Best cheap car insurance in Tampa for 2024

The best car insurance companies in Tampa

Florida remains one of the most expensive states overall for car insurance. Despite the high rates, drivers may still be able to find affordable auto coverage in Tampa, FL. According to Bankrate’s research, below are some of the best companies that offer fairly affordable rates in Tampa.

The cheapest car insurance companies in Tampa

Tampa, like many major cities, has a lot of traffic, and drivers often face higher-than-average rates as a result. In fact, rates in Florida have been on the rise. You may be able to mitigate high Tampa insurance rates by driving a sensible car and looking for good driver discounts. The following companies offer some of the most affordable options for Tampa drivers.

How much is car insurance in Tampa, FL?

Drivers in Tampa pay an average of $4,940 per year for full coverage. Meanwhile, minimum coverage averages $1,413 per year. Average Tampa full coverage car insurance rates are 82 percent more than the national average and 21 percent more than the Florida state average.

Tampa rates for teens

Given their lack of driving experience and tendency to make driving mistakes, teenage drivers are seen as risky to insure by most companies. The result is higher premiums for teens who drive. The average cost of full coverage car insurance for a 16-year-old on their parents’ insurance in Tampa is $8,727 per year; the average cost for an 18-year-old driver on a standalone policy is $11,457 per year.

The following rates represent the average cost to cover a teen who is still on a parent’s policy.

Tampa rates for young drivers

Even after they exit their teen years, young drivers can still have higher premiums until they reach about 25 years old with most carriers. On average, a 20-year-old driver on a standalone full coverage policy pays $9,424 per year in Tampa, while a 25-year-old driver pays an average of $5,220 per year for the same coverage.

Tampa rates for adults

Adults in their 30s, 40s and 50s with a good driving record often enjoy the most reasonable car insurance rates. On average, a 30-year-old driver in Tampa pays $5,224 per year for full coverage auto insurance, while a 50-year-old driver pays $4,058 per year, on average.

Keep in mind, some factors can still drive up your rates. This includes driving expensive vehicles or getting speeding tickets.

Tampa rates for senior drivers

After the age of 60, rates begin to rise again for drivers with some insurance companies. Our research shows that on average, Tampa drivers pay around $4,496 per year for full coverage at age 60 and $4,197 per year at age 70.

 If you are driving less, you may want to consider lowering your costs by reducing your coverage and avoiding high-traffic areas during rush hour.

The cheapest car insurance in Tampa by driving record

Your driving record will inform your premium rates. If you get even a single speeding ticket or are involved in an accident, it’s likely that your insurance costs will go up the next time your insurance company pulls your driving record. This typically happens when your policy renews.

Car insurance with a speeding ticket in Tampa

Speeding increases your chances of getting into a serious accident, and most insurance companies penalize this behavior with higher premiums. If you have a speeding ticket on your record, it’s a good time to compare quotes again. On average, Tampa drivers with a single speeding ticket pay $5,717 per year for full coverage insurance, compared to $4,940 prior to their conviction. This means that drivers with a single speeding ticket conviction typically pay 16 percent more for full coverage.

Car insurance after an accident in Tampa

Any time you file a claim after an accident, insurance companies are likely to increase your annual rate. Florida is a no-fault accident state, so you’re required to carry insurance that covers your own expenses, regardless of who caused the event. On average, Tampa drivers with a single at-fault accident on their driving record pay 34 percent more percent more for full coverage than drivers with clean records.

Car insurance after a DUI in Tampa

Driving under the influence is one of the most serious driving infractions you can have on your driving record. In fact, some insurers may refuse to cover a driver after they’ve been convicted of a DUI. A DUI can influence your premium rates for several years. After a single DUI conviction in Florida, Tampa drivers pay average annual rates of $6,597 for full coverage and $2,388 for state minimum coverage.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all 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 single, 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.