How Much is Car Insurance for Seniors in Laredo?

The words “affordable” and “auto insurance” probably shouldn’t be used together, especially when searching for the best coverage prices for seniors. To save some money, let’s go over some of the things that have a considerable impact on auto insurance premiums, and find some ways to reduce the cost of the next policy you buy.

For senior citizens, one of the big factors that aid in calculating the amount you pay each year for auto insurance is where you keep your vehicle in Laredo. Cities with larger populations or higher claim trends tend to pay more, whereas areas with less congestion receive better rates.

The following table rates the priciest cities in Texas for seniors to purchase auto insurance in. Laredo is ranked at #5 with an annual rate of $1,889 for the average insurance policy, which is about $157 per month.

How much is car insurance in Laredo?
Rank City Average Per Year
1 McAllen $1,996
2 Brownsville $1,927
3 Dallas $1,911
4 Houston $1,891
5 Laredo $1,889
6 Amarillo $1,858
7 Garland $1,832
8 Mesquite $1,825
9 Grand Prairie $1,811
10 Pasadena $1,794
11 Irving $1,789
12 Beaumont $1,772
13 Lubbock $1,733
14 Austin $1,676
15 San Antonio $1,671
16 Carrollton $1,664
17 Arlington $1,658
18 McKinney $1,625
19 Corpus Christi $1,620
20 El Paso $1,616
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Rate quotes are comparative as zip code location can raise or lower premium rates greatly.

Finding out which companies offer the cheapest auto insurance rates for seniors will involve a bit more work in order to find a policy that fits your budget.

Every insurance provider uses their own formula to set policy rates, so we’ll take a look at the most competitive auto insurance companies in Laredo. It’s a good idea to know that Laredo auto insurance rates are impacted by many things which can substantially change the price you have to pay. Simply getting older, increasing deductibles, or getting a ticket for running a stop sign may prompt premium changes resulting in some rates now being cheaper than before.

Cheap Insurance Rates for Mature Drivers

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Who has the cheapest car insurance in Texas?
Rank Company Cost Per Year
1 Travelers $1,010
2 USAA $1,128
3 Texas Farm Bureau $1,199
4 Germania Mutual $1,244
5 California Casualty $1,396
6 Esurance $1,407
7 State Farm $1,465
8 Mercury $1,521
9 Safe Auto $1,549
10 Nationwide $1,553
11 Allstate $1,701
12 Progressive $1,715
13 Amica $1,775
14 GEICO $2,072
15 Home State $2,134
16 MetLife $2,227
17 Unitrin $2,310
18 Encompass $2,324
19 21st Century $2,494
20 Titan $2,568
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Travelers may have some of the cheapest car insurance rates in Laredo at around $1,010 per year. This is $894 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty also rank well as some of the lowest-priced Laredo, TX auto insurance companies.

As the rates illustrate above, if you have coverage with USAA and switched to Travelers, you might achieve an annual premium reduction of upwards of $118. Customers with Texas Farm Bureau could save as much as $189 a year, and Germania Mutual policyholders might cut rates by $234 a year.

Remember that these premiums are averages for all types of drivers and the different vehicles they drive and and are not calculated with an exact location for seniors. So the car insurance company that has the cheapest rates for you may not even be in the top 23 companies in the list above. That point stresses why you need to get rate quotes from many companies using your own driver information and specific vehicle type.

The type of vehicle on the policy is one of the largest factors when consumers are trying to find affordable coverage for seniors. Vehicles with reasonable performance levels, advanced safety features, or low incidents of liability claims will cost much less to insure than higher performance models. The next table features auto insurance prices for some of the more affordable automobiles to buy insurance for.

Cheapest Vehicles to Insure in Laredo, TX
Make and Model Estimated Cost for Full Coverage
Honda CR-V LX 4WD $970
Ford Escape XLT 4WD $995
Honda Accord EX-L 4-Dr Sedan $1,055
Chevrolet Silverado LS Regular Cab 4WD $1,062
Toyota Prius $1,077
Toyota Tacoma 4WD $1,087
Dodge Grand Caravan SE $1,097
Ford Edge SEL 2WD $1,122
Ford Focus SE 4-Dr Sedan $1,129
Chevrolet Impala LT $1,147
Chevrolet Malibu LS $1,157
Volkswagen Jetta S 4-Dr Sedan $1,147
Toyota RAV4 2WD $1,154
Ford F-150 Lariat Crew Cab 4WD $1,170
Ford Explorer Limited 2WD $1,180
Honda Civic LX-S 4-Dr Sedan $1,182
Hyundai Elantra SE 4-Dr Sedan $1,207
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Data based on married female driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Prices do not factor in vehicle location which can lower or raise coverage prices substantially.

Based upon these rates, you can assume that cars like the Honda CR-V, Ford Escape, and Honda Accord are going to be the cheaper vehicles to insure for senior citizens.

Does full coverage make sense?

Saving on auto insurance should be important to most vehicle owners, and one of the best ways to find cheaper insurance for seniors is to only buy liability coverage. The illustration below visualizes the comparison of yearly insurance costs with full coverage and liability only. The premium estimates are based on no tickets, no at-fault accidents, $1,000 deductibles, drivers are not married, and no policy discounts are applied.

If we average the cost for ages 20 through 70, physical damage coverage on your policy costs an extra $1,730 per year more than just buying liability insurance. That is a significant amount which raises the question if buying full coverage is worth the money. There is no exact formula of when to phase out full coverage on your policy, but there is a guideline you can use. If the yearly cost of full coverage is more than 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.

Bad driving habits will cost you more

The easiest method to find low auto insurance rates in Laredo for senior citizens is to be a good driver and avoid at-fault accidents and violations. The example below shows how speeding tickets and at-fault collisions can increase insurance costs for different ages of insureds. The premiums are based on a married male driver, full physical damage coverage, $250 deductibles, and no discounts are applied to the premium.

The chart shows that the average cost of a car insurance policy per year with no violations or accidents is $1,889. Add in two speeding tickets and the average cost swells to $2,614, an increase of $725 each year. Then add in one accident along with the two speeding tickets and the annual cost of auto insurance for seniors goes up to an average of $3,338. That’s an increase of $1,448, or $121 per month, just for not driving safely!

Selecting the right insurance company can be difficult considering how many companies there are to choose from in Laredo. The company information listed below could help you decide which car insurance providers you want to consider when comparing auto insurance rates for seniors. These ratings are only made up of companies with a national presence, so companies without a large exposure will not be included in these rankings.

Top Ten Auto Insurance Companies for Seniors in Laredo, TX
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
Mercury Insurance 97 96 88 89% A+ 93.4
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
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Data Source: Best Car Insurance Companies

The importance of shopping around

Laredo, TX auto insurance rates are impacted by many factors that may substantially change the price you have to pay for coverage. Simply turning a year older, moving across town, or having an accident can trigger rate changes that may make certain companies cheaper in comparison to the competition. Additionally, auto insurance companies file new rates without warning in order to protect their financial rating. Heavier than normal losses may cause price increases, while profitable underwriting can produce lower-cost Laredo car insurance rates.

As an example, the graph below compares the cheapest car insurance in Laredo, TX for a 45-year-old male driver with no accidents or violations, and a good credit history. If we look at prices based on his current risk factors, Travelers offers the most affordable car insurance rates in Laredo at $1,311 annually. This is $593 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty are the remaining top five cheapest Laredo, TX auto insurance companies.

Now we will pretend the driver from the above example an at-fault accident, less-than-perfect credit, and a traffic citation. Because each company uses their own method to set policy rates, analyzing rates could result in a slightly different list of the cheapest Laredo car insurance companies as shown below.

USAA now has the lowest price on auto insurance in Laredo with State Farm, Mercury, Safe Auto, and Nationwide now rounding out the top five. This shows why it is important to perform an extensive rate comparison when trying to find the most budget-friendly car insurance rates for seniors.

Prices consist of many different factors and can change without notice, so the most economical option six months ago may now be priced much higher than other options.