By: Ishan Mukhopadhyay Sep. 17, 2018
In a recent study conducted by Raltin it was observed that the most expensive car insurance premium rates for Miami-Dade County, Florida, tend to be for families with young drivers at $38,182. This group comprises of either 18-year-old unmarried drivers, or 50-year-old married ones. The second most expensive premium at $9,036 is paid for by 25-year-old unmarried women with one minor violation and one not at fault accident in the past 3 years. The cheapest premiums tend to be offered to the 25-year-old unmarried women cohort. The most expensive premium for this cohort is $4,866, which is the least among all the cohorts.
Raltin took data from the Florida Office of Insurance regulation for this analysis, and compared car insurance policies on the basis of population cohorts. The cars chosen were either Toyota Corolla LE or Toyota Camry LE. The bodily injury limit chosen for 25-year-old unmarried women and families with young drivers was $25,000, and the property damage limit chosen for the same cohorts was $50,000. Senior drivers in the survey comprised of either 65-year-old married women or 70-year-old married men. The bodily injury limit and property damage limit chosen for them are $50,000 and $100,000 respectively.
The following chart presents a comparison of prices for each cohort.
The following table compares the car insurance premiums for key cohorts in Miami-Dade, FL, along with the names of the companies and the differences between the 75th and 25th percentiles in premium rates.
|Cohort||Cheapest Car Insurance Premiums in Broward County, FL||Most Expensive Car Insurance Premiums in Phoenix, AZ||Median Car Insurance Premiums in Broward County, FL||25th Percentile of Car Insurance Premiums in Broward County, FL||75th Percentile of Car Insurance Premiums in Broward County, FL||Dollar Difference between 25th and 75th Percentiles||Percentage Difference between 25th and 75th Percentiles|
|25-year-old Single Females||UNITED SERVICES AUTOMOBILE ASSOCIATION ($2,368)||DIRECT GENERAL INSURANCE COMPANY ($9,036)||GEICO INDEMNITY COMPANY ($4,539)||ESURANCE PROPERTY & CASUALTY INSURANCE COMPANY ($3,720)||PROGRESSIVE SELECT INSURANCE COMPANY ($6,864)||$3,144||45.80%|
|Families With Young Drivers||FLORIDA FARM BUREAU GENERAL INSURANCE COMPANY ($5,156)||INFINITY AUTO INSURANCE COMPANY ($38,182)||UNITED AUTOMOBILE INSURANCE COMPANY ($9848)||USAA CASUALTY INSURANCE COMPANY ($7,084)||21ST CENTURY CENTENNIAL INSURANCE COMPANY ($19,597)||$12,513||63.85%|
|Senior Married Couples||FLORIDA FARM BUREAU GENERAL INSURANCE COMPANY ($1,062)||DIRECT GENERAL INSURANCE COMPANY ($8,069)||PROGRESSIVE AMERICAN INSURANCE COMPANY ($2,205)||SAFECO INSURANCE COMPANY OF ILLINOIS ($1,695)||ALLSTATE INSURANCE COMPANY ($2,964)||$1,269||42.81%|