The words “economical” and “auto insurance” probably shouldn’t be used in the same sentence, especially when you are trying to find the cheapest car insurance for homeowners. Let’s go over a few of the things that have an effect on insurance rates, and find some ways to take a little off your next policy.
Finding reliable, cheap insurance is tough enough, and determining which companies have the lowest-priced car insurance rates for homeowners requires a bit more work. Every insurance company has their own guidelines to set policy rates, so let’s rank the car insurance companies with the most affordable rates in Tampa, FL.
It’s a good idea to know that Florida car insurance rates are based on many factors that will increase or decrease the policy price. Improving your credit score, buying a home instead of renting, or getting a reckless driving citation can cause premium changes resulting in some companies being less affordable than competitors.
Best Car Insurance Prices for Homeowners
USAA may have some of the most affordable car insurance rates in Tampa at around $977 per year. Amica, Electric, Progressive, and Travelers are also some of the most economical Tampa, FL insurance companies.
As shown above, if you are insured with Progressive and switched to USAA, you could see an annual premium reduction of approximately $816. Insureds with Travelers may save as much as $911 a year, and Allied insureds might realize rate reductions of up to $968 a year.
Be aware that those policy rates are averaged across all types of insureds and vehicles and and are not figured with a specific location for homeowners. So the company that is best for you may not even be in the top 21 companies in the list above. That’s why you need to get rate quotes using your own specific driver information and vehicle.
One of the many factors that help determine car insurance rates is where your residence is. Regions with more people or even just more weather-related claims tend to pay slightly more, whereas areas that tend to be more rural have the enjoyment of a little cheaper coverage.
The table below lists the most expensive cities in Florida for homeowners to purchase auto insurance in. Tampa makes the list at #11 with the annual price of $2,532 on average, which is approximately $211 monthly.
|6||West Palm Beach||$2,679|
|20||Port St. Lucie||$1,916|
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Rate quotes are comparative as vehicle location can raise or lower coverage prices considerably.
The vehicle you are buying coverage for is one of the largest considerations when quoting affordable car insurance for homeowners. Vehicles with lots of horsepower, poor passenger safety features, or a track record of large liability claims will cost more to insure than safer, lower-performance models. The next table shows car insurance premiums for a selection of the most affordable vehicles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$1,946|
|Hyundai Elantra GLS Touring Station Wagon||$2,082|
|Chevrolet Silverado LS Regular Cab 4WD||$2,086|
|Ford Escape XLS 4WD||$2,148|
|Chevrolet Impala LS||$2,207|
|Honda Odyssey EX||$2,214|
|Ford Fusion S 4-Dr Sedan||$2,250|
|Toyota RAV4 4WD||$2,257|
|Ford F-150 Lariat Super Cab 4WD||$2,291|
|Toyota Corolla S||$2,372|
|Ford Edge Sport AWD||$2,379|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$2,412|
|Chevrolet Malibu LTZ||$2,419|
|Nissan Rogue S 2WD||$2,415|
|Kia Optima LX||$2,424|
|Ford Explorer XLT 4WD||$2,418|
|Volkswagen Jetta SE 2.5 Station Wagon||$2,449|
|GMC Sierra 3500HD SLE Extended Cab 2WD||$2,455|
|Honda Civic SI 4-Dr Sedan||$2,493|
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Data rating is based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Premium amounts do not factor in specific zip code location which can impact rates substantially.
Looking at the rates, you can conclude that cars like the Honda CR-V, Hyundai Elantra, and Chevrolet Silverado should be some of the cheaper vehicles to insure for people who own their homes.
Impact of careless driving on Tampa car insurance rates
In a perfect world, the best way to maintain cheap car insurance premiums in Tampa for people who own their homes is to drive attentively and avoid accidents and violations. The chart below demonstrates how speeding tickets and at-fault fender-benders can influence premium costs for each age group. The price estimates are based on a married female driver, full coverage, $500 deductibles, and no discounts are applied to the premium.
The data above shows the average cost of a car insurance policy in Florida per year with a clean driving record and no accidents is $1,509. Get two speeding tickets and the average cost surges to $2,139, an increase of $630 each year. Next add one accident along with the two speeding tickets and the yearly cost of car insurance for homeowners goes up to an average of $2,771. That’s an increase of $1,262, or $105 per month, just for not being more responsible behind the wheel!
Liability-only versus full coverage
Paying a lower price for car insurance is the goal of most people, and one of the easiest ways to pay lower rates for insurance for homeowners is to not pay for full coverage. The example below shows the difference between auto insurance costs when comparing full coverage to liability only. The premium estimates are based on no accidents or driving violations, $250 deductibles, drivers are single, and no discounts are taken into consideration.
If the expense is averaged for all age categories, full coverage on your policy costs an additional $2,186 per year more than carrying just liability coverage. That brings up the question when is the right time to remove full coverage. There is no clear-cut rule to exclude full coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
Best car insurance in Tampa
Finding the right insurer can be challenging considering how many different companies sell coverage in Florida. The company rank data below may help you pick which companies to look at when shopping your coverage around.
These rankings include the largest auto insurers in America, so companies that have a smaller presence will not be included in the list. To view rates from these and other companies in Florida, click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies