Which Company Has the Lowest Cost of Car Insurance in Tampa?

Tampa is one of Florida’s larger cities, with a population of 392,890 as of July 1, 2019, according to the US Census. Those people, 16 years of age and older, who are employed outside their homes, face an average commute to work of around 24 minutes. Over the course of a week, that equates to four hours in city traffic.

The number of vehicle thefts in Tampa hit 5,429 in 2018. Tampa’s data was added to thefts that have taken place in Clearwater and St. Petersburg to create a Metropolitan Statistical Area. The total number of thefts put this MSA at a rank of 213 and a rate of 172.75 per 100k residents.

When an insurance agent looks at factors for a customer who needs to insure a vehicle, they take the make, model, and year of the vehicle; the numbers of thefts in their area; estimated mileage the customer will put on their car in one calendar year; and the customer’s driving history among other things. To a lesser degree, their credit history is also taken into consideration—Florida is one of the states that can use credit history to decide auto insurance premiums.

What are the Insurance Requirements in Tampa?

If you are still making car payments to a bank for your vehicle, or in other words if you have a new car, you will likely be required to maintain full insurance coverage on your vehicle. That is, you need to hold a comprehensive insurance policy.

For everyone else, all states except one require you to hold a minimum amount of car insurance. This is meant to protect those who are injured or have their car damaged in an accident that is not their fault. If you want your car fixed by insurance because of an accident where you were considered to be “at fault”, you will need to have a comprehensive insurance policy.

Florida has relatively low requirements for drivers, mandating that they hold $10,000 worth of protection for personal injuries and another $10,000 for property damage. Some states require as much as $45,000 altogether just for injuries.

Most Expensive and Least Expensive Insurance Rates by Zip Code

Cheap Car Insurance in Tampa by Insurer

If money is a factor, think about your options. For instance, if you are no longer making loan payments on your vehicle, you may be able to drop full coverage and opt for the state minimum instead. No matter your situation, you should always take the time to get quotes and information for multiple insurance options.

Are you looking for the best cheap car insurance, check out this guide.

Low Cost Auto Insurance for Bad Credit in Tampa

If you are a veteran or on active duty, USAA may be able to offer you a significantly lower quote than some of the other companies in the area. If you don’t require full coverage, you’ll definitely be able to find something more affordable. However, if you have bad credit, these are some of your best options.

Learn about how your credit score can negatively impact your insurance rates.

Full Coverage Vs. Liability Coverage

What is Liability Only Insurance Coverage?

Liability-only coverage means coverage that only pays for the loss others incur if you are at fault in an automobile accident. These are for the medical expenses, other property damage or car repairs that you cause to another or their property in an accident.

One has the option of paying for more than the state minimum requirements outlined above for liability insurance. That is a good idea because you will be personally liable from your own finances and assets if you harm someone else or their property in an accident and your state minimum coverage levels do not fully reimburse the losses of the other party.

What is Full Coverage Car Insurance?

Full coverage means that you not only have adequate insurance to cover the losses of others if you are at fault in an accident. Full coverage means you have all the liability coverage you need to care for the harm to others if you have an accident and are at fault, and you have coverage for your own losses as well. There are two main kinds of other coverages that drivers purchase in order to repair their vehicles in the event of an accident they cause:

What is Collision Coverage?

Collision insurance covers the cost of repairing your own car if you are in an accident that is your fault. A way to save money on collision insurance is to purchase it with a higher deductible. For example, it will likely be very expensive to have collision coverage on your vehicle with a $500 deductible, but a $1,500 deductible or a $2,000 deductible will save considerable money on your automobile full coverage policy.

What is Comprehensive Coverage?

Comprehensive insurance covers the cost of repairing your vehicle for those things that were not your fault, like extreme weather that damaged your vehicle, or a deer that walked in front of you, theft, or vandalism. Comprehensive insurance tends to be much cheaper than collision. Even those with older vehicles may benefit from carrying comprehensive insurance because it is relatively cheap and will cover things like windshield replacement.

Top Factors and Differences Between the Types of Coverage

The main difference between liability and full coverage insurance is that full coverage will cost more than liability insurance and this is because it protects you against many more possible risks that liability doesn’t cover.

In addition, liability insurance only covers other people’s injury claims and damages to other vehicles where full coverage will cover other’s injuries and vehicle damages as well as your injuries and damage to your own vehicle.

Average Annual Car Insurance Rates in Florida by City

Additional cities in Florida you can check out.

How to Lower Your Insurance Rates Policy

Find additional ways to save on your Tampa car insurance premiums with these insurance discounts:

  • Avoid Accidents:

    When your record is clear of at-fault accidents, insurers see you as a better financial risk. Thus, your premiums will be lower.

  • Don’t Speed:

    If you have one or more speeding tickets, your insurance rates will be higher. This is because high speeds are associated with accidents, and if you speed you are more likely to be deemed at-fault in an accident.

  • Shop Around:

    There are at least twenty auto insurance companies currently active in Tampa. Their premium rates are spread over a wide range, so be sure to compare prices and make sure you get the best, and most affordable, policy for you.

  • Comprehensive Insurance Packages:

    Insurance companies like when you use them for more than simple auto insurance. Thus, they frequently offer packages that include homeowner’s insurance, or other policies, on the same account. When you opt for one of these comprehensive policies, the company is often able to lower your automobile premium as part of the deal.

  • Multiple Vehicles:

    Similar to purchasing a comprehensive insurance package, combining multiple vehicles on the same policy results in lower premiums. Consider this a bulk purchase for your auto insurance.

  • Military and Student Discounts:

    Sometimes insurance companies have special discounts for certain demographics, like active military or students.

Are you looking for car insurance discounts? Learn more here.

Here are Some of the Typical Factors that Affect Your Tampa FL Car Insurance Premiums

As you can see, car insurance rates are influenced by a complex set of factors, all of them are determined by risk data for each insurance agency. How much each agency charges, though, based upon similar risk data, can vary widely. In the case of younger drivers, they can save literally thousands of dollars each year by shopping around. The insurance agencies will charge drivers different rates for their automobile insurance premiums by their age and marital status, driving record, area they live in, and whether they carry liability-only or full coverage insurance. If the customer opts for collision insurance, the carriers will charge more for a lower deductible.

Since there are so many factors to take into consideration in how much an insurance agency charges you for automobile insurance, it quite literally pays to thoroughly educate yourself about automobile insurance and to shop around for the best quote.

Learn how citations can affect your insurance premiums here.

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