This would be a quick read if we could just give you the name of the exact car insurance company that has the lowest rates in Florida. Regrettably, it’s not quite that easy, as there are a whole slew of unknown factors like any tickets or violations, how high your deductibles should be, and how safe your vehicle is, that all have an effect on the price of a policy. This article will cover some of these things and hopefully give you enough understanding to have a solid foundation to find cheaper car insurance in Tampa.
The make and model of vehicle you are trying to insure is a large consideration when comparing quotes for the best cheap coverage for Uber drivers. Vehicles with high performance, a lack of modern safety features, or an increased likelihood of liability claims will cost significantly more to insure than safer models.
The table below presents insurance prices for some of the more affordable vehicles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$2,062|
|Ford Escape XLT 2WD||$2,072|
|Dodge Grand Caravan Hero||$2,162|
|Hyundai Elantra Blue 4-Dr Sedan||$2,238|
|Ford Focus SES 4-Dr Sedan||$2,246|
|Ford Edge Sport AWD||$2,278|
|Chevrolet Impala LTZ||$2,285|
|Jeep Grand Cherokee Limited 4WD||$2,320|
|Toyota Tacoma 2WD||$2,329|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$2,320|
|Ford F-150 Lariat Crew Cab Platinum 2WD||$2,328|
|GMC Sierra 3500HD SLE Regular Cab 2WD||$2,360|
|Toyota RAV4 Limited 4WD||$2,366|
|Chevrolet Malibu LT||$2,412|
|Honda Accord LX-S 2-Dr Coupe||$2,430|
|Chevrolet Equinox LS 2WD||$2,433|
|Toyota Camry Hybrid||$2,473|
|Hyundai Sonata Limited 4-Dr Sedan||$2,482|
|Ford Explorer Limited AWD||$2,488|
|Honda Odyssey EX-L W/Navigation||$2,494|
|Toyota Corolla S||$2,499|
|Nissan Rogue S AWD||$2,534|
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Price estimates do not factor in garaging location in Tampa, FL which can influence auto insurance rates considerably.
Based on these rates, you can assume that models like the Honda CR-V, Ford Escape, and Dodge Grand Caravan should be a few of the less-costly vehicles to insure for Uber vehicles.
One of the more important components that are looked at to determine the amount you pay each year for auto insurance is where you live. Cities with larger populations or higher claim trends will most likely have higher rates, whereas areas that tend to be more rural tend to receive cheaper rates.
The next table ranks the highest-priced areas in Florida for Uber drivers to purchase auto insurance in. Tampa is listed at #8 with an annual cost of $2,610 for coverage, which is about $218 each month.
|7||West Palm Beach||$2,625|
|19||Port St. Lucie||$1,994|
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Information shown are estimated as the specific garaging location can raise or lower price quotes greatly.
Get discounts on Tampa auto insurance
Insurance companies that provide coverage for Uber drivers may provide discounts that could reduce prices by 25% or more if you are eligible for them. Companies and the discounts they provide can be found below.
- The Hartford has discounts for anti-theft, defensive driver, driver training, vehicle fuel type, air bag, bundle, and good student.
- American Family may offer discounts for defensive driver, air bags, mySafetyValet, early bird, and good student.
- Progressive may have discounts that include online quote discount, continuous coverage, homeowner, multi-policy, online signing, multi-vehicle, and good student.
- Travelers discounts include multi-car, payment discounts, multi-policy, save driver, and home ownership.
- Farmers Insurance may include discounts for good student, teen driver, homeowner, mature driver, and youthful driver.
- USAA offers premium reductions for good student, new vehicle, multi-vehicle, defensive driver, annual mileage, and driver training.
- Liberty Mutual offers discounts including newly married, teen driver discount, safety features, multi-policy, new move discount, exclusive group savings, and hybrid vehicle.
The diagram below shows the difference between insurance prices with and without discounts being applied to the rates. The data is based on a female driver, no accidents, no driving violations, Florida state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with marriage, claim-free, vehicle safety, safe-driver, homeowner, and multiple policy discounts applied. When discounts are applied, the average savings per year on car insurance for Uber drivers is 28% or $856.
Comparison of full coverage and liability-only policies
Finding cheaper car insurance should be important to the majority of vehicle owners, and an easy way to pay less for insurance for Uber drivers is to not insure for full coverage. The diagram below illustrates the difference between car insurance costs with full physical damage coverage compared to only buying liability only. The prices are based on no claims or violations, $1,000 deductibles, single status, and no discounts are applied.
As an average for all age groups, physical damage coverage on your policy costs $1,747 per year over having just liability coverage. That amount may make you wonder if full coverage is worth the money. There is no definitive guideline to exclude physical damage coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let’s pretend your vehicle’s replacement value is $11,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company would pay you is $10,500 after the policy deductible has been paid. If it’s costing you more than $1,050 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
The information below demonstrates how deductible levels can influence insurance costs when researching cheap insurance for Uber drivers. The rates are based on a single female driver, full physical damage coverage, and no additional discounts are factored in.
The data above shows that a 30-year-old driver could lower their car insurance rates by $378 a year by changing from a $100 deductible up to a $500 deductible, or save $572 by selecting a $1,000 deductible. Young drivers, such as the Age 20 example, can save up to $838 each year by selecting a higher deductible. If you make the decision to raise deductibles, it is necessary to have enough funds in savings to offset the extra out-of-pocket expense that is associated with using high deductibles.