Average car insurance cost in Tampa, FL

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According to data from Insure.com, the average annual cost of car insurance in Tampa, Florida is $3,131. The auto insurance rates in Tampa is $437 more than the state average and $1,236 more than the national average.

Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.

This article talks in detail about the most affordable car insurance companies in Tampa, the average car insurance rates by age and gender, and how much car insurance cost in Tampa depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in Tampa. Keep reading to learn more.

Cheap car insurance companies in Tampa

State Farm offers the most affordable car insurance in Tampa for coverage limits of 100/300/100 at $2,745 per year.

The Nationwide comes close second offering car insurance at $2,841 per year.

As mentioned previously, car insurance quotes differ amongst companies due to the factors they consider when determining rates. Hence, it’s advisable to obtain quotes from multiple insurers to find affordable car insurance rates in Tampa that align with your needs before finalizing your insurance carrier.

Here are the average annual and monthly costs for the various car insurance companies providing coverage in Tampa, Florida:

Read about the best car insurance companies.

Average car insurance cost in Tampa by coverage limits

The average car insurance rates in Tampa by coverage type are as follows:

• State minimum coverage: $1,192 per year (limits of 25/50/25)
• Liability-only coverage: $2,004 per year (limits of 50/100/50)
• Full coverage: $3,131 per year (limits of 100/300/100)
• Non-owners coverage: $632 per year

In many states, drivers are legally required to maintain state minimum coverage. However, these requirements vary by state. However, the state minimum coverage does not protect vehicles listed on your policy in an at-fault accident.

It’s advisable to choose full coverage to avoid the risk of inadequate coverage and out-of-pocket expenses. You can also choose non-owners coverage if you often borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Tampa

The average car insurance per year for female drivers in Tampa, Florida, is $3,134.

Whereas the yearly average car insurance rate for male drivers is $3,128, which is $6 less than what female drivers pay.

According to the Insurance Information Institute, women are considered to be safer drivers than men, and statistics have proved this. They often enjoy lower auto insurance premiums due to their lower incidence of severe accidents compared to men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Tampa

In Tampa, car insurance rates are the highest for teens, at $9,068 per year or $756 per month. The rates are higher for teenagers (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road, according to the Insurance Information Institute. There are driving laws for teens to help them drive better. Also, teen insurance rates can be lowered by adding teens to a parent’s auto insurance policy.

Car insurance rates are bound to decrease as teens grow older and earn a good driving record. Young adults pay $4,809 per year for their car insurance which is $4,259 less than what the teens pay for their insurance policy.

The car insurance rates in Tampa for adult and senior drivers are $3,134 and $3,042 per year respectively.

The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below depicts the average annual rates for drivers of different age groups:

Car insurance rate trends in Tampa

Examining the trends in car insurance rates in Tampa, Florida it was on an downward swing from 2022 to 2023. From 2022 to 2023 rates decrease overall by 9%, or $327.

The table below shows the trend for last four years:

Conclusion

In conclusion, Tampa’s car insurance rates are higher than the average insurance rates in Florida. Drivers in Tampa can find affordable car insurance options by shopping around and taking advantage of available discounts. Moreover, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.