No one in their right mind fancies paying their premiums for insurance, in particular when they are paying too much.
Surprisingly, a recent survey revealed that most consumers in Texas kept buying from the same company for more than four years, and practically 40% of insurance customers have never even compared rates from other companies. Drivers in the U.S. could pocket almost $859 a year just by getting comparison quotes, but they just don't understand how much savings they would realize if they switch to a new company. Vehicle owners have multiple insurers to insure vehicles with, and even though it's nice to have a selection, lots of choices makes it harder to compare rates.
The best way we recommend to compare policy rates is to know all the major auto insurance companies provide online access to compare their rates. To get started, all you need to do is take a few minutes to give details such as if you lease or own, your education level, how old drivers are, and distance driven. The data is instantly sent to many different companies and they return quotes instantly to find the best rate.
To compare multiple company rates now, click here and find out if lower rates are available in Gatesville.
The car insurance companies shown below are ready to provide comparison quotes in Texas. If multiple companies are listed, we suggest you compare several of them to find the cheapest car insurance rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Malibu LTZ||$1,626||$813||$136|
|Chevrolet Silverado Crew Cab Hybrid 2WD||$1,110||$555||$93|
|Dodge Ram Crew Cab SLT 2WD||$1,096||$548||$91|
|Ford Escape Limited 4WD||$1,238||$619||$103|
|Ford F-150 Lariat Super Cab 2WD||$1,008||$504||$84|
|Ford Focus SES 2-Dr Coupe||$1,194||$597||$100|
|Honda Accord EX-L 2-Dr Coupe||$1,554||$777||$130|
|Honda CR-V EX 4WD||$1,098||$549||$92|
|Honda Civic DX 4-Dr Sedan||$1,000||$500||$83|
|Hyundai Sonata GLS 4-Dr Sedan||$1,400||$700||$117|
|Nissan Altima Hybrid 4-Dr Sedan||$1,278||$639||$107|
|Toyota Camry SE||$1,588||$794||$132|
|Toyota Corolla XRS||$1,434||$717||$120|
|Toyota RAV4 2WD||$1,142||$571||$95|
|Volkswagen Jetta 2.0T Station Wagon||$1,320||$660||$110|
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Premium data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Prices do not factor in zip code location which can modify price quotes significantly.
Analysis of deductible levels
When buying car insurance, a common question is how high should the physical damage deductibles be. The rates shown below may help you to understand the premium difference between low and high coverage deductibles. The first price estimate table uses a $100 deductible for comprehensive and collision coverage and the second pricing table uses a $500 deductible.
GMC Acadia rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Acadia SL 2WD||$286||$486||$382||$22||$114||$1,315||$110|
|Acadia SL AWD||$328||$486||$382||$22||$114||$1,357||$113|
|Acadia SLE 2WD||$328||$486||$382||$22||$114||$1,357||$113|
|Acadia SLE AWD||$328||$592||$382||$22||$114||$1,463||$122|
|Acadia SLT 2WD||$328||$592||$382||$22||$114||$1,463||$122|
|Acadia SLT AWD||$370||$592||$382||$22||$114||$1,505||$125|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Acadia SL 2WD||$208||$328||$382||$22||$114||$1,054||$88|
|Acadia SL AWD||$240||$328||$382||$22||$114||$1,086||$91|
|Acadia SLE 2WD||$240||$328||$382||$22||$114||$1,086||$91|
|Acadia SLE AWD||$240||$400||$382||$22||$114||$1,158||$97|
|Acadia SLT 2WD||$240||$400||$382||$22||$114||$1,158||$97|
|Acadia SLT AWD||$270||$400||$382||$22||$114||$1,188||$99|
|Get a Quote for Your Vehicle Go|
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Rate information does not factor in garaging location in Gatesville which can impact auto insurance rates noticeably.
Based on these figures, using a $100 deductible costs roughly $24 more each month or $288 annually than buying the higher $500 deductible. Due to the fact that you would have to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you average at a minimum 17 months between claims, you would save more money if you choose a higher deductible.
How to determine when to raise deductibles
|Average monthly premium for $100 deductibles:||$118|
|Average monthly premium for $500 deductibles (subtract):||- $94|
|Monthly savings from raising deductible:||$24|
|Difference between deductibles ($500 - $100):||$400|
|Divide difference by monthly savings:||$400 / $24|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||17 months|
One important note is that a higher deductible level means you will have to cover more of the damage yourself at claim time. That will necessitate access to more funds in order to pay the deductible for vehicle repair.
Illustration showing the impact of accidents and violations
The illustration below illustrates how violations and at-fault claims can influence Honda Accord annual premium costs for different ages of insureds. The costs are based on a single male driver, full physical damage coverage, $500 deductibles, and no other discounts are factored in.
Honda Accord rates are for example purposes only. To get rates for your specific vehicle, click here.
Discounts to earn lower Gatesville auto insurance rates
Some providers don't always advertise every available discount in a way that's easy to find, so we researched both the well known as well as the least known discounts that may be available.
- Drive Safe and Save - Safe drivers can save as much as half off their rates compared to accident prone drivers.
- Good Student Discount - Excelling in school can earn a discount of 20% or more. You can use this discount normally up until you turn 25.
- Professional Organizations - Joining a professional or civic organization could trigger savings on your bill.
- Anti-lock Brake System - Vehicles with ABS braking systems or traction control can stop better under adverse conditions and earn discounts up to 10%.
- Defensive Driving Course - Successfully completing a defensive driving course could possibly earn you a 5% discount and also improve your driving technique.
- Own a Home and Save - Being a homeowner can earn you a little savings due to the fact that maintaining a home requires a higher level of personal finance.
- College Student Discount - Older children who attend college more than 100 miles from Gatesville and do not take a car to college can receive lower rates.
- Seat Belt Usage - Using a seat belt and requiring all passengers to buckle up could cut 10% or more off the medical payments premium.
- Multi-line Discount - Some insurance companies give lower premium rates if you buy life insurance from them.
- Active Military Service - Having a deployed family member may lower your auto insurance rates slightly.
It's important to note that most discounts do not apply to the entire policy premium. The majority will only reduce individual premiums such as comprehensive or collision. Even though it may seem like you could get a free auto insurance policy, companies don't profit that way. Any qualifying discounts should help reduce your policy premium.
A few popular companies and their possible discounts can be read below.
- 21st Century offers premium reductions for defensive driver, anti-lock brakes, student driver, 55 and older, and homeowners.
- State Farm may offer discounts for safe vehicle, good student, multiple autos, anti-theft, passive restraint, multiple policy, and driver's education.
- AAA includes discounts for good student, AAA membership discount, anti-theft, education and occupation, and good driver.
- Liberty Mutual discounts include new vehicle discount, new move discount, safety features, hybrid vehicle, and new graduate.
- Progressive has savings for multi-policy, online signing, online quote discount, multi-vehicle, continuous coverage, homeowner, and good student.
Before purchasing a policy, check with every company which discounts you may be entitled to. Some discounts might not be available to policyholders in Gatesville. To find companies with significant discounts in Texas, click this link.
Six things that impact your rates
Part of the car insurance buying process is learning the different types of things that help determine your policy premiums. If you understand what determines premiums, this helps enable you to make changes that can help you get big savings. Many different elements are used in the calculation when you get a price on insurance. Some are obvious such as traffic violations, but some are not as apparent like your continuous coverage or how financially stable you are.
Decrease car insurance rates by maintaining coverage - Driving your car without having proper coverage is illegal and you will pay a penalty because you let your coverage cancel without a new policy in place. And not only will insurance be more expensive, not being able to provide proof of insurance can result in a hefty fine and possibly a revoked license. You may have to provide proof of insurance in the form of an SR-22 filing with the Texas DMV.
Your career may increase rates - Did you know your career choice can influence rates? Occupations like lawyers, airline pilots, and financial analysts tend to pay the highest rates attributed to intense work-related stress and extremely grueling work hours. Conversely, occupations like professors, students and performers pay lower than average rates.
Mileage impacts prices - The higher the miles on your car annually the higher your rate. Many insurance companies charge to insure your cars based upon how you use the vehicle. Autos that have low annual miles receive lower rates than those that get driven frequently. Ask your agent if your car insurance coverage states the correct driver usage.
Poor credit history equals high costs - Having a good credit history is a big factor in determining what you pay for car insurance. Drivers who have high credit scores tend to be less risk to insure than drivers with bad credit. If your credit history is low, you could be paying less to insure your vehicle by spending a little time repairing your credit.
Cars with good safety ratings means better car insurance rates - Cars with five star safety ratings tend to have better insurance rates. Vehicles built for safety reduce the chance of injuries and better occupant protection means less claims paid and more competitive rates for policyholders. If your vehicle has at least four stars on Safercar.gov you may be receiving a better rate.
Too many claims drive up rates - If you tend to file frequent claims, you shouldn't be surprised to get increased rates or even have your policy non-renewed. Companies in Texas award most affordable rates to drivers who file claims infrequently. Insurance coverage is meant to be used in the event of major claims that would cause financial hardship.
Insurance protects more than just your car
Despite the high insurance cost in Gatesville, maintaining insurance is most likely required but also gives you several important benefits.
- Most states have minimum liability requirements which means you are required to buy a specific minimum amount of liability insurance coverage if you want to drive legally. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you bought your vehicle with a loan, more than likely the lender will make it a condition of the loan that you have comprehensive coverage to guarantee loan repayment. If you do not keep the policy in force, the bank will be required to insure your vehicle for a lot more money and require you to fork over much more than you were paying before.
- Insurance safeguards both your car and your assets. It will also reimburse you for all forms of medical expenses for not only you but also any passengers injured in an accident. One policy coverage, liability insurance, will also pay for a defense attorney if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to restore your vehicle to like-new condition.
The benefits of having insurance definitely exceed the price paid, particularly for liability claims. The average driver in Texas is currently overpaying as much as $750 every year so shop around every year to ensure rates are competitive.
In the end, you can save money
Cost effective car insurance can be bought online and with local Gatesville insurance agents, so you should compare both to get a complete price analysis. Some insurance companies do not provide the ability to get quotes online and many times these smaller providers sell through independent insurance agents.
When buying insurance coverage, you should never skimp on critical coverages to save a buck or two. In too many instances, someone dropped full coverage only to find out that the savings was not a smart move. The ultimate goal is to buy a smart amount of coverage at the lowest possible cost, but do not skimp to save money.
Throughout this article, we presented quite a bit of information on how to find cheaper coverage online. The key concept to understand is the more rate comparisons you have, the better likelihood of getting inexpensive Gatesville car insurance quotes. You may even discover the lowest prices are with a company that doesn't do a lot of advertising. These smaller insurers can often insure niche markets at a lower cost as compared to the big name companies such as Progressive or GEICO.
To read more, feel free to visit these articles:
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)
- Five Mistakes to Avoid (Insurance Information Institute)
- Child Safety FAQ (iihs.org)