It’s hard to miss the captivating commercials from companies like Liberty Mutual and GEICO that make promises of huge savings. So you should just select the one with the best jingle, right?
Regrettably, it’s not quite that easy, as there are a lot of unknown factors such as how high your deductibles should be, the safety features built into your vehicle, and your financial stability, that all have an effect on the price. This article goes into detail about the best ways to avoid overpriced car insurance and hopefully give you enough understanding to have some help in finding cheaper rates.
Finding dependable, affordable auto insurance is not the easiest thing to do, and deciding which companies quote the most affordable insurance rates for high mileage drivers requires even more rate comparisons. Every car insurance company uses slightly different criteria to determine rates, so let’s begin by examining the insurance companies with the overall best prices in Tampa, FL.
Lowest Insurance Price Quotes in Florida
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $948 |
| 2 | Amica | $1,694 |
| 3 | Electric | $1,746 |
| 4 | Progressive | $1,847 |
| 5 | Travelers | $1,869 |
| 6 | Mercury | $1,973 |
| 7 | Allied | $1,985 |
| 8 | Esurance | $2,040 |
| 9 | State Farm | $2,068 |
| 10 | Auto-Owners | $2,085 |
| 11 | GEICO | $2,150 |
| 12 | Allstate | $2,317 |
| 13 | 21st Century | $2,397 |
| 14 | Windhaven Insurance | $2,575 |
| 15 | Safeco | $2,898 |
| 16 | MetLife | $2,900 |
| 17 | Liberty Mutual | $3,039 |
| 18 | Hanover | $3,054 |
| 19 | United Automobile | $3,562 |
| 20 | Direct General | $3,902 |
| Get Personalized Rates Go | ||
USAA normally has some of the most affordable car insurance rates in Tampa at around $948 per year. This is $1,500 less than the average policy premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers also qualify as some of the cheapest Tampa, FL auto insurance companies.
As the rates illustrate above, if you are currently insured with Amica and switched to USAA, you could see an annual premium reduction of upwards of $746. Policyholders with Electric may save as much as $798 a year, and Progressive customers might cut rates by $899 a year.
Remember that these estimates are averages across all ages of drivers and types of vehicles and and are not calculated with an exact location for high mileage drivers. So the insurer that can offer you the best price may not even be in the list above. That illustrates why you need to get quotes using your own specific driver and vehicle information.
For high mileage drivers, one of the more important factors that are looked at to help calculate the cost of insurance is where you keep your vehicle. More densely populated places will most likely have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower rates.
The table below sorts the most costly cities in Florida for high mileage drivers in which to buy car insurance. Tampa is ranked #7 with the annual price of $2,558 for coverage, which is about $213 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Hialeah | $3,488 |
| 2 | Miami Gardens | $3,245 |
| 3 | Miami | $3,145 |
| 4 | Miami Beach | $3,013 |
| 5 | Miramar | $2,709 |
| 6 | West Palm Beach | $2,705 |
| 7 | Tampa | $2,558 |
| 8 | Hollywood | $2,552 |
| 9 | Fort Lauderdale | $2,550 |
| 10 | Davie | $2,548 |
| 11 | Pompano Beach | $2,518 |
| 12 | Pembroke Pines | $2,505 |
| 13 | Coral Springs | $2,474 |
| 14 | Brandon | $2,368 |
| 15 | St. Petersburg | $2,219 |
| 16 | Clearwater | $2,194 |
| 17 | Orlando | $2,090 |
| 18 | Spring Hill | $2,039 |
| 19 | Jacksonville | $2,020 |
| 20 | Port St. Lucie | $1,975 |
| Find the Best Rates Go | ||
Prices are approximated as the garaging address in Tampa can affect insurance rates significantly.
The vehicle model on the policy is a large consideration when comparison shopping for the lowest-priced insurance for high mileage drivers. Vehicles with reasonable performance levels, good safety features, or a low likelihood of having liability claims will cost much less to insure than higher performance models.
The table below presents car insurance premiums for a number of the most economical automobiles to buy insurance for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $1,821 |
| Honda CR-V EX 4WD | $2,043 |
| Ford Fusion S 4-Dr Sedan | $2,162 |
| Chevrolet Silverado LT Extended Cab 4WD | $2,172 |
| Toyota RAV4 Sport 4WD | $2,162 |
| Honda Odyssey LX | $2,190 |
| Dodge Grand Caravan CV | $2,235 |
| Toyota Corolla XLE | $2,278 |
| Toyota Prius | $2,281 |
| Ford F-250 XL 2WD | $2,314 |
| Nissan Altima Hybrid 4-Dr Sedan | $2,320 |
| Ford Focus S 4-Dr Sedan | $2,330 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $2,320 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $2,327 |
| Toyota Tacoma 4WD | $2,320 |
| Jeep Grand Cherokee Laredo 2WD | $2,366 |
| Chevrolet Impala LT | $2,371 |
| Ford Explorer Limited 4WD | $2,412 |
| Chevrolet Malibu LT | $2,422 |
| Honda Accord LX-S 2-Dr Coupe | $2,430 |
| Hyundai Elantra GLS 4-Dr Sedan | $2,494 |
| Ford Edge Limited AWD | $2,504 |
| Hyundai Sonata GLS 4-Dr Sedan | $2,534 |
| Find Cheaper Rates Go | |
Prices 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 multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Premium amounts do not factor in vehicle garaging location which can revise rates noticeably.
Based upon these rates, you can conclude that makes and models like the Ford Escape, Honda CR-V, and Ford Fusion are most likely going to be the less-costly vehicles to insure for high mileage drivers.
Rate difference between full and liability-only coverage
Saving money when shopping for insurance is important to the majority of drivers, and one of the fastest ways to lower the cost of insurance for high mileage drivers is to only pay for liability coverage. The example below visualizes the comparison of car insurance rates with full physical damage coverage compared to only buying liability only. The price estimates are based on no accidents, no driving violations, $100 deductibles, marital status is single, and no discounts are taken into consideration.
As an average, physical damage coverage costs $3,253 per year more than buying just liability insurance. A very common question is if full coverage is worth the money. There is no exact formula that is best for determining when to drop full coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is 10% or more of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s replacement cost is $4,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $3,000 after paying the physical damage deductible. If premium cost is more than $300 annually for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where removing full coverage is not recommended. If you still owe money on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should maintain full coverage.
Careless driving habits raise Tampa insurance rates
The obvious way to get good insurance premiums in Florida for high mileage drivers is to be a careful driver and avoid at-fault accidents and violations. The chart below demonstrates how citations and at-fault collisions can impact car insurance costs for each age group. The data is based on a single male driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
In the chart above, the average cost of auto insurance per year with no accidents or violations is $1,747. Factor in one speeding ticket and the average cost surges to $1,973, an increase of $226 each year. Now include two accidents along with the one speeding ticket and the annual cost of insurance for high mileage drivers jumps again to an average of $4,089. That’s an increase of $2,342, or $195 per month, just for not driving responsibly!
Why you should be shopping around
Tampa, FL insurance rates are impacted by many things that can increase the policy premium. Simply getting older, increasing deductibles, or getting a ticket for careless driving can trigger changes in premium resulting in some rates now being more affordable than others. Also, auto insurance companies file new Florida car insurance rates as needed as an adjustment for underwriting gains or losses. Higher than normal claims can cause increased policy costs, while a lower level of claims may cause lower-priced Tampa car insurance rates.
The chart below analyzes the cheapest car insurance in Tampa, FL for a 35-year-old male driver with a clean driving record, no accidents, and a good credit rating. When quoting prices based on his personal profile, USAA may offer the cheapest car insurance rates in Tampa at $1,502 per year. This is $946 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Mercury are also included in the cheapest Tampa, FL auto insurance companies.
The next chart shows rates after we give the driver from the first example an at-fault accident, a little lower credit rating, and an imperfect driving record. Because each insurer has a different process for determining rates in each state, comparing rates could result in a different set of the cheapest car insurance companies in Tampa as shown below.
USAA now has the lowest car insurance rate in Tampa with Allied, Esurance, State Farm, and Auto-Owners now rounding out the top five. This example shows why it is critical to shop around when trying to get the best insurance rates for high mileage drivers. Car insurance prices can be altered by many factors and can change substantially, so the best price when you last compared rates may now be an over-priced policy.
How to find budget-friendly auto insurance for high mileage drivers
The list below summarizes some penny-pinching solutions that can help Florida drivers get more affordable coverage.
- Buy vehicles with good safety ratings
- Increase your credit rating
- Do not get into accidents
- Tickets and violations raise rates
- Raise deductibles
- Compare rates regularly and switch companies to save money
The last suggestion is remarkably important, as was affirmed in the prior information. Coverage rates in Tampa change a lot, so don’t be tentative to buy a different policy if a more affordable price is available.
Many drivers have brand loyalty and that’s fine, but it’s not a good idea if that stubbornness costs you money that could be spent on other things. In less than five minutes you could shop around to find cheaper auto insurance for high mileage drivers.