For people who own their homes, one of the big considerations that are looked at to help calculate the amount you pay each year for auto insurance is where your car is garaged. Areas with more people or even just a higher incidence of claims likely pay more, whereas areas with less congestion have the enjoyment of a little cheaper coverage.
The illustration below lists the most expensive cities in Texas for homeowners to buy auto insurance in. Lubbock makes the list at #13 with an annual cost of $1,733 for the average insurance policy, which is approximately $144 each month.
|Rank||City||Premium Per Year|
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Premium costs are approximated as the specific zip code location can change auto insurance rates substantially.
The type of vehicle requiring coverage is one of the largest considerations when trying to find the best cheap car insurance for homeowners. Vehicles with higher performance, a lack of safety features, or high incidents of liability claims will cost significantly more to insure than more modest models.
The information below features insurance premiums for a selection of the most affordable automobiles to insure in Texas.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$908|
|Honda Accord LX-P 4-Dr Sedan||$913|
|Honda Odyssey LX||$997|
|Ford Escape Limited 2WD||$1,046|
|Chevrolet Equinox LS AWD||$1,076|
|Volkswagen Jetta S 4-Dr Sedan||$1,084|
|Nissan Altima 2.5 4-Dr Sedan||$1,076|
|Toyota RAV4 Sport 2WD||$1,084|
|Chevrolet Impala LT||$1,076|
|Hyundai Elantra Blue 4-Dr Sedan||$1,111|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$1,121|
|Ford Explorer XLT 2WD||$1,139|
|Jeep Grand Cherokee Laredo 4WD||$1,174|
|Ford Focus S 4-Dr Sedan||$1,176|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,184|
|Chevrolet Malibu Hybrid||$1,204|
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Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, homeowner, and multi-vehicle. Estimates do not factor in garaging location in Lubbock, TX which can lower or raise premiums greatly.
By looking at the data, we can tell that makes and models like the Honda CR-V, Honda Accord, Honda Odyssey, Toyota Prius, and Ford Escape will definitely be the cheapest vehicles to insure for people who own their homes.
Does it make sense to buy full coverage?
Lowering the price of car insurance is the goal of most drivers, and a great way to lower the cost of insurance for homeowners is to only buy liability coverage. The example below illustrates the difference between insurance costs when comparing full coverage to liability only. The premium estimates are based on no claims or driving citations, $250 deductibles, single status, and no discounts are applied.
If averaged out across all ages, comprehensive and collision coverage on your policy costs an extra $2,671 per year over having just liability coverage. That touches on the question when is it a good idea to stop buying full coverage. There isn’t a steadfast formula for dropping full coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
There are a few situations where only buying liability is not advised. If you haven’t satisfied your loan, you are required to maintain full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not drop full coverage.
Picking a highly-rated insurance company can be difficult considering how many different companies sell coverage in Lubbock. The company ratings shown next could help you choose which car insurance providers you want to consider putting your business with.
The rankings below only include large, nationwide insurance companies, so companies with more of a regional focus are not factored into the list. If you wish to compare rates from these top insurers and more, click here.
Top 10 Major Auto Insurance Providers in Lubbock Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- The Hartford – A+
- Allstate – A+
- Nationwide – A+
Top 10 Major Auto Insurance Providers in Lubbock Ranked by Value
- Mercury Insurance
- American Family
- AAA Insurance
- Safeco Insurance
- The Hartford
- The General
- 21st Century
The diagram below demonstrates how choosing different deductibles can raise or lower annual premium costs when trying to find cheap insurance for homeowners. The premiums assume a married female driver, comprehensive and collision coverage, and no discounts are applied.
The chart above illustrates that a 30-year-old driver could reduce rates by $302 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $456 by using a $1,000 deductible. Younger drivers, like the 20-year-old category, could shave up to $646 each year by choosing larger deductibles on their policy.
When increasing deductibles, it is important to have plenty of savings on hand to satisfy the extra out-of-pocket expense, which is the main drawback of higher deductibles.
How to find low-cost car insurance for homeowners
The list below summarizes some of the better money-saving solutions that can help you buy cheap coverage.
- Drop full coverage on older vehicles
- Bundle home or renters insurance to earn a discount on car insurance
- Choose a safer vehicle and pay lower rates
- Save money by staying claim-free
- Raise deductibles
- Higher credit ratings may save you money
- Shop around once a year for cheaper rates
The last tip in the list is very necessary, as was stressed in the prior information. Prices charged by auto insurers adjust often, so don’t be unwilling to switch to a new company if you find a better deal. We understand brand loyalty, but it’s not recommended if that loyalty ends up costing a lot of money every month. Spend a few minutes and compare rates to find cheaper car insurance for homeowners in Lubbock.