For veterans, one of the largest criteria that determine the annual cost of car insurance is where you normally keep your vehicle in Lubbock. Cities with more crime and/or more people tend to have higher auto insurance costs, whereas areas with less crime or weather claims have the enjoyment of a little cheaper coverage.
The table below lists the most expensive cities in Texas for retired military to purchase auto insurance in. Lubbock makes the list at #12 with the annual price of $1,716 for coverage, which is approximately $143 per month.
|Rank||City||Premium Per Year|
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Annual rates are approximated as specific Lubbock garaging address can affect premium rates noticeably.
The make and model of vehicle you are seeking coverage for is probably the biggest factor that determines whether or not you find low-cost car insurance for retired military. Vehicles with higher performance characteristics, a lack of safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than safer models. The information below outlines coverage premiums for a number of the most affordable automobiles to insure in Texas.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$1,099|
|Ford Edge SE 2WD||$1,105|
|Ford F-150 STX Regular Cab 4WD||$1,128|
|Honda CR-V EX 2WD||$1,135|
|Dodge Grand Caravan Crew||$1,214|
|Ford Explorer Limited AWD||$1,221|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$1,230|
|Hyundai Elantra Blue 4-Dr Sedan||$1,234|
|Honda Odyssey LX||$1,250|
|Hyundai Sonata GLS 4-Dr Sedan||$1,275|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,280|
|Chevrolet Silverado 2500HD LTZ Crew Cab 4WD||$1,290|
|Chevrolet Malibu LTZ||$1,280|
|Chevrolet Silverado LS Regular Cab 2WD||$1,295|
|Jeep Grand Cherokee Laredo 2WD||$1,304|
|Toyota Tacoma Double Cab 4WD||$1,332|
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, homeowner, and multi-vehicle. Price estimates do not factor in vehicle garaging location which can decrease or increase auto insurance rates noticeably.
By looking at the data, you can expect makes and models like the Ford Escape, Ford Edge, Ford F-150, and Honda CR-V are most likely going to be a few of the most economical vehicles to insure for veterans.
Deciphering which companies have the most affordable auto insurance rates for retired military will require a bit more effort in order to find the most economical policy. Each insurance company has a unique approach for establishing rates, so let’s rank the overall cheapest auto insurance companies in Texas.
Best Insurance Companies for Vets
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,211|
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Travelers quotes some of the cheapest car insurance rates in Lubbock at around $1,041 a year. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty also are some of the cheapest Lubbock, TX auto insurance companies.
As shown in the table above, if you currently buy coverage from Germania Mutual and switched to USAA, you might achieve yearly savings of about $187. Customers with California Casualty may save as much as $287 a year, and Esurance insureds might realize rate reductions of up to $326 a year.
If you would like to find cheaper car insurance rates, click here to get a free quote or visit any of the low-priced companies below.
These premium estimates are averages across all ages of drivers and types of vehicles and do not take into consideration an exact zip code location for retired military. So the insurer that fits your situation best may not even be in the top 23 companies in the list above. That helps illustrate why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
Discount Lubbock auto insurance rates
Insurance providers that offer cheap quotes for retired military may have premium discounts that can reduce rates by as much as 25% or more if you are eligible. The best auto insurance companies and some of the premium reductions they offer include:
- Esurance offers discounts including good driver, multi-car, emergency road assistance, Pac-12 alumni, claim free, and renters.
- The Hartford may include discounts for good student, air bag, bundle, anti-theft, driver training, and vehicle fuel type.
- AAA has savings for anti-theft, education and occupation, good student, AAA membership discount, multi-policy, and pay-in-full.
- GEICO may offer discounts for driver training, anti-theft, seat belt use, multi-policy, five-year accident-free, and daytime running lights.
- State Farm offers discounts for Steer Clear safe driver discount, student away at school, passive restraint, anti-theft, driver’s education, and Drive Safe & Save.
The example below shows the difference between auto insurance rates with and without discounts applied to the rates. The costs are based on a male driver, no driving violations, no at-fault accidents, Texas state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with anti-theft, accident-free, vehicle safety, multiple vehicle, safe-driver, and homeowner discounts applied. With discounts applied, the average amount saved each year on auto insurance for retired military is 28% or $552.
Comparison of full coverage and liability-only policies
Reducing the cost of auto insurance is the goal of most drivers, and a good way to lower the cost of insurance for retired military is to not buy full coverage. The diagram below illustrates the difference between insurance rates with full coverage compared to only the Texas minimum liability coverage. The premiums assume no accidents or driving violations, $1,000 deductibles, marital status is single, and no policy discounts are applied.
If the expense is averaged for all age categories, full coverage costs $1,598 per year more than carrying just liability coverage. That is a large expense which might make you wonder if you should buy full coverage. There is no definitive formula to eliminate comp and collision coverage, but there is a general convention. If the annual cost of your full coverage insurance is more than about 10% of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let’s say your vehicle’s replacement value is $7,500 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, you would only receive $6,500 after paying your deductible. If premium cost is more than $650 annually for your policy with full coverage, then it might be time to buy liability only.
The illustration below demonstrates how deductibles can impact insurance prices when quoting cheap insurance for retired military. The rates are based on a married male driver, comp and collision included, and no additional discounts are factored in.
The data above shows that a 30-year-old driver could cut expenses by $410 a year by changing from a $100 deductible up to a $500 deductible, or save $620 by using a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could possibly save up to $1,240 each year just by choosing higher deductibles when buying full coverage. If you make the decision to raise deductibles, it is a good idea to have additional funds squirreled away to be able to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
What aren’t you shopping around?
Lubbock auto insurance rates are based on many factors that may substantially change the policy price. Getting older, getting married, or getting a couple of tickets may cause policy rate changes that can now make some companies more affordable than the competition.
Not only may your risk profile change, but insurance companies amend premium rates as often as every quarter in order to maintain liquidity for claims. Significantly higher losses may result in increased rates, while a lower level of claims may cause more affordable Lubbock car insurance rates.
To illustrate this example, the graph below compares the cheapest car insurance in Lubbock, TX for a 30-year-old male driver with no prior accidents, a clean driving record, and good financial standing. If we estimate rates based on his personal risk profile, Travelers might offer the most affordable car insurance rates in Lubbock at $1,142 each year. This is $762 less than the average rate paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are also included in the most affordable Lubbock, TX auto insurance companies.
The next chart shows rates after we give the driver in the first chart a couple of claims, a little lower credit rating, and a stop sign violation. Due to the fact that each insurance company has a proprietary method to set their prices, comparing insurance quotes may result in a new list of the cheapest car insurance companies in Lubbock as shown below.
State Farm now has the best car insurance rate in Lubbock with USAA, Mercury, Nationwide, and Safe Auto now being in the top five. This demonstrates why it is critical to compare many different companies when trying to find affordable auto insurance quotes for retired military.
Car insurance prices can be altered by many risk factors and can change substantially, so the best price the last time you compared rates may now be priced much higher than other options.
If you wish to have a consultation when comparing insurance rates for retired military, the agencies below can most likely help you make a decision which auto insurance coverages would be the best in your situation. To find a Lubbock insurance agency closest to you, click the button at the bottom.
12215 Quaker Ave – Lubbock, TX 79424 – (806) 783-8959
Dick Phillips – State Farm® Insurance Agent
5740 82nd St – Lubbock, TX 79424 – (806) 799-4651
Farmers Insurance – Jim White
4518 50th St – Lubbock, TX 79414 – (806) 792-4416