Best Insurance Rates In Texas - Over the past five years, auto insurance rates in Texas have risen above average. The average increase was 4.5% annually, although some companies increased 8 to 9% annually. In this article, we provide an overview of rising car insurance rates in Texas and explain what Texans can do to save money.
In Texas, the 12 largest auto insurers have raised rates by an average of 27% since 2012. That's slightly above the national average of 25% increase, though a far cry from the 54% increase we saw in Georgia. However, not every company has raised its prices in Texas.
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Home insurance was the rare exception not to offer rate increases, while commuters in general only saw an 8.4% rise over five years.
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Some companies, like Progressive, have opted for small, gradual increases from year to year, while others, like American Family, have opted for large, one-time increases. Check out the chart below to see how each company has raised prices overall since 2012:
Neighboring Louisiana also saw above-average total rate increases compared to the rest of the country. Damage from storms and floods is responsible for the South receiving higher increases than the rest of the country due to the milder weather.
In terms of average annual increase, Texas was in line with the national average every year through 2015, rising 1 percentage point above the national average. 2016 was a particularly bad year for auto insurance policyholders in Texas, where rate increases were two percentage points higher than the national average. We expect that costly hailstorms in the state over the past few years have led to an extraordinary spike.
If you find your rates unaffordable right now, as we previously found for about a quarter of Houston's population, there are a few important things to consider.
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The first is to assess whether you are finding the best rates in Texas. About 5.3 million Texans with auto policies haven't purchased new insurance in five years, and 1.6 million carriers due to better rates in 2016 -- more than 10 million auto policies are in effect in Texas, according to Nielsen survey data. If we continue to look at the average increases we calculated above for a nationwide customer and they don't change, their prices will be about 60% higher than they were five years ago.
Although each year gets better, it is very important to purchase a new policy at least every three years. For drivers with auto policies in Dallas and San Antonio, rates can vary by several thousand dollars between some insurance companies for the same profile. If you stay with the same company year after year, there is no way to know if your prices are rising faster than other companies unless you can access that data through a price comparison.
If you are satisfied with your auto insurance, you can lower your rates by reevaluating your coverage limits. For example, if you own a car that is more than 10 years old and/or worth less than $3,000, you don't need to take out comprehensive or collision insurance. The car will be worth less than what you would pay for those coverages over five years. This will save you close to 50% of what you would have to pay annually.
You can save money by making sure that your liability limits reflect the total amount of assets you carry. For example, if you have $200,000 in assets between your home, car, and bank accounts, you don't need to take liability for that amount. Enough to protect the total amount you can sue. Alternatively, if your bank statements and assets are low, your liability limits may also be waived accordingly.
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Ideally, you should buy as much liability insurance as possible, but if you're currently struggling to afford your policy, adjusting your limits to reflect your assets can save you even more money. Be careful though, you will also need to calculate the salary you will earn in the future. If you know you're due a big raise in the future, adjust your assets for when that raise hits.
Finally, another great way to get rid of your car insurance is to apply for discounts. In Texas, you can take a defensive driving course that can save you 10% on some coverages. If you have a child who is included in your policy and gets good grades, you can save another 10% for a good student discount. Here is a great list of discounts offered by most auto insurance companies and how Texas ranks among other states for cheap car insurance.
To obtain an insurance quote over the phone, call: (855) 596-3655 | Agents are available 24 hours a day, 7 days a week! To help you find the best cheap auto insurance, our editorial team researched thousands of auto insurance quotes from the top Texas insurance companies. We ranked the cheapest companies for different drivers based on factors such as cost, customer support, and coverage.
Liability quotes minimum Texas requirements of $30,000 per person for bodily injury liability, $60,000 per accident, and $25,000 for property damage coverage. Full coverage quotes include higher liability limits, comprehensive coverage, and collision coverage.
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For minimal liability, State Farm offers the cheapest rates in Texas at $450 per year. This is 32% cheaper than the average cost of minimum coverage in Texas, which is $666 annually. Other cheaper companies include USAA and Geico, although USAA is only available to current and former military members and their families.
The average monthly cost for car insurance in Texas is $56 per month for a minimum liability policy.
If you're looking for the cheapest car insurance possible, you can purchase a policy that only meets Texas' minimum requirements for liability coverage.
Minimum auto insurance quotes meet the legal requirements in Texas, which include $30,000 per person for bodily injury, $60,000 per accident, and $25,000 for property damage coverage.
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Texas policies' bodily injury liability limits of $60,000 per accident do not cover costs for injuries you sustained in a major accident. Minimum liability policies do not cover damage to your vehicle, which is covered under comprehensive and collision insurance included in a full coverage policy.
USAA, Geico, and State Farm are the cheapest insurance companies in Texas. All three offer full coverage policies starting at less than $1,400 a year, which is much cheaper than average.
State Farm and Zigo have the lowest prices for drivers in Texas with a speeding ticket, each at least $400 cheaper than the average.
A speeding offense on your driving record can also affect your car insurance premiums, although it's usually not as much as a fault-related accident. Auto insurance rates in Texas have increased by an average of 93%.
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State Farm, Zigo, and USAA raise your car insurance premiums quite a bit after an accident. Your driving history is one of the most important factors affecting auto insurance rates. If you are at-fault in an accident in Texas, insurance companies will raise your premiums for full coverage by an average of 149%.
State Farm, Zigo, and USAA are the most affordable carriers for DUI or SR-22 drivers, offering fares that are 36%, 16%, and 32% cheaper than the state average, respectively. Texans who receive DUI citations may see their fees nearly double.
State Farm is the cheapest company for low-credit drivers, averaging $2,034 annually for full coverage. Insurance companies set rates based on a driver's risk, and many insurance companies believe that drivers with low credit scores are more likely to file a claim.
Teenage drivers are more likely to be involved in accidents than more experienced drivers, which is why insurance companies charge higher premiums. Average minimum coverage rates for an 18-year-old Texas driver are 221% higher than bids for a 30-year-old driver.
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Geico offers great rates for minimum coverage and full coverage for teens in Texas. The annual policy cost is $1,329 for minimum coverage and $3,082 for full coverage.
Teen drivers should get full insurance coverage if they drive a new car and can afford one. The difference in cost is significant; The average annual premium for minimum coverage is just $2,136, compared to $5,099 for full coverage. However, getting collision coverage and comprehensive coverage is especially beneficial for teens, who are statistically more likely to get into an accident and have to pay for their car to be repaired.
State Farm is the best cheap car insurance company in Texas, thanks to relatively cheap rates and some of the best customer service ratings in the state.
The best auto insurance companies balance affordability and expertise to offer drivers the best value. The best companies
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