The words “low-priced” and “auto insurance” probably shouldn’t be used together, especially when looking for the best insurance rates for veterans. Because it’s so expensive, let’s take a look at some of the things that have an effect on auto insurance rates, and figure out some ways to take the bite out of the next policy you buy.
One of the more important factors that are used to help calculate the annual cost of car insurance is where your residence is in Plano. Cities with more crime and/or more people tend to have more expensive car insurance rates, whereas areas with less crime or weather claims have the benefit of cheaper car insurance.
The following table rates the most expensive areas in Texas for veterans to purchase car insurance in. Plano is ranked #22 with an annual cost of $1,608 for coverage, which is about $134 monthly.
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Premium amounts are comparative as zip code location can impact insurance rates significantly.
The car, truck, or SUV driven is probably the biggest factor in finding low-priced insurance for veterans. Vehicles with lower performance, an excellent safety record, or a low likelihood of having liability claims will cost significantly less to insure than higher performance models. The table below showcases coverage prices for the cheapest automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$911|
|Ford Escape XLT 2WD||$937|
|Honda CR-V EX-L 4WD||$962|
|Honda Odyssey EX||$964|
|Honda Civic DX 4-Dr Sedan||$972|
|Toyota Camry LE||$985|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$1,003|
|Ford Edge Sport 2WD||$1,038|
|Chevrolet Silverado LT Regular Cab 2WD||$1,056|
|Ford F-150 XLT Crew Cab 2WD||$1,064|
|GMC Sierra SLE Crew Cab 2WD||$1,056|
|Kia Optima LX||$1,061|
|Chevrolet Malibu LS||$1,077|
|Toyota RAV4 Limited 4WD||$1,082|
|Volkswagen Jetta LE 4-Dr Sedan||$1,077|
|Ford Explorer Limited 4WD||$1,100|
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Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-vehicle, and multi-policy. Premium costs do not factor in the specific area where the vehicle is garaged which can decrease or increase price quotes significantly.
Looking at the data, you can presume that makes and models like the Honda Accord, Toyota Prius, and Ford Escape will be a few of the less-costly vehicles to insure for veterans.
Deciphering which companies quote the cheapest car insurance rates for veterans takes a little more work than just getting one or two price quotes. Each insurance company uses a slightly different approach for establishing rates, so let’s examine the car insurance companies with the overall cheapest rates in Plano.
Keep in mind that Plano, TX car insurance rates are determined by lots of factors which can significantly increase or decrease the cost of your policy. Simply getting older, having a claim, or getting a driving violation can trigger rate changes that may make certain companies more affordable than others.
Cheapest Insurance Rates for Vets
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,199|
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Travelers quotes some of the cheapest car insurance rates in Plano at around $1,052 a year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are also some of the best Plano, TX insurance companies.
In the above example, if you currently buy coverage from Texas Farm Bureau and switched to Travelers, you may realize a yearly price reduction of upwards of $147. Policyholders with Germania Mutual could save as much as $242 a year, and Esurance insureds might reduce rates by $369 a year.
These policy prices are averages across all types of drivers and the different vehicles they drive and do not take into consideration an exact zip code location for veterans. So the car insurance company that has the lowest price for you may not even be in the top 23 companies in the list above. That’s why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.
The example below illustrates how your choice of deductibles can change insurance costs when getting quotes for cheap insurance for veterans. The data assumes a single female driver, comp and collision included, and no other discounts are factored in.
A 30-year-old driver could save $344 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $520 by using a $1,000 deductible. Young drivers, like the 20-year-old example, could save $766 or more by choosing a higher deductible.
If you do decide to increase your deductibles, it is necessary to have enough savings set aside to enable you to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Driving violations and accidents
One of the best ways to earn the cheapest car insurance premiums in Texas for veterans is to drive cautiously and not get tickets or have accidents. The diagram below demonstrates how speeding tickets and at-fault claims can influence auto insurance costs for each different age category. The price estimates are based on a married male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are factored in.
In the example above, the average cost of car insurance in Texas per year with no accidents and a clean driving record is $2,490. Receive two speeding tickets and the average cost jumps to $3,450, an increase of $960 each year. Now add two accidents along with the two speeding tickets and the yearly cost of car insurance for veterans goes up to an average of $6,890. That’s an increase of $4,400, or $367 per month, just for not driving responsibly!
Low rates can quickly become overpriced
Texas car insurance rates are impacted by many things that may substantially change the cost of a policy. Simply improving your credit, buying a home instead of renting, or having an at-fault accident can cause premium changes that can make some companies affordable when they were higher priced. Not only may your risk profile change, but insurers change the rates they charge in Texas as often as every three months in order to remain profitable. Significantly higher claims may result in price increases, while lower claims can cause lower-cost Plano car insurance rates.
As an example, the graph below shows which companies have the cheapest car insurance in Plano, TX for a 45-year-old female driver with a clean driving record, no accidents, and great credit. If we look at prices based on her current risk profile, Travelers might quote the best car insurance rates in Plano at $1,081 per year. This is $823 less than the average rate paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also make the list of the top five cheapest Plano, TX auto insurance companies.
The example below compares rates after we give the driver in the first example a claim surcharge, a lower credit score, and a blemish on her driving record. Since every insurance provider has their own process to determining premium rates, comparing prices may now show a different list of affordable companies as shown below.
State Farm now has the cheapest insurance rate in Plano, TX with Mercury, Nationwide, Safe Auto, and USAA completing the list. This example illustrates why it is critical to perform an extensive rate comparison to get the lowest insurance quotes for veterans. Rates are determined by many different factors and can decrease or increase without notice, so the most economical company two years ago may now be quite expensive.
If you would rather have a little guidance when trying to find the best insurance rates for veterans, the professional agents shown below can most likely aid you in deciding which coverages are best.
To find a Plano insurance agency nearest to you, click the button after the list or click here to compare prices now.
Tamara Murphy – State Farm Insurance Agent
4504 Legacy Dr #200 – Plano, TX 75024 – (972) 943-9555
Donnie Pence – State Farm Insurance Agent
1301 Custer Rd #340 – Plano, TX 75075 – (972) 309-0009
Alpha Omega Insurance Agency
3131 Custer Rd #275 – Plano, TX 75075 – (866) 386-0739