The words “affordable” and “auto insurance” probably shouldn’t be used in the same sentence, in particular when shopping around for the cheapest car insurance for low income drivers. To save some money, let’s lead off by showing you some things the can have a considerable influence on insurance prices, and see if we can help you lower the price of the next policy you buy.
The car, truck, or SUV you are buying coverage for is one of the primary factors when trying to find the cheapest car insurance for low income drivers. Vehicles with high performance engines, a lack of modern safety features, or a high likelihood of having liability claims will cost substantially more to insure than safer models.
The next list features auto insurance premiums for a selection of the most cost-effective automobiles to buy coverage for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Toyota Prius | $1,107 |
| Honda Civic DX 4-Dr Sedan | $1,159 |
| Honda CR-V EX-L 4WD | $1,168 |
| Chevrolet Equinox LT AWD | $1,182 |
| Nissan Rogue S 2WD | $1,266 |
| Chevrolet Silverado LT Regular Cab | $1,276 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $1,266 |
| Honda Accord LX-S 2-Dr Coupe | $1,327 |
| Ford Edge SE AWD | $1,330 |
| Chevrolet Impala LS | $1,335 |
| Ford Escape Limited 4WD | $1,332 |
| Dodge Ram 2500 Crew Cab ST 2WD | $1,350 |
| Toyota Camry Hybrid | $1,360 |
| Toyota RAV4 Sport 4WD | $1,354 |
| Chevrolet Malibu Hybrid | $1,361 |
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Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Premium costs do not factor in vehicle garaging location which can impact prices noticeably.
By looking at the data, you can presume that cars like the Toyota Prius, Honda Civic, Honda CR-V, and Chevrolet Equinox will definitely be a few of the most affordable vehicles to insure for poor drivers.
Trying to buy low-priced car insurance is not easy, and finding out which companies offer the lowest-priced insurance rates for low income drivers requires even more shopping around. Every auto insurer has a different formula to set their prices, so first let’s look at the rankings for the most affordable insurance companies in San Antonio.
It’s important that readers know that San Antonio insurance rates are impacted by many things that will increase or decrease the price you pay. Simply improving your credit score, increasing deductibles, or having an accident may prompt premium changes that may make certain companies more expensive than before.
Find the Cheapest Auto Insurance in Texas
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $1,021 |
| 2 | USAA | $1,084 |
| 3 | Texas Farm Bureau | $1,235 |
| 4 | Germania Mutual | $1,244 |
| 5 | Esurance | $1,379 |
| 6 | California Casualty | $1,396 |
| 7 | Mercury | $1,461 |
| 8 | State Farm | $1,495 |
| 9 | Safe Auto | $1,549 |
| 10 | Nationwide | $1,553 |
| 11 | Progressive | $1,647 |
| 12 | Allstate | $1,667 |
| 13 | Amica | $1,705 |
| 14 | GEICO | $2,135 |
| 15 | Home State | $2,155 |
| 16 | MetLife | $2,183 |
| 17 | Encompass | $2,232 |
| 18 | Unitrin | $2,264 |
| 19 | 21st Century | $2,396 |
| 20 | Titan | $2,568 |
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Travelers generally has some of the most affordable car insurance rates in San Antonio at around $1,021 annually. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also qualify as some of the lowest-priced San Antonio, TX car insurance companies.
As the rates illustrate above, if you are a customer of Germania Mutual and switched to Travelers, you may realize a yearly price reduction of in the vicinity of $223. Customers with Esurance might save as much as $358 a year, and California Casualty policyholders might lower prices by $375 a year.
If you want to see how much you could save, click here to start your custom quote or quote rates from the companies below.
Remember that these rates are averaged for all insureds and vehicles and do not take into consideration an exact zip code location for low income drivers. So the auto insurance company that fits your age and vehicle best may not even be in the top 23 companies shown above. That point stresses why you need to get rate quotes from many companies using your own individual information.
One of the many factors that are looked at to determine the annual cost of car insurance is where you call home in San Antonio. Larger areas tend to have more expensive car insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower rates.
The following table lists the priciest cities in Texas for low income drivers in which to purchase auto insurance. San Antonio is ranked #14 having an annual price of $1,688 for the average insured, which is approximately $141 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | McAllen | $1,936 |
| 2 | Brownsville | $1,908 |
| 3 | Laredo | $1,907 |
| 4 | Dallas | $1,855 |
| 5 | Houston | $1,835 |
| 6 | Garland | $1,832 |
| 7 | Pasadena | $1,812 |
| 8 | Mesquite | $1,807 |
| 9 | Amarillo | $1,786 |
| 10 | Grand Prairie | $1,757 |
| 11 | Lubbock | $1,733 |
| 12 | Beaumont | $1,720 |
| 13 | Irving | $1,719 |
| 14 | San Antonio | $1,688 |
| 15 | Fort Worth | $1,653 |
| 16 | Carrollton | $1,647 |
| 17 | Arlington | $1,642 |
| 18 | Corpus Christi | $1,620 |
| 19 | El Paso | $1,616 |
| 20 | Austin | $1,610 |
| 21 | Plano | $1,608 |
| 22 | Waco | $1,569 |
| 23 | McKinney | $1,561 |
| 24 | Killeen | $1,533 |
| 25 | Abilene | $1,499 |
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Rate quotes are estimated as zip code location can revise premiums considerably.
The diagram below demonstrates how choosing different deductibles can impact yearly insurance costs when researching cheap insurance for low income drivers. The rates are based on a married female driver, full coverage, and no discounts are taken into consideration.
A 40-year-old driver could cut expenses by $310 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $468 by choosing a $1,000 deductible. Younger drivers, such as the 20-year-old example, have the ability to save as much as $772 or even more just by choosing higher deductibles.
When raising deductibles, it will be necessary to have additional savings on hand to be able to pay the extra out-of-pocket expense, which deters some people from using high deductibles.
Choosing a high-quality auto insurance provider can be a challenge considering how many companies provide coverage in San Antonio. The company rank data listed below can help you decide which companies you want to consider when insurance shopping for low income drivers. The ratings below only include companies who write in the majority of U.S. states, so companies that focus mainly on Texas business will not be included in this list.
Top 10 Major Auto Insurance Companies in San Antonio Ranked by Claims Service
- Travelers
- Nationwide
- Allstate
- State Farm
- Liberty Mutual
- GEICO
- American Family
- Esurance
- Titan Insurance
- AAA Insurance
Comparison of full coverage and liability-only policies
Saving money when shopping for insurance is probably important to the majority of vehicle owners, and a great way to pay lower rates for insurance for low income drivers is to buy only liability coverage. The illustration below illustrates the difference between insurance costs with full physical damage coverage and with liability coverage only. The premiums are based on no tickets, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are factored in.
If averaged for all ages, full coverage costs $2,671 per year over having just liability coverage. At some point, about every driver wonders if physical damage coverage is worth the money. There is no definitive rule for eliminating comprehensive and collision 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 any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
There are a few cases where dropping physical damage coverage is not a good idea. If you still owe money on your vehicle, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should maintain full coverage.
The importance of shopping around
San Antonio insurance rates are impacted by many factors that control the policy premium. Turning one year older, increasing deductibles, or getting into an accident may generate price changes that can cause some rates to be more affordable than others. Not only may your situation change, but insurers modify pricing as often as every three months to ensure their profitability. Higher than usual claims may cause rate increases, while a profitable period may produce cheaper San Antonio car insurance rates.
To illustrate this example, the graph below shows the cheapest car insurance in San Antonio, TX for a 40-year-old male driver with a clear driving record, no claims, and good financial standing. If we look at prices based on his current risk factors, Travelers may have the lowest car insurance rates in San Antonio at $1,146 per year. This is $758 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty are also included in the most affordable San Antonio, TX auto insurance companies.
In the next rate comparison, we’ll give the driver from the first example some claims, a lower credit rating, and a few traffic violations. Since each company has a unique formula for setting rates, comparing insurance quotes most likely will result in a completely different list of companies as shown below.
Mercury now has the lowest price on auto insurance in San Antonio, TX with State Farm, USAA, Nationwide, and Safe Auto also being competitive. This demonstrates why consumers need to take the time to compare rates to get the cheapest car insurance rates for low income drivers.
Rates are made up of many risk factors and can decrease or increase without notice, so the cheapest option two years ago may now cost much more than other companies.