The words “affordable” and “insurance” probably shouldn’t be used together, in particular when searching for the best coverage prices for college students. To save some money, let’s take a look at some things that influence car insurance rates, and see if you can take the sting out of the next policy you buy.
The type of vehicle requiring coverage is a significant factor when comparing quotes for cheaper car insurance for college students. Vehicles with high performance, poor safety ratings, or an increased likelihood of liability claims will cost quite a bit more to insure than more economical and safe models. The table below illustrates auto insurance premiums for the most cost-effective automobiles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape Limited 2WD||$2,765|
|Honda CR-V EX-L 2WD||$2,772|
|Ford F-150 XL Regular Cab 4WD||$3,031|
|Ford Edge SEL 2WD||$3,195|
|Ford Focus SE 4-Dr Sedan||$3,202|
|Chevrolet Malibu LS||$3,235|
|Chevrolet Impala LT||$3,244|
|Volkswagen Jetta S 4-Dr Sedan||$3,235|
|Jeep Grand Cherokee Laredo 4WD||$3,241|
|Toyota RAV4 2WD||$3,235|
|Chevrolet Equinox LT 2WD||$3,244|
|Toyota Tacoma Double Cab 4WD||$3,276|
|Dodge Grand Caravan SXT||$3,281|
|Ford Explorer Limited 4WD||$3,276|
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Above prices assume single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium costs do not factor in the specific area where the vehicle is garaged which can lower or raise insurance rates greatly.
Based upon the rates shown, you can figure that models like the Ford Escape, Honda CR-V, and Toyota Prius will be the less-costly vehicles to insure for students in college. The cost of auto insurance will be higher anyway because there is more claim risk for college students, but overall those models will tend to have the cheapest car insurance rates that you are likely to find.
For students in college, one of the big criteria that determine the annual cost of car insurance is where you keep your vehicle. Areas with a lot of weather claims or more people are more likely to have higher rates, whereas less populated areas have the luxury of lower rates.
The next table ranks the highest-priced places in Texas for college students to buy an auto insurance policy in. Lubbock makes the list at #14 with the annual price of $1,716 for coverage, which is about $143 each month.
|Rank||City||Average Per Year|
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Premium costs are comparative as the specific Lubbock residence address can revise auto insurance rates substantially.
Insurance company ratings
Ending up with a high-quality auto insurance company is difficult considering how many different companies sell coverage in Lubbock. The rank data shown below can help you decide which companies to look at when trying find the best insurance for college students.
The rankings below include the largest companies in the United States, so companies that have a smaller presence are not factored into these rankings. To check rates from these and other competitive companies, click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
How much more does full coverage cost in Lubbock?
Finding cheaper insurance is the goal of the majority of drivers, and one of the best ways to find cheap insurance for college students is to not buy comprehensive and collision coverage. The diagram below shows the difference between premium costs with full physical damage coverage and with liability coverage only. The premiums assume a clean driving record, no at-fault accidents, $250 deductibles, single marital status, and no other discounts are factored in.
If averaged out across all ages, physical damage coverage costs $2,671 per year more than just buying liability insurance. At some point, every insured wonders if full coverage is worth the money. There isn’t a steadfast formula to drop physical damage coverage, but there is a general guideline you can use. If the annual cost of coverage is about 10% or more of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
For example, let’s pretend your vehicle’s settlement value is $12,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $11,000 after you pay the deductible. If it’s costing in excess of $1,100 annually to have full coverage, the it may be a good time to stop paying for full coverage.
How violations and accidents impact rates
The recommended way to get affordable insurance rates for students in college is to be a safe driver and avoid at-fault accidents and violations. The chart below illustrates how speeding tickets and fender-benders raise car insurance rates for each different age category. The premiums are based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.
In the example above, the average cost of car insurance in Texas per year with no accidents and a clean driving record is $1,225. Get written up for one speeding ticket and the average cost swells to $1,432, an increase of $207 each year. Then add in one accident along with the one speeding ticket and the 12-month cost of insurance for college students jumps again to an average of $1,997. That’s an increase of $772, or $64 per month, just for not being more responsible behind the wheel!
How to find budget-friendly car insurance for college students
The list below summarizes some of the recommended money-saving solutions that can help you find cheaper coverage.
- Increase your deductibles
- Maintain a clean driving record
- Assess whether full coverage is needed
- Claim-free policyholders usually earn a discount
- Do not get into accidents
- Compare price quotes at least once a year
That final tip is particularly necessary, as was pointed out in the article above. Coverage rates in Lubbock adjust frequently, so don’t be afraid to switch companies if you can save money. Being loyal to a particular company is commendable, but it isn’t a good idea if that loyalty results in overpaying a considerable chunk of change every month. If you have a few minutes, compare rates and find cheaper car insurance for college students.
If you like to get help from a professional when buying car insurance for college students, the agents shown below can help you make a decision which coverage fits your budget. To locate a Lubbock insurance agent in your neighborhood, click the button link following the list.
- Allstate Insurance Agent: Doug Townsend
3901 84th St – Lubbock, TX 79423 – (806) 698-1611
- Allstate Insurance Agent: Marvin Grimes
6102 82nd St Unit 3b – Lubbock, TX 79424 – (806) 797-2607
- David Tate Insurance Agency LLP
5233 79th St – Lubbock, TX 79424 – (806) 794-1177
- Farmers Insurance – Rhett Richardson
13413 County Rd 1800 Unit D – Lubbock, TX 79424 – (806) 783-9998