You have most likely watched the catchy commercials from insurers like The General and Nationwide claiming enormous savings, so you just need to pick one at random, right?
It’s not that simple, unfortunately, as there are a whole slew of unknown aspects such as the deductible level you need, if you want full coverage included, and how far you drive each year, that all factor into the price you pay. This article will detail these topics and hopefully give you enough understanding to have a jump start in finding the best auto insurance in Lubbock.
The vehicle model you are seeking coverage for is one of the biggest factors that determines if you can find cheap insurance for electric cars. Vehicles with higher performance characteristics, poor passenger safety features, or a high likelihood of having liability claims will cost more to insure than safer, lower-performance models.
The information below shows insurance premiums for a number of the most economical automobiles to insure in Texas.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$1,169|
|Ford Explorer XLT 2WD||$1,197|
|Honda CR-V LX 4WD||$1,207|
|Honda Accord LX 4-Dr Sedan||$1,217|
|Ford Focus SE 4-Dr Sedan||$1,242|
|Toyota RAV4 Limited 4WD||$1,265|
|Jeep Grand Cherokee Laredo 4WD||$1,270|
|Dodge Grand Caravan Hero||$1,265|
|Toyota Tacoma Double Cab 4WD||$1,274|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,302|
|GMC Sierra SLE Regular Cab 4WD||$1,356|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$1,362|
|Find Cheaper Rates Go|
Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Price estimates do not factor in the specific area where the vehicle is garaged which can impact coverage rates greatly.
Looking at the rates, cars like the Ford Escape, Ford Explorer, and Honda CR-V will be the most budget-friendly vehicles to insure for eco-friendly vehicles.
One of the more important criteria that determine insurance cost is your zip code in Lubbock. More densely populated places likely pay more, whereas areas with less people or fewer weather incidents have the benefit of cheaper auto insurance prices.
The illustration below ranks the most expensive places in Texas for electric cars in which to purchase auto insurance. Lubbock comes in at #12 with an annual cost of $1,733 for car insurance, which is approximately $144 monthly.
|Rank||City||Premium Per Year|
|Compare Prices Now Go|
Table data uses comparative as specific location information can impact coverage rates greatly.
Full coverage rates compared to liability-only
Lowering the price of car insurance is the goal of the majority of vehicle owners, and a great way to buy cheaper insurance for electric cars is to only buy liability coverage. The illustration below illustrates the difference between insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on no accidents or driving violations, $250 deductibles, drivers are not married, and no policy discounts are applied.
If averaged out across all ages, physical damage coverage on your policy costs $2,210 per year over liability only. At some point, every insured wonders if paying for full coverage is a waste of money. There is no definitive rule of when to phase out full coverage on your policy, but there is a guideline you can consider. If the annual cost of coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
For example, let’s say your vehicle’s replacement cost is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $3,000 after the deductible is paid. If you are paying over $300 annually for physical damage coverage, then it might be time to buy liability only.
There are some cases where dropping full coverage is not in your best interest. If you still owe money on your vehicle, you have to carry full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.
The illustration below demonstrates how deductible levels can change insurance premiums when searching for cheap insurance for electric cars. The rates are based on a married female driver, comp and collision included, and no discounts are applied.
The chart above illustrates that a 30-year-old driver could pocket $302 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $456 by selecting a $1,000 deductible. Younger drivers, such as the Age 20 example, can cut $646 or even more just by using higher deductibles. When using a larger deductible, it will be necessary to have enough spare savings to allow you to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Your low-price policy may be costing you money
Lubbock, TX car insurance rates are determined by lots of factors that will increase or decrease your annual premium. Improving your credit rating, buying a home instead of renting, or getting a driving violation can trigger rate changes that can make some companies cheaper in comparison to the competition. And not only may your rating factors change, but insurers amend pricing without warning in order to remain profitable. A period of increased losses may result in increased policy costs, while profitable underwriting can result in cheaper Lubbock car insurance rates.
For example, the graph below shows which companies have the cheapest car insurance in Lubbock, TX for a 45-year-old male driver with a clear driving record, no claims, and a decent credit rating. If we estimate prices based on his personal risk profile, Travelers offers the best car insurance rates in Lubbock at $1,213 a year. This is $691 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are also included in the cheapest Lubbock, TX auto insurance companies.
The example below compares rates after we give the driver in the first chart a claim, less-than-perfect credit, and a stop sign violation. Because each company has their own unique process to determine rates, comparing prices may now show a different ranking of companies as shown below.
USAA now has the best car insurance rate in Lubbock with State Farm, Mercury, Safe Auto, and Nationwide now rounding out the top five. This illustrates why it is critical to compare many different companies to find the most affordable auto insurance rates for electric cars. Car insurance prices are impacted by many different factors and can increase or decrease at any time, so the best company the last time you compared rates may now be quite expensive.
The Lubbock auto insurance agencies shown below can most likely help you determine which policy is best, as some people have coverage questions and would like to have the advice of a professional agent when shopping for the best coverage for eco-friendly vehicles. It can be hard to find the best policy on your own, so getting advice from a licensed Texas insurance agent can give comfort knowing you have suitable coverage if you have an accident. To locate a Lubbock auto insurance agent closest to you, click the button at the bottom or click here to get price quotes now.
Farmers Insurance – Jim White
4518 50th St – Lubbock, TX 79414 – (806) 792-4416
3225 50th St – Lubbock, TX 79413 – (806) 799-0052
Bledsoe Insurance Agency
5143 69th St – Lubbock, TX 79424 – (806) 794-8686
Ashmore and Associates Insurance Agency, LLC
6102 82nd St #6 – Lubbock, TX 79424 – (806) 745-8358