Best Cheap Car Insurance in Tampa

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Tampa, Florida is home to over 393,000 residents with an average car ownership of two cars. Tampa drivers spend an average of 24 minutes commuting to and from work each day. All Florida residents must carry a valid and active auto insurance policy to drive legally. With Tampa’s average annual rates being $1,241 for minimum coverage insurance, and $3,392 a year for full insurance, taking steps to find the best cheap car insurance Tampa rates can potentially save you a significant amount of money.

Bankrate reviewed over a dozen car insurance providers to find the best cheap car insurance in Tampa. Our requirements were simple — the cost of auto insurance had to be lower than average while policy options and customer satisfaction must be higher than average. Here’s Bankrate’s shortlist of best cheap car insurance providers in Tampa.

Best Car Insurance Companies in Tampa

The following car insurance quotes represent average rates for drivers in Tampa. Minimum coverage is the least amount of insurance you can have in the state of Florida and still legally drive. Full coverage is recommended for most drivers in Tampa — it includes coverage for others as well as protection for your own vehicle.

Insurance Company J.D. Power Score Average Annual Premium for Minimum Coverage Average Annual Premium for Full Coverage
Geico 846/1,000 $854 $2,469
State Farm 826/1,000 $1,000 $2,263
Allstate 851/1,000 $1,090 $3,399
Progressive 834/1,000 $1,348 $3,126

Geico

Geico provides low-cost coverage to Tampa drivers, with the lowest average rates for minimum coverage, plus a variety of discounts available. There are 15 discounts for every type of driver including good students, federal and military employees and owners of vehicles with safety equipment.

Geico provides the cheapest car insurance in Tampa for drivers looking for basic coverage. It’s ranked highly among customers who rewarded the national insurer with second place in J.D. Power’s 2020 customer satisfaction study for the Florida region.

State Farm

State Farm comes in as the second cheapest for basic coverage but has the cheapest average rates in Tampa for full coverage. If you own a new vehicle or financed one, your lender likely requires you carry full insurance coverage as part of the loan conditions. Full coverage typically covers repairs and reimbursement if your vehicle was damaged in a crash, because of bad weather, damaged or lost in a fire or was stolen.

State Farm’s full insurance policy will cover you against those types of losses, at a rate lower than other providers in the area.

Allstate

Allstate earned first place in the 2020 J.D. Power customer satisfaction study. Besides the basic types of coverage you’ll need in Tampa, you can also insure the higher-end sound system in your vehicle, add roadside assistance or purchase an umbrella policy to extend your car insurance liability limits. If you’re a classic car collector, Allstate allows you to insure your collector vehicle, too.

Progressive

Progressive’s rates are higher than the other three insurance carriers on this shortlist, but are still cheaper than other Tampa car insurance companies. According to Progressive, drivers who switch can save an average of $750 per year on their insurance premiums. Opt for the Deductible Savings Bank and you may also get $50 deducted every six months, at renewal. You could put this extra savings aside in case of a claim, when you’ll need to pay the deductible out of pocket.

Cheapest Car Insurance in Tampa

The table below provides you with an overview of the cheapest car insurance companies in Tampa. The annual premiums for each carrier provide insight as to the difference in price between minimum coverage and full coverage. Full coverage is typically more expensive because it covers third parties and your personal property and vehicle. If you’re driving a newer-model car, full coverage may be the best financial decision. Otherwise you’ll have to pay out-of-pocket for costly damages to your vehicle.

Insurance Company Average Annual Premium for Minimum Coverage Average Annual Premium for Full Coverage
Geico $854 $2,469
State Farm $1,000 $2,263
Allstate $1,090 $3,399
Progressive $1,348 $3,126
MetLife $1,581 $4,406

For perspective, compare the average cost of car insurance in Tampa to the overall state average. Drivers in Florida pay an average of $895 a year for minimum coverage, and $2,544 a year for full coverage. Geico and State Farm are the only carriers offering insurance below the state average.

Based on these rates, Geico may be the best choice for affordable, basic coverage and State Farm is the cheapest for full coverage.

However, many factors determine the actual cost of your car insurance, which is why it’s important to shop around before you pick an insurance company. Exact quotes can vary because of your age, driving history, credit score and policy options and limits, among other variables. Although Geico is the cheapest insurance company in Tampa according to average rates, you may get a better price quote from a competitor based on your unique details.

Tampa Insurance Requirements

Tampa’s insurance requirements are more comprehensive than other parts of the country. When shopping for new coverage, the minimum amounts you’ll need to legally drive are as follows:

  • Bodily injury: $10,000 per person/$20,000 per accident
  • Property damage: $10,000 per accident
  • Uninsured motorist coverage: $10,000 per person/$20,000 per accident
  • Personal injury protection: $10,000

The state’s requirements are only guidelines for the minimum amount of coverage for all drivers. You may need higher levels of coverage than just minimum, particularly if you drive a higher-value vehicle or have assets that you’d like to protect against lawsuits and claims.

Full coverage insurance refers to a collection of coverages, often including comprehensive and collision insurance, that reimburses you or pays for the replacement of your vehicle if it’s lost or damaged due to a covered loss. Umbrella insurance adds extra coverage beyond the limits of your auto policy, in case you’re responsible for a larger settlement or claim than what your base policy covers.

Car Insurance Discounts in Tampa

Tampa residents have unique needs compared to other Florida drivers. Considering that the cost of auto insurance in this city is generally higher than the state’s average, finding savings wherever you can is essential. Some discounts Tampa drivers should look for are:

  • Multi-vehicle: the average driver in Tampa owns two vehicles. Bundling them into one policy could save you money on your car insurance.
  • Senior driver discounts: Tampa has long been known as the top (or second-best) city to retire in the state of Florida. Retirees can take advantage of senior driver discounts offered by most auto insurance companies in Tampa.
  • Student discounts: Tampa is home to several colleges including the University of Tampa, University of South Florida and Florida College. College students can take advantage of driver discounts on vehicle insurance.
  • Defensive driver discounts: investing a day in an online defensive driving course has a couple of benefits: you can improve your driving skills to reduce the chances of being in an accident, and potentially get a discount on your car insurance.

Frequently Asked Questions

What is the Best Car Insurance Company?

It’s hard to name just one car insurance provider as the best when there are a handful of quality car insurance companies to choose from. Look for a carrier that provides you the best level of coverage and service for a price that fits your budget. To accomplish this, get quotes from several of the top carriers to compare and decide for yourself.

How Much Does Car Insurance in Tampa Cost?

The average cost of car insurance in Tampa is well above the state average of $895 a year for minimum coverage, and $2,544 a year for full coverage. Expect to pay $1,241 a year in Tampa for minimum coverage, and $3,392 a year for full insurance, on average.

How Much Car Insurance do I Need in Tampa?

Drivers need to have liability, personal injury protection and uninsured motorist coverage in Tampa. The minimum limits you’ll need are:

  • Bodily injury: $10,000 per person/$20,000 per accident
  • Property damage: $10,000 per accident
  • Uninsured motorist coverage: $10,000 per person/$20,000 per accident
  • Personal injury protection: $10,000

Methodology

Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a cleaning 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 coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.