The words “affordable” and “auto insurance” probably shouldn’t be used together, in particular when shopping around for the lowest insurance prices for college students. To save some money, let’s go over some situations that help determine auto insurance prices, and figure out some ways to take the sting out of the next policy you buy.
Deciding which company has the most affordable auto insurance rates for college students calls for more work in order to find the best policy. Each auto insurer has a proprietary formula to set premium rates, so let’s take a look at the auto insurance companies that tend to be cheaper in Fort Worth.
It’s important that readers know that Texas auto insurance rates are impacted by many factors that will increase or decrease the cost of a policy. Improving your credit rating, becoming a homeowner, or getting a ticket for running a stop sign can trigger price changes that may make certain companies much cheaper than others.
Cheap Insurance Rates for College Students
Travelers quotes some of the lowest car insurance rates in Fort Worth at around $1,041 each year. This is $863 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are also some of the cheapest Fort Worth, TX auto insurance companies.
In the rate table above, if you are insured with USAA and switched to Travelers, you might realize an annual savings of roughly $87. Insureds with Texas Farm Bureau may save as much as $194 a year, and Germania Mutual policyholders might lower prices by $215 a year.
To find cheaper insurance rates for your vehicle, click here to get a free quote or click several companies below for low rates.
These policy rates are averages across all types of drivers and the different vehicles they drive and do not factor in a vehicle location for college students. So the auto insurance company that is best for you may not even be in the top 23 companies in the list above. That emphasizes why you need to quote rates from as many companies as possible using your own driver information and specific vehicle type.
One of the more important criteria that are used to help calculate the amount you pay each year for auto insurance is the neighborhood you call home. Areas with more people or higher crime rates tend to have higher rates, whereas areas with less congestion benefit from having to pay less for coverage.
The information below sorts the most expensive areas in Texas for college students to buy an auto insurance policy in. Fort Worth shows up at #21 with an annual cost of $1,604 for the average policy, which is about $134 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | McAllen | $1,936 |
| 2 | Brownsville | $1,927 |
| 3 | Laredo | $1,907 |
| 4 | Houston | $1,891 |
| 5 | Dallas | $1,837 |
| 6 | Mesquite | $1,807 |
| 7 | Pasadena | $1,794 |
| 8 | Amarillo | $1,786 |
| 9 | Garland | $1,778 |
| 10 | Grand Prairie | $1,740 |
| 11 | Irving | $1,719 |
| 12 | Beaumont | $1,702 |
| 13 | San Antonio | $1,688 |
| 14 | Lubbock | $1,665 |
| 15 | Arlington | $1,642 |
| 16 | Corpus Christi | $1,636 |
| 17 | Plano | $1,624 |
| 18 | Carrollton | $1,615 |
| 19 | Austin | $1,610 |
| 20 | McKinney | $1,609 |
| 21 | Fort Worth | $1,604 |
| 22 | Waco | $1,569 |
| 23 | El Paso | $1,568 |
| 24 | Abilene | $1,561 |
| 25 | Killeen | $1,473 |
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Prices are approximated as vehicle location can raise or lower price quotes noticeably.
Full coverage rates compared to liability only
Paying less for auto insurance is important to the majority of people, and one great way to find cheap insurance for college students is to not pay for full coverage. The illustration below compares insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in Texas. The information is based on no violations or claims, $100 deductibles, single marital status, and no other discounts are factored in.
Averaged out for all age groups, full coverage costs $2,974 per year over and above liability only. At some point, almost every driver questions if physical damage coverage is worth the money. There is no written rule of when to phase out physical damage insurance, but there is a general guideline. If the annual cost of your full coverage insurance is more than around 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your vehicle’s replacement value is $7,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $6,000 after paying your policy deductible. If it’s costing you more than $600 annually for physical damage coverage, then you might want to think about dropping full coverage.
There are some conditions where dropping full coverage is not financially feasible. If you still owe a portion of the original loan, you are required to maintain full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should keep full coverage.
Discount Fort Worth insurance
Insurers that offer quotes for college students may additionally offer policy discounts that may potentially lower prices by as much as 30% if you meet certain criteria. Companies and their offered discounts are shown below.
- State Farm has discounts for defensive driving training, good driver, anti-theft, driver’s education, passive restraint, and multiple autos.
- Esurance discounts include good student, online shopper, multi-policy, Pac-12 alumni, safety device, and claim free.
- Progressive may offer discounts for multi-vehicle, online quote discount, online signing, multi-policy, continuous coverage, and homeowner.
- Liberty Mutual offers discounts for exclusive group savings, teen driver discount, preferred payment discount, hybrid vehicle, new move discount, and good student.
- Auto-Owners Insurance offers discounts including paperless, student away at school, air bags, company car, anti-lock brakes, teen driver, and multiple vehicles.
- GEICO may include discounts for multi-policy, air bags, driver training, military active duty, daytime running lights, defensive driver, and anti-lock brakes.
The illustration below illustrates the difference between premium costs with and without discounts. The premium estimates are based on a female driver, no accidents or driving violations, Texas state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with paid-in-full, continuous coverage, paperless filing, anti-theft, vehicle safety, and good student discounts applied. When these discounts are applied, theaverage yearly reduction on auto insurance for college students is 21% or $598.
If you like to have a professional recommendation when shopping for cheaper insurance for students in college, the insurance agencies listed below can most likely provide answers to your questions and help you determine which coverages you need.
To locate a Fort Worth insurance agent close to where you live, click the button below the list or click here to compare rates now.
- Main Street Independent Insurance- Tim Linzy, Agent
6300 Ridglea Pl #1115 – Fort Worth, TX 76116 – (817) 380-5597 - Clint Goin – State Farm Insurance Agent
7420 N Beach St #234 – Fort Worth, TX 76137 – (817) 485-5660 - Jerry Bristow – State Farm Insurance Agent
6490 Camp Bowie Blvd – Fort Worth, TX 76116 – (817) 738-2184
More insurance agents in Fort Worth, TX
How to find cheaper auto insurance for college students
It is possible to find better rates, and here are a few penny-pinching suggestions that can help you buy low-cost coverage.
- Prevent price hikes by avoiding at-fault accidents
- Increase the comprehensive and collision deductibles on your policy
- The safer your car, the less it costs to insure
- Good credit can help you save money
- Do not pay for full coverage on older vehicles
- Do not get tickets
- Compare rates often to find the best deal
The last tip in the list is remarkably critical, as was stressed in this piece. Prices charged by car insurance companies can change significantly in a year, so don’t hesitate to change to a new company if you can find a cheaper rate. Sticking with a specific company is fine, but it’s not a good idea if that devotion results in you overpaying lots of hard earned cash every month. Take a couple minutes and compare prices and find cheaper auto insurance for college students in Fort Worth.