Figuring out which companies offer the best auto insurance rates in Austin involves a bit more effort in order to find the lowest price quote. Every insurance provider uses a little different formula for setting rates, so we'll take a look at the auto insurance companies with the overall cheapest rates in Austin, TX.
Keep in mind that Austin auto insurance rates are influenced by many factors which can significantly increase or decrease the price of your policy. Turning one year older, increasing liability limits, or having an accident may cause policy rate changes resulting in some companies being cheaper than competitors.
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,199|
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Travelers generally has some of the lowest car insurance rates in Austin at around $1,010 annually. This is $894 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also qualify as some of the best Austin, TX insurance companies.
As depicted above, if you currently have a policy with Texas Farm Bureau and switched to Travelers, you might see an annual savings of around $189. Policyholders with Germania Mutual could save as much as $246 a year, and Esurance policyholders might lower prices by up to $397 a year.
It's important to note that these premiums are averages across all types of drivers and the different vehicles they drive and are not factoring in an exact vehicle garaging location in Austin. So the company that is best suited for you may not even be in the top 23 companies in the list above. That is why you need to get rate quotes using your own personalized driver profile and vehicle information.
For drivers in Austin, one of the more important factors that are used to help calculate the amount you pay each year for auto insurance is the neighborhood you call home. More populated areas likely pay more, whereas areas that tend to be more rural get the luxury of paying less.
The information below sorts the priciest cities in Texas to purchase auto insurance in. Austin shows up at #17 with the annual price of $1,659 for the average insurance policy, which is approximately $138 per month.
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Premium costs are approximated as the specific geographic location can affect auto insurance rates significantly.
The type of vehicle on the policy is one of the main factors when comparing low-priced auto insurance in Austin. Vehicles with economical engines, a great safety record, or low incidents of liability claims will cost much less to insure than high performance models.
The next list estimates auto insurance rates for a handful of the most affordable vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$965|
|Honda CR-V LX 4WD||$974|
|Ford Escape XLT 4WD||$1,080|
|Ford F-150 XLT Regular Cab 4WD||$1,088|
|Ford Explorer XLT AWD||$1,080|
|Honda Accord LX-P 4-Dr Sedan||$1,089|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,133|
|Toyota RAV4 4WD||$1,142|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,155|
|Ford Edge SE 2WD||$1,197|
|Honda Odyssey EX-L||$1,204|
|GMC Sierra SL Crew Cab 4WD||$1,226|
|Dodge Ram Crew Cab ST 4WD||$1,246|
|Toyota Camry LE||$1,251|
|Toyota Tacoma Double Cab 4WD||$1,256|
|Chevrolet Impala LS||$1,257|
|Ford Focus SES 2-Dr Coupe||$1,286|
|GMC Sierra 2500HD SLE Regular Cab 2WD||$1,308|
|Kia Optima EX||$1,318|
|Toyota Camry Hybrid||$1,308|
|Dodge Grand Caravan SXT||$1,315|
|Toyota Corolla XLE||$1,319|
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Table data represents single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Rate quotes do not factor in vehicle garaging location which can influence coverage prices considerably.
Based upon these rates, you can conclude that cars like the Hyundai Elantra, Honda CR-V, and Ford Escape are going to be the most affordable vehicles to insure for drivers in Austin.
Difference between full coverage and liability only rates
Finding cheaper car insurance should be important to most vehicle owners, and a great way to find cheap insurance in Austin is to not insure for full coverage. The information below shows the comparison of insurance prices with full coverage and liability only. The data is based on no accidents or driving violations, $1,000 deductibles, marital status is single, and no discounts are taken into consideration.
If averaged out across all ages, comp and collision coverage costs an additional $2,131 per year over and above liability only. At some point, about every driver wonders if buying full coverage is worth the expense. There is no definitive formula to stop paying for physical damage coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is 10% or more of replacement cost minus your deductible, then you may need to consider dropping full coverage.
For example, let's say your vehicle's claim settlement value is $12,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company would pay you is $11,000 after paying the physical damage deductible. If it's costing you more than $1,100 annually to have full coverage, then you might want to consider buying only liability coverage.
There are some cases where eliminating full coverage is not in your best interest. If you still have a lienholder on your title, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.
Ideas for buying economical insurance in Austin
It's not impossible to find cheaper rates, and here are some of the recommended thrifty suggestions that can help Austin drivers locate more affordable auto insurance.
- Do not get traffic tickets
- Avoid preventable accidents
- Increase physical damage deductibles
- Better credit scores save money
- Drive a car with a high safety rating
- Shop around once a year for cheaper rates
The final tip is extremely vital, as was discussed in this write-up. Car insurance prices adjust often, so don't be unwilling to change to a new company if you can find a cheaper rate.
Many drivers tend to have loyalty to a certain company, but it isn't a good idea if that faithfulness ends up costing you a small fortune. Take a couple minutes and shop around and find cheaper auto insurance in Austin.