It would sure make life easier if we could just give you the name of the single best car insurance company that has the rock bottom lowest rates in Florida. It’s just not that simple, as there are a whole bunch of unknowns like if you own a home, the crime level of your neighborhood, if you have a tendency to get pulled over, and if you just need liability coverage. This article delves into the best ways to save on auto insurance and also should give you a solid foundation to find cheaper car insurance in Tampa.
For the unemployed, one of the big criteria that are looked at to help calculate auto insurance rates is where you live. Regions with larger populations or more claims likely pay more, whereas areas with lower crime rates and fewer weather claims benefit from lower rates.
The following table shows the priciest cities in Florida for unemployed drivers to buy auto insurance in. Tampa comes in at #9 costing $2,532 for the average policyholder, which is about $211 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Hialeah | $3,630 |
| 2 | Miami Gardens | $3,245 |
| 3 | Miami | $3,145 |
| 4 | Miami Beach | $3,043 |
| 5 | West Palm Beach | $2,679 |
| 6 | Miramar | $2,603 |
| 7 | Fort Lauderdale | $2,576 |
| 8 | Hollywood | $2,552 |
| 9 | Tampa | $2,532 |
| 10 | Davie | $2,523 |
| 11 | Pompano Beach | $2,518 |
| 12 | Coral Springs | $2,499 |
| 13 | Pembroke Pines | $2,407 |
| 14 | Brandon | $2,368 |
| 15 | St. Petersburg | $2,219 |
| 16 | Clearwater | $2,172 |
| 17 | Spring Hill | $2,060 |
| 18 | Orlando | $2,008 |
| 19 | Jacksonville | $1,980 |
| 20 | Port St. Lucie | $1,916 |
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Premium costs are estimated as the specific geographic location can revise insurance rates significantly.
The vehicle you are trying to insure is one of the main factors in finding the most economical auto insurance for unemployed drivers. Vehicles with high performance engines, poor safety ratings, or high incidents of liability claims will cost substantially more to insure than more modest models.
The information below outlines insurance prices for some of the cheaper automobiles to insure in Florida.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 4WD | $2,026 |
| Honda Accord LX-P 4-Dr Sedan | $2,169 |
| Ford F-150 XLT Super Cab 2WD | $2,220 |
| Ford Escape Limited 2WD | $2,290 |
| Toyota Tacoma 2WD | $2,302 |
| Jeep Grand Cherokee Laredo 4WD | $2,347 |
| Ford Explorer Limited 4WD | $2,391 |
| Toyota Prius | $2,413 |
| Jeep Wrangler Sahara 4WD 2-Dr | $2,426 |
| Ford Focus SEL 4-Dr Sedan | $2,434 |
| Toyota Corolla XLE | $2,470 |
| Ford Edge Sport AWD | $2,478 |
| Hyundai Elantra GLS 4-Dr Sedan | $2,470 |
| Chevrolet Impala LTZ | $2,475 |
| Toyota Camry SE | $2,470 |
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Data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Rate information does not factor in specific garaging location which can modify prices noticeably.
Based upon these rates, you can see that cars like the Honda CR-V, Honda Accord, Ford F-150, and Ford Escape are most likely going to be a few of the most affordable vehicles to insure for the unemployed.
Determining which company quotes the cheapest auto insurance rates for unemployed drivers will involve more work than just comparing rates from one or two companies.
Each auto insurance company has a different process for setting prices, so let’s examine the most affordable auto insurance companies in Tampa. It’s a good idea to know that Florida auto insurance rates are based on many factors that can increase the price you have to pay. Improving your credit rating, increasing deductibles, or getting into an accident can trigger changes in premium that can now make some companies cheaper than before.
Best Cheap Insurance Rates for Job Seekers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $948 |
| 2 | Electric | $1,712 |
| 3 | Amica | $1,712 |
| 4 | Progressive | $1,847 |
| 5 | Mercury | $1,914 |
| 6 | Travelers | $1,945 |
| 7 | Allied | $1,945 |
| 8 | Esurance | $2,020 |
| 9 | Auto-Owners | $2,085 |
| 10 | GEICO | $2,086 |
| 11 | State Farm | $2,131 |
| 12 | Allstate | $2,340 |
| 13 | 21st Century | $2,469 |
| 14 | Windhaven Insurance | $2,575 |
| 15 | Safeco | $2,898 |
| 16 | MetLife | $2,900 |
| 17 | Liberty Mutual | $3,009 |
| 18 | Hanover | $3,054 |
| 19 | United Automobile | $3,527 |
| 20 | Direct General | $4,062 |
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USAA normally has some of the lowest car insurance rates in Tampa at around $948 annually. Electric, Amica, Progressive, and Mercury also rank well as some of the lowest-priced Tampa, FL insurance companies.
As the example above demonstrates, if you buy coverage from Progressive and switched to USAA, you may see savings of around $899. Customers with Mercury could save as much as $966 a year, and Travelers insureds might realize rate reductions of up to $997 a year.
To discover how much you can save, click here to begin a quote or visit several of the following companies.
These prices are averaged across all insureds and vehicles and do not factor in a specific location for unemployed drivers. So the car insurance company that can offer the best rates for your situation may not even be in the top 21 companies shown above. That is why you need to compare rates from multiple companies using your own driver data and vehicle information.
Do you need full coverage?
Saving money on auto insurance is important to most vehicle owners, and one of the quickest ways to find cheaper insurance for unemployed drivers is to not insure for full coverage. The chart below illustrates the difference between insurance premiums with full coverage compared to only the Florida minimum liability coverage. The premiums are based on a clean driving record, no at-fault accidents, $500 deductibles, single status, and no discounts are taken into consideration.
If averaged for all ages, physical damage insurance costs an extra $2,660 per year over liability only. That is a significant amount which raises the question if buying full coverage is a waste of money. There is no clear-cut formula that is best for determining when to drop full coverage, but there is a guideline you can use. If the yearly cost of full coverage is 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.
For example, let’s assume your vehicle’s claim settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,000 after paying your deductible. If you are paying more than $400 a year for full coverage, then you may need to consider dropping full coverage.
There are some conditions where only buying liability is not recommended. If you still have a loan on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
Impact of violations and accidents on rates in Tampa
The ideal way to score the most affordable auto insurance premiums in Tampa for the unemployed is to be a careful driver and avoid accidents and traffic violations. The illustration below demonstrates how speeding tickets and accidents influence annual premium costs for different age groups. The data assumes a married male driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.
In the previous chart, the average cost of auto insurance per year with no accidents and a clean driving record is $1,672. Receive one speeding ticket and the average cost increases to $1,921, an increase of $249 each year. Then throw in two accidents along with the one speeding ticket and the 12-month cost of auto insurance for unemployed drivers increases to an average of $4,171. That’s an increase of $2,499, or $208 per month, just for not being more responsible behind the wheel!
The chart below shows how choosing a deductible can affect insurance rates when getting quotes for cheap insurance for unemployed drivers. The rates are based on a married female driver, comprehensive and collision coverage, and no discounts are factored in.
As shown above, a 50-year-old driver could save $340 a year by changing from a $100 deductible to a $500 deductible, or save $514 by using a $1,000 deductible. Young drivers, like the 20-year-old category, have the ability to save as much as $848 every year just by choosing higher deductibles when buying full coverage. When increasing deductibles, it will be required to have plenty of money set aside to be able to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Here’s why you should shop around
Tampa, FL auto insurance rates are determined by lots of factors that will increase or decrease the cost of a policy. Simply getting older, buying a home, or getting into an accident can trigger rate changes resulting in some rates now being more affordable than the competition. Not only may your situation change, but insurance companies file new Florida auto insurance rates without warning in order to protect their financial rating. Higher than normal claims may cause increased policy costs, while a lower level of claims can cause more affordable Tampa car insurance rates.
The bar chart below shows the companies that have the cheapest car insurance in Tampa, FL for a 30-year-old female driver with no prior claims, no tickets, and good financial standing. If we look at prices based on her current risk factors, USAA has the best car insurance rates in Tampa at $1,503 a year. This is $945 less than the average price paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers are the remaining most affordable Tampa, FL auto insurance companies.
Now we will pretend the driver from the first example a claim or two, a lower credit rating, and a traffic ticket or two. Because each insurer uses their own method for setting rates, comparing quotes may now show a new list of companies as shown below.
USAA now has the lowest price on auto insurance in Tampa with Allied, Esurance, State Farm, and Auto-Owners also being competitive. This example shows why Florida drivers need to perform a complete rate comparison to find the most budget-friendly car insurance quotes for unemployed drivers. Prices can be altered by many things and change frequently, so the cheapest rate six months ago may now be quite expensive.