I’m sure you’ve seen the catchy advertisements from auto insurance companies like The General and Nationwide that guarantee dirt cheap rates. So you should just choose the one with the flashiest ad, right?
Unfortunately, it’s not that simple as there are a lot of unknown elements such as what deductibles to use for physical damage coverage, if you have any tickets or accidents, your annual mileage driven, and what coverage limits you want. This article will detail the things that influence insurance rates and will give you a good beginning to your search for cheaper coverage.
Buying cheap auto insurance is easier said than done, and deciding which company has the best insurance rates for drivers over age 60 will involve even more rate comparisons.
Each auto insurance company uses slightly different criteria for filing rates in each state, so first we will examine the overall cheapest insurance companies in Florida. It’s a good idea to be aware that Tampa, FL insurance rates are influenced by many factors which can significantly increase or decrease the price you have to pay. That is why Tampa drivers need to perform a complete rate comparison when trying to get the cheapest auto insurance rates for drivers over age 60. Car insurance prices consist of many risk factors and can increase or decrease at any time, so the cheapest option the last time you shopped around may now be costing you a lot of money.
Lowest Insurance Price Quotes for Age 60+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $977 |
| 2 | Electric | $1,694 |
| 3 | Amica | $1,746 |
| 4 | Progressive | $1,793 |
| 5 | Mercury | $1,914 |
| 6 | Travelers | $1,926 |
| 7 | Allied | $1,985 |
| 8 | State Farm | $2,047 |
| 9 | Esurance | $2,102 |
| 10 | GEICO | $2,150 |
| 11 | Auto-Owners | $2,171 |
| 12 | Allstate | $2,411 |
| 13 | 21st Century | $2,469 |
| 14 | Windhaven Insurance | $2,653 |
| 15 | Safeco | $2,927 |
| 16 | MetLife | $2,988 |
| 17 | Hanover | $3,024 |
| 18 | Liberty Mutual | $3,101 |
| 19 | United Automobile | $3,422 |
| 20 | Direct General | $3,902 |
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USAA normally has some of the lowest car insurance rates in Tampa at around $977 annually. This is $1,471 less than the average price paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Mercury would also be considered some of the cheaper Tampa, FL car insurance companies.
As shown above, if you are insured with Mercury and switched to Electric, you may see a yearly savings of around $220. Customers with Travelers could save as much as $232 a year, and Allied customers might lower prices by up to $291 a year.
To find out how your current rates compare, click here to begin a quote or visit several of the following companies.
Remember that these prices are averaged across all insureds and vehicles and and are not calculated with an exact location for drivers over age 60. So the company that is best for you may not even be in the list above. That’s why you need to get quotes using your own driver data and vehicle information.
One of the many considerations that determine the price you pay for insurance is where your residence is in Tampa. Larger areas will most likely pay more, whereas areas with less crime or weather claims have the luxury of lower rates.
The next table ranks the highest-priced areas in Florida for drivers over age 60 in which to buy car insurance. Tampa comes in at #10 costing $2,532 for the average policy, which is approximately $211 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Hialeah | $3,523 |
| 2 | Miami Gardens | $3,277 |
| 3 | Miami | $3,273 |
| 4 | Miami Beach | $2,923 |
| 5 | Miramar | $2,709 |
| 6 | Hollywood | $2,630 |
| 7 | West Palm Beach | $2,625 |
| 8 | Davie | $2,548 |
| 9 | Pompano Beach | $2,543 |
| 10 | Tampa | $2,532 |
| 11 | Fort Lauderdale | $2,500 |
| 12 | Coral Springs | $2,499 |
| 13 | Pembroke Pines | $2,407 |
| 14 | Brandon | $2,392 |
| 15 | St. Petersburg | $2,263 |
| 16 | Clearwater | $2,194 |
| 17 | Spring Hill | $2,060 |
| 18 | Orlando | $2,008 |
| 19 | Port St. Lucie | $1,994 |
| 20 | Jacksonville | $1,980 |
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Prices are approximated as the specific garaging location can lower or raise premiums substantially.
How careless driving impacts Tampa insurance rates
The common sense way to snag the cheapest insurance prices for older drivers is to drive safe and avoid at-fault accidents and violations. The example below demonstrates how speeding tickets and fender-benders increase annual premium costs for each different age group. The rate quotes are based on a single female driver, full coverage, $250 deductibles, and no other discounts are factored in.
In the previous example, the average cost of an auto insurance policy in Florida per year with no violations or accidents is $2,774. Add in one speeding ticket and the average cost jumps to $3,144, an increase of $371 each year. Then add two accidents along with the one speeding ticket and the yearly cost of insurance for drivers over age 60 goes up to an average of $6,378. That’s an increase of $3,604, or $300 per month, just for not driving responsibly!
Does full coverage make sense?
Saving money on insurance should be important to the majority of drivers, and an easy way to pay lower rates for insurance for drivers over age 60 is to buy liability only. The chart below compares car insurance costs with full coverage compared to only the Florida minimum liability coverage. The premium estimates are based on no accidents, no driving violations, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
On average, comp and collision coverage costs an additional $2,330 per year over liability only. That brings up the question when is it safe to stop buying full coverage. There is no written rule of when to drop physical damage coverage, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
There are a few cases where removing full coverage is not financially feasible. If you still owe money on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not buy liability only.
What aren’t you shopping around?
Tampa, FL insurance rates are impacted by many factors that can increase the price you have to pay for coverage. Getting older, increasing deductibles, or having an at-fault accident can trigger changes in premium that can cause some rates to be more affordable than the competition. Not only that, but insurers file new rates every year in order to maintain liquidity for claims. Significantly higher claims may cause rate hikes, while profitable underwriting may cause cheaper Tampa car insurance rates.
For instance, the bar chart below shows which company has the cheapest car insurance in Tampa, FL for a 35-year-old male driver with no violations or accidents, and a decent credit rating. If we estimate rates based on his current risk factors, USAA may offer the cheapest car insurance rates in Tampa at $1,458 each year. This is $990 less than the average policy premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers are the remaining best Tampa, FL auto insurance companies.
In the next rate comparison, we’ll give the driver from the above example a chargeable accident, slightly worse credit, and a stop sign violation. Since each company uses their own method for determining rates in each state, analyzing rates most likely will result in a different list of the cheapest car insurance companies in Tampa as shown below.
USAA now has the cheapest car insurance in Tampa with Allied, State Farm, Auto-Owners, and Esurance completing the list. This example shows why consumers need to take the time to compare rates to get the most affordable insurance quotes for drivers over age 60. Car insurance prices are influenced by many different factors and can decrease or increase without notice, so the lowest-price company two years ago may now be quite expensive.
How to find economical auto insurance for drivers over age 60
Lowering your rates is not difficult, and here are a few thrifty ideas that can help drivers buy more affordable coverage.
- If your vehicles are older, consider dropping full coverage
- Having too many claims will increase rates substantially
- Increase physical damage deductibles
- Avoid accidents
- You will pay more if you get tickets or have at-fault accidents
- Comparison shop at least once a year
The last suggestion is incredibly critical, as we hit on in this piece. Car insurance prices fluctuate considerably, so drivers shouldn’t be resistant to switch companies if you can save money.
Many consumers stick with the same company and that’s fine, but it’s not recommended if that loyalty ends up costing money that could be spent on other things. It only takes a couple minutes to compare rates to find cheaper car insurance for drivers over age 60 in Tampa.