Best Cheapest Car Insurance Rates in Tampa, Florida
Best Cheapest Car Insurance Rates in Tampa, Florida
Find Cheap Auto Insurance Quotes in Tampa
Minimum insurance in Tampa costs $3,020 on average — about $252 per month — while the city's full-coverage policy typically costs $4,440, or $370 each month. Quotes are about $970 higher in Tampa than the rest of Florida.
Depending on the insurer, minimum-coverage auto insurance can vary by more than $5,000, which shows why shopping around can help you save money.
Cheapest insurance rates in Tampa: Geico
Geico and State Farm offered the most affordable rates for a minimum liability policy in Florida. On average, these companies charge less than $2,000 per year.
Insurance costs tend to climb in densely populated areas. The city of Tampa is the largest in the Tampa Bay area and the third most populated in Florida, so it's no surprise insurance rates are higher than the state average.
Find Cheap Auto Insurance Quotes in Tampa, FL
Insurer | Annual Cost | |
|---|---|---|
| Geico | $1,469 |
| State Farm | $1,869 |
| MetLife | $2,391 |
| Direct General | $2,525 |
| Progressive | $3,766 |
The minimum liability policy is your cheapest option for coverage, but it might not be the best for your needs. Keep in mind that a minimum policy does not cover damage to your vehicle. If you get into an accident and wreck your car, your insurance won't cover the repairs.
Cheapest full coverage policy for Tampa drivers: Geico
The insurance company with the cheapest full coverage policy in Tampa is Geico, with an average premium of $2,331 per year.
If you're looking for an alternative, the second cheapest option is State Farm, which averages $693 more than Geico.
Rank | Company | Annual premium |
|---|---|---|
| 1 | Geico | $2,331 |
| 2 | State Farm | $3,024 |
| 3 | Direct General | $3,983 |
| 4 | MetLife | $4,570 |
| 5 | Progressive | $5,289 |
| 6 | Allstate | $7,442 |
A full coverage policy will cost you more than minimum liability would but offers more protection. Namely, it comes with comprehensive and collision coverage.
- Comprehensive coverage protects you financially from damage caused by events out of your control, known as "acts of God." These may include natural disasters, theft, vandalism and fires.
- Collision coverage protects you from damage caused by a car accident with another vehicle or an object. For example, if you crash into another car, drive into a ditch or flip your car over, collision coverage would pay to fix your car's damage.
If your car is less than 10 years old or worth more than $3,000, you'll benefit most from a full coverage policy. But if your car isn't worth much, then investing in full coverage might not be smart. You could end up spending more on insurance than your vehicle is worth.
Cheapest full coverage for young drivers: Geico
Young drivers in Tampa will find the cheapest insurance quotes with Geico, which has an average annual cost of $4,070 — slightly cheaper than the city’s average.
Rank | Company | Annual rate |
|---|---|---|
| 1 | Geico | $4,070 |
| 2 | Direct General | $5,085 |
| 3 | State Farm | $5,334 |
| 4 | MetLife | $6,160 |
| 5 | Progressive | $9,751 |
| 6 | Allstate | $12,429 |
Age is one of the biggest factors that affects insurance rates. Young people typically pay more for car insurance, on average, than middle-aged drivers. Out of any group, teenage drivers are the most likely to be involved in an accident, making them a risk to insure.
The average cost of full coverage insurance for young people is nearly twice the cost for drivers in their 30s.
There are additional steps every driver, especially young ones, should take to mitigate insurance costs:
- Combine plans with parents or relatives from a low-risk group. Rates for a combined, or multicar, insurance plan are more expensive than a single car or driver rate. However, a combined plan is less expensive than two separate policies.
- Look for discounts. Most insurers offer a menu of discounts to drivers. You can qualify for discounts by achieving good grades in school, attending a defensive driving course or installing anti-theft devices in your car.
- Gather quotes from more insurers. The difference between the cheapest and most expensive insurer for young Tampa drivers is more than $8,000. Research smaller insurers as well as widely known companies to see if they have affordable quotes.
Cheapest insurer for drivers with an accident history: Geico
Tampa drivers with an accident on their record should look at Geico, which offered the best price for car insurance after an accident.
Drivers with a history of even a single accident know that it heavily increases insurance premiums. The companies that increased prices the least following an accident were:
- State Farm
- Geico
- Direct General
Rank | Company | Rate before accident | Rate after accident | Difference |
|---|---|---|---|---|
| 1 | State Farm | $3,024 | $3,599 | $575 |
| 2 | Geico | $2,331 | $3,365 | $1,034 |
| 3 | Direct General | $3,983 | $5,453 | $1,470 |
| 4 | Progressive | $5,289 | $7,481 | $2,192 |
| 5 | MetLife | $4,570 | $7,607 | $3,037 |
| 6 | Allstate | $7,442 | $10,707 | $3,265 |
Accidents may cause your premiums to increase and disqualify you from safe driver discounts. When you ask for quotes, it’s important to also ask how an accident would impact your rates.
Car insurance costs across Tampa ZIP codes and neighborhoods
In Tampa, your neighborhood will affect your annual auto insurance rates. If you live in New Tampa, the cheapest part of the city, you'll pay $757 less than your friend or coworker in northwest Tampa, a tourist center and one of the most expensive areas in Florida.
ZIP code | Neighborhood | Average cost |
|---|---|---|
| 33602 | Downtown | $3,323 |
| 33603 | South Seminole Heights | $3,370 |
| 33604 | Old Seminole Heights | $3,304 |
| 33605 | Palmetto Beach/Ybor City | $3,292 |
| 33606 | David Islands/Hyde Park | $3,237 |
Car insurance companies in Tampa, Florida
The 11 biggest companies in the Florida auto insurance market write about 82% of all premiums. Each insurer varies in terms of average price, number of policy offerings and service quality, among other factors.
If you're debating whether to buy insurance from a large company or small company, keep in mind the benefits and disadvantages of each, as well as your needs. Large insurers generally have a greater offering of discounts, policies and availability but may lack the personalized service you can get from small insurers.
Rank | Insurer | Direct premiums written | Percent of direct premiums |
|---|---|---|---|
| 1 | Geico | 5,492,413 | 22.67% |
| 2 | Progressive | 5,001,524 | 20.64% |
| 3 | State Farm | 2,903,833 | 11.98% |
| 4 | Allstate | 1,999,192 | 8.25% |
| 5 | Liberty Mutual | 618,341 | 2.55% |
*USAA is only available to current and former military members and their families.
Auto insurance in Tampa: Minimum insurance requirement in Florida
Car insurance requirements are set by the state of Florida. In order to legally drive in Tampa, all drivers must meet the following coverage requirements:
- Personal injury protection (PIP): $10,000 per accident
- Property damage liability (PDL): $10,000 per accident
Insurance in Florida is generally more expensive than in other states, so you could be tempted to save money and buy only the minimum amount of coverage. However, a minimum liability policy might not be enough to protect you financially if you're involved in a big accident. If your car is expensive or new, you should consider a higher coverage limit or additional protection.
No-fault state
No-fault insurance covers medical costs following an accident, regardless of who was at fault. You aren't allowed to file a claim or seek litigation against another driver after an accident.
The type of no-fault coverage required in Florida is personal injury protection (PIP), which covers medical bills for you and your passengers.
Florida's financial responsibility law: SR-22 and FR-44 policies
Drivers convicted of driving under the influence or without insurance are required to hold additional car insurance coverage and higher coverage limits under Florida's financial responsibility law. This is done in the form of SR-22 or FR-44 insurance.
SR-22 insurance requirements
If you don't have insurance or have too many points on your driving record, you are seen as high risk and may need to file an SR-22 endorsement through your insurer. The form acts as proof that you’ve met the minimum insurance coverage requirements:
- Bodily injury liability: $10,000 per person/$20,000 per accident
- Property damage liability: $10,000 per accident
You will need to keep an SR-22 on file for at least three years in Florida in most cases, but you can verify the length of time with your local Department of Motor Vehicles (DMV).
FR-44 insurance requirements
An FR-44 is generally required if you are found guilty of driving under the influence (DUI) or driving while intoxicated (DWI). Due to the seriousness of these offenses, you will need to pay for significantly higher coverage limits when you file for FR-44 insurance.
- Bodily injury liability: $100,000 per person/$300,000 per accident
- Property damage liability: $50,000 per accident
FR-44 insurance is also typically required for three years in Florida, but the amount of time may vary depending on your particular situation, so it's good to confirm. Unlike SR-22 insurance, the FR-44 form needs to stay in place for the entire term, with no lapses in coverage. Otherwise, your suspended license will no longer be reinstated, and you will need to start the process over again.
Methodology
ValuePenguin examined data from six insurance companies in Tampa. Unless specified, our sample driver was an unmarried 30-year-old man who owned a 2015 Honda Civic EX. The driver was looking to purchase a minimum auto insurance policy and had a poor credit history.
In instances where our Tampa driver was opting for a full coverage policy, the following limits were implemented:
Coverage type | Study limits |
|---|---|
| Bodily liability | $50,000 per person/$100,000 per accident |
| Property damage | $25,000 per accident |
| Uninsured/underinsured motorist bodily injury | $50,000 per person/$100,000 per accident |
| Comprehensive and collision | $500 deductible |
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only; your quotes may be different.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.