Wouldn’t it be awesome if we knew the single best company that has the best auto insurance prices for seniors? It’s not that simple, unfortunately, as there are a whole bunch of unknown factors such as the likelihood of vehicle theft where you live, your date of birth, if you own your own home, and the amount of liability coverage you want, that all influence how much you pay for auto insurance. We will try to teach you about these types of topics and hopefully give you enough understanding to have a jump start in finding the best auto insurance in Austin.
For senior citizens, one of the largest factors that are used to help calculate the price you pay for insurance is your zip code in Austin. More densely populated places tend to pay more, whereas areas with fewer weather claims and lower vehicle theft rates can boast about having cheaper rates.
The information below lists the highest-priced places in Texas for seniors to purchase auto insurance in. Austin comes in at #16 with an annual rate of $1,659 for car insurance, which is about $138 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | McAllen | $2,016 |
| 2 | Houston | $1,891 |
| 3 | Dallas | $1,855 |
| 4 | Brownsville | $1,851 |
| 5 | Laredo | $1,851 |
| 6 | Garland | $1,832 |
| 7 | Pasadena | $1,812 |
| 8 | Amarillo | $1,804 |
| 9 | Mesquite | $1,771 |
| 10 | Grand Prairie | $1,757 |
| 11 | Irving | $1,736 |
| 12 | Beaumont | $1,720 |
| 13 | Arlington | $1,709 |
| 14 | San Antonio | $1,671 |
| 15 | Lubbock | $1,665 |
| 16 | Austin | $1,659 |
| 17 | Fort Worth | $1,653 |
| 18 | Carrollton | $1,647 |
| 19 | McKinney | $1,625 |
| 20 | El Paso | $1,616 |
| 21 | Corpus Christi | $1,588 |
| 22 | Plano | $1,560 |
| 23 | Killeen | $1,533 |
| 24 | Waco | $1,522 |
| 25 | Abilene | $1,515 |
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Rate quotes are comparative as the garaging address in Austin can raise or lower auto insurance rates substantially.
Deciding which company has the cheapest car insurance rates for seniors involves a little more effort in order to find the lowest price. Each auto insurer uses their own formula to set premium rates, so we’ll go over the car insurance companies with the overall best prices in Austin, TX.
It’s important to understand that Texas car insurance rates are impacted by many factors that will increase or decrease the price you pay for coverage. Simply having a birthday, buying a home instead of renting, or getting a few speeding tickets can trigger rate changes resulting in some companies being cheaper than others.
Find Cheaper Car Insurance for Mature Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $1,021 |
| 2 | USAA | $1,128 |
| 3 | Texas Farm Bureau | $1,235 |
| 4 | Germania Mutual | $1,256 |
| 5 | Esurance | $1,365 |
| 6 | California Casualty | $1,382 |
| 7 | State Farm | $1,450 |
| 8 | Mercury | $1,476 |
| 9 | Nationwide | $1,538 |
| 10 | Safe Auto | $1,565 |
| 11 | Progressive | $1,664 |
| 12 | Amica | $1,705 |
| 13 | Allstate | $1,718 |
| 14 | Home State | $2,071 |
| 15 | GEICO | $2,156 |
| 16 | MetLife | $2,161 |
| 17 | Unitrin | $2,241 |
| 18 | Encompass | $2,255 |
| 19 | 21st Century | $2,469 |
| 20 | Titan | $2,646 |
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Travelers may offer some of the cheapest car insurance rates in Austin at around $1,021 annually. USAA, Texas Farm Bureau, Germania Mutual, and Esurance would also be considered some of the most economical Austin, TX car insurance companies.
As illustrated above, if you are a customer of USAA and switched to Travelers, you could see a yearly price reduction of about $107. Policyholders with Texas Farm Bureau may save as much as $214 a year, and Germania Mutual insureds might see rate reductions of $235 a year.
To discover how much you can save, click here to start your custom quote or visit any of the companies below.
Remember that these rates are averages for all drivers and vehicles in Texas and and are not figured with a vehicle location for seniors. So the company that is best for you may not even be in the list above. That underscores the importance of why you need to get quotes using your own personalized driver profile and vehicle information.
The illustration below shows how different deductible levels can increase or decrease insurance rates when researching cheap insurance for seniors. The premiums are based on a single male driver, comp and collision included, and no discounts are applied to the premium.
As shown above, a 50-year-old driver could lower rates by $426 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $638 by changing to a $1,000 deductible. Even younger drivers, like the 20-year-old example, could drop their prices up to $1,414 or more just by choosing larger deductibles.
If you do decide to increase your deductibles, it will be required to have additional funds squirreled away to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Price comparison of only insuring for liability
Finding cheaper car insurance is probably important to the majority of vehicle owners, and one easy way to reduce the cost of insurance for seniors is to not buy comprehensive and collision coverage. The example below shows the comparison of insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Texas. The data is based on no driving violations, no at-fault accidents, $1,000 deductibles, single marital status, and no other discounts are factored in.
If all age groups are averaged, comprehensive and collision coverage on your policy costs $2,159 per year over and above liability coverage. That brings up the question when is the right time to remove full coverage. There is no exact formula for eliminating comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is more than 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
How careless driving impacts Austin car insurance rates
The ideal way to find good car insurance premiums in Austin for senior citizens is to drive safely and maintain a clean driving record. The chart below demonstrates how citations and at-fault fender-benders increase premium costs for different age groups. The rate quotes are based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no additional discounts are factored in.
The data charted above shows the average cost of auto insurance per year with no accidents or violations is $2,131. Get two speeding tickets and the average cost increases to $2,807, an increase of $677 each year. Now include two accidents along with the two speeding tickets and the annual cost of car insurance for seniors jumps again to an average of $5,653. That’s an increase of $3,522, or $294 per month, just for not maintaining a clean driving record!
Why you should be comparing rates
Austin, TX car insurance rates are calculated based on many things which can substantially change the policy price. Improving your credit rating, buying another vehicle, or getting a DUI can trigger price changes that may make certain companies cheaper than competitors. Also, car insurance companies amend pricing as often as every three months to help ensure profitability. Higher than usual claims can cause increased policy costs, while a profitable period may result in lower-priced Austin car insurance rates.
The graph below shows which company has the cheapest car insurance in Austin, TX for a 35-year-old female driver with no violations or accidents, and a high credit rating. When comparing rates based on her current risk factors, Travelers has the most affordable car insurance rates in Austin at $1,118 each year. This is $786 less than the average premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are also on the list of the cheapest Austin, TX auto insurance companies.
In this example, we will give the driver from the above example a claim, slightly worse credit, and a blemish on her driving record. Since each auto insurer uses their own calculation for setting prices, comparing quotes could result in a different list of cheap Austin auto insurance companies as shown below.
USAA now has the best price on car insurance in Austin with State Farm, Mercury, Nationwide, and Safe Auto now being in the top five. This example shows why it is critical to take the time to shop around when trying to get affordable car insurance rates for seniors.
Insurance rates can be determined by many factors and change dramatically, so the most economical option two years ago may now be wasting a lot of money.