What Insurance is Cheapest for Drivers with Bad Credit in Tampa?

The words “bargain” and “insurance” really shouldn’t be used in the same sentence, in particular when comparison shopping for the best insurance rates for drivers with bad credit. To save some money, let’s take a look at some of the factors that help determine auto insurance rates, and come up with some ways to cut the cost of the next policy you buy.

The vehicle model requiring insurance is probably the most important factor that determines if you can find low-priced coverage for drivers with bad credit. Vehicles with high performance features, poor safety ratings, or a high likelihood of having liability claims will cost much more to insure than safer, lower-performance models.

The information below showcases coverage costs for a number of the most budget-friendly automobiles to buy coverage for.

Cheapest Vehicles to Insure in Tampa, FL
Vehicle Estimated Cost for Full Coverage
Honda Accord EX 4-Dr Sedan $2,190
Honda Odyssey EX $2,219
Chevrolet Impala LS $2,224
Chevrolet Equinox LT AWD $2,263
Toyota Camry LE $2,272
Ford Edge Sport AWD $2,382
Ford Escape Limited 2WD $2,401
Honda CR-V EX-L 4WD $2,406
Toyota Prius $2,426
Toyota Corolla XRS $2,431
Dodge Grand Caravan SE $2,454
Ford Explorer XLT 2WD $2,464
GMC Sierra 3500HD SLE Regular Cab 2WD $2,467
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Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Price information does not factor in garaging location in Tampa, FL which can revise coverage prices noticeably.

Looking at the numbers, you can see that models like the Honda Accord, Honda Odyssey, Chevrolet Impala, Chevrolet Equinox, and Toyota Camry are likely to be a few of the most budget-friendly vehicles to insure for people with poor credit. The cost of auto insurance will tend to be higher just due to the fact that there is a higher risk for drivers with bad credit, but in general those particular vehicles will most likely have the lowest insurance prices compared to other vehicles.

For people with poor credit, one of the more important components that determine the annual cost of car insurance is where your car is garaged. Areas with more people or higher crime rates tend to have higher auto insurance costs, whereas less populated areas have the luxury of lower rates.

The table below sorts the highest-priced places in Florida for drivers with bad credit to buy an auto insurance policy in. Tampa is ranked at #6 costing $2,636 for the average insured, which is approximately $220 each month.

How much does car insurance cost in Tampa, FL?
Rank City Annual Premium
1 Hialeah $3,630
2 Miami $3,273
3 Miami Gardens $3,245
4 Miami Beach $2,953
5 West Palm Beach $2,679
6 Tampa $2,636
7 Miramar $2,629
8 Coral Springs $2,549
9 Hollywood $2,526
10 Pompano Beach $2,518
11 Fort Lauderdale $2,475
12 Davie $2,448
13 Pembroke Pines $2,407
14 Brandon $2,298
15 St. Petersburg $2,219
16 Clearwater $2,194
17 Spring Hill $2,102
18 Orlando $2,090
19 Jacksonville $1,980
20 Port St. Lucie $1,935
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Price information shown is approximated as zip code location can affect coverage rates noticeably.

Figuring out which company quotes the cheapest insurance rates for drivers with bad credit may require a little more sweat in order to find coverage that fits your budget. Each insurer uses a little different formula for determining prices, so we’ll go over the insurance companies with the most affordable rates in Tampa, FL.

Keep in mind that Tampa insurance rates are influenced by many factors which can substantially change the policy premium. Simply getting older, increasing deductibles, or getting a speeding ticket can trigger changes in premium resulting in some rates now being more affordable than the competition.

Find Cheaper Car Insurance with Bad Credit

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USAA normally has some of the cheapest car insurance rates in Tampa at around $957 each year. Amica, Electric, Progressive, and Mercury also are some of the most economical Tampa, FL car insurance companies.

In this example, if you are a policyholder with Electric and switched to USAA, you may see an annual premium reduction of about $789. Customers with Progressive could save as much as $872 a year, and Mercury policyholders might lower prices by up to $957 a year.

It’s important to note that these premium estimates are averages for all drivers and vehicles and do not take into consideration an exact location for drivers with bad credit. So the insurer that fits you best may not even be in the top 21 companies in the list above. That’s why you need to quote rates from many companies using your own specific driver information and vehicle.

The diagram below illustrates how your choice of deductibles can affect yearly insurance costs when getting quotes for cheap insurance for drivers with bad credit. The premiums are based on a single female driver, full coverage, and no policy discounts are applied.

The data above shows that a 40-year-old driver could cut expenses by $332 a year by switching from a $100 deductible to a $500 deductible, or save $500 by switching to a $1,000 deductible. Even younger insureds, like the Age 20 category, could save $838 annually just by choosing higher deductibles.

If you do raise deductibles, it will be required to have enough savings set aside to allow you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.

Selecting a high-quality auto insurance provider can be a challenge considering how many companies provide coverage in Tampa. The rank data displayed below could help you pick which auto insurance companies you want to consider when shopping your coverage around. The rankings below are only comprised of major nationwide insurance companies, so companies without a large exposure will not be included in the list.

Top 10 Large Auto Insurance Providers in Tampa Ranked by A.M. Best Rating

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Titan Insurance – A+
  6. Esurance – A+
  7. Progressive – A+
  8. The Hartford – A+
  9. Allstate – A+
  10. Nationwide – A+

Top 10 Large Auto Insurance Providers in Tampa Ranked by Customer Satisfaction

  1. USAA – 91%
  2. AAA Insurance – 90%
  3. Esurance – 90%
  4. Mercury Insurance – 89%
  5. Nationwide – 89%
  6. Travelers – 88%
  7. Progressive – 88%
  8. Safeco Insurance – 88%
  9. State Farm – 88%
  10. Allstate – 88%

How to find cheaper car insurance for drivers with bad credit

The list below details a few penny-pinching ideas that can help Tampa drivers get cheap car insurance.

The last tip is notably vital, as was pointed out in this article. Prices charged by companies in Tampa can change in a short period of time, so don’t be tentative to switch to a new company if a cheaper rate is available. Many drivers tend to have loyalty to a certain company, but we do not recommend it if that loyalty results in overpaying lots of money. In just a couple of minutes you could shop around and find cheaper auto insurance for drivers with bad credit.

The agents listed below are willing to help you decide which policy fits your needs best, since some people prefer to have a little guidance when trying to find the best insurance rates for people with poor credit. It can be hard to find the cheapest car insurance policy, so a professional agent can give peace of mind knowing you have suitable coverage if you have an accident. To find a Tampa insurance agency close to where you live, click the link after the list or click here to compare rates now.

Varney Agency | Tampa FL
5401 W Kennedy Blvd #230Tampa, FL 33609(813) 200-7261

Charlies Agents Insurance Agency
2701 N Himes Ave #201Tampa, FL 33607(813) 831-8363

GreatFlorida Insurance – Mike Polivchak
3928 W Hillsborough AveTampa, FL 33614(813) 870-2334

Global FIS – A Full Service Independant Insurance Agency
8710 W Hillsborough Ave #201Tampa, FL 33615(813) 343-0844

L. Vega Insurance Agency
8019 N Himes Ave #100Tampa, FL 33614(813) 935-6629

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