The words “cheap” and “insurance” probably shouldn’t be used in the same sentence, specifically when comparison shopping for the cheapest coverage for veterans. In an attempt to save some money, let’s start off by going over some things that determine car insurance rates, and find a few ways to reduce the cost of your next policy.
The car, truck, or SUV you are seeking coverage for is probably the most important factor when quoting the best coverage for veterans. Vehicles with more horsepower, a lack of modern safety features, or an increased likelihood of liability claims will cost quite a bit more to insure than more economical and safe models. The list below outlines insurance prices for the cheapest vehicles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $940 |
| Honda Accord LX 4-Dr Sedan | $1,027 |
| Honda CR-V EX-L 2WD | $1,051 |
| Toyota Camry LE | $1,113 |
| Hyundai Elantra SE Touring Station Wagon | $1,119 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $1,135 |
| Dodge Grand Caravan Crew | $1,143 |
| Toyota Prius | $1,143 |
| Jeep Wrangler Unlimited Sport 4WD 4-Dr | $1,145 |
| Ford Explorer XLT AWD | $1,150 |
| Ford Edge Sport 2WD | $1,174 |
| Honda Odyssey EX-L | $1,181 |
| Ford Focus SE 4-Dr Sedan | $1,194 |
| Chevrolet Silverado LT Regular Cab | $1,199 |
| Chevrolet Malibu LTZ | $1,196 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $1,201 |
| Jeep Grand Cherokee Laredo 4WD | $1,218 |
| Chevrolet Impala LT | $1,223 |
| Chevrolet Equinox LT AWD | $1,218 |
| Toyota RAV4 Sport 2WD | $1,226 |
| Start Your Quote Go | |
Cost estimates assume single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Table data does not factor in the specific area where the vehicle is garaged which can lower or raise insurance rates greatly.
Looking at the numbers, we can assume that models like the Ford Escape, Honda Accord, and Honda CR-V are some of the more affordable vehicles to insure for veterans.
Trying to buy budget car insurance is not the easiest thing to do, and figuring out which insurers offer the lowest-priced car insurance rates for veterans requires even more shopping around. Each company uses a little different formula for setting prices, so first we will examine the car insurance companies with the overall cheapest rates in Austin.
Find the Cheapest Auto Insurance for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $1,041 |
| 2 | USAA | $1,095 |
| 3 | Texas Farm Bureau | $1,235 |
| 4 | Germania Mutual | $1,244 |
| 5 | California Casualty | $1,382 |
| 6 | Esurance | $1,421 |
| 7 | State Farm | $1,450 |
| 8 | Mercury | $1,461 |
| 9 | Safe Auto | $1,549 |
| 10 | Nationwide | $1,600 |
| 11 | Progressive | $1,664 |
| 12 | Allstate | $1,718 |
| 13 | Amica | $1,757 |
| 14 | Home State | $2,071 |
| 15 | GEICO | $2,072 |
| 16 | MetLife | $2,183 |
| 17 | Unitrin | $2,241 |
| 18 | Encompass | $2,324 |
| 19 | 21st Century | $2,469 |
| 20 | Titan | $2,594 |
| Find Your Rate Go | ||
Travelers has some of the lowest car insurance rates in Austin at around $1,041 each year. This is $863 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty also rank well as some of the lowest-priced Austin, TX auto insurance companies.
In the rate table above, if you are insured with California Casualty and switched to USAA, you could realize savings of in the neighborhood of $287. Insureds with Esurance might save as much as $326 a year, and State Farm insureds might reduce prices by as much as $355 a year.
Understand that those policy prices are averaged across all types of drivers and the different vehicles they drive and and are not calculated with an exact location for veterans. So the auto insurance company that can offer you the best price may not even be in the top 23 companies in the list above. That point stresses why you need to compare prices as often as possible using your own driver and vehicle profiles.
For veterans, one of the big things that help determine the price you pay for insurance is where you choose to live. Areas with a lot of weather claims or more people tend to pay more, whereas areas with less people or fewer weather incidents tend to receive slightly lower rates.
The next table ranks the most expensive cities in Texas for veterans in which to buy car insurance. Austin shows up at #16 costing $1,659 for coverage, which is approximately $138 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | McAllen | $1,936 |
| 2 | Houston | $1,891 |
| 3 | Dallas | $1,855 |
| 4 | Brownsville | $1,851 |
| 5 | Amarillo | $1,840 |
| 6 | Laredo | $1,833 |
| 7 | Garland | $1,832 |
| 8 | Pasadena | $1,812 |
| 9 | Grand Prairie | $1,793 |
| 10 | Irving | $1,789 |
| 11 | Mesquite | $1,771 |
| 12 | San Antonio | $1,739 |
| 13 | Beaumont | $1,720 |
| 14 | Arlington | $1,692 |
| 15 | Lubbock | $1,682 |
| 16 | Austin | $1,659 |
| 17 | Fort Worth | $1,621 |
| 18 | Plano | $1,608 |
| 19 | Carrollton | $1,598 |
| 20 | Corpus Christi | $1,588 |
| Start a Quote Go | ||
Prices are comparative as the specific geographic location can change coverage rates greatly.
Does full coverage make sense?
Buying cheaper car insurance is probably important to the majority of vehicle owners, and one of the easiest ways to buy cheaper insurance for veterans is to not pay for full coverage. The information below illustrates the comparison of insurance premiums with full coverage compared to only the Texas minimum liability coverage. Data assumes no accidents or driving violations, $500 deductibles, single status, and no discounts are factored in.
As an average for all age groups, comp and collision coverage costs an additional $1,793 per year over and above liability only. At some point, about every driver wonders if paying for full coverage is a waste of money. There is no exact rule to delete full coverage, but there is a guideline you can use. If the annual cost of having full coverage is about 10% or more of the replacement cost minus the deductible, then it could be time to drop full coverage.
For example, let’s say your vehicle’s claim settlement value is $7,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $6,000 after paying the physical damage deductible. If you are paying over $600 a year for comprehensive and collision coverage, then you might consider buying liability only.
There are some situations where eliminating full coverage is not advised. If you still owe a portion of the original loan, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not opt for liability only.
Discount Austin auto insurance rates
Auto insurance companies that offer quotes for veterans may also give you discounts that may potentially lower prices by as much as 30% if you are eligible. Larger car insurance companies and some of their more popular discounts can be read below.
- State Farm has savings for safe vehicle, student away at school, multiple policy, good driver, and accident-free.
- Progressive includes discounts for online quote discount, multi-policy, continuous coverage, homeowner, and good student.
- Progressive offers premium reductions for homeowner, online quote discount, multi-vehicle, multi-policy, continuous coverage, and online signing.
- MetLife policyholders can earn discounts including claim-free, good student, good driver, multi-policy, accident-free, defensive driver
- Farm Bureau offers discounts for safe driver, multi-policy, 55 and retired, youthful driver, driver training, renewal discount, and good student.
- GEICO discounts include good student, seat belt use, anti-theft, driver training, air bags, and emergency military deployment.
- SAFECO has discounts for teen safe driver, anti-lock brakes, multi-car, anti-theft, and drive less.
The information below compares annual premium costs with and without discounts applied to the premium. The data assumes a male driver, no accidents, no driving violations, Texas state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with defensive driving course, passive restraint, safe-driver, anti-theft, marriage, and vehicle safety discounts applied. When discounts are applied, theamount saved on car insurance for veterans is 28% or $745.
Accidents and violations increase rates
The recommended way to snag good car insurance prices in Austin for veterans is to pay attention while driving and avoid accidents and traffic citations. The chart below highlights how speeding tickets and accidents can increase insurance costs for different age categories. The premiums assume a single male driver, comp and collision included, $250 deductibles, and no policy discounts are applied.
The data above shows the average cost of an auto insurance policy per year with no accidents or violations is $2,671. Get written up for two speeding tickets and the average cost rises to $3,542, an increase of $870 each year. Then add in one accident along with the two speeding tickets and the 12-month cost of car insurance for veterans goes up to an average of $4,430. That’s an increase of $1,759, or $147 per month, just for not paying attention while driving!