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Finding cheap car insurance in Tampa is easy when you know where to look and take the available discounts. Drivers in Tampa will pay more than drivers in other Florida cities and drivers across the country. Average annual premiums in the city are $1,514 for minimum coverage and $3,027 for full coverage. That is almost 30% higher than the state average of $1,101 for minimum and $2,364 for full coverage. Rates in Tampa are more than double the national average of $565 per year for minimum coverage and $1,674 for full coverage.
Insurance Requirements in Tampa
Florida is a no-fault state, having more stringent insurance requirements than other states. Minimum coverage is required to drive in the state legally and must include:
- $10,000 per accident property coverage
- $10,000 per accident personal injury protection
While these minimums are the requirement to be on the road if you lease a vehicle or have a loan for one, you will likely have to have comprehensive and collision insurance with minimums set to cover your specific vehicle.
Cheap Car Insurance Tampa
While the busy roads and higher rates of accidents in the city account for the higher costs, there are some companies in the area that provide more affordable options. These companies offer average premium rates similar to state levels for middle-aged drivers with a clean driving record. Some of the cheapest insurance providers in the Tampa area include:
- GEICO: GEICO’s annual premium average for minimum coverage in Tampa is $1,079, with full coverage running an average of $2,597 per year. GEICO offers 16 discounts to reduce your rate further, and you can manage your account entirely online.
- State Farm: State Farm has the cheapest rates for full coverage in Tampa, with an annual average of $2,327 and a lower minimum coverage annual average of $1,247. State Farm offers more coverage options for classic cars and sports cars. The company also offers special rates for vehicles used for rideshare.
- Allstate: The average annual rate for minimum coverage from Allstate is $1,654, and full coverage runs around $3,433. Allstate is popular with those who want their own personal rep and also those who like options such as new car replacement and accident forgiveness.
- Progressive: Progressive has a lower annual average for full coverage than Allstate at $3,218 but a slightly higher average for minimum coverage at $1,703. Progressive is well-known for its many bundling options and discounts and is popular for its online quoting and claims system.
Cheap Car Insurance by Age
Driver age is one of the main factors that affect the cost of your insurance rates. Since more experienced drivers are less likely to be involved in accidents, they will be rewarded with cheaper rates. Teens will pay almost twice the rates of 20-year-old drivers. You will reach average insurance rates around your mid-30s as long as your driving record is clean. Rates will again decrease in your 60s as fewer drivers that age on the road means fewer accidents in that age range statistically.
While teen drivers will have higher rates than other drivers, some companies offer more competitive rates for this age group. The cheapest insurance for teens in Tampa will be through GEICO, though State Farm runs a close second for the lowest rates.
Tampa Insurance Rates by Credit Tier
Good credit scores can help you save in many ways, and that includes insurance rates. Moving from one credit score tier to the next can result in substantial savings for folks in Tampa, especially if you move from poor credit to fair credit:
- Excellent credit (800-850): $2,380 per year on average
- Very good credit (740-799): $2,704 per year on average
- Good credit (670-739): $2,990 per year on average
- Fair credit (580-669): $3,700 per year on average
- Poor credit (300-579): $6,060 per year on average
Insurance Rates With Accidents or Infractions
Along with age, the other most significant factor in determining insurance rates is your driving record and accident history. One or more at-fault accidents or one or more traffic infractions may have you labeled an unsafe driver by the insurance company, and your rates will increase.
In most instances, minor and one-time infractions will increase your rates by less than $100 per month. Subsequent infractions are when rates could significantly increase. An at-fault accident will raise your rates, usually $75 to $100 per month. You can expect to pay $50 more per month for a speeding ticket or failing to stop at a red light.
DUIs and other serious infractions can raise your rates by 40%, often increasing by $200 or more per month. Subsequent infractions like these can result in difficulty getting insurance coverage.For a driver who does have an infraction or at-fault accident on their record, the cheapest insurers are GEICO, State Farm, and Progressive.
Car Insurance Discounts To Look For in Tampa
Since rates for car insurance are much higher in Tampa than in other parts of the state, drivers must take advantage of as many discounts as possible to get their annual premium down. Some of the most common discounts offered by Tampa insurers include:
- Senior discount: Many auto insurance policies offer discounted rates to retired seniors since they will drive less than the average driver and have more years of experience on the road.
- Multi-car discount: Since many drivers will have more than one car in their households, you can bundle them into one policy and take advantage of multi-car discounts.
- Defensive/Safe driver discount: Since safer drivers are less likely to get into accidents, auto insurers will provide discounts for drivers who work to improve their driving skills. These discounts may be extended for people who take driver education or defensive driver courses. They also can be added when you participate in one of their safe driver programs.
- Good student discount: Since younger drivers are more expensive to insure, this is definitely a discount to take advantage of. Good students tend to have fewer traffic infractions and accidents, so many insurers will offer discounts for students with good grades.
Finding cheap car insurance in Tampa is possible if you take advantage of available discounts and find the right provider for your age, driving history, and credit tier.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.