How much is car insurance in Tampa, FL?

The short answer to this question: it depends. The costs of car insurance anywhere are the result of many factors. Where you live within Tampa can impact car insurance costs, for one. The state you choose to live in is another.

Here’s more on how the auto insurance companies determine rates and what you can do to save money on car insurance in Tampa, Fl.

Car insurance companies make money when their customers pay up the policy premiums and the insurers do not have to pay out benefits.

For the insurers, that would be the ideal. That’s why they reward customers for having no accidents or placing no claims.

Reality is a bit different for the customers and insurers alike. The insurers know that and you, the consumer know that too.

Mistakes Raise Rates

Accidents happen. You were busy making sure you cleared the enormous SUV while backing up in the grocery store parking lot and then hit a bay of carts instead. Some accidents involve injury and death and decimation of cars and trucks.

Sometimes a little impatience or not paying attention turns into a moving violation and a traffic ticket.

All of those situations mark you as someone who costs the insurance companies money. Instead of lose at the insurance game, they just raise your rates.

The big question is how can you win when you buy car insurance, even when you have some marks on your driving record?

Winning When Buying Car Insurance

The idea is to lower the risk that the car insurance company will have to pay out on claims. It does not meant that you forgo coverage that you actually need, though. That’s too big of a risk.

For instance, if you are financing or leasing your car, your contracts obligate you to keep comprehensive and collision coverage. Collision just covers the actual impact of your car with other cars. Comprehensive is pretty much all other events that involve your belongings and your car.

Though, always read the fine print for the policy before signing up for anything, because otherwise your coverage may actually not fulfill your expectations.

First, though, you need to understand more about how the car insurance companies determine how much they will charge you for coverage.

How Car Insurance Companies Evaluate You

1. Good Credit or Bad Credit
2. Personal Driving History — Tickets, Accidents and Claims or no insurance claims
3. Employed, Underemployed or Unemployed
4. Sports car (fill that need for speed) or Family Truckster (gentle driver)
5. Seasoned or new driver
6. On-street parking (easier target for thieves and hit-and-run accidents or in a garage (less risk)
7. Good Student
8. Safe Driving Class Graduate
9. Other policies with the insurer

Basically, in a nutshell, the insurance company runs through a bunch of factors to determine how much they would have to pay how often for you if they insured you and your family. They also look at how likely and able you are to pay your policy premiums and any deductibles for payment of benefits. They evaluate how safe your car is and where you park it to determined likelihood of your car being stolen.

Another aspect of coverage is the state of Florida. It has its own minimum coverage that you must carry in order to drive legally within the state. If you forgo this coverage, then you may end up losing your license or have driving privileges suspended and face fines. If you drive, carry the minimum coverage. Period.

Minimum Florida Car Insurance Requirements

For Florida drivers, the mandatory coverage is fairly easy to remember.

1. $10,000 personal injury protection (PIP)
2. $10,000 property damage liability (PDL)

PIP is also known as no fault insurance, because the insurance carrier does not care who is at fault.

Instead, the focus is on you. If you sustain injuries or damage to your vehicles or property, then you file a claim for benefits on your policy.

When Florida Mandates Additional Coverage

In some instances, Florida requires drivers to buy additional coverage. It is on a case-by-case basis.

Usually if you have a record of certain types of car accidents or crashes or convictions, then the state may require you to buy bodily injury liability coverage. The state even requires a form stating that you have obtained bodily injury liability coverage, in form SR-22.

Usually what precipitates form SR-22 is one of a few things. A point suspension, judgement from a crash, habitual traffic revocation or involved in an accident that caused injuries and you had no BIL coverage. It might make sense to carry bodily injury liability as a matter of course, to avoid such nuisances as an SR-22.

In other cases, the state will revoke a license or suspend it. Reasons the state revokes and suspends driving privileges include:

• Caused injuries in a car accident
• Maximum Driving Penalty Points
• Habitual Moving Violations
• Judgment from a Crash

It might sound simple, but it is a hassle and can be expensive when incidents like these occur. It creates higher insurance rates and more paperwork for you to fill out at the state level. Often, the legal fees are costly and the state is not very forgiving. They may take as long as they want to reinstate your full driving privileges and charge you a lot of money in the meantime.

In addition, state laws and local laws are not easy on drivers with serious offenses. For those drivers who are caught driving under the influence, Florida has a special form called the FR-44.

Florida stipulates you must have a six-months non-cancellable SR-22 if you are stopped without proper proof of insurance.

Always have insurance if you are driving, and carry proof of insurance that meets the $10,000 PIP and $10,000 PDL or $30,000 combined single limits per occurrence when driving in Florida.

Reasons to Carry Additional Coverage

Florida requires the FR-44 for drivers convicted with driving under the influence. This is particularly true if the driver does not have higher limits of BIL/PDL coverage, such as $100,000 $300,000 and $50,000.

Proof of coverage at these levels is required of drivers convicted for driving under the influence.

This FR-44 is required for three years after the suspension occurred.

How to Save Money on Insurance

Now that you know what extreme snafus and pitfalls to avoid, learn more about ways every day drivers can save money. First of all, start by evaluating the insurers and choose the one you want to deal with the most.

Look at their credit ratings. Standard & Poor’s, Moody’s and A.M. Best each offer up credit worthiness on the insurance companies. Look for companies who have an A or better rating. The grades indicate the ability of an insurance company to financially pay out benefits.

Just because a carrier has the money it does not mean that they are quick to part with it.

Yet, if you are in a situation where you file a claim, you want the most efficient and effective carrier that is financially solvent. This is a bit harder to ferret out and is not available on the credit ratings.

Instead, you might want to read about efficiency of claims handling and benefits payments from recent customers of the insurance companies.

Customers will tell you the good, the bad and the in between of it all. Though, be forewarned, that you might want to check out some of the consumer magazines where customers responses might be more scientifically recorded.

Mitigate Circumstances

If you drive a car that is sought after by thieves, get an alarm, a location system and a monitoring system.

This way, if it is stolen, your car can be located and retrieved before it is dismantled and sold for parts. It will mean fewer headaches for police, you and a lower insurance rate overall.

The same goes for where you park your car. Some neighborhoods just appeal to thieves more so than others. If you are about to buy a new home or rent another apartment, check insurance rates before you move. Also, know that some areas of Tampa happen to have higher incidents of crashes.

Most people need a car to get to work, school and to live their lives. No one is perfect, and mistakes are bound to happen. It makes insurance crawl upward. Though, there are ways to drive down insurance rates.

Start by being an educated consumer and buying sufficient coverage to protect you and your family. Research car insurance quotes today!