The Cheapest Auto Insurance in Miami, FL in 2024

In Miami, Florida, there’s one car insurance company that comes out on top for many drivers: State Farm. It’s the cheapest insurance company in the city, with an average rate of $92 per month — significantly lower than the citywide average of $316 per month, according to our research.

But many factors are worth considering when choosing auto insurance coverage. Find out where to get the lowest car insurance quotes in Miami in the guide below.

Key Takeaways:

• Car insurance costs an average of $316 per month in Miami, Florida.
• State Farm has the lowest car insurance rates in Miami, on average.
• Your driving record and age play a major role in what you pay for coverage.

In This Article:

• Average Price for Car Insurance in Miami
• Cheapest Miami Car Insurance Companies
• Best Miami Car Insurance Companies of 2024
• Miami Rate Breakdowns by Driver and Coverage Type
• Florida Auto Insurance Requirements
• Frequently Asked Questions

How Much Is Car Insurance in Miami?

The average cost of car insurance in Miami is $316 per month. That said, average car insurance rates are only a benchmark. Your personal premiums will depend on your driving history, coverage needs, and other factors and could be higher or lower than these averages.

Still, the cheapest car insurance companies in Miami — which we’ll cover next — are the best places to find the lowest rates for most drivers.

Miami’s Cheapest Car Insurance Companies

While average auto insurance costs in Miami are $316 per month, you still have several ways to save. For example, researching different companies, comparing car insurance quotes, and looking at discounts are a few easy opportunities to cut down your monthly insurance bill.

The table below shows the cheapest car insurance companies in Miami and their average rates across the city.

The cheapest car insurance in Miami is available through State Farm, with average rates of $92 per month, according to Compare.com data. Still, other top-rated insurance companies are worth considering as well. It’s a good idea to look into multiple options as some may be a better fit for you than others based on your age, driving record, and more.

Top 3 Best Miami Insurance Companies of 2024

We’ve compiled the top three best Miami insurance companies, based on the average cost of auto insurance, discounts, customer reviews, and coverage options available.

These options are a good starting point when comparison shopping, but there isn’t one best company that is ideal for everyone. That’s why we’ve outlined who might be a good fit for each of these companies based on different needs, demographics, and groups of drivers.

Best for teens: State Farm

• Average premium for teens: $151 per month
• Compare.com Rating: 4.90 out of 5

Pros:

• Emergency road service coverage available
• Multiple discounts for teens and young drivers
• Up to 30% discount with Drive Safe & Save

Cons:

• Must work with company agents
• Very low Trustpilot rating
• C- rating on BBB rating

State Farm offers cheap rates in Miami and up to three different discounts for teen drivers. These include Good Student, Driver Training, and Student Away at School discounts. Students with good grades can save up to 25%, and young drivers can get a discount for taking a training course while they’re under the age of 21.

Best for discounts: GEICO

• Average premium: $94 per month
• Compare.com Rating: 4.65 out of 5

Pros:

• More than 20 available discounts
• Low-cost rates
• Bundling discount with multiple insurance products

Cons:

• Limited agent options in Miami
• Very low customer ratings on Trustpilot
• Many complaints on BBB

GEICO has some of the cheapest rates in Miami and offers an extensive range of discounts — including defensive driving, good student, military affiliation discounts, and others for safety equipment and good driving. The already low rates combined with the discounts can lead to even more savings.

Best for homeowners: Travelers

• Average premium: $191 per month
• Compare.com Rating: 4.57 out of 5

Pros:

• Homeowners discount
• Hybrid/electric vehicle discount available
• Loan or lease gap insurance available

Cons:

• Higher average rates than other insurers
• Low rating on Trustpilot
• Negative customer reviews on BBB

In Miami-Dade County, 51.6% of residents are homeowners, based on recent Census data. Travelers offers a specific homeowners discount even if you have home insurance with another company. Additionally, Travelers offers electric and hybrid vehicle discounts, as well as safe driving and multi-policy discounts. Travelers tends to have higher average rates than some other companies, but these discounts can help.

Cheapest Company for Liability Insurance: State Farm

Your coverage level substantially affects your car insurance rates. Florida drivers must maintain minimum-coverage levels of liability insurance to comply with state laws. Policies with these limits are the cheapest insurance policy you can get, with the average liability policy being $275 per month in Miami, according to our analysis. But the protection you get is basic.

Liability insurance is a safeguard that helps pay for expenses for another driver’s property damage or injuries if you’re involved in a car accident or other incident. So you’re not on the hook for the money for them, but the coverage doesn’t provide great protection for you or any vehicle damage you have.

In the table below, you can review the companies with the cheapest liability coverage in Miami and average rates for each.

State Farm offers the cheapest liability insurance in Miami, at $86 per month, according to our data. But if you want additional benefits, consider full-coverage car insurance.

Cheapest Company for Full-Coverage Insurance: State Farm

The average full-coverage policy is $358 per month in Miami, according to our data. Full-coverage car insurance comes with higher rates, but you get more protection. It’s a step up from liability-only and combines liability, comprehensive, and collision coverage into one policy.

When you purchase full coverage, you get protection for collision and non-collision-related events. Having more protection with full coverage protects you in many situations. The table below shows how rates vary among Miami insurance companies, with the cheapest options for full-coverage car insurance and their average monthly premiums.

The cheapest option for full-coverage car insurance in Miami is State Farm with an average cost of $98 per month, according to Compare.com data.

Compare Miami Auto Insurance Rates by Driving Record

Car insurance companies review several factors to set your rates. But your driving record has one of the biggest effects on how much you pay. Insurance companies look at risk and tend to live by the adage, “The best predictor of future behavior is past behavior.”

So if you have an incident on your driving record, insurers prepare for the risk of another one by charging you higher rates.

Still, not everything will have the same effect on your premiums. The table below shows how rates differ in Miami when comparing a clean driving record and various types of incidents.

Average rates in Miami can change dramatically depending on your driving record, so let’s take a closer look at how different infractions affect rates for most area drivers.

Cheapest car insurance in Miami after a ticket: State Farm

Speeding puts you and others in danger. It can make it tougher to slow down or stop, making it a risky activity. So when you get a speeding ticket, your rates go up because it indicates to insurers that you’re more likely to file a claim.

After a single speeding ticket on your driving record, rates increase by 24%, according to Compare.com data.

In Miami, the cheapest car insurance after a ticket is from State Farm, according to our research. It has average rates of $116 per month after a ticket, compared to the citywide average of $423 per month.

Cheapest car insurance in Miami after an accident: State Farm

When you get into an at-fault accident, it can result in property damage and potential injuries. That costs insurance companies money and boosts your risk profile, so your rates go up.

After one at-fault accident car insurance premiums go up by 34% nationwide, according to Compare.com data.

If you’re looking for cheap car insurance quotes in Miami after a car accident, State Farm has the most affordable average rates, at $124 per month, compared to the citywide average of $455 per month, based on our research.

Cheapest car insurance in Miami after a DUI: State Farm

Driving under the influence and getting a DUI on your record has the most significant effect on car insurance rates of any driving infraction. When you get behind the wheel in an altered state of mind, a lot can (and does) go wrong. Because of these serious risks, car insurance rates go up the most with a DUI — increasing by 50% nationally, according to Compare.com data.

State Farm offers the most affordable rates in Miami after getting a DUI, with average premiums of $144 per month, compared to the citywide average of $526 per month.

Compare Miami Auto Insurance Rates by Age

Age and experience go hand in hand, and that can affect your driving abilities. Young drivers pay significantly more than other age groups because they’re much more likely to cause an accident than older, more experienced drivers. But as you get older and gain more experience behind the wheel, rates begin to decline.

The table below shows how your age affects car insurance quotes in Miami, as well as the cheapest insurer and rates for each group.

Teens pay the most, and seniors in their 60s pay the least for auto insurance coverage. Let’s take a closer look at each age group.

Cheapest car insurance for Miami teens: State Farm

Teen drivers pay the most for an auto policy for multiple reasons. They’re just learning to drive and have yet to establish much experience or a driving history.

Additionally, as a group, teens have higher rates of fatal accidents and risky driving behavior. In fact, car crashes are the top cause of death for teens, based on data from the National Highway Traffic Safety Administration (NHTSA).

State Farm has the cheapest car insurance for teens in Miami, with average rates of $151 per month, compared to the citywide average of $550 per month.

Cheapest car insurance for Miami seniors: State Farm

Senior drivers who are getting close to retirement age typically have some of the lowest rates of any age group. Thanks to a lifetime of experience and potentially driving less when retired, seniors can pay less for car insurance coverage than their younger counterparts.

That said, there’s a slight increase in rates between drivers in their 60s to 70s, as age-related issues may affect things like coordination or cognition.

State Farm offers the cheapest car insurance quotes in Miami for seniors, with average rates of $81 per month for drivers in their 60s and $85 per month for people in their 70s. This is much more affordable than citywide averages of $298 and $310 per month, respectively.

Florida Auto Insurance Requirements

Florida drivers must get at least $10,000 in personal injury protection (PIP) and property damage liability (PDL) coverage, based on Florida Department of Highway Safety and Motor Vehicles requirements. PIP coverage pays medical bills, and PDL pays for other people’s property you damage. Florida is a no-fault state, and PIP is sometimes referred to as no-fault insurance.

The state of Florida is different from most other states because it doesn’t require bodily injury liability (BIL) coverage for everyone. But having PIP coverage helps pay for medical costs and can help fill that gap. That said, taxis and drivers with SR-22 insurance must have bodily injury liability coverage to legally drive in Florida.

How to Get Cheaper Car Insurance in Miami

As everything goes up in price, you want to control costs where you can. Here are some tips to get cheaper car insurance in Miami.

• Practice safe driving habits. Maintain a clean driving record by driving the speed limit, putting your phone away, wearing your seat belt, and avoiding mind-altering substances.
• Get a higher deductible. Choosing a higher deductible can lower your insurance premiums. If you’re OK with paying more if you need to file a claim and pay your deductible, this is an easy way to save money.
• Bundle insurance policies. Getting multiple policies through the same insurance company can get you a discount. For example, bundle your home insurance or renters insurance, auto insurance, and a life insurance policy to maximize your savings.
• Compare quotes. Check out three to five insurance companies and get a personalized quote from each to find the cheapest car insurance in Miami.

Miami Auto Insurance FAQs

If you still want to know more about auto insurance in Miami, here are answers to some of the most frequently asked questions.

Which company has the cheapest car insurance in Miami?

State Farm has the lowest rates for auto insurance coverage in Miami, with average rates of $92 per month, according to Compare.com data. But keep in mind that the premiums you get depend on your driving record, ZIP code, and other factors.

What’s the average price for car insurance in Miami?

The average price for car insurance in Miami is $316 per month, according to Compare.com data. But average rates are only a guideline, and individual rates can vary widely among drivers.

What’s the best car insurance company in Miami?

It depends. There’s no one “best” company for everyone since each driver has unique needs and rates can vary from one person to the next. That said, we found that State Farm is one of the best car insurance companies in Miami for many Florida drivers. It offers low rates for drivers with an incident, teens, and seniors, according to our research.

How much car insurance coverage does Florida require?

Florida drivers must get $10,000 in personal injury protection coverage and $10,000 in property damage liability coverage to meet state requirements. But you can get higher limits — in fact, many experts recommend it.

What happens if you get caught driving without insurance in Miami?

If you drive without auto insurance in Miami and authorities catch you, the state may suspend your registration and driver’s license and make you pay a $500 fee to reinstate them.

Data Methodology:

Data scientists at Compare.com analyzed more than 50 million real-time auto insurance quotes from more than 75 partner insurers in order to compile the rates and statistics seen in this article. Compare.com’s auto insurance data includes coverage analysis and details on drivers’ vehicles, driving records, insurance histories, and demographic information.

All the rates listed in this article have been collected from a combination of real Compare.com quotes and external insurance rate data gathered in collaboration with Quadrant Information Services. Compare.com uses these observations to provide readers with insights into how auto insurance companies determine their premiums.

Sources:

1. Florida Department of Highway Safety and Motor Vehicles “Florida Insurance Requirements,” accessed June 28, 2024.
2. Insurance Information Institute, “Auto insurance basics—understanding your coverage,” accessed June 28, 2024.
3. National Highway Traffic Safety Administration, “Teen Driver Safety,” accessed June 28, 2024.
4. Insurance Information Institute, “Understanding your insurance deductibles,” accessed June 29, 2024.