See how high Miami ranks nationally when parents put a teen on their auto insurance
If you live in Miami, you know the cost of owning a car here is high.
But a new study from Bankrate.com shows just how expensive it now is — especially if you’re living with a teen.
In the South Florida area, the average auto insurance rate for a married couple is $3,527 annually — already among the highest rates in the nation.
With a teen added to a policy, the rate goes up by 127% to $8,023 — the third highest rate in the U.S. (behind Detroit and New York City).
The reason may be obvious: Teen drivers pose greater risks, so the rate of insuring them must climb accordingly. Other factors influencing the rate include the general cost of living in the area — and, especially the cost of auto repairs — and the overall frequency of accidents.
Want to lower your rate with your teen aboard your policy? Bankrate has several suggestions:
- Ask for a student discount. Many policy carriers also carry special rates for students with good grades.
- Ask for a “telematic” program. These involve installing a device in your car that tracks your driving in real time and reports safe driving back to your policy carrier.
- Get a vehicle with strong safety features. The types of vehicles on your policy also influence the rate you pay — the safer the car, the lower the rate, in most cases.
- Improve your credit score. As with most things in the U.S., having a better credit score means you’ll pay less in general for many services.
This story was originally published September 20, 2021 at 12:50 PM.
