The vehicle model you are trying to insure is probably the biggest factor when quoting the best auto insurance for low credit scores. Vehicles with high performance, a lack of modern safety features, or high incidents of liability claims will cost quite a bit more to insure than safer, lower-performance models.
The next table ranks auto insurance premiums for a handful of the more affordable vehicles to insure.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $1,940 |
| Toyota Prius | $2,150 |
| Honda CR-V LX 2WD | $2,188 |
| Ford Escape XLT 2WD | $2,195 |
| Honda Odyssey EX | $2,254 |
| Toyota Camry LE | $2,297 |
| Nissan Altima 2.5 4-Dr Sedan | $2,304 |
| Ford Explorer XLT AWD | $2,376 |
| Hyundai Sonata GLS 4-Dr Sedan | $2,461 |
| Nissan Rogue S 2WD | $2,470 |
| Toyota Tacoma 2WD | $2,464 |
| Ford Edge Limited 2WD | $2,472 |
| Dodge Grand Caravan SE | $2,470 |
| Volkswagen Jetta LE 4-Dr Sedan | $2,514 |
| Chevrolet Malibu LT | $2,561 |
| Start a Quote Go | |
Table 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 multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Premium amounts do not factor in specific Tampa, FL garaging location which can impact auto insurance rates considerably.
Based upon the rates shown, we can presume that models like the Honda Accord, Toyota Prius, Honda CR-V, and Ford Escape will definitely be some of the cheapest vehicles to insure for bad credit.
Finding out which insurers offer the cheapest car insurance rates for low credit scores will involve a bit more work in order to find the lowest price quote. Each company has a proprietary formula for determining rates, so let’s take a look at the car insurance companies with the overall cheapest rates in Tampa, FL.
It’s a good idea to be aware that Florida car insurance rates are determined by lots of factors which can significantly increase or decrease your annual premium. Simply having a birthday, getting married, or getting a ticket for careless driving may prompt premium changes resulting in some rates now being cheaper than competitors.
Lowest Insurance Price Quotes in Florida
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $948 |
| 2 | Amica | $1,694 |
| 3 | Electric | $1,746 |
| 4 | Progressive | $1,793 |
| 5 | Travelers | $1,869 |
| 6 | Allied | $1,945 |
| 7 | Mercury | $1,973 |
| 8 | Esurance | $2,020 |
| 9 | Auto-Owners | $2,107 |
| 10 | GEICO | $2,108 |
| 11 | State Farm | $2,110 |
| 12 | Allstate | $2,388 |
| 13 | 21st Century | $2,469 |
| 14 | Windhaven Insurance | $2,653 |
| 15 | Safeco | $2,987 |
| 16 | MetLife | $2,988 |
| 17 | Hanover | $3,024 |
| 18 | Liberty Mutual | $3,131 |
| 19 | United Automobile | $3,562 |
| 20 | Direct General | $4,062 |
| Get Personalized Rates Go | ||
USAA normally has some of the lowest 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 would also make the list of some of the more affordable Tampa, FL insurance companies.
As the rates illustrate above, if you are currently insured with Travelers and switched to Amica, you could realize yearly savings of in the neighborhood of $175. Customers with Allied may save as much as $251 a year, and Mercury insureds might reduce prices by as much as $279 a year.
These rates are averages across all drivers and vehicles in Florida and and are not calculated with a specific zip code for low credit scores. So the insurer that fits you best may not even be in the top 21 companies shown above. That illustrates why you need to compare as many prices as possible using your own individual information.
Difference between full coverage and liability only rates
Finding the cheapest car insurance is the goal of the majority of people, and one of the quickest ways to buy cheap insurance for low credit scores is to buy liability only. The illustration below illustrates the comparison of yearly insurance costs with full coverage and liability only. The costs are based on no claims or violations, $100 deductibles, marital status is single, and no other discounts are factored in.
If we average all the age groups together, comp and collision coverage costs $2,385 per year over having just liability coverage. That is a large expense which might make you wonder if buying full coverage is worth the expense. There is no definitive formula to stop paying for physical damage insurance, but there is a broad guideline. If the yearly cost of comp and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
Picking the highest-rated insurance company is difficult considering how many companies are available to choose from in Florida. The company rank data shown next could help you choose which car insurance providers to look at purchasing a policy from.
The rankings below only include major nationwide insurance companies, so companies that only write business in Florida or surrounding areas are not taken into consideration for the list. To get price quotes from these companies and more, click here.
Top 10 Large Auto Insurers in Tampa Ranked by Customer Service
- USAA
- Travelers
- Mercury Insurance
- AAA Insurance
- Nationwide
- Safeco Insurance
- Progressive
- State Farm
- The Hartford
- The General
The chart below highlights how deductible selection can influence premium costs when quoting cheap insurance for low credit scores. Data assumes a single male driver, full physical damage coverage, and no discounts are applied.
A 30-year-old driver could lower rates by $384 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $582 by changing to a $1,000 deductible. Even younger insureds, like the Age 20 category, could roll back prices up to $1,126 each year by selecting a higher deductible.
When using a larger deductible, it is essential to have plenty of discretionary funds to enable you to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Shop around and save
Florida car insurance rates are based on many factors that can increase the policy premium. Simply improving your credit, buying higher coverage limits, or getting a ticket for careless driving can cause premium changes that can now make some companies much cheaper than others.
Additionally, auto insurance companies amend premium rates as often as every quarter in order to maintain liquidity for claims. Heavier than normal losses may cause high rates, while lower claims can produce lower-priced Tampa car insurance rates.
To help illustrate this point, the bar chart below shows the cheapest car insurance in Tampa, FL for a 45-year-old female driver with a clean driving record, no accidents, and good financial standing. When comparing rates based on her current risk factors, USAA may have the lowest car insurance rates in Tampa at $1,487 per year. This is $961 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Mercury are the remainder of the most affordable Tampa, FL auto insurance companies.
Now let’s give the driver from the above example a claim or two, a lower credit rating, and a few traffic violations. Since each insurance company has a different process to establish rates, getting updated rate quotes could result in a different set of affordable companies as shown below.
USAA now has the cheapest auto insurance in Tampa, FL with Allied, Esurance, Auto-Owners, and GEICO now rounding out the top five. This example proves why it is so important to shop around with many companies when trying to find the cheapest auto insurance quotes for low credit scores.
Prices are influenced by many things and can decrease or increase without notice, so the best price a year ago may now not even be in the top five.