You have most likely watched the ads from car insurance companies like The General, Nationwide, and GEICO that say if you switch you'll get the cheapest price. So drivers should just pick the company with the best ad, right?
Regrettably, it's not quite that easy, as there are a whole bunch of unknown aspects such as the number of miles you drive each year, if you have maintained coverage continuously, and when you were born. The content below will cover these things and educate you enough to have a good start in finding the cheapest insurance in Plano.
Finding reliable, cost effective car insurance is not the easiest thing to accomplish, and finding out which companies have the most affordable auto insurance rates for college graduates will involve even more rate comparisons. Each auto insurer uses their own calculation to set policy rates, so let's begin by taking a look at the most competitive auto insurance companies in Plano.
Find the Best Cheap Insurance for Grads
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,211|
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Travelers may offer some of the lowest car insurance rates in Plano at around $1,052 per year. This is $852 less than the average rate paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also make the cut as some of the best Plano, TX auto insurance companies.
As shown above, if you currently have a policy with USAA and switched to Travelers, you might achieve an annual premium reduction of around $65. Policyholders with Texas Farm Bureau could save as much as $159 a year, and Germania Mutual customers might realize rate reductions of up to $192 a year.
Remember that these premiums are averaged across all drivers and vehicles in Texas and and are not calculated with a specific location for college graduates. So the auto insurance company that is best for you may not even be in the list above. That helps illustrate why you need to get rate quotes using your own driver information and specific vehicle type.
One of the more important considerations that help determine the amount you pay for auto insurance is where you keep your vehicle in Plano. Areas with a lot of weather claims or more people tend to pay more, whereas areas with lower vehicle theft rates and fewer weather claims have the luxury of lower rates.
The information below lists the most expensive areas in Texas for college graduates to buy car insurance in. Plano ranks #21 with a yearly cost of $1,576 for the average insurance policy, which is approximately $131 each month.
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Information shown are estimated as specific location information can affect auto insurance rates substantially.
The information below shows how different deductible levels can influence insurance rates when quoting cheap insurance for college graduates. The rates are based on a single male driver, full physical damage coverage, and no discounts are taken into consideration.
The data above shows that a 40-year-old driver could lower their policy premium by $314 a year by changing from a $100 deductible to a $500 deductible, or save $472 by selecting a $1,000 deductible. Younger drivers, such as the 20-year-old example, could drop their prices up to $1,026 annually by using higher deductibles when buying full coverage. If you do decide to increase your deductibles, it will be required to have plenty of savings on hand to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Insurance rate increases from tickets or accidents
In a perfect world, the ideal way to earn good auto insurance premiums in Texas for college grads is to be a careful driver and avoid accidents and traffic violations. The information below demonstrates how traffic citations and at-fault claims drive up insurance costs for each different age group. The rates are based on a single male driver, full coverage, $500 deductibles, and no discounts are factored in.
The data charted above shows the average cost of auto insurance in Texas per year with no violations or accidents is $1,963. Get one speeding ticket and the average cost swells to $2,213, an increase of $249 each year. Now add in one accident along with the one speeding ticket and the annual cost of auto insurance for college graduates jumps again to an average of $2,910. That's an increase of $947, or $79 per month, just for not paying attention while driving!
Shop around and save
Texas auto insurance rates are impacted by many factors that may substantially change the cost of coverage. Turning one year older, having a claim, or having a fender bender may prompt premium changes that can cause some rates to be more affordable than others.
Not only may things change on your end, but insurers change premium rates as often as every three months to ensure their profitability. Heavy losses may result in high rates, while a better loss history can result in lower-cost Plano car insurance rates.
To help illustrate this point, the graph below shows a variety of companies that have the cheapest car insurance in Plano, TX for a 40-year-old female driver with no prior claims, no tickets, and a good credit rating. If we compare prices based on her personal profile, Travelers offers the cheapest car insurance rates in Plano at $1,139 each year. This is $765 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty are the rest of the best Plano, TX auto insurance companies.
Now we will give the driver from the above example a claim or two, poor credit, and a few blemishes on her driving record. Because each company uses their own calculation for determining prices, analyzing rates may now result in a new list of the cheapest Plano car insurance companies as shown below.
State Farm now has the lowest price on auto insurance in Plano with Mercury, USAA, Nationwide, and Safe Auto now being in the top five. This shows why it is important to spend some time comparing rates when trying to get cheap insurance rates for college graduates.
Auto insurance prices consist of many risk factors and can change substantially, so the best price when you bought your policy may now not even be in the top five.
The insurance agencies listed below can help you make a decision which insurance coverage will be best for you, as some drivers wish to get some professional advice when trying to find lower insurance rates for college grads. It can be difficult to find the cheapest auto insurance company, and getting advice from a licensed agent can provide you comfort knowing your policy gives you adequate protection. To find an agent closest to you, click the button link following the list or click here to compare price quotes.
- GEICO Insurance Agent
1729 N Central Expy Suite A - Plano, TX 75075 - (972) 509-5600
- Allstate Insurance: Brad Williamson
4670 McDermott Rd #206 - Plano, TX 75024 - (972) 867-2778
- Drew Baccus - State Farm Insurance Agent
7965 Custer Rd #122 - Plano, TX 75025 - (972) 517-9175
Ideas for finding more affordable auto insurance for college graduates
Lowering your rates is not difficult, and here are a few penny-pinching suggestions that can help Plano drivers buy cheap car insurance.
- Serious violations like DUI or reckless driving can increase rates dramatically
- Don't waste money on full coverage for older vehicles
- If possible, pay for small claims out-of-pocket
- Do not get into accidents that are your fault
- Increase your comprehensive and collision deductibles
- Shop around for lower rates once a year
That final tip is extremely vital, as we hit on in this piece. Prices adjust frequently, so drivers shouldn't be reluctant to buy from a new company if a more affordable rate is found.
Many drivers prefer to stick with one company, but it isn't a good idea if that loyalty ends up costing hundreds every year. Now is a great time to shop around to find cheaper auto insurance for college graduates in Plano.