UPDATED: Mar 13, 2020
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Cheap Car Insurance in Tampa, FL
Are you looking for cheap auto insurance in Tampa, FL? At AutoInsuranceEZ.com, you’ll find the cheapest insurance rates where you live. Take a look at all the statistical data we’ve gathered for Tampa drivers – you’ll be surprised by what you learn!
Tampa is the third largest city within the state of Florida. As a coastal city, Tampa has a long history of trade, tourism, and cultural diversity. Currently, there is a boom in both private sector and government business, especially when it comes to international trade and construction.
- Fun Fact: Did you know that Tampa is #18 on the list of “Top 101 cities with the highest number of police officers in 2006 per 1000 residents (population 50,000+)”? Find out more about Tampa, FL on Wikipedia.
Auto Insurance Coverage Requirements in Florida
Per the Florida Office of Insurance Regulation, the minimum insurance coverage you should have on your car is:
|Bodily Injury Liability||Not required||100,000/300,000|
|Property Damage Liability||10,000||50,000|
|Uninsured Motorist Bodily Injury||Not required||10,000/20,000|
|Medical Payments||Not required||5,000|
|Collision||Not required||500 deductible|
|Comprehensive||Not required||250 deductible|
If you are still financing your vehicle, your bank lender may require that you add Comprehensive and Collision insurance to your policy. Otherwise, all additional forms of coverage – including Bodily Injury Liability and Uninsured/Underinsured Motorist coverage are optional. Insurance carriers contemplate various factors when figuring out insurance quotes, including gender, occupation, years of driving experience, and current insurance coverage and limits. Also keep in mind that premiums change from carrier to carrier. To make sure you’re still being charged the cheapest rate, compare quotes online.
For those living in Tampa, you can expect to pay around $119/month*, which is lower than the state average monthly premium of $153. But don’t worry, there are ways to get a better deal. For instance, you can shop around for different companies which offer lower rates.
Based on our information, it seems that State Farm and Amica beat both the state and the Tampa average. However, there are other important factors at play. Customer service might be better at one company, even though their rates are higher. Another provider might offer more discounts than advertised.
Insurance carriers contemplate various factors when figuring out insurance quotes, including gender, occupation, years of driving experience, and current insurance coverage and limits. Also keep in mind that premiums change from carrier to carrier. To make sure you’re still being charged the cheapest rate, compare auto insurance Florida quotes online.
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Major Car Insurance Factors in Tampa
There are many ways that your car insurance rate might be estimated. But not all of it is out of your control; there are actions you can take to be able to control what discounts you are entitled to acquire. The following are some of these elements in greater detail:
Your Zip Code
The cheapest car insurance is usually found in cities with a lower population density. Because there are fewer automobiles on the road, there are fewer opportunities for you to get into a major car accident with another driver. The population of Tampa is 352,957 with a median household income of $42,649.
If motor vehicle accidents are common on the roads where you drive most frequently, then your insurance provider will offset that risk by charging you higher rates. Unfortunately, fatal accidents were in the rise in 2013, with 53 crashes resulting in 57 fatalities.
Auto Thefts in Tampa
Auto theft is a major problem, especially in densely populated cities. If your location and/or vehicle model put you at a greater risk for theft, you may have trouble finding low-cost car insurance. The total number of stolen vehicles in Tampa has steadily declined in recent years, down to 553 vehicle thefts for the year 2013.
Your Credit Score
Your credit score is a very significant – yet often overlooked – variable which influences your overall monthly premium. People with good credit are often rewarded with lower rates. For Tampa drivers, the chart below shows that this trend applies to the bay area as well.
Age is another large factor that comes into play when determining insurance rates. As you can see in the chart below, a high school student can end up paying double (or more) what an adult would for insurance each month. Ask your agent about good student discounts and drivers education courses to help lower your young driver’s rates.
Your Driving Record
Low-risk drivers tend to have blemish-free (or nearly perfect) driving records, so insurance companies tend to charge them lower rates each month. If your record is less than perfect, you should ask your insurance agent about “accident forgiveness” discounts to see if you can save money. For more serious violations, however, your rates might go up significantly – or your provider may refuse to cover you all together.
Another factor which helps determine your monthly rate is how much it might cost for your damaged or stolen car to be fixed or replaced. Naturally, more expensive vehicles will require more comprehensive insurance coverage, and also cost more to fix, which results in expensive insurance premiums. Common, affordable vehicles, like the Honda Accord displayed in the chart below, are much more affordable to insure.
Minor Car Insurance Factors in Tampa
Of course, there are other factors which will alter Tampa insurance rates, as you can see:
Your Marital Status
Your marital status could save you money on car insurance, especially if you and your spouse bundle your policies together with the same insurance company. But if two partners choose to insure themselves separately, you could be charged a few dollars more, or a few dollars less per policy based on your marital status. In general, this difference rarely amounts to more than 3% of your monthly premium (without bundling, that is).
Gender is similar to marital status in that it matters to some companies, but not others. Again, this fluctuation in price is little more than a few dollars per month. Whether you will be penalized or rewarded for being a member of a certain gender will vary from company to company.
Your Driving Distance to Work
For Tampa workers, the average commute time tends to last around 26 minutes, but has a tendency to drop the closer you get to the heart of the city. Around 9.6% of those commuting are carpooling to work, while another 80% drive alone.
Some companies will adjust your rate based on why you drive, or how far you drive each year. Even though your provider might request this information from you, driving a few thousand miles each year for pleasure tends to cost about the same as driving tens of thousands of miles for work, give or take a few percentage points. However, if your automobile is registered as a business vehicle on your insurance policy, you could be looking at 10-15% higher premiums each month.
Your Coverage and Deductibles
Purchasing more coverage means that your insurance company will, more than likely, charge you a higher monthly rate. You can help offset this cost and make your comprehensive coverage more affordable by choosing to raise your deductible. However, keep in mind that you will have to pay that money upfront in the event of an accident.
Education in Tampa, FL
The less education you have, the more your insurance company will assume that you might be a high-risk driver. For the city of Tampa, most of their drivers have a high school diploma or other equivalent; however, there are more high school drop-outs living in Tampa than there are drivers with a bachelor’s degree. We should also add that neither your income nor your specific job (unless you are involved with the US military) will significantly raise or lower your monthly premium.
Tampa has several institutions for higher education. The main campus for the University of South Florida is located in Tampa, as well as a mix of two- and four-year institutions. Some, like ITT, offer 4-year degrees in engineering, while others such as Hillsborough Community College help working adults hone their expertise.
Finding affordable automobile insurance policy in Tampa can be a hassle. There’s a lot of information you need to consider and figuring out how insurance companies evaluate your potential risk can be complicated. But don’t let the wrong insurance company talk you into purchasing the wrong policy.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.
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