The vehicle model that is being insured is probably the biggest factor that determines if you can find low-cost coverage for a school permit. Vehicles with limited speed and performance, an excellent safety record, or low incidents of liability claims will cost much less to insure than high performance models.
The next table ranks auto insurance premiums for a handful of the most cost-effective automobiles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$5,726|
|Honda CR-V EX-L 2WD||$5,783|
|Ford Escape XLT 4WD||$5,791|
|Ford Edge SE 2WD||$6,387|
|Dodge Grand Caravan CV||$6,444|
|Ford Explorer Eddie Bauer 2WD||$6,450|
|Ford F-150 XL Crew Cab 4WD||$6,498|
|Ford Focus S 4-Dr Sedan||$6,739|
|Honda Odyssey EX||$6,746|
|Chevrolet Equinox LS AWD||$6,795|
|Toyota RAV4 Limited 4WD||$6,801|
|Chevrolet Impala LT||$6,795|
|Chevrolet Malibu LS||$6,804|
|Chevrolet Silverado LT Extended Cab 4WD||$6,795|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$6,849|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$7,136|
|Toyota Corolla LE||$7,146|
|Hyundai Elantra SE 4-Dr Sedan||$7,153|
|Nissan Altima Hybrid 4-Dr Sedan||$7,200|
|Jeep Grand Cherokee Limited 4WD||$7,209|
|Volkswagen Jetta SEL 4-Dr Sedan||$7,200|
|GMC Sierra SL Crew Cab 2WD||$7,209|
|Find Cheaper Rates Go|
Data rating is based on single male driver age 16, 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 specific location which can alter rates greatly.
Looking at the numbers, you can infer that cars like the Honda Accord, Honda CR-V, and Ford Escape will definitely be a few of the most affordable vehicles to insure for a learners permit. Car insurance rates will tend to be more expensive anyway because of the fact that there is more exposure for a school permit, but generally speaking those vehicles will have the lowest insurance prices compared to other vehicles.
Deciding which companies offer the most affordable car insurance rates for a school permit takes a bit more effort in order to find a policy that fits your budget.
Every insurance provider has their own guidelines to set their prices, so to begin we’ll rank the most affordable car insurance companies in Laredo, TX. It’s important to understand that Laredo car insurance rates are influenced by many factors which can substantially change the price of your policy. Getting older, buying another vehicle, or getting a couple of tickets may generate price changes resulting in some rates now being more affordable than the competition.
Find the Best Cheap Insurance for Students
Travelers may have some of the best car insurance rates in Laredo at around $1,041 a year. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty also qualify as some of the cheapest Laredo, TX insurance companies.
As illustrated above, if you are a policyholder with Germania Mutual and switched to USAA, you might see annual savings of around $128. Insureds with California Casualty may save as much as $268 a year, and Esurance customers might see rate reductions of $279 a year.
Remember that these premium estimates are averages for all insureds and vehicles and do not factor in a vehicle location for a school permit. So the car insurance company that has the cheapest price for you may not even be in the list above. That illustrates why you need to get auto insurance quotes using your own driver and vehicle profiles.
Difference between liability only and full coverage rates
Saving money on car insurance is probably important to most people, and an easy way to save on the cost of insurance for a school permit is to not buy full coverage. The chart below shows the comparison of insurance prices with and without full coverage. The premiums assume a clean driving record, no at-fault accidents, $500 deductibles, drivers are single, and no other discounts are factored in.
If we average all the age groups together, physical damage insurance costs $2,393 per year over having just liability coverage. That proposes the question if full coverage is worth the money. There is no definitive rule of when to phase out comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
There are some circumstances where dropping full coverage is not recommended. If you still have a loan on your vehicle, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should keep full coverage in place.
Drive responsibly or pay higher rates
A great way to earn the cheapest car insurance premiums in Texas for a learners permit is to drive safely and have a clean driving record. The chart below highlights how speeding tickets and fender-benders influence yearly insurance costs for different age categories. The data assumes a single female driver, full coverage, $100 deductibles, and no discounts are applied to the premium.
The data above shows the average cost of auto insurance in Laredo per year with no violations or accidents is $2,767. Receive one speeding ticket and the average cost hikes up to $3,137, an increase of $370 each year. Now add in one accident along with the one speeding ticket and the annual cost of car insurance for a school permit increases to an average of $4,196. That’s an increase of $1,429, or $119 per month, just for a couple of infractions!
The chart below shows how choosing a deductible can affect insurance premiums when quoting cheap insurance for a school permit. The data assumes a married male driver, comprehensive and collision coverage, and no discounts are applied to the premium.
The chart above illustrates that a 50-year-old driver could pocket $264 a year by switching from a $100 deductible up to a $500 deductible, or save $402 by switching to a $1,000 deductible. Even younger drivers, like the age 20 example, have the ability to save as much as $884 or even more by choosing a higher deductible. When using a larger deductible, it will be required to have plenty of discretionary funds to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.