How Much are Auto Insurance Rates for Drivers Under 21 in Tampa?

The words “low-priced” and “insurance” really should not be used together, in particular when you are shopping around for the cheapest auto insurance for drivers under 21. Let’s familiarize you with some situations the can have a considerable influence on insurance rates, and find some ways to cut the cost of the next policy you buy.

Comparing rates for cheap auto insurance is not always easy, and deciding which companies offer the best auto insurance rates for drivers under 21 takes even more rate comparisons.

Each company has a different process for determining prices, so we’ll take a look at the overall cheapest auto insurance companies in Tampa. Keep in mind that Tampa, FL auto insurance rates are based on many factors that may substantially change the cost of coverage. Simply having another birthday, buying a home, or getting caught speeding may generate price changes that can make some companies more affordable than before.

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USAA offers some of the lowest car insurance rates in Tampa at around $986 each year. This is $1,462 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers also make the cut as some of the best Tampa, FL insurance companies.

As illustrated above, if you are currently insured with Progressive and switched to Electric, you might see an annual savings of upwards of $101. Policyholders with Travelers might save as much as $142 a year, and Mercury customers might cut rates by $187 a year.

To find out how much you can save, click here to get quotes or click through to the companies below.

Be aware that those policy rates are averages for all insureds and vehicles and and are not calculated with a specific zip code for drivers under 21. So the insurer that fits your situation best may not even be in the top 21 companies in the list above. That affirms the importance of why you need to get quotes using your own driver and vehicle profiles.

For minors, one of the largest components that help determine car insurance rates is your zip code. More populated areas are more likely to have higher rates, whereas less populated areas have the benefit of cheaper car insurance.

The illustration below ranks the most expensive areas in Florida for drivers under 21 to purchase car insurance in. Tampa comes in at #6 costing $2,636 on average, which is around $220 each month.

Car insurance prices in Tampa
Rank City Premium Per Year
1 Hialeah $3,523
2 Miami $3,273
3 Miami Gardens $3,149
4 Miami Beach $3,013
5 West Palm Beach $2,679
6 Tampa $2,636
7 Hollywood $2,630
8 Miramar $2,603
9 Fort Lauderdale $2,576
10 Coral Springs $2,574
11 Pompano Beach $2,543
12 Pembroke Pines $2,481
13 Davie $2,473
14 Brandon $2,322
15 St. Petersburg $2,196
16 Clearwater $2,194
17 Spring Hill $2,039
18 Orlando $2,008
19 Port St. Lucie $1,994
20 Jacksonville $1,960
21 Lakeland $1,901
22 Cape Coral $1,841
23 Palm Bay $1,733
24 Tallahassee $1,731
25 Gainesville $1,646
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Price information shown is estimated as zip code location can alter price quotes substantially.

The car, truck, or SUV driven is a large factor that determines if you can find affordable coverage for drivers under 21. Vehicles with limited speed and performance, an excellent safety record, or a track record of few liability claims will cost less to insure than higher performance models. The next list showcases auto insurance prices for a selection of the most cost-effective vehicles to buy coverage for.

Cheapest Vehicles to Insure in Tampa, FL
Vehicle Insured Estimated Cost for Full Coverage
Honda CR-V LX 2WD $4,636
Honda Accord LX-P 4-Dr Sedan $4,642
Ford Escape Limited 2WD $4,702
Hyundai Elantra SE Touring Station Wagon $5,046
Toyota Prius $5,115
Ford F-150 XLT Regular Cab 4WD $5,154
Honda Odyssey EX $5,432
Chevrolet Equinox LT 2WD $5,498
Toyota RAV4 Limited 2WD $5,508
Chevrolet Malibu LS $5,498
Jeep Grand Cherokee Laredo 4WD $5,507
Chevrolet Impala LT $5,498
Ford Explorer Limited 4WD $5,567
Dodge Grand Caravan SXT $5,574
Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr $5,567
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Price data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in specific garaging location which can alter premiums significantly.

Based upon the table data, vehicles like the Honda CR-V, Honda Accord, Ford Escape, Hyundai Elantra, and Toyota Prius are most likely to be some of the most affordable vehicles to insure for minors. Rates will tend to be more expensive anyway because of the fact that there is more risk for drivers under 21, but in general those particular vehicles will tend to have the best insurance prices that you are likely to find.

Insuring your vehicle with the top auto insurance company can be rather challenging considering how many different insurance companies sell coverage in Florida. The rank data in the next section could help you decide which companies you want to consider purchasing a policy from. These ratings only include companies that insure vehicles across America, so smaller regional companies will not be included in these rankings.

Top 10 Major Car Insurance Companies in Tampa Ranked by Value

  1. Mercury Insurance
  2. Travelers
  3. American Family
  4. AAA Insurance
  5. Safeco Insurance
  6. Progressive
  7. The Hartford
  8. The General
  9. 21st Century
  10. Esurance

Should you buy full coverage?

Buying cheaper auto insurance is the goal of the majority of drivers, and one of the best ways to buy cheap insurance for drivers under 21 is to not buy comprehensive and collision coverage. The diagram below illustrates the difference between insurance rates with full physical damage coverage and with liability coverage only. The prices are based on no violations or claims, $250 deductibles, single status, and no discounts are applied to the premium.

If we average all the age groups together, physical damage coverage costs an additional $2,417 per year over and above liability coverage. That is a large expense which might make you wonder when is the right time to remove full coverage. There is no clear-cut formula for excluding physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.

For example, let’s say your vehicle’s settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $7,000 after paying your deductible. If you are paying over $700 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.

Who has the cheapest Tampa car insurance?

Tampa, FL auto insurance rates are impacted by many factors that will increase or decrease the price of your policy. Simply having a birthday, adding a teenager to your policy, or getting a few speeding tickets may prompt premium changes resulting in some rates now being cheaper than competitors. In addition to those changes, insurance companies change rates at least once a year as an adjustment for underwriting gains or losses. Higher than normal claim frequency or severity can cause more expensive premiums, while lower claims may cause cheaper Tampa car insurance rates.

For instance, the bar chart below shows the company with the cheapest car insurance in Tampa, FL for a 40-year-old male driver with no violations or accidents, and a decent credit rating. When comparing rates based on his personal risk profile, USAA might offer the cheapest car insurance rates in Tampa at $1,443 annually. This is $1,005 less than the average rate paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers are also on the list of the cheapest Tampa, FL auto insurance companies.

Let’s now give the driver from the first rate comparison a couple of claims, bad credit, and a few blemishes on his driving record. Since every insurance provider uses their own formula to set premium rates, comparing quotes will most likely result in a substantially altered list of cheap Tampa auto insurance companies as shown below.

USAA now has the lowest car insurance rate in Tampa, FL with Allied, Esurance, Auto-Owners, and State Farm also being competitive. This shows why drivers need to compare as many rates as possible when trying to find the most budget-friendly car insurance rates for drivers under 21.

Rates consist of many things and can decrease or increase without notice, so the lowest-price company two years ago may now be priced much higher than other options.

How to find budget-friendly auto insurance for drivers under 21

Lowering your rates is not difficult, and here are some money-saving ideas that can help you find low-cost auto insurance.

The final tip is extraordinarily important, as was affirmed in this article. Car insurance rates vary greatly, so you should be ready to buy a different policy if a lower-cost policy is available. Having brand loyalty is commendable, but it isn’t a good idea if your bullheadedness ends up costing you a fortune every year. Now is a great time to shop around and find cheaper car insurance for drivers under 21 in Tampa.