Best cheap car insurance in Tampa

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 auto insurance in Tampa, we also looked at coverage options, discounts and third-party ratings, like the 2023 J.D. Power Auto Insurance Study. These factors and more contribute to each insurer’s Bankrate Score, based on a 5-point scale.

State Farm

State Farm provides some of the cheapest average full coverage car insurance rates in The Big Guava, based on Bankrate’s study of car insurance rates in Tampa. In addition to being one of the cheapest car insurance companies in Tampa, State Farm came in first place in 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

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

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 scored slightly below the region average in the Florida region of J.D. Power’s customer satisfaction study, the lowest of the four providers on our list.

Learn more: Progressive Insurance review 

Allstate

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

Methodology

Bankrate utilizes Quadrant Information Services to analyze the latest rates in May 2024 for ZIP codes and carriers in all 50 states and Washington, D.C. Rates include the most recent approved rate changes filed by insurance companies that affect our profile. These revised rates are then weighted based on the population density in each geographic region so that policyholders can see the impact rates have in their areas. 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 2022 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.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.

Age: Rates were calculated by evaluating our base profile with the ages 20-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.

Teens: Rates were determined by adding a 16- or 18-year-old teen to their 40-year-old married parents' policy. The rates displayed reflect the total cost of a driver this age added to their parents’ policy.

Bankrate Score

Our 2024 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.

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. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average 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, Demotech 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.