The words “affordable” and “insurance” really shouldn’t be used together, especially when you are searching for the best coverage prices for low mileage drivers. Let’s familiarize you with some of the things that significantly impact insurance prices, and come up with some ideas to take the sting out of your next policy.
The vehicle requiring insurance is one of the largest considerations when comparison shopping for the best cheap coverage for low mileage drivers. Vehicles with lots of speed or power, a lack of safety features, or an increased likelihood of liability claims will cost much more to insure than safer models. The list below shows car insurance premiums for a handful of the more affordable automobiles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$1,911|
|Ford F-150 FX2 Super Cab 2WD||$2,147|
|Dodge Grand Caravan SE||$2,153|
|Jeep Grand Cherokee Laredo 2WD||$2,266|
|Chevrolet Equinox LS 2WD||$2,272|
|Ford Escape XLS 4WD||$2,345|
|Honda Accord EX 4-Dr Sedan||$2,350|
|Hyundai Elantra SE 4-Dr Sedan||$2,382|
|Ford Fusion SEL 4-Dr Sedan||$2,426|
|GMC Sierra SL Crew Cab 2WD||$2,426|
|Volkswagen Jetta SE 4-Dr Sedan||$2,432|
|Honda Civic SI 4-Dr Sedan||$2,502|
|Chevrolet Silverado 3500HD LTZ Crew Cab 2WD||$2,511|
|Toyota Tacoma 2WD||$2,545|
|Toyota Camry Hybrid||$2,589|
|Toyota RAV4 4WD||$2,593|
|Dodge Ram Quad Cab Sport 2WD||$2,630|
|Ford Explorer Eddie Bauer 4WD||$2,643|
|Ford Focus SES 4-Dr Sedan||$2,680|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$2,684|
|GMC Sierra 2500HD SLT Extended Cab 2WD||$2,709|
|Ford Edge SEL AWD||$2,718|
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Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Rate quotes do not factor in your specific Tampa, FL location which can influence coverage rates noticeably.
Looking at the rates, we can infer that vehicles like the Honda CR-V, Ford F-150, and Dodge Grand Caravan are most likely to be a few of the cheapest vehicles to insure for infrequent drivers.
One of the more important factors that determine the amount you pay for auto insurance is your address. Areas with more people or even just a higher incidence of claims tend to have higher auto insurance costs, whereas areas with lower crime rates and fewer weather claims have the enjoyment of a little cheaper coverage.
The table below lists the priciest cities in Florida for low mileage drivers to buy auto insurance in. Tampa is ranked #9 with an annual premium of $2,532 for the average insured, which is around $211 monthly.
|Rank||City||Premium Per Year|
|7||West Palm Beach||$2,599|
|19||Port St. Lucie||$1,994|
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Table data uses comparative as the specific Tampa residence address can increase or decrease rates noticeably.
Locating affordable car insurance is not the easiest thing to do, and deciding which companies offer the cheapest insurance rates for low mileage drivers requires a bit more work. Every insurance provider has a unique approach for determining rates in each state, so let’s begin by taking a look at the insurance companies with the overall best prices in Tampa.
Cheap Insurance Rates in Florida
|Rank||Company||Cost Per Year|
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USAA normally has some of the most affordable car insurance rates in Tampa at around $957 each year. This is $1,491 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers also rank well as some of the cheaper Tampa, FL car insurance companies.
In the rate table above, if you are currently insured with Travelers and switched to Electric, you may see savings of approximately $180. Florida drivers with Mercury could save as much as $227 a year, and Allied customers might reduce rates by $239 a year.
It’s important to note that these rates are averages for all types of drivers and the different vehicles they drive and do not factor in an exact vehicle garaging location for low mileage drivers. So the company 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 auto insurance quotes using your own specific driver and vehicle information.
Careless Tampa drivers pay higher rates
The best way to enjoy cheap insurance prices in Tampa for infrequent drivers is to drive safe and not receive tickets or have accidents. The information below highlights how traffic violations and fender-benders influence auto insurance rates for each age group. The rate quotes are based on a married female driver, full coverage, $100 deductibles, and no discounts are factored in.
In the chart above, the average cost of an auto insurance policy in Tampa per year with a clean driving record and no accidents is $2,504. Receive one speeding ticket and the average cost increases to $2,913, an increase of $409 each year. Now add in two accidents along with the one speeding ticket and the annual cost of insurance for low mileage drivers increases to an average of $6,356. That’s an increase of $3,852, or $321 per month, just for not being attentive to the road!
Liability rates compared to full coverage
Saving on insurance is the goal of the majority of drivers, and an easy way to find cheap insurance for low mileage drivers is to not buy full coverage. The illustration below visualizes the comparison of insurance rates when comparing full coverage to liability only. The rate quotes are based on no tickets, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are factored in.
If averaged for all ages, comprehensive and collision coverage on your policy costs $2,385 per year more than just buying liability insurance. Lot’s of drivers question if full coverage is worth the money. There is no definitive rule of when to drop physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of replacement cost minus your deductible, then you may need to consider dropping full coverage.
Discounts on Tampa auto insurance rates
Insurers that offer quotes for low mileage drivers may also offer price discounts that can reduce rates by 30% or more if you meet the requirements. Companies and a summarized list of policyholder discounts can be read below.
- GEICO offers premium reductions for five-year accident-free, multi-policy, defensive driver, daytime running lights, and driver training.
- Travelers includes discounts for multi-car, IntelliDrive, driver training, student away at school, save driver, multi-policy, and hybrid/electric vehicle.
- Nationwide may offer discounts for business or organization, Farm Bureau membership, accident-free, easy pay, and defensive driving.
- Farmers Insurance has discounts for multi-car, homeowner, switch companies, teen driver, bundle discounts, and early shopping.
- Esurance has savings for paid-in-full, renters, online shopper, emergency road assistance, Pac-12 alumni, defensive driver, and multi-car.
- State Farm policyholders can earn discounts including Drive Safe & Save, accident-free, defensive driving training, anti-theft, Steer Clear safe driver discount, good student, and driver’s education.
- Progressive discounts include online quote discount, continuous coverage, multi-policy, homeowner, good student, multi-vehicle, and online signing.
- Mercury Insurance may include discounts for multi-policy, professional/association, low natural disaster claims, good driver, and ease of repair.
The chart below shows the comparison of yearly insurance costs with and without discounts applied to the policy premium. The premiums are based on a female driver, no claims or driving citations, Florida state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with vehicle safety, safe-driver, anti-theft, homeowner, multiple vehicle, and passive restraint discounts applied. When discounts are applied, theamount saved on insurance for low mileage drivers is 28% or $844.
Your low-price policy may be costing you money
Tampa, FL insurance rates are determined by lots of factors that control the price of your policy. Improving your credit score, increasing liability limits, or getting a reckless driving citation may generate price changes that can cause some rates to be more affordable than before. Not only may your situation change, but auto insurance companies amend premium rates at least once a year to ensure their profitability. Heavier than normal losses may result in rate hikes, while profitable underwriting may cause more affordable Tampa car insurance rates.
To help illustrate this point, the bar chart below shows which company has the cheapest car insurance in Tampa, FL for a 40-year-old male driver with no accidents, a clean driving record, and excellent credit. If we look at prices based on his current risk profile, USAA may have the most affordable car insurance rates in Tampa at $1,533 per year. This is $915 less than the average policy premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Mercury are also included in the top five cheapest Tampa, FL auto insurance companies.
Now let’s give the driver from the first rate comparison some claims, a lower credit score, and a blemish on his driving record. Due to the fact that every auto insurer has a unique approach to determine rates, comparing quotes could result in a significantly different list of affordable Tampa car insurance companies as shown below.
USAA now has the lowest price in Tampa with Allied, Esurance, Auto-Owners, and State Farm now rounding out the top five. This demonstrates why consumers need to do a thorough rate comparison to get the most budget-friendly insurance quotes for low mileage drivers.
Auto insurance prices consist of many things and change substantially, so the cheapest option the last time you shopped your coverage around may now be priced much higher than other options.