One of the more important components that are looked at to determine insurance cost is where your residence is in Plano. Areas with more people or higher crime rates will most likely have higher rates, whereas less populated areas have the enjoyment of a little cheaper coverage.
The table below shows the most expensive places in Texas for 17 year olds in which to purchase auto insurance. Plano shows up at #21 with an annual rate of $1,576 for coverage, which is around $131 per month.
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Information shown are approximated as the specific Plano residence address can impact premiums substantially.
Finding out which companies offer the lowest-priced auto insurance rates for 17 year olds will involve a bit more work in order to find the best price. Each auto insurance company uses a different method for determining rates, so let's take a look at the lowest cost auto insurance companies in Texas.
It's important to understand that Plano, TX auto insurance rates are determined by lots of factors which can significantly increase or decrease the policy price. Turning one year older, buying a new vehicle, or getting a reckless driving citation may cause policy rate changes that can now make some companies more affordable than competitors.
Cheap Insurance Rates for Teens
Travelers generally has some of the best car insurance rates in Plano at around $1,021 each year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance would also be considered some of the lowest-priced Plano, TX insurance companies.
As illustrated above, if you are a customer of Germania Mutual and switched to USAA, you might see yearly savings of in the neighborhood of $177. Insureds with Esurance might save as much as $248 a year, and California Casualty insureds might cut rates by $265 a year.
To see if you're overpaying, click here to get quotes or visit any of the companies below.
These policy prices are averaged across all insureds and vehicles and and are not calculated with a specific vehicle garaging location for 17 year olds. So the auto insurance company that has the cheapest rates for you may not even be in the top 23 companies in the list above. That helps illustrate why you need to compare rates from as many companies as possible using your own personal information and vehicle type.
The car, truck, or SUV on the policy is probably the biggest factor that determines whether or not you find affordable coverage for 17 year olds. Vehicles with limited speed and performance, an excellent safety record, or a low likelihood of liability claims will cost significantly less to insure than fast, unsafe models.
The data below outlines car insurance rates for a selection of the most cost-effective vehicles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$3,289|
|Honda CR-V LX 4WD||$3,299|
|Hyundai Elantra SE Touring Station Wagon||$3,539|
|Honda Accord EX-L 4-Dr Sedan||$3,549|
|Ford F-150 XLT Regular Cab 2WD||$3,655|
|Chevrolet Silverado LS Regular Cab 4WD||$3,665|
|Honda Odyssey LX||$3,655|
|Dodge Grand Caravan CV||$3,690|
|Ford Explorer Eddie Bauer 2WD||$3,697|
|Volkswagen Jetta SE 2.5 Station Wagon||$3,788|
|Ford Focus S 4-Dr Sedan||$3,871|
|GMC Sierra SLE Crew Cab 2WD||$3,906|
|Chevrolet Impala LT||$3,915|
|Toyota RAV4 Limited 4WD||$3,906|
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Data rating is based on 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. Premium amounts do not factor in garaging location in Plano, TX which can raise or lower premiums noticeably.
Based on these rates, vehicles like the Ford Escape, Honda CR-V, Hyundai Elantra, Honda Accord, and Toyota Prius are most likely to be a few of the more affordable vehicles to insure for teen drivers. The price for an auto insurance policy will be more costly just due to the fact that there is more liability risk for 17 year olds, but in general those models will tend to have the best rates compared to all other vehicles.
How accidents and tickets impact rates in Plano
In a perfect world, the best way to maintain the cheapest auto insurance premiums in Plano for teen drivers is to drive safe and avoid tickets and accidents. The example below highlights how traffic violations and at-fault accidents drive up insurance rates for each different age category. The costs are based on a married female driver, comprehensive and collision coverage, $250 deductibles, and no discounts are factored in.
In the previous chart, the average cost of auto insurance per year with no accidents or violations is $1,706. Get written up for two speeding tickets and the average cost rises to $2,431, an increase of $725 each year. Then include one accident along with the two speeding tickets and the annual cost of auto insurance for 17 year olds increases to an average of $3,155. That's an increase of $1,448, or $121 per month, just for not being attentive to the road!
Full coverage versus liability only rates
Saving money when shopping for auto insurance should be important to the majority of people, and an effective way to pay less for insurance for 17 year olds is to buy liability only. The example below visualizes the comparison of car insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premium estimates are based on no violations or claims, $500 deductibles, drivers are not married, and no discounts are applied.
Averaged out for all age groups, physical damage insurance costs an additional $1,793 per year more than insuring for liability only. That raises the question when is it safe to stop buying full coverage. There is no clear-cut formula for eliminating full coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is more than around 10% of the replacement cost minus the deductible, then it's probably a good time to buy liability coverage only.
There are some conditions where only buying liability is not advised. If you have an outstanding loan on your vehicle, you have to carry full coverage as part of the loan requirements. Also, if you can't afford to buy a different vehicle if your current one is totaled, you should maintain full coverage.
The diagram below shows how choosing a deductible can influence annual premium costs when quoting cheap insurance for 17 year olds. The premiums are based on a married male driver, full physical damage coverage, and no policy discounts are applied.
As shown above, a 50-year-old driver could cut expenses by $372 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $560 by changing to a $1,000 deductible. Even younger drivers, like the Age 20 chart data, have the ability to save as much as $1,240 each year by using a higher deductible. When raising deductibles, it will now be necessary to have spare funds to allow you to pay the extra out-of-pocket expense that is associated with using high deductibles.
Don't make the mistake of not shopping around
Plano, TX auto insurance rates are determined by lots of factors that can increase the cost of coverage. Turning one year older, increasing deductibles, or having an accident may cause policy rate changes resulting in some companies being cheaper in comparison to the competition.
In addition to those changes, insurance companies modify pricing without warning to adjust for unexpected claims or profits. Heavier than normal losses may cause rate hikes, while lower claims may cause lower-cost Plano car insurance rates.
As an example, the data below shows rates for the cheapest car insurance in Plano, TX for a 40-year-old male driver with a clear driving record, no claims, and solid credit. If we estimate rates based on his current rating profile, Travelers might quote the lowest car insurance rates in Plano at $1,039 each year. This is $865 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance round out the rest of the best Plano, TX auto insurance companies.
In the next rate comparison, we'll give the driver in the first chart an at-fault accident, slightly worse credit, and a speeding citation. Because each insurer has a different process to establish rates, comparing rates may now present a slightly different list of the cheapest car insurance companies in Plano as shown below.
Mercury now has the best insurance rate in Plano with USAA, State Farm, Safe Auto, and Nationwide also having competitive pricing. This example illustrates why drivers need to compare lots of rates to get the most affordable car insurance rates for 17 year olds.
Insurance rates can be determined by many risk factors and can change substantially, so the cheapest rate when you bought your policy may now be quite expensive.