The vehicle you are seeking coverage for is a large factor when shopping around for the best auto insurance for college students. Vehicles with reasonable performance levels, advanced safety features, or low incidents of liability claims will cost quite a bit less to insure than fast, unsafe models. The list below illustrates insurance prices for the most budget-friendly automobiles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$2,502|
|Honda CR-V LX 2WD||$2,510|
|Ford Explorer XLT 2WD||$2,809|
|Ford Focus S 4-Dr Sedan||$2,930|
|Chevrolet Impala LS||$2,936|
|Chevrolet Equinox LS AWD||$2,969|
|Toyota RAV4 Limited 4WD||$2,978|
|Toyota Camry LE||$2,969|
|Chevrolet Silverado LS Regular Cab 2WD||$3,001|
|Ford F-150 Lariat Super Cab 2WD||$3,005|
|Toyota Tacoma Double Cab 4WD||$3,015|
|Dodge Grand Caravan SXT||$3,005|
|Chevrolet Malibu LT||$3,013|
|Honda Civic VP 4-Dr Sedan||$3,090|
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Data rating is based on single female driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, and claim-free. Price estimates do not factor in specific location which can change auto insurance rates greatly.
Looking at the data, you can infer that makes and models like the Ford Escape, Honda CR-V, Toyota Prius, and Ford Explorer are going to be a few of the cheaper vehicles to insure for students in college. The cost of a car insurance policy will tend to be more expensive just due to the fact that there is a higher risk for college students, but generally speaking those particular models will have the cheapest auto insurance rates compared to other vehicles.
Finding reliable, affordable auto insurance is not the easiest thing to accomplish, and finding out which company has the cheapest car insurance rates for college students will involve even more diligence. Each auto insurer has a different process for determining rates, so first let’s look at the rankings for the car insurance companies with the overall best prices in Laredo.
Keep in mind that Texas car insurance rates are influenced by many factors that control the price of your policy. Improving your credit score, buying another vehicle, or having a fender bender may prompt premium changes that can make some companies cheaper than before.
Find the Best Cheap Insurance for College Students
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,247|
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Travelers offers some of the cheapest car insurance rates in Laredo at around $1,041 each year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also qualify as some of the cheapest Laredo, TX insurance companies.
As depicted above, if you have coverage with USAA and switched to Travelers, you could realize yearly savings of roughly $54. Drivers with Texas Farm Bureau may save as much as $206 a year, and Germania Mutual insureds might reduce rates by $215 a year.
To see how much you can save, click here to start your custom quote or quote rates from the companies below.
Understand that those estimates are averages across all drivers and vehicles in Texas and do not factor in a specific vehicle garaging location for college students. So the company that fits you best may not even be in the list above. That illustrates why you need to compare as many prices as possible using your own specific driver and vehicle information.
The example below highlights how deductible choice can influence insurance premiums when quoting cheap insurance for college students. The costs are based on a married male driver, full physical damage coverage, and no discounts are factored in.
A 50-year-old driver could pocket $372 a year by switching from a $100 deductible to a $500 deductible, or save $560 by switching to a $1,000 deductible. Youthful drivers, such as the 20-year-old example, can save up to $1,240 annually by using higher deductibles when buying full coverage.
When raising deductibles, it’s a good idea to have additional savings on hand to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Difference between full coverage and liability only rates
Buying cheaper car insurance is the goal of the majority of people, and one good way to save on the cost of insurance for college students is to buy only liability coverage. The illustration below illustrates the difference between car insurance costs when comparing full coverage to liability only. The prices are based on no violations or claims, $250 deductibles, drivers are not married, and no discounts are applied.
If averaged for all ages, full coverage costs an extra $2,000 per year more than just buying liability only. That is a big expense that brings up the question if buying full coverage is a good investment. There is no exact rule to exclude comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is more than 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let’s pretend your vehicle’s replacement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $2,000 after paying the physical damage deductible. If it’s costing in excess of $200 a year to have full coverage, then it may be the right time to buy liability only.
There are some circumstances where eliminating full coverage is not financially feasible. If you still owe a portion of the original loan, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
How to find low-cost car insurance for college students
Lowering your rates is not difficult, and here are some money-saving suggestions that can help you locate lower-cost coverage.
- Higher credit scores can equal lower rates
- Vehicles with good safety ratings are usually cheaper to insure
- Having too many claims will increase rates substantially
- Prevent price hikes by avoiding at-fault accidents
- Drive safely
- Comparison shop at least every other year
That last idea is incredibly necessary, as we emphasized in this write-up. Auto insurance rates in Laredo vary considerably, so don’t be hesitant to change insurance companies if you can save money.
Staying with the same car insurance company is fine, but it’s not recommended if that stubbornness costs you a wad of cash every year. Spend a few minutes and shop around to find cheaper car insurance for college students.
If you wish to have professional advice when shopping for cheaper insurance for students in college, the agents below can help you decide which auto insurance coverages would be the best in your situation. To locate a Laredo car insurance agency closest to you, click the button following the list.
Herman Dominguez – State Farm Insurance Agent
3120 N Arkansas Ave – Laredo, TX 78043 – (956) 726-0493
Fred Loya Insurance
618 W Calton Rd – Laredo, TX 78041 – (956) 723-4414
1315 San Dario Ave – Laredo, TX 78040 – (956) 724-2110
Insurance and Financial Services At Champions LLC
6019 McPherson Rd Ste 6 – Laredo, TX 78041 – (956) 717-5770
Farmers Insurance – Gabriel Medina
9807 Mines Rd #6 – Laredo, TX 78045 – (956) 645-2510