum coverage||Average annual premium for full coverage|
|Geico||$ 788||$ 2,140|
|Allstate||$ 1,135||$ 3,557|
|State farm||$ 1,275||$ 2,621|
|Progressive||$ 1,526||$ 3,425|
|MetLife||$ 1,545||$ 5,061|
The table above includes the cheapest auto insurance rates from the most popular carriers based on market share. However, the cheapest insurance company is not necessarily the best insurance company. These five providers have pros and cons and may not be good options for all Miami drivers.
For example, Geico and State Farm only have a handful of hedging options. Drivers who want to customize their coverage should look to Allstate or Progressive instead. Geico is the only insurance company that offers a military discount, so Miami residents in the military might prefer Geico to other companies. Additionally, drivers who wish to obtain a quote online should not consult MetLife. It’s the only company on our list that doesn’t offer instant online pricing.
Miami Insurance Requirements
Auto insurance is legally required in Miami. Florida is a no-fault state, which means every driver should have no-fault auto insurance. No-fault auto insurance includes:
Liability for bodily injury is not required in Florida, but drivers must prove their ability to pay damages under “Financial Liability Law”. If a driver purchases auto insurance to meet the law, the minimum requirements are:
- $ 10,000 civil liability for bodily injury per person
- Liability for bodily injury of $ 20,000 per accident
Coverage for uninsured motorists must be offered but may be refused in writing.
Buying no-fault auto insurance alone means you might be paying a lower price. However, drivers in Miami should consider purchasing more coverage than is legally required. For example, no-fault auto insurance will not cover damage to your vehicle after an accident or pay to replace a stolen vehicle. Full coverage auto insurance is more expensive, but it offers a lot more protection.
Miami Auto Insurance Discounts
Even though auto insurance in Miami can be expensive, there are ways to lower your premium. Most auto insurance companies offer discounts that can help save money. One thing to consider is how the make and model of the vehicle influences the premiums.
Some of the best Miami auto insurance discounts include:
- Car Safety Features: Cars with safety features like anti-lock brakes and an anti-theft system are less likely to be the subject of a complaint. If your car has these features, your insurance company may give you a discount on your collision or property damage insurance policy.
- Good student: College or teenage students who maintain a minimum GPA or who have a stellar transcript can often get a discount on their auto insurance policy.
- Reduced mileage: The less you drive, the less likely you are to have an accident. Many insurance companies offer reduced rates for occasional drivers.
- Pay in full: Paying your annual auto insurance premium up front and in full usually means you can get a small discount on your policy.
Frequently Asked Questions
What is the best auto insurance company?
There are thousands of auto insurance companies out there, but there isn’t one company that’s best for every driver. For example, some companies are good for drivers who want a low rate, and others are good for drivers who want customizable coverage.
How much does auto insurance cost in Miami?
The average driver in Miami pays $ 3,314 for full coverage insurance and $ 1,544 for minimum coverage insurance. But keep in mind that insurance rates vary based on specific rate factors, such as your age, gender, credit score (in most states), claim history, type of car you drive, etc.
How Much Car Insurance Do I Need in Miami?
Drivers in Miami are only required to carry no-fault insurance, including $ 10,000 in personal injury protection (PIP) and $ 10,000 in liability insurance for property damage. However, Miami drivers should consider purchasing full coverage auto insurance, which includes damage protection for their vehicle.
What constitutes full coverage auto insurance?
While minimum liability only has the basic coverage required, full coverage auto insurance gives you much more protection. Full coverage auto insurance usually includes comprehensive insurance and collision insurance. However, it can also include other types of auto insurance coverage, such as uninsured motorists, underinsured motorists, and personal injury protection (PIP) coverage.
Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates shown are based on a 40 year old male and female driver with a clean driving record, a good credit and the following comprehensive coverage limits:
- $ 100,000 liability for bodily injury per person
- $ 300,000 liability for bodily injury per accident
- Civil liability for property damage of $ 50,000 per accident
- $ 100,000 in bodily injury caused by an uninsured motorist per person
- $ 300,000 in uninsured bodily injury per accident to a motorist
- $ 500 collision deductible
- Global deductible of $ 500
To determine the minimum coverage limits, Bankrate used minimum coverage that meets the requirements of each state. Our example drivers own a 2019 Toyota Camry, commute five days a week, and travel 12,000 miles a year.
These are sample rates and should be used for comparison purposes only. Your quotes may be different.