Best cheap car insurance in Tampa
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The average cost of car insurance in Tampa for full coverage is $3,281 per year, or $273 monthly, while minimum coverage averages $1,182 per year. According to Bankrate’s 2023 study of quoted annual premiums, Tampa’s annual rates are some of the highest in the country. This is not too surprising as Florida remains one of the most expensive states overall for car insurance. Despite the high rates, drivers in Tampa may still be able to find car insurance companies that offer affordable rates. Some of the cheapest car insurance providers include State Farm, Allstate, and Geico.
Best cheap car insurance companies in Tampa
According to our analysis of rates from Quadrant Information Services, the cheapest car insurance companies in Tampa include State Farm, Geico, Allstate and Progressive. Both State Farm and Geico offer average rates below the city average for minimum and full coverage.
Bankrate understands that cheap rates aren’t the only important factor for many drivers, so when choosing the best cheap companies in Tampa, we also looked at coverage options, discounts and third-party ratings, like the 2022 J.D. Power Auto Insurance Study. These factors and more contribute to each insurer’s Bankrate Score, based on a 5-point scale.
|Insurance company||Bankrate Score||J.D. Power score (Florida)||Average annual premium for full coverage||Average annual premium for minimum coverage|
State Farm provides some of the cheapest average full coverage car insurance rates in Tampa, based on Bankrate’s study of quoted annual premiums. In addition to being one of the cheapest car insurance companies in Tampa, State Farm scored above the Florida segment average in the J.D. Power study and has over 20 local agents in the city. Although State Farm does not offer as many specialty coverage options for policies, such as gap coverage, it does offer a wide array of discounts that may help drivers save even more on premiums.
Learn more: State Farm Insurance review
Geico offers low average premiums in Tampa for both full and minimum coverage. Drivers may save even more with Geico’s extensive list of discounts. Savings may be available for military service, bundling, telematics participation, good students and professional affiliations. In addition to an above-average customer satisfaction score from J.D. Power in the Florida region, Geico holds a financial strength rating of A++ (Superior) from AM Best, which may appeal to drivers concerned about Florida’s volatile insurance market. Geico does not underwrite its own home or life insurance, which may be a concern for policyholders who like to conduct all their insurance business with a single company.
Learn more: Geico Insurance review
Progressive offers many potential advantages for drivers in Tampa, including a variety of policy customization options, like roadside assistance and windshield coverage. It also offers many discounts and perks, including the popular Name Your Price tool, where you can input your budget to see what coverage options are available to you. However, Progressive did not perform very well in the Florida region of J.D. Power’s customer satisfaction study, scoring the lowest of the four providers on our list.
Learn more: Progressive Insurance review
Although Allstate doesn’t have the cheapest average rates on our list, the company excels in other areas that may appeal to some drivers. For example, Allstate offers a robust telematics program, Drivewise, which may reward good driving habits with lower rates, travel rewards, gift cards, sweepstakes and other perks. Additionally, for drivers looking for convenience, Allstate offers a highly-rated mobile app where drivers can manage their car insurance policy, file claims, update coverage, and check the status of claims.
Learn more: Allstate Insurance review
How to get and keep the cheapest car insurance in Tampa
With higher-than-average insurance rates, finding and keeping affordable coverage in Tampa may require work. However, Tampa drivers may be able to save with the following tips:
- Compare rates from multiple carriers. Premiums can vary widely from one insurance provider to another, which is why it often pays to research and compare more than one company. In addition to finding which offers the lowest rates for your situation, you may identify which companies can meet your needs in terms of customer service, digital tools and coverage options.
- Maintain a clean driving record. Your driving record is a key factor in your cost of car insurance. Carriers typically see drivers with no accidents, tickets or other violations as less likely to file claims and reward them with the lowest rates.
Frequently asked questions
The best car insurance company for you likely depends on your insurance needs and priorities. For some, the best car insurance company may be the one with the lowest rates, while other drivers may be willing to pay more for great customer service or robust digital tools. The best way to find the top Florida car insurance company for you may be to create a list of your insurance priorities and compare quotes from carriers that meet your criteria.
There are multiple ways to potentially find affordable rates in Tampa, including shopping around and comparing prices, taking advantage of all discounts possible or taking on a higher deductible. You may be able to save even more by bundling your homeowners or renters policy with your auto policy under a single provider, if possible. It may help to compare quotes again whenever your life circumstances change to see if you can get lower rates with a different insurer.
The average cost of car insurance in Tampa is well above the national average. The average full coverage policy costs $3,281 per year in Tampa compared to the national average of $2,014. Car insurance rates may be especially high in Tampa for a number of reasons. As a densely-populated metropolitan area, Tampa drivers may be more at risk for accidents, driving up average insurance costs. Tampa is also at risk for hurricanes and located in Florida, one of the states with the highest percentage of uninsured drivers in the country.
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.