The make and model of vehicle requiring insurance is a large consideration when consumers are trying to find the best car insurance for college graduates. Vehicles with economical engines, an excellent safety record, or a positive history of liability claims will cost much less to insure than adrenaline junky models.
The data below shows insurance rates for a selection of the most budget-friendly automobiles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$1,189|
|Honda Accord EX 4-Dr Sedan||$1,330|
|Ford Escape Limited 2WD||$1,360|
|Chevrolet Malibu LS||$1,374|
|Jeep Grand Cherokee Laredo 2WD||$1,381|
|Ford F-150 XLT Crew Cab 4WD||$1,401|
|Ford Focus SEL 4-Dr Sedan||$1,418|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,423|
|Ford Edge Sport 2WD||$1,445|
|Hyundai Elantra SE 4-Dr Sedan||$1,450|
|Volkswagen Jetta SEL 4-Dr Sedan||$1,472|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$1,479|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,472|
|Ford F-350 XLT Crew Cab Lariat 2WD||$1,524|
|Kia Optima SX||$1,570|
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Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Rates do not factor in specific garaging location which can revise coverage prices greatly.
Based upon the rates shown, cars like the Honda CR-V, Honda Accord, Ford Escape, and Chevrolet Malibu will definitely be some of the more affordable vehicles to insure for college grads.
Establishing which company offers the most affordable auto insurance rates for college graduates takes a little more work in order to find the lowest price. Each company uses a different method for determining rates in each state, so let’s rank the overall cheapest auto insurance companies in Laredo.
It’s important to understand that Texas auto insurance rates are determined by lots of factors which can substantially decrease or increase the price you pay. Improving your credit rating, buying a different vehicle, or getting into an accident can trigger rate changes resulting in some rates now being more affordable than others.
Find the Cheapest Car Insurance for Grads
Travelers quotes some of the best car insurance rates in Laredo at around $1,052 a year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also qualify as some of the most economical Laredo, TX auto insurance companies.
As the rates illustrate above, if you currently have coverage with Texas Farm Bureau and switched to Travelers, you may see savings of about $147. Insureds with Germania Mutual could save as much as $204 a year, and Esurance insureds might reduce rates by $313 a year.
To see how much you can save, click here to begin a quote or click several companies below for low rates.
Bear in mind that those policy prices are averages for all types of drivers and the different vehicles they drive and are not factoring in a specific location for college graduates. So the car insurance company that fits your age and vehicle best may not even be in the top 23 companies shown above. That illustrates why you need to compare rates from multiple companies using your own driver and vehicle profiles.
For college grads, one of the largest criteria that determine the price you pay for insurance is where you keep your vehicle. More densely populated places will most likely have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from having to pay less for coverage.
The information below ranks the most expensive areas in Texas for college graduates to buy car insurance in. Laredo is ranked at #4 with a yearly premium of $1,889 for the average policyholder, which is around $157 monthly.
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Rates are estimated as the vehicle garaging location can increase or decrease premium rates substantially.
Liability rates compared to full coverage
Paying less for auto insurance is the goal of most drivers, and one of the quickest ways to find cheaper insurance for college graduates is to not buy comprehensive and collision coverage. The chart below shows the difference between car insurance costs with full physical damage coverage and with liability coverage only. The information is based on no violations or claims, $250 deductibles, single status, and no discounts are factored in.
As an overall average, comp and collision coverage costs an extra $2,000 per year more than just buying liability only. That raises the question if buying full coverage is a good investment. There is no definitive rule to delete physical damage coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is more than 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s claim settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, you would only receive $7,000 after paying your deductible. If premiums are more than $700 annually for comprehensive and collision coverage, then you might want to think about dropping full coverage.
Reckless driving habits raise auto insurance rates
The easiest method to enjoy good auto insurance prices in Laredo for college grads is to be an attentive driver and avoid accidents and traffic citations. The example below illustrates how traffic citations and accidents impact auto insurance rates for each different age group. The costs are based on a married female driver, full coverage, $250 deductibles, and no other discounts are factored in.
In the prior example, the average cost of auto insurance in Texas per year with no violations or accidents is $2,050. Factor in one speeding ticket and the average cost increases to $2,390, an increase of $340 each year. Now include two accidents along with the one speeding ticket and the 12-month cost of auto insurance for college graduates jumps again to an average of $5,344. That’s an increase of $3,294, or $274 per month, just for not keeping your driving record clean!
Best auto insurance in Laredo
Selecting the top insurance company is hard considering how many choices drivers have in Texas. The company ratings displayed below may help you choose which companies you want to consider when comparing auto insurance rates for college graduates.
These rankings include large insurance companies, so companies that may only write in Texas are not taken into consideration for these rankings. To check rates from the insurers below and more, simply click here.
Top 10 Major Auto Insurance Providers Overall in Laredo
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
Can you find cheaper Laredo car insurance?
Laredo, TX auto insurance rates are impacted by many things that can increase the policy premium. Simply improving your credit, buying higher coverage limits, or getting a speeding ticket may generate price changes resulting in some companies being more affordable than competitors.
Also, insurers change rates as often as every quarter to adjust for unexpected claims or profits. Higher than normal claim frequency or severity can result in price increases, while lower claim levels may result in cheaper Laredo car insurance rates.
For example, the data below analyzes the cheapest car insurance in Laredo, TX for a 35-year-old female driver with no violations or accidents, and good financial standing. If we estimate rates based on her current rating profile, Travelers may offer the cheapest car insurance rates in Laredo at $1,236 a year. This is $668 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are also on the list of the top five cheapest Laredo, TX auto insurance companies.
The chart below compares rates after we give the driver from the first set of rates a couple of claims, a lower credit rating, and a blemish on her driving record. Because each company has their own formula for determining prices, comparing rates may result in a new list of affordable Laredo car insurance companies as shown below.
Mercury now has the cheapest rate in Laredo with State Farm, Safe Auto, Nationwide, and USAA completing the list. This example illustrates why it is critical to shop around when trying to find the lowest auto insurance rates for college graduates. Auto insurance prices are determined by many factors and change substantially, so the best price when you bought your policy may now be one of the more expensive options.