It’s hard to miss the captivating commercials from auto insurance companies like Progressive, Farmers, and The General claiming dirt cheap rates. So you should just choose one randomly, right?
Unfortunately, it’s not that simple as there are a ton of unknown aspects such as the amount of liability coverage you want, whether you are female or male, the safety ratings of your vehicle, and how far you drive each year. This article delves into some of these topics and also should give you a good start in finding the cheapest car insurance in Tampa.
For Lyft vehicles, one of the big criteria that aid in calculating the price you pay for insurance is where you normally keep your vehicle in Tampa. Cities with larger populations or higher claim trends tend to pay more, whereas areas that tend to be more rural benefit from having to pay less for coverage.
The information below sorts the highest-priced areas in Florida for Lyft drivers in which to buy car insurance. Tampa ranks #7 with an annual cost of $2,610 for coverage, which is around $218 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Hialeah | $3,488 |
| 2 | Miami Gardens | $3,245 |
| 3 | Miami | $3,241 |
| 4 | Miami Beach | $2,923 |
| 5 | Miramar | $2,683 |
| 6 | West Palm Beach | $2,625 |
| 7 | Tampa | $2,610 |
| 8 | Hollywood | $2,604 |
| 9 | Fort Lauderdale | $2,550 |
| 10 | Coral Springs | $2,549 |
| 11 | Pompano Beach | $2,543 |
| 12 | Davie | $2,473 |
| 13 | Pembroke Pines | $2,431 |
| 14 | Brandon | $2,392 |
| 15 | St. Petersburg | $2,286 |
| 16 | Clearwater | $2,172 |
| 17 | Orlando | $2,069 |
| 18 | Jacksonville | $2,040 |
| 19 | Spring Hill | $2,039 |
| 20 | Port St. Lucie | $1,975 |
| 21 | Lakeland | $1,845 |
| 22 | Cape Coral | $1,841 |
| 23 | Palm Bay | $1,803 |
| 24 | Tallahassee | $1,801 |
| 25 | Gainesville | $1,680 |
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Rates are comparative as the specific geographic location can increase or decrease price quotes significantly.
Deciding which insurers offer the most affordable insurance rates for Lyft drivers requires more time in order to find coverage that fits your budget. Each insurance company has their own formula to set policy rates, so let’s take a look at the insurance companies with the most affordable rates in Tampa.
It’s a good idea to know that Florida insurance rates are determined by lots of factors that may substantially change the policy price. Improving your credit rating, buying a home instead of renting, or getting a reckless driving citation can produce rate changes that can make some companies more affordable than others.
Cheap Insurance Rates for Your Lyft Vehicle
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $948 |
| 2 | Amica | $1,746 |
| 3 | Electric | $1,764 |
| 4 | Progressive | $1,847 |
| 5 | Allied | $1,926 |
| 6 | Travelers | $1,945 |
| 7 | Mercury | $1,992 |
| 8 | Esurance | $2,040 |
| 9 | Auto-Owners | $2,107 |
| 10 | State Farm | $2,131 |
| 11 | GEICO | $2,150 |
| 12 | Allstate | $2,340 |
| 13 | 21st Century | $2,373 |
| 14 | Windhaven Insurance | $2,627 |
| 15 | Safeco | $2,898 |
| 16 | MetLife | $2,958 |
| 17 | Hanover | $2,964 |
| 18 | Liberty Mutual | $3,101 |
| 19 | United Automobile | $3,527 |
| 20 | Direct General | $4,022 |
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USAA offers some of the best car insurance rates in Tampa at around $948 annually. This is $1,500 less than the average policy premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Allied are also some of the cheapest Tampa, FL car insurance companies.
As illustrated above, if you currently have a policy with Allied and switched to Amica, you might achieve yearly savings of approximately $180. Insureds with Travelers may save as much as $199 a year, and Mercury customers might cut rates by $246 a year.
Understand that those prices are averaged across all drivers and vehicles in Florida and are not factoring in a specific location for Lyft drivers. So the car insurance company that has the cheapest rates for you may not even be in the top 21 companies in the list above. That illustrates why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
Selecting the right insurer can be challenging considering how many companies there are to choose from in Florida. The rank data displayed below may help you analyze which insurers you want to consider purchasing a policy from. These rankings are for large nationwide companies, so companies that may only write in Florida are not factored into these rankings.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
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Data Source: Insure.com Best Car Insurance Companies
Difference between liability only and full coverage rates
Reducing premiums for insurance should be important to most vehicle owners, and one of the fastest ways to lower the cost of insurance for Lyft drivers is to not insure for full coverage. The diagram below illustrates the difference between auto insurance rates when comparing full coverage to liability only. The premiums assume no claims, a clean driving record, $100 deductibles, single marital status, and no discounts are taken into consideration.
If we average the cost for ages 20 through 70, full coverage on your policy costs an additional $2,385 per year over and above liability only. Many people question if you should buy full coverage at all. There is no definitive guideline for eliminating physical damage insurance, but there is a general school of thought. If the annual cost of your full coverage insurance is more than around 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
There are some cases where only buying liability is not a good plan. If you haven’t satisfied your loan, you are required to maintain full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
The illustration below demonstrates how deductible levels can affect insurance costs when quoting cheap insurance for Lyft drivers. Data assumes a single female driver, full physical damage coverage, and no additional discounts are factored in.
A 30-year-old driver could reduce rates by $452 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $682 by selecting a $1,000 deductible. Younger drivers, like the Age 20 category, can save $1,008 or more by using higher deductibles when buying full coverage.
When insureds make the decision to increase the deductibles on their policy, it will be important to have additional funds in a savings account to enable you to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.