For eco-friendly vehicles, one of the largest criteria that help determine the amount you pay each year for auto insurance is where you call home. Areas with more people or more claims likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive slightly lower rates.
The table below lists the highest-priced areas in Florida for electric cars to purchase auto insurance in. Tampa comes in at #12 with an annual cost of $2,532 for the average insurance policy, which is around $211 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Hialeah | $3,630 |
| 2 | Miami Gardens | $3,277 |
| 3 | Miami | $3,177 |
| 4 | Miami Beach | $2,923 |
| 5 | Miramar | $2,683 |
| 6 | West Palm Beach | $2,679 |
| 7 | Hollywood | $2,630 |
| 8 | Fort Lauderdale | $2,550 |
| 9 | Coral Springs | $2,549 |
| 10 | Davie | $2,548 |
| 11 | Pompano Beach | $2,543 |
| 12 | Tampa | $2,532 |
| 13 | Pembroke Pines | $2,407 |
| 14 | Brandon | $2,368 |
| 15 | Clearwater | $2,238 |
| 16 | St. Petersburg | $2,196 |
| 17 | Spring Hill | $2,039 |
| 18 | Jacksonville | $2,020 |
| 19 | Orlando | $2,008 |
| 20 | Port St. Lucie | $1,935 |
| 21 | Cape Coral | $1,917 |
| 22 | Lakeland | $1,901 |
| 23 | Palm Bay | $1,803 |
| 24 | Tallahassee | $1,748 |
| 25 | Gainesville | $1,630 |
| Compare Prices Now Go | ||
Premium amounts are estimated as vehicle location can affect insurance rates substantially.
Locating cheap auto insurance is not easy, and finding out which company quotes the most affordable auto insurance rates for electric cars takes even more diligence. Each insurer has a unique approach for determining rates, so let’s take a look at the auto insurance companies that tend to be cheaper in Florida.
It’s important to know that Tampa auto insurance rates are influenced by many factors which can substantially change the cost of a policy. Improving your financial situation, increasing liability limits, or getting caught speeding may generate price changes resulting in some rates now being cheaper than others.
Find the Cheapest Car Insurance for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $986 |
| 2 | Amica | $1,712 |
| 3 | Electric | $1,764 |
| 4 | Progressive | $1,793 |
| 5 | Travelers | $1,869 |
| 6 | Allied | $1,985 |
| 7 | Mercury | $1,992 |
| 8 | Esurance | $2,020 |
| 9 | GEICO | $2,086 |
| 10 | State Farm | $2,131 |
| 11 | Auto-Owners | $2,171 |
| 12 | Allstate | $2,317 |
| 13 | 21st Century | $2,445 |
| 14 | Windhaven Insurance | $2,653 |
| 15 | Safeco | $2,927 |
| 16 | MetLife | $2,958 |
| 17 | Hanover | $2,964 |
| 18 | Liberty Mutual | $3,009 |
| 19 | United Automobile | $3,457 |
| 20 | Direct General | $3,902 |
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USAA quotes some of the best car insurance rates in Tampa at around $986 annually. Amica, Electric, Progressive, and Travelers would also make the list of some of the best Tampa, FL auto insurance companies.
In the above rates, if you currently buy coverage from Progressive and switched to USAA, you may see a yearly savings of in the vicinity of $807. Policyholders with Travelers could save as much as $883 a year, and Allied customers might lower prices by $999 a year.
Remember that these policy rates are averaged across all insureds and vehicles and and are not calculated with a specific location for electric cars. So the insurer that can offer you the lowest price may not even be in the top 21 companies in the list above. That affirms the importance of why you need to compare rates from as many companies as possible using your own personal information and vehicle type.
How accidents and tickets impact rates
In a perfect world, the ideal way to earn the cheapest auto insurance rates in Florida for eco-friendly vehicles is to be a safe driver and avoid at-fault accidents and violations. The information below demonstrates how speeding tickets and at-fault accidents increase insurance prices for different age groups. The costs are based on a single female driver, full physical damage coverage, $1,000 deductibles, and no policy discounts are applied.
The chart shows that the average cost of an auto insurance policy in Florida per year with a clean driving record and no accidents is $2,224. Get two speeding tickets and the average cost rises to $2,964, an increase of $740 each year. Then throw in two accidents along with the two speeding tickets and the yearly cost of auto insurance for electric cars goes up to an average of $6,080. That’s an increase of $3,856, or $321 per month, just for not being a responsible driver!
Cost of full coverage
Finding the cheapest auto insurance should be important to the majority of vehicle owners, and one of the best ways to pay lower rates for insurance for electric cars is to only buy liability insurance. The diagram below compares car insurance costs with full coverage and liability only. The rate quotes are based on no accidents or driving violations, $250 deductibles, drivers are single, and no discounts are applied to the premium.
As an average, physical damage coverage on your policy costs $2,186 per year over and above liability only. Lot’s of drivers question if buying full coverage is a waste of money. There is no set rule that works best for making the decision to drop full coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s settlement value is $11,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $10,000 after you pay the deductible. If premiums are more than $1,000 a year for physical damage coverage, then you may need to consider dropping full coverage.
There are some conditions where dropping full coverage is not financially feasible. If you still owe money on your vehicle, you have to carry full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should keep full coverage.
The benefits of price comparisons
Tampa auto insurance rates are impacted by many factors that can increase the cost of having a policy. Simply getting older, increasing liability limits, or getting a reckless driving citation may prompt premium changes resulting in some rates now being more affordable than others. Also, companies file new Florida auto insurance rates as often as every quarter to adjust for heavy claims or excess profits. Higher than normal claim frequency or severity may cause high rates, while profitable underwriting can produce more affordable Tampa car insurance rates.
The chart below compares the cheapest car insurance in Tampa, FL for a 45-year-old female driver with no accidents, a clean driving record, and a high credit rating. If we compare prices based on her current risk profile, USAA has the best car insurance rates in Tampa at $1,532 annually. This is $916 less than the average rate paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers are also on the list of the cheapest Tampa, FL auto insurance companies.
The chart below compares rates after we give the driver in the first chart a claim or two, less-than-perfect credit, and a speeding citation. Because every insurance company uses their own calculation for filing rates in each state, comparing insurance quotes could result in a different set of the cheapest Tampa car insurance companies as shown below.
USAA now has the cheapest car insurance in Tampa, FL with Allied, Esurance, State Farm, and Auto-Owners also having competitive pricing. This example illustrates why Tampa drivers need to spend some time comparing rates when trying to get the cheapest car insurance quotes for electric cars. Car insurance prices are determined by many things and change dramatically, so the most affordable company six months ago may now be one of the more expensive options.