Tampa, Florida is home to nearly 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 car insurance rates being $1,514 for minimum coverage insurance and $3,027 a year for full coverage insurance, taking steps to find the best cheap car insurance companies in Tampa could potentially save you a significant amount of money on premiums.
Bankrate reviewed over a dozen car insurance providers to find the best cheap car insurance companies in Tampa. Our criteria involved narrowing down insurers with competitive premiums and strong customer satisfaction ratings. Here’s Bankrate’s shortlist of best cheap car insurance providers in Tampa.
Best Car Insurance Companies in Tampa
Four providers stood out as being the best car insurance companies in Tampa, Florida based on average premiums and 2020 J.D. Power Auto Insurance Study rankings. Each provider offers additional coverage options and has multiple opportunities for drivers to earn savings.
|Insurance company||J.D. Power Score
|Average annual premium for minimum coverage||Average annual premium for full coverage|
|Geico||846 / 1,000||$1,079||$2,597|
|State Farm||826 / 1,000||$1,247||$2,327|
|Allstate||851 / 1,000||$1,654||$3,433|
|Progressive||834 / 1,000||$1,703||$3,218|
Geico provides low-cost coverage to Tampa drivers, with the lowest average rates for minimum coverage, plus a variety of discounts available. There are 16 discounts available that offer savings for multiple types of drivers, including good students, federal and military employees and owners of vehicles with safety equipment.
Geico ranked highly among other providers in Florida, earning the second spot in the 2020 J.D. Power Auto Insurance Study.
State Farm comes in as the second cheapest for basic coverage but has the cheapest average rates in Tampa for full coverage. The provider has a variety of policies available for your vehicle, including rental and rideshare insurance. If you happen to own more high-value vehicles, like sports or classic cars, State Farm has special coverage options to help make premiums more affordable. The company’s discounts range in savings from up to 15% for completing a defensive driving course to up to 40% for passive restraint systems installed in vehicles made in 1993 and before. Depending on your qualifications, you could apply these discounts or others to your premium to help fit your auto insurance budget.
Allstate earned first place in the 2020 J.D. Power Auto Insurance Study for the Florida region, with 851 out of 1,000 points. Besides the basic types of coverage required in Tampa, you can also insure the sound system in your vehicle, add roadside assistance or purchase an umbrella policy to extend your car insurance liability limits. If you are a classic car collector, Allstate allows you to insure your collector vehicle, too.
Although Progressive lands in the higher range of rates on average, its premiums are still competitive in the city of Tampa. There are nearly 80 agents available locally that could help drivers ensure that they have the best possible coverage for their vehicles and situations. According to Progressive, drivers who switch carriers 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 policy period you go without claims or incidents. You could put this extra savings aside in case of a claim where an out-of-pocket deductible is required.
Cheapest Car Insurance in Tampa
Tampa drivers generally pay significantly more for car insurance than is average for the state of Florida. City annual premiums are $1,514 for minimum coverage and $3,027 for full coverage, compared to Florida’s annual averages of $1,101 and $2,364 for minimum and full coverage, respectively. Tampa rates also outweigh national averages of $565 per year and $1,674 per year for the same coverage types.
While Tampa’s busy roads may be a cause for its higher premiums, the following five providers stood out as offering the cheapest car insurance rates on average for drivers in the area.
|Insurance Company||Average Annual Premium for Minimum Coverage||Average Annual Premium for Full Coverage|
Geico and State Farm offer coverage below city averages for both minimum and full coverage, though your rates may be different depending on a number of personal factors. Fortunately, each of the providers named offer a host of discounts, including ones for safe drivers. Each provider also has a mobile app where policyholders can submit claims from the convenience of their mobile devices.
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, 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
Because Florida is a no-fault state, Tampa’s insurance requirements are more comprehensive than other parts of the country. When shopping for new coverage, the minimum amounts you will need to legally drive are as follows:
- Property damage: $10,000 per accident
- Personal injury protection: $10,000 per accident
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 are leasing a vehicle or drive a higher-value vehicle.
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 are 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 consider looking for are:
- Multi-vehicle: The average home in Tampa owns two vehicles. Bundling them into one policy could save you money on your car insurance.
- Senior driver discounts: Retirees can take advantage of senior driver discounts offered by many 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 usually take advantage of driver discounts on vehicle insurance.
- Defensive driver discounts: Investing time in an online defensive driving course could have a couple of benefits: you could 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 based on your personal criteria.
How Much Does Car Insurance in Tampa Cost?
The average cost of car insurance in Tampa is well above the state average of $1,101 a year for minimum coverage, and $2,364 a year for full coverage. Instead, Tampa drivers may expect to pay $1,514 a year in Tampa for minimum coverage, and $3,027 a year for full insurance, on average.
How Much Car Insurance do I Need in Tampa?
Florida is a no-fault state and requires drivers, including those in Tampa, to carry at least $10,000 in both personal injury protection (PIP) and property damage liability (PDL). However, most insurance experts recommend purchasing more than minimum coverage limits. Without fuller coverage in an accident that exceeds your minimum amounts, you could have a large out-of-pocket expense to recover the damage.
Bankrate utilizes Quadrant Information Services to analyze 2021 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 2019 Toyota Camry, 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.