For eco-friendly vehicles, one of the largest factors that are used to help calculate the amount you pay each year for auto insurance is where you live in Laredo. Regions with more people or even just more weather-related claims tend to have more expensive auto insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims receive better rates.
The illustration below lists the highest-priced areas in Texas for electric cars to buy an auto insurance policy in. Laredo shows up at #3 with the yearly price of $1,907 on average, which is approximately $159 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | McAllen | $2,016 |
| 2 | Dallas | $1,911 |
| 3 | Laredo | $1,907 |
| 4 | Houston | $1,891 |
| 5 | Brownsville | $1,870 |
| 6 | Garland | $1,832 |
| 7 | Mesquite | $1,825 |
| 8 | Pasadena | $1,812 |
| 9 | Amarillo | $1,804 |
| 10 | Irving | $1,772 |
| 11 | Grand Prairie | $1,740 |
| 12 | Lubbock | $1,716 |
| 13 | Beaumont | $1,702 |
| 14 | San Antonio | $1,671 |
| 15 | Fort Worth | $1,670 |
| 16 | Arlington | $1,658 |
| 17 | El Paso | $1,632 |
| 18 | Corpus Christi | $1,620 |
| 19 | Austin | $1,610 |
| 20 | McKinney | $1,609 |
| 21 | Plano | $1,608 |
| 22 | Carrollton | $1,598 |
| 23 | Waco | $1,522 |
| 24 | Abilene | $1,515 |
| 25 | Killeen | $1,488 |
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Annual rates are comparative as the specific area where the vehicle is garaged can lower or raise price quotes greatly.
Determining which company has the best insurance rates for electric cars will involve more work than just getting one or two price quotes.
Every car insurance company has a proprietary method to set policy rates, so let’s take a look at the most budget-friendly insurance companies in Texas. Keep in mind that Laredo, TX insurance rates are impacted by many factors which can substantially change the price you have to pay for coverage. Simply having another birthday, buying a home, or having an at-fault accident may prompt premium changes resulting in some rates now being cheaper than before.
Lowest Insurance Price Quotes for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $1,041 |
| 2 | USAA | $1,128 |
| 3 | Texas Farm Bureau | $1,247 |
| 4 | Germania Mutual | $1,256 |
| 5 | Esurance | $1,379 |
| 6 | California Casualty | $1,438 |
| 7 | State Farm | $1,465 |
| 8 | Mercury | $1,506 |
| 9 | Safe Auto | $1,597 |
| 10 | Nationwide | $1,600 |
| 11 | Progressive | $1,647 |
| 12 | Allstate | $1,718 |
| 13 | Amica | $1,723 |
| 14 | Home State | $2,092 |
| 15 | GEICO | $2,093 |
| 16 | MetLife | $2,161 |
| 17 | Unitrin | $2,264 |
| 18 | Encompass | $2,301 |
| 19 | 21st Century | $2,396 |
| 20 | Titan | $2,646 |
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Travelers may offer some of the cheapest car insurance rates in Laredo at around $1,041 annually. USAA, Texas Farm Bureau, Germania Mutual, and Esurance would also make the list of some of the more affordable Laredo, TX car insurance companies.
As depicted above, if you buy coverage from Germania Mutual and switched to USAA, you may realize an annual premium reduction of approximately $128. Drivers with Esurance could save as much as $251 a year, and California Casualty insureds might reduce rates by $310 a year.
Bear in mind that those prices are averages across all ages of drivers and types of vehicles and do not factor in an exact vehicle garaging location for electric cars. So the insurer that is best for you may not even be in the top 23 companies in the list above. That emphasizes why you need to compare as many prices as possible using your own personal information and vehicle type.
The car, truck, or SUV requiring insurance is one of the largest considerations in finding the best cheap insurance for electric cars. Vehicles with high performance engines, poor safety ratings, or high incidents of liability claims will cost more to insure than more economical and safe models. The information below presents coverage premiums for a number of the cheapest vehicles to insure in Texas.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $1,300 |
| Ford Escape Limited 4WD | $1,411 |
| Chevrolet Impala LS | $1,507 |
| Honda CR-V EX-L 2WD | $1,525 |
| Jeep Wrangler Unlimited Sport 2WD 4-Dr | $1,564 |
| Ford Explorer Limited 4WD | $1,567 |
| Toyota Corolla LE | $1,618 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,647 |
| GMC Sierra SL Crew Cab 2WD | $1,654 |
| Jeep Grand Cherokee SRT-8 4WD | $1,647 |
| Toyota Prius | $1,649 |
| Kia Optima LX | $1,652 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,660 |
| Toyota Camry Hybrid | $1,761 |
| Chevrolet Equinox LS 2WD | $1,763 |
| Toyota RAV4 2WD | $1,773 |
| Chevrolet Malibu LT | $1,797 |
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Prices based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Table data does not factor in specific Laredo, TX garaging location which can lower or raise premiums significantly.
By looking at the data, we can presume that models like the Honda Accord, Ford Escape, Chevrolet Impala, and Honda CR-V are going to be the cheapest vehicles to insure for eco-friendly vehicles.
Full coverage rates vs. liability-only in Laredo
Saving money when shopping for insurance is important to the majority of drivers, and one common way to find cheaper insurance for electric cars is to buy only liability coverage. The illustration below shows the difference between insurance costs with and without physical damage coverage. The information is based on no claims or driving citations, $100 deductibles, single status, and no policy discounts are applied.
If all age groups are averaged, full coverage on your policy costs an additional $2,922 per year more than carrying just liability coverage. That is a big expense that brings up the question if it’s worth it to buy full coverage. There isn’t a steadfast formula of when to eliminate physical damage coverage, but there is a general convention. If the yearly cost for physical damage coverage is about 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let’s assume your vehicle’s replacement value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would get paid by your company is $4,500 after paying your policy deductible. If it’s costing in excess of $450 a year for full coverage, then you may need to consider dropping full coverage.
There are some scenarios where removing full coverage is not advised. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
The chart below highlights how deductible choice can impact yearly insurance costs when getting quotes for cheap insurance for electric cars. Data assumes a single male driver, comp and collision included, and no other discounts are factored in.
The data above shows that a 30-year-old driver could save $422 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $634 by using a $1,000 deductible. Young drivers, such as the 20-year-old chart data, have the ability to save as much as $1,236 every year just by choosing higher deductibles when buying full coverage. When choosing a higher deductible, it’s a good idea to have enough savings set aside to be able to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
The importance of comparing Laredo car insurance rates
Laredo insurance rates are impacted by many factors that may substantially change the price you have to pay for coverage. Simply having another birthday, buying a different home, or getting a driving violation may generate price changes resulting in some rates now being cheaper than before. In addition to those changes, insurers file new Texas auto insurance rates multiple times each year to adjust for unexpected claims or profits. A period of increased losses may result in high rates, while lower claim expenses can produce cheaper Laredo car insurance rates.
To illustrate this example, the chart below shows a variety of companies that have the cheapest car insurance in Laredo, TX for a 40-year-old male driver with a clean driving record, no accidents, and great credit. When comparing rates based on his personal risk profile, Travelers quotes the best car insurance rates in Laredo at $1,348 per year. This is $556 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are also on the list of the best Laredo, TX auto insurance companies.
The example below compares rates after we give the driver from the first example a chargeable accident, a lower credit rating, and a few traffic violations. Because each insurer has a unique approach for determining prices, getting updated rate quotes most likely will result in a substantially altered list of affordable Laredo car insurance companies as shown below.
State Farm now has the lowest car insurance rate in Laredo, TX with Mercury, Safe Auto, USAA, and Nationwide also having competitive pricing. This illustrates why it is critical to shop around with many companies when trying to find the most affordable insurance rates for electric cars.
Insurance rates are determined by many things and can change without notice, so the most affordable company six months ago may now be an over-priced policy.
If you like to get some professional input when comparing insurance rates for electric cars, the agents below can probably help you make a decision which policy is best.
To find a Laredo insurance agent by location nearest to you, click the button below the list or click here to compare price quotes now.
Cavazos Insurance Agency
2107 San Bernardo Ave – Laredo, TX 78040 – (956) 723-4623
Luis Estrada – State Farm Insurance Agent
3660 E Del Mar Blvd #9 – Laredo, TX 78041 – (956) 568-8013
Protection Insurance Agency
1020 Washington St – Laredo, TX 78040 – (956) 723-9542
State Farm: Manuel Gomez III
4311 Clark Blvd – Laredo, TX 78043 – (956) 333-0000
More Laredo, TX insurance agents
How to find economical insurance for electric cars
It’s not impossible to find cheaper rates, and here are some of the recommended money-saving solutions that can help drivers locate low-cost auto insurance.
- Improve your credit score
- Avoid at-fault accidents and claims
- Raise your deductibles
- Drive safe vehicles
- Just one traffic violation will increase your rates
- Comparison shop frequently
That last tip is incredibly critical, as was noted in the prior article. Coverage prices fluctuate constantly, so you should be ready to switch to a new company if a lower price can be found. Brand loyalty is not necessarily bad, but we do not recommend it if that loyalty results in overpaying thousands of dollars over several years. It only take a few minutes to compare rates to find cheaper car insurance for electric cars in Laredo.