Finding budget car insurance is difficult, and deciding which insurers offer the cheapest car insurance rates for good students may require even more shopping around.
Each auto insurer has a proprietary formula for determining rates in each state, so let's take a look at the car insurance companies with the most affordable rates in Austin, TX.
Lowest Insurance Price Quotes for Students
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,235|
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Travelers offers some of the most affordable car insurance rates in Austin at around $1,010 each year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also make the cut as some of the more affordable Austin, TX auto insurance companies.
As shown in the table above, if you are currently insured with USAA and switched to Travelers, you might realize an annual premium reduction of upwards of $74. Insureds with Texas Farm Bureau could save as much as $225 a year, and Germania Mutual customers might reduce rates by $272 a year.
Understand that those prices are averaged for all types of insureds and vehicles and are not factoring in a vehicle location for good students. So the insurer that fits your age and vehicle best may not even be in the top 23 companies shown above. That is why you need to compare as many prices as possible using your own personalized driver profile and vehicle information.
One of the more important things that determine the amount you pay for auto insurance is where your residence is. Areas with increased crime or more people tend to have more expensive car insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims tend to receive slightly lower rates.
The illustration below shows the most costly cities in Texas for good students to buy car insurance in. Austin comes in at #18 with the yearly price of $1,627 for coverage, which is about $136 per month.
|Rank||City||Premium Per Year|
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Premium amounts are estimated as the specific area where the vehicle is garaged can alter premiums greatly.
The vehicle driven is one of the main factors when comparing the best coverage for good students. Vehicles with lower acceleration and performance, an excellent safety record, or low incidents of liability claims will cost significantly less to insure than fast, unsafe models.
The next list illustrates insurance costs for some of the more affordable vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$3,591|
|Ford Escape XLS 2WD||$3,600|
|Honda Accord EX-L 4-Dr Sedan||$3,870|
|Ford F-150 XLT Super Cab 2WD||$4,020|
|Dodge Grand Caravan CV||$4,027|
|Volkswagen Jetta SE 2.5 Station Wagon||$4,149|
|Honda Odyssey EX W/Rear Entertainment||$4,219|
|Toyota RAV4 Sport 2WD||$4,259|
|Toyota Tacoma Double Cab 4WD||$4,265|
|Nissan Altima 2.5 4-Dr Sedan||$4,259|
|Ford Fusion S 4-Dr Sedan||$4,265|
|Chevrolet Equinox LS 2WD||$4,259|
|Chevrolet Impala LT||$4,264|
|Chevrolet Malibu LT||$4,299|
|Ford Explorer Limited AWD||$4,309|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$4,299|
|Chevrolet Silverado LS Regular Cab 2WD||$4,317|
|Honda Civic EX 4-Dr Sedan||$4,458|
|Ford Edge Sport AWD||$4,498|
|Toyota Camry XLE||$4,504|
|Toyota Corolla XLE||$4,498|
|Hyundai Elantra GLS 4-Dr Sedan||$4,505|
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Data rating is based on single male driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, and safe-driver. Rates do not factor in vehicle garaging location which can decrease or increase price quotes noticeably.
Based on these rates, you can see that makes and models like the Honda CR-V, Ford Escape, Honda Accord, Toyota Prius, and Ford F-150 are going to be a few of the cheapest vehicles to insure for student drivers.
The diagram below shows how choosing a deductible can influence annual premium costs when quoting cheap insurance for good students. The premium estimates are based on a married female driver, comp and collision included, and no discounts are applied to the premium.
The chart above illustrates that a 50-year-old driver could lower their car insurance rates by $310 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $468 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old category, can cut up to $772 or even more just by choosing higher deductibles. When using a larger deductible, it will now be necessary to have plenty of savings on hand to enable you to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Reckless driving habits raise Austin car insurance rates
One of the best ways to receive the most affordable car insurance rates for student drivers is to be a good driver and avoid accidents and traffic violations. The example below highlights how speeding tickets and accident claims raise car insurance costs for each age group. The data assumes a married male driver, full physical damage coverage, $100 deductibles, and no other discounts are factored in.
The data in the chart shows the average cost of an auto insurance policy in Austin per year with no accidents or violations is $2,078. Factor in one speeding ticket and the average cost surges to $2,381, an increase of $303 each year. Next add two accidents along with the one speeding ticket and the 12-month cost of car insurance for good students goes up to an average of $4,862. That's an increase of $2,784, or $232 per month, just for not being attentive to the road!
Types of discounts on Austin car insurance rates
Auto insurance companies that offer quotes for good students may have price discounts that could potentially reduce rates by 30% or more if you qualify. Large car insurance companies and a partial list of their discounts are:
- GEICO may include discounts for multi-vehicle, emergency military deployment, multi-policy, daytime running lights, and air bags.
- MetLife offers premium reductions for accident-free, claim-free, defensive driver, good driver, multi-policy, and good student.
- Progressive policyholders can earn discounts including homeowner, online quote discount, continuous coverage, online signing, and multi-vehicle.
- Travelers has savings for continuous insurance, save driver, new car, IntelliDrive, and home ownership.
- SAFECO may offer discounts for homeowner, teen safety rewards, multi-car, anti-theft, teen safe driver, and drive less.
- AAA includes discounts for good driver, multi-car, good student, AAA membership discount, anti-theft, and multi-policy.
The chart below compares auto insurance costs with and without discounts applied to the policy premium. The data is based on a female driver, no violations or claims, Texas state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with vehicle safety, anti-theft, continuous coverage, paperless filing, paid-in-full, and good student discounts applied. When taking advantage of discounts, theaverage yearly reduction on car insurance for good students is 28% or $518.
Tips to find economical insurance for good students
The list below shows some of the recommended penny-pinching ideas that can help you get cheaper coverage.
- Prevent price hikes by avoiding at-fault accidents
- Higher comprehensive and collision coverage deductibles will save money
- Do not get traffic tickets
- Pay cheaper rates with good credit scores
- Buy a car with high safety ratings
- Check for cheaper rates once a year
The last suggestion is extremely vital, as we pointed out in this article. Auto insurance rates vary considerably, so don't hesitate to buy a policy from a new company if you can save money. Having a favorite company is great, but it isn't a good idea if that loyalty results in overpaying a small fortune year after year. Take a few minutes and compare rates to find cheaper insurance for good students in Austin.
If you prefer to have some professional guidance when comparing insurance rates for good students, the agents listed below are a good start to help you make a decision which is the best policy.
To find an agent by location nearest to you, click the link at the bottom.
Dean Davis Insurance Agency
7950 Anderson Square Suite 101 - Austin, TX 78757 - (512) 454-4511
Gary Shanahan - State Farm Insurance Agent
5145 N FM 620 b170 - Austin, TX 78732 - (512) 458-2593
Mitchamore Insurance Agency
560, 5316 W US Highway 290 Service Rd - Austin, TX 78735 - (512) 730-1424