For bad credit, one of the more important things that determine auto insurance rates is your zip code. Areas with more people or more claims are more likely to pay higher prices, whereas areas with less congestion have the gratification of cheaper auto insurance rates.
The following table lists the highest-priced places in Texas for low credit scores to purchase auto insurance in. Plano shows up at #21 having an annual price of $1,608 for the average insurance policy, which is around $134 each month.
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Premium costs are comparative as the garaging address in Plano can increase or decrease auto insurance rates greatly.
The vehicle model you are buying coverage for is a significant factor when looking for the lowest-priced insurance for low credit scores. Vehicles with lots of speed or power, poor passenger safety features, or a history of substantial liability claims will cost quite a bit more to insure than safer, lower-performance models. The next table estimates insurance prices for a number of the more affordable automobiles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$934|
|Honda CR-V LX 4WD||$940|
|Honda Accord EX-L 4-Dr Sedan||$1,017|
|Honda Odyssey EX||$1,089|
|Ford Explorer Eddie Bauer AWD||$1,133|
|Chevrolet Malibu LT||$1,143|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$1,144|
|Toyota Tacoma 4WD||$1,148|
|Hyundai Elantra SE 4-Dr Sedan||$1,170|
|Toyota Corolla XLE||$1,175|
|Chevrolet Equinox LTZ AWD||$1,192|
|Kia Optima LX||$1,197|
|Ford Fusion Sport 4-Dr Sedan||$1,192|
|Chevrolet Impala LS||$1,201|
|Volkswagen Jetta S 4-Dr Sedan||$1,216|
|Toyota RAV4 Limited 4WD||$1,222|
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Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-policy, and multi-vehicle. Premium amounts do not factor in Plano, TX location which can modify coverage rates substantially.
Based upon these rates, you can expect models like the Ford Escape, Honda CR-V, Honda Accord, Toyota Prius, and Honda Odyssey are some of the most economical vehicles to insure for bad credit.
Buying coverage from a high-quality insurance provider is hard considering how many companies are available to choose from in Plano. The ranking information in the next section can help you decide which providers to look at when shopping insurance around for low credit scores.
The ratings below only include companies with a national presence, so companies that may only write in Texas are not included in this list. To get price quotes from these top-rated insurers and more, click this link.
Top 10 Large Car Insurance Companies in Plano Ranked by Value
- Mercury Insurance
- American Family
- AAA Insurance
- Safeco Insurance
- The Hartford
- The General
- 21st Century
Top 10 Large Car Insurance Companies in Plano Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
How to get discounts on Plano insurance rates
Insurance companies that provide policies for low credit scores may provide rate discounts that could lower prices by 25% or more if you meet certain criteria. Companies and a partial list of their discounts are:
- State Farm offers premium reductions for Drive Safe & Save, Steer Clear safe driver discount, good student, passive restraint, multiple policy, and anti-theft.
- Farmers Insurance discounts include business and professional, bundle discounts, alternative fuel, distant student, multi-car, and electronic funds transfer.
- Progressive includes discounts for online quote discount, homeowner, online signing, good student, multi-policy, continuous coverage, and multi-vehicle.
- GEICO may offer discounts for military active duty, multi-vehicle, multi-policy, membership and employees, daytime running lights, emergency military deployment, and five-year accident-free.
- Auto-Owners Insurance offers discounts including paid in full, multi-policy, anti-lock brakes, paperless, and good student.
- The Hartford offers discounts for air bag, driver training, good student, bundle, vehicle fuel type, and defensive driver.
- Farm Bureau has discounts for renewal discount, multi-vehicle, driver training, 55 and retired, and multi-policy.
- USAA has savings for vehicle storage, good student, driver training, new vehicle, and annual mileage.
The information below shows the difference between auto insurance costs with and without discounts applied to the policy premium. The information is based on a male driver, no claims or driving citations, Texas state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with defensive driving course, safe-driver, anti-theft, vehicle safety, accident-free, and multiple vehicle discounts applied. With discounts applied, the average amount saved each year on car insurance for low credit scores is 28% or $827.
The illustration below illustrates how choosing a deductible can increase or decrease insurance prices when getting quotes for cheap insurance for low credit scores. Data assumes a single male driver, comprehensive and collision coverage, and no discounts are factored in.
In the chart above, a 50-year-old driver could lower their car insurance rates by $426 a year by increasing from a $100 deductible up to a $500 deductible, or save $638 by using a $1,000 deductible. Young drivers, such as the Age 20 example, could shave up to $1,414 annually by choosing a higher deductible. When insureds make the decision to increase the deductibles on their policy, it will now be necessary to have enough funds in savings to be able to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
How to find the cheapest auto insurance for low credit scores
It is possible to find better rates, and here are many penny-pinching ideas that can help Texas drivers get cheaper coverage.
- Buy vehicles with five-star safety ratings
- Remove physical damage coverage on older vehicles
- Drivers with good credit often pay less
- Accidents can significantly increase rates
- Save money by insuring your home and auto with the same company
- Compare rates regularly to ensure the best deal
The last item on the list is especially valuable, as was discussed in this piece. Insurance rates in Plano fluctuate constantly, so don’t be tentative to buy from a new company if a more affordable rate is found.
We understand brand loyalty, but it isn’t a good idea if that faithfulness ends up costing you money that could be spent on other things. Spend a few minutes and compare prices to find cheaper car insurance for low credit scores.
If you aren’t sure which coverage to buy and prefer to have a consultation when shopping around for cheaper insurance for low credit scores, the agencies below are willing to answer your questions and help you decide which insurance coverage will be best for you.
To find a Plano insurance agency closest to you, click the button at the bottom.
- Earl Manns Jr – State Farm Insurance Agent
3020 Legacy Dr #190 – Plano, TX 75023 – (972) 208-3705
- William Kuo – State Farm Insurance Agent
280 Legacy Dr #250 – Plano, TX 75023 – (972) 575-9100
- Buckley Insurance Agency
3100 Independence Pkwy #216 – Plano, TX 75075 – (972) 665-0620