Deciding which company quotes the cheapest insurance rates in Waco calls for more time than just picking a company at random. Every auto insurer has a unique formula to set premium rates, so we need to take a look at the most budget-friendly insurance companies in Waco.

It's a good idea to be aware that Texas insurance rates are influenced by many factors that will increase or decrease the cost of your policy. Improving your credit rating, having a teen driver, or getting a couple of tickets may cause policy rate changes that can make some companies cheaper than competitors.

Rankings for the cheapest Texas auto insurance companies
Rank Company Cost Per Year
1 Travelers $1,041
2 USAA $1,128
3 Texas Farm Bureau $1,211
4 Germania Mutual $1,282
5 Esurance $1,365
6 California Casualty $1,424
7 Mercury $1,476
8 State Farm $1,510
9 Safe Auto $1,549
10 Nationwide $1,600
11 Progressive $1,647
12 Allstate $1,701
13 Amica $1,705
14 Home State $2,092
15 GEICO $2,156
16 MetLife $2,249
17 Encompass $2,255
18 Unitrin $2,333
19 21st Century $2,494
20 Titan $2,594
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Travelers may offer some of the lowest car insurance rates in Waco at around $1,041 each year. This is $863 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also make the cut as some of the best Waco, TX auto insurance companies.

As depicted above, if you buy coverage from USAA and switched to Travelers, you could realize savings of roughly $87. Insureds with Texas Farm Bureau might save as much as $170 a year, and Germania Mutual insureds might reduce rates by $241 a year.

To find out how your current rates compare, click here to begin a quote or quote rates from the companies below.

Bear in mind that those estimates are averaged across all drivers and vehicles in Texas and and are not calculated with a specific vehicle garaging location in Waco. So the insurer that can offer you the best price may not even be in the list above. That is why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.

For drivers in Waco, one of the largest components that are looked at to help calculate the annual cost of car insurance is where your car is garaged in Waco. Areas with high crime rates or more dense population likely pay more, whereas areas with less congestion benefit from lower coverage costs.

The following table sorts the highest-priced places in Texas to buy auto insurance in. Waco comes in at #22 with the yearly price of $1,569 for car insurance, which is approximately $131 per month.

How much does auto insurance cost in Waco?
Rank City Average Per Year
1 McAllen $1,996
2 Dallas $1,911
3 Houston $1,909
4 Laredo $1,889
5 Brownsville $1,870
6 Mesquite $1,825
7 Grand Prairie $1,811
8 Amarillo $1,804
9 Garland $1,796
10 Pasadena $1,794
11 Irving $1,772
12 San Antonio $1,739
13 Beaumont $1,702
14 Lubbock $1,665
15 Arlington $1,642
16 Austin $1,627
17 Plano $1,624
18 Carrollton $1,615
19 Fort Worth $1,604
20 El Paso $1,584
21 Corpus Christi $1,572
22 Waco $1,569
23 McKinney $1,561
24 Abilene $1,545
25 Killeen $1,518
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Table data uses comparative as the specific Waco residence address can modify price quotes noticeably.

The car, truck, or SUV needing coverage is one of the primary factors when comparing quotes for low-cost insurance in Waco. Vehicles with lower performance, good crash test ratings, or a positive history of liability claims will cost substantially less to insure than higher performance models. The list below estimates auto insurance rates for a number of the most economical automobiles to buy insurance for.

Cheapest Vehicles to Insure in Waco, TX
Make, Model, and Trim Level Estimated Cost for Full Coverage
Honda CR-V LX 4WD $794
Hyundai Elantra GLS Touring Station Wagon $870
Ford Escape XLT 2WD $898
Toyota RAV4 Limited 4WD $942
Jeep Grand Cherokee Laredo 2WD $950
Toyota Prius $995
Ford Focus SE 4-Dr Sedan $1,009
Chevrolet Silverado 2500HD LT Crew Cab 4WD $1,011
Volkswagen Jetta 2.0T Station Wagon $1,025
Chevrolet Equinox LS 2WD $1,031
Ford Edge Limited 2WD $1,039
Ford F-350 XLT Crew Cab Harley Edition 2WD $1,047
Ford Explorer Limited 4WD $1,051
Chevrolet Malibu Hybrid $1,061
Dodge Grand Caravan Hero $1,070
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Prices based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Estimates do not factor in your specific Waco, TX location which can increase or decrease price quotes considerably.

Looking at the rates, you can presume that makes and models like the Honda CR-V, Hyundai Elantra, Ford Escape, Toyota RAV4, and Jeep Grand Cherokee are going to be a few of the most affordable vehicles to insure for drivers in Waco.

Rate comparison of full coverage and liability-only

Paying less for car insurance should be important to the majority of drivers, and a good way to find cheap insurance in Waco is to not pay for full coverage. The chart below visualizes the comparison of premium costs with full coverage compared to only the Texas minimum liability coverage. The premiums assume no tickets, no at-fault accidents, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.

If we average the cost for ages 20 through 70, physical damage insurance costs an extra $1,598 per year over and above liability coverage. That amount may make you wonder if buying full coverage is a waste of money. There isn't a steadfast formula to exclude full coverage, but there is a general guideline you can use. If the annual cost of having full coverage is about 10% or more of the replacement cost minus the deductible, then it's probably a good time to buy liability coverage only.

For example, let's say your vehicle's settlement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, you would only receive $3,000 after paying the physical damage deductible. If you are paying in excess of $300 a year for full coverage, then you might consider buying liability only.

There are some cases where dropping full coverage is not financially feasible. If you haven't paid off your loan, you are required to maintain full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not opt for liability only.

Accidents and violations increase rates

The easiest way to obtain cheap car insurance prices for drivers in Waco is to drive attentively and avoid at-fault accidents and violations. The diagram below shows how violations and at-fault accidents impact insurance rates for different age groups. The costs are based on a married male driver, full coverage, $500 deductibles, and no additional discounts are factored in.

The data above shows the average cost of auto insurance in Waco per year with no accidents and a clean driving record is $2,035. Factor in one speeding ticket and the average cost swells to $2,341, an increase of $306 each year. Now add one accident along with the one speeding ticket and the 12-month cost of car insurance in Waco goes up to an average of $3,203. That's an increase of $1,168, or $97 per month, just for not being attentive to the road!