Factors that impact the cost of your car insurance policy in Tampa
Insurance companies consider various factors when determining the cost of auto insurance in Tampa. These factors include:
State requirements: Your policy must meet the minimum coverage mandated by the state of Florida, which includes $10,000 in damage liability and $10,000 in personal injury protection (PIP).
Age: Younger drivers typically face higher rates due to their lack of experience and higher accident rates. Rates generally begin to decrease after turning 25.
Vehicle make and model: The safety features of your car affect your rates. A newer Toyota Corolla, for example, will generally have lower insurance costs compared to a Chevrolet Corvette.
Driving record: Previous accidents and traffic violations can significantly increase your insurance rates since they indicate a higher likelihood of future claims.
Yearly mileage: Drivers with longer commutes usually pay more than those who drive less frequently.
Credit history: A higher credit score often leads to lower rates. Insurance companies have found that individuals with better credit tend to file fewer claims.
Zip code: Your location can impact your rates. Depending on where you work and park your car, you may receive a discount or experience rate increases based on the likelihood of vandalism or damage.
Marital status: Married drivers generally receive lower rates compared to single drivers.
Gender: Men around the age of 45 typically pay around 6% less than females of the same age. However, the gender gap tends to equalize for drivers in their 30s.