By: Shravya Reddy October, 08, 2019
With a population of 2,761,581, Miami is one of the most densely populated cities in Florida and the United States. Popularly known for its sprawling sandy beaches and a diverse population of ethnicities, Miami is also notorious for traffic congestion. In a survey done by NRIX, Miami ranked 10th out of 1,360 on the Global Traffic Scorecard rank for the world's most congested cities. For insurers increased traffic means more collisions, more claims, and higher insurance premiums for drivers in Miami. The average annual cost of car insurance in Miami is $2453 and could go as high as $3732, among the highest in the country. According to data gathered by the Insurance Research Council, another reason for high insurance rates in Miami is that 26% of Florida's drivers are uninsured and considered high-risk. However, by comparing prices and quotes, drivers in the Magic City can save $980 on car insurance. Based on market share data gathered for Florida, Zimlon lists the top five car insurance companies in Miami.
GEICO- The Berkshire Hathaway subsidiary currently holds 24% of the Florida car insurance market share, making it one of the most popular insurance providers in Miami. The company has written 3,487,659 direct premiums and 3,432,482 direct premiums earned. GEICO offers huge discounts and a wide array of services such as emergency roadside assistance and breakdown coverage. GEICO has an A++ A.M. Best rating for financial strength and is known for its high claims rating amongst customers.
Progressive- Reputed for its easy online quote comparison, Progressive has a market share of 18.6% in Florida. The company has written 2,702,564 direct premiums and 2,586,156 direct premiums earned in the state. For Miami drivers looking for a wide range of coverage options and discounts, Progressive lets you name your price and compare policies from different insurers. The company has an A+ A.M. Best rating for financial strength.
State Farm- Known for superior customer satisfaction and strong financial ratings, State Farm has a market share of 15.1% in the state. The insurer has recorded 2,197,684 in direct premiums written, and 2,221,589 direct premiums earned. With nearly 18,000 agents located nationwide, State Farm offers drivers with extensive coverage options and incentives. With the help of State Farm's 'Good Neighbor' app, Miami motorists can file claims and make payments right where they are. A.M. Best awarded State Farm an A++ in financial strength ratings.
Allstate- With a market share of 9.2% in Florida, Allstate is notable for its superior service and claims process. The company has written 1,341,247 direct premiums, and 1,331,667 direct premiums earned. To save on insurance premiums, Miami residents can use the insurer's cash-back program for safe driving available for young drivers in the city. Allstate has an A.M. Best financial strength rating of A+.
USAA- With a market share of 6.9%, USAA is best known for serving the insurance needs of military members and veterans in Miami. The company has top-rated customer service and can offer up to 15% off to military servicemen and servicewomen for storing vehicles on base. For retired and active-duty military members, USAA has written 1,008,025 direct premiums and1,002,434 direct premiums earned. With a remarkable customer satisfaction record, USAA has an A++ A.M. Best rating for financial strength.
Shravya Reddy is a writer, public relations associate and content producer. She has worked in the corporate space on various mediums of print media as well as digital media. As a journalist, she has covered a range of topics including real estate, architecture, design, and technology. She has contributed to various online publications as a copywriter and copy editor. Shravya has done her BA in Journalism, Film & Media from Cardiff University. In her spare time, she enjoys traveling, exploring new cuisines and culture and wildlife.