You have most likely seen the ads from companies like GEICO, Allstate, and Liberty Mutual that say if you switch you’ll get big savings. So you just need to pick one randomly, right?
It’s just not that simple, as there are a whole bunch of unknown factors such as if you are married or single, where you live, how high your deductibles should be, and whether you are female or male, that all go into determining the rate you pay. This article will discuss the best ways to avoid overpriced car insurance and will hopefully give you a good beginning to your search for cheaper coverage.
The vehicle model needing coverage is one of the biggest factors when quoting the most economical coverage for drivers over age 50. Vehicles with lower performance, a plethora of safety features, or a track record of few liability claims will cost significantly less to insure than higher performance models. The next table features insurance rates for a selection of the cheaper automobiles to insure in Florida.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,651|
|Honda Accord LX 4-Dr Sedan||$1,659|
|Honda CR-V EX-L 4WD||$1,691|
|Hyundai Elantra SE Touring Station Wagon||$1,795|
|Ford F-150 XLT Regular Cab 2WD||$1,811|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,851|
|Dodge Grand Caravan SE||$1,859|
|Chevrolet Impala LS||$1,914|
|Volkswagen Jetta S 4-Dr Sedan||$1,955|
|Toyota RAV4 Sport 2WD||$1,961|
|Toyota Tacoma Double Cab 4WD||$1,993|
|Chevrolet Malibu LT||$1,999|
|Ford Explorer Eddie Bauer 4WD||$1,993|
|Toyota Camry XLE||$2,055|
|Ford Edge Sport 2WD||$2,064|
|Honda Odyssey EX-L||$2,055|
|Toyota Corolla LE||$2,064|
|Jeep Grand Cherokee Limited 4WD||$2,093|
|Nissan Rogue SL 2WD||$2,098|
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Cost estimates assume married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, homeowner, and multi-vehicle. Table data does not factor in garaging location in Tampa, FL which can alter prices greatly.
Looking at the rates, we can assume that vehicles like the Ford Escape, Honda Accord, Honda CR-V, Hyundai Elantra, and Ford F-150 are most likely to be the most budget-friendly vehicles to insure for older drivers.
Trying to buy low-priced car insurance is not always easy, and finding out which insurers offer the lowest-priced car insurance rates for drivers over age 50 takes additional perseverance. Each insurance company uses a little different formula for setting prices, so first let’s look at the rankings for the car insurance companies that tend to have lower prices in Tampa.
Find the Cheapest Auto Insurance for Age 50+
|Rank||Company||Cost Per Year|
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USAA offers some of the cheapest car insurance rates in Tampa at around $957 annually. This is $1,491 less than the average premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Mercury are also some of the more affordable Tampa, FL car insurance companies.
As illustrated above, if you have coverage with Amica and switched to USAA, you might see yearly savings of approximately $789. Customers with Progressive may save as much as $818 a year, and Mercury customers might cut rates by $957 a year.
These premium estimates are averaged for all types of drivers and the different vehicles they drive and do not take into consideration an exact location for drivers over age 50. So the auto insurance company that has the cheapest price for you may not even be in the list above. That points out the importance of why you need to compare rates from multiple companies using your own driver data and vehicle information.
One of the many considerations that determine auto insurance rates is where you live in Tampa. More populated areas tend to pay more, whereas areas with less people or fewer weather incidents tend to receive cheaper rates.
The table below shows the highest-priced places in Florida for drivers over age 50 in which to purchase auto insurance. Tampa shows up at #10 with a yearly premium of $2,532 on average, which is around $211 monthly.
|Rank||City||Premium Per Year|
|5||West Palm Beach||$2,705|
|21||Port St. Lucie||$1,916|
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Information shown are comparative as specific Tampa zip code can influence rates noticeably.
The illustration below demonstrates how deductibles can impact insurance rates when searching for cheap insurance for drivers over age 50. The information is based on a married male driver, full coverage, and no discounts are applied.
In the chart above, a 30-year-old driver could lower their car insurance rates by $446 a year by increasing from a $100 deductible to a $500 deductible, or save $674 by switching to a $1,000 deductible. Even younger drivers, such as the 20-year-old example, could shave $1,354 each year just by choosing higher deductibles.
If you do make the decision to raise your deductibles, it will be important to have spare funds to allow you to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Picking the right insurance company can be a challenge considering how many choices there are in Tampa. The rank data shown next can help you select which car insurance providers to look at buying from. The ratings below are only comprised of the largest auto insurers in America, so smaller companies are not included in this list.
Top 10 Major Auto Insurance Providers Overall in Tampa
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
Top 10 Major Auto Insurance Providers in Tampa Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- Titan Insurance
- AAA Insurance
Why you should be shopping around
Tampa car insurance rates are impacted by many things that can increase the price you pay for coverage. Simply turning a year older, buying a new vehicle, or having an at-fault accident can trigger price changes that can now make some companies more affordable than competitors.
Not only may your risk profile change, but insurance companies file new Florida auto insurance rates multiple times each year as an adjustment for underwriting gains or losses. Significantly higher claims may cause increased policy costs, while a lower level of claims can cause more affordable Tampa car insurance rates.
For instance, the graph below shows the company with the cheapest car insurance in Tampa, FL for a 45-year-old male driver with no violations or accidents, and a high credit rating. If we look at prices based on his current situation, USAA may offer the most affordable car insurance rates in Tampa at $1,487 per year. This is $961 less than the average price paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Mercury are the rest of the best Tampa, FL auto insurance companies.
The next chart shows rates after we give the driver from the first rate comparison a claim surcharge, slightly worse credit, and an imperfect driving record. Because each insurer has a unique approach for setting rates, comparing quotes could now result in a completely different list of companies as shown below.
USAA now has the lowest car insurance rate in Tampa, FL with Travelers, State Farm, Auto-Owners, and Esurance now being in the top five. This demonstrates why it is critical to perform a complete rate comparison to get the most economical auto insurance quotes for drivers over age 50. Insurance prices are influenced by many risk factors and can decrease or increase without notice, so the cheapest option when you bought your policy may now be one of the more expensive options.