Ideally, we could simply tell you the company that has the lowest rates in Texas. Regrettably, it’s not quite that easy, as there are a ton of unknown factors like if you own your own home, the neighborhood you live in, and the number of miles you drive in a year. The information below covers the things that influence insurance rates and will hopefully give you some help in finding cheaper rates.
For teen boys, one of the big factors that determine the amount you pay for auto insurance is your zip code in Plano. Cities with more crime and/or more people are more likely to have higher rates, whereas less populated areas benefit from having to pay less for coverage.
The table below lists the highest-priced areas in Texas for teenage males in which to buy car insurance. Plano is ranked at #20 with a yearly cost of $1,576 for the average insured, which is approximately $131 monthly.
|Find the Best Rates Go|
Rate quotes are comparative as the specific Plano residence address can affect rates substantially.
The type of vehicle you are buying coverage for is one of the largest considerations when comparing quotes for cheaper coverage for teenage males. Vehicles with lower performance, good crash test ratings, or low incidents of liability claims will cost less to insure than high performance models.
The next list presents car insurance prices for a selection of the most budget-friendly automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$3,656|
|Ford Escape Limited 4WD||$3,935|
|Toyota Tacoma 4WD||$4,096|
|Ford Edge SE AWD||$4,297|
|Chevrolet Impala LS||$4,305|
|Chevrolet Equinox LT AWD||$4,336|
|Toyota RAV4 Sport 4WD||$4,341|
|Chevrolet Malibu Hybrid||$4,336|
|Dodge Grand Caravan Hero||$4,341|
|Ford F-150 XLT Crew Cab 4WD||$4,375|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$4,380|
|Ford Explorer Limited 4WD||$4,375|
|Ford F-350 XL Super Cab 2WD||$4,411|
|Honda Civic EX 4-Dr Sedan||$4,535|
|Honda Odyssey EX-L W/Rear Entertainment||$4,574|
|Hyundai Elantra GLS 4-Dr Sedan||$4,579|
|Volkswagen Jetta SEL 4-Dr Sedan||$4,613|
|Toyota Corolla XRS||$4,618|
|GMC Sierra SLE Extended Cab 4WD||$4,613|
|Nissan Altima Hybrid 4-Dr Sedan||$4,623|
|Jeep Grand Cherokee Limited 4WD||$4,613|
|GMC Sierra 3500HD SLE Extended Cab 2WD||$4,649|
|Find Cheaper Rates Go|
Data variables include single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, and safe-driver. Rate quotes do not factor in your specific Plano, TX location which can revise insurance rates noticeably.
Based on these rates, vehicles like the Honda CR-V, Ford Escape, and Toyota Prius are likely to be a few of the most affordable vehicles to insure for teen boys. Auto insurance rates will trend higher because there is more risk for teenage males, but overall those specific models will have the lowest insurance rates compared to other vehicles.
The chart below shows how different deductible levels can influence insurance prices when researching cheap insurance for teenage males. Data assumes a single female driver, comp and collision included, and no discounts are factored in.
The data above shows that a 40-year-old driver could lower rates by $408 a year by increasing from a $100 deductible up to a $500 deductible, or save $612 by choosing a $1,000 deductible. Young drivers, like the Age 20 category, could roll back prices $1,048 annually just by using higher deductibles. If you do raise deductibles, it’s a good idea to have enough savings to offset the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Price comparison of only insuring for liability
Lowering the price of insurance is the goal of the majority of drivers, and an effective way to reduce the cost of insurance for teenage males is to not insure for full coverage. The illustration below shows the difference between insurance costs with and without physical damage coverage. The rate quotes are based on no violations or claims, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.
If we average the cost for all age groups, physical damage coverage on your policy costs $2,159 per year more than just insuring for liability. That amount may make you wonder if you should buy full coverage at all. There is no definitive formula for phasing out comp and collision coverage, but there is a guideline you can use. If the annual cost of having full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
There are a few cases where removing full coverage is not a good idea. If you still have a loan on your vehicle, you have to keep full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not eliminate full coverage.
Discount Plano car insurance rates
Car insurance companies that offer coverage for teenage males may also provide special discounts that can reduce rates by as much as 40% or more if you meet certain criteria. The best insurance companies and their offered discounts are outlined below.
- AAA has discounts for pay-in-full, AAA membership discount, education and occupation, good student, anti-theft, and multi-car.
- Progressive may include discounts for homeowner, multi-policy, online signing, online quote discount, and good student.
- State Farm policyholders can earn discounts including driver’s education, good driver, defensive driving training, multiple policy, and safe vehicle.
- Esurance offers discounts for safety device, emergency road assistance, claim free, homeowner, and anti-theft.
- Nationwide discounts include accident-free, multi-policy, defensive driving, good student, business or organization, and anti-theft.
The diagram below illustrates the comparison of insurance rates with and without discounts applied to the policy rates. The price estimates are based on a female driver, no claims or driving violations, Texas state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with good student, paperless filing, anti-theft, passive restraint, continuous coverage, and vehicle safety discounts applied. When discounts are applied, the average amount saved each year on insurance for teenage males is 28% or $726.
Don’t make the mistake of not shopping around
Texas insurance rates are based on many factors which can substantially change the cost of having a policy. Simply having another birthday, having a claim, or getting a speeding ticket may prompt premium changes that can make some companies cheaper in comparison to the competition.
In addition, insurers modify rates multiple times each year as an adjustment for underwriting gains or losses. An unexpected high level of claims can result in higher rates, while profitable underwriting can result in cheaper Plano car insurance rates.
To illustrate this point, the graph below shows rates for the cheapest car insurance in Plano, TX for a 40-year-old male driver with a good driving record, no prior claims, and great credit. If we estimate rates based on his current risk factors, Travelers quotes the lowest car insurance rates in Plano at $1,084 annually. This is $820 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are the remainder of the cheapest Plano, TX auto insurance companies.
In this next rate comparison, we will give the driver from above a claim surcharge, a lower credit rating, and a blemish on his driving record. Since each auto insurance company uses their own calculation to establish rates, comparing rates may now result in a significantly different list of cheap Plano auto insurance companies as shown below.
State Farm now has the best auto insurance rate in Plano with Mercury, Nationwide, Safe Auto, and USAA now being in the top five. This illustrates why consumers need to take the time to compare rates to get the best car insurance rates for teenage males. Rates are calculated by many factors and change substantially, so the most economical company when you bought your policy may now be quite expensive.