Wouldn’t it be easy if we knew the single best company that has the best auto insurance prices for drivers over age 50? It’s not that simple, unfortunately, as there are a lot of unknown elements like whether you are female or male, how well you maintain your credit, and the crime level of your neighborhood. We are going to cover the best ways to avoid paying too much and will hopefully give you a good beginning to your search for cheaper coverage.
For older drivers, one of the big criteria that are looked at to determine the price you pay for insurance is where you live. More populated areas tend to pay slightly more, whereas areas with lower vehicle theft rates and fewer weather claims have the enjoyment of a little cheaper coverage.
The table below shows the most costly cities in Texas for drivers over age 50 to buy auto insurance in. Laredo ranks #6 with a yearly cost of $1,833 for the average policyholder, which is approximately $153 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | McAllen | $1,956 |
| 2 | Brownsville | $1,927 |
| 3 | Houston | $1,909 |
| 4 | Dallas | $1,855 |
| 5 | Amarillo | $1,840 |
| 6 | Laredo | $1,833 |
| 7 | Garland | $1,832 |
| 8 | Pasadena | $1,794 |
| 9 | Irving | $1,772 |
| 10 | Grand Prairie | $1,757 |
| 11 | Beaumont | $1,754 |
| 12 | Mesquite | $1,753 |
| 13 | Lubbock | $1,716 |
| 14 | Arlington | $1,692 |
| 15 | San Antonio | $1,688 |
| 16 | Carrollton | $1,664 |
| 17 | Corpus Christi | $1,636 |
| 18 | Austin | $1,627 |
| 19 | Fort Worth | $1,621 |
| 20 | Plano | $1,608 |
| 21 | Waco | $1,584 |
| 22 | El Paso | $1,568 |
| 23 | McKinney | $1,561 |
| 24 | Abilene | $1,545 |
| 25 | Killeen | $1,473 |
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Rates are comparative as vehicle location can change prices substantially.
Finding out which companies offer the best insurance rates for drivers over age 50 will involve a tad more effort than just picking a company at random. Every car insurance company has their own unique process to set policy rates, so we will examine the insurance companies that tend to be cheaper in Laredo, TX.
Find Cheaper Car Insurance for Age 50+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $1,052 |
| 2 | USAA | $1,117 |
| 3 | Texas Farm Bureau | $1,247 |
| 4 | Germania Mutual | $1,282 |
| 5 | Esurance | $1,379 |
| 6 | California Casualty | $1,396 |
| 7 | State Farm | $1,465 |
| 8 | Mercury | $1,476 |
| 9 | Safe Auto | $1,597 |
| 10 | Nationwide | $1,600 |
| 11 | Allstate | $1,650 |
| 12 | Progressive | $1,698 |
| 13 | Amica | $1,723 |
| 14 | Home State | $2,092 |
| 15 | GEICO | $2,135 |
| 16 | MetLife | $2,161 |
| 17 | Unitrin | $2,241 |
| 18 | Encompass | $2,324 |
| 19 | 21st Century | $2,421 |
| 20 | Titan | $2,646 |
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Travelers normally has some of the lowest car insurance rates in Laredo at around $1,052 annually. This is $852 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also rank well as some of the lowest-priced Laredo, TX car insurance companies.
As depicted above, if you are currently insured with Germania Mutual and switched to USAA, you may see an annual savings of roughly $165. Customers with Esurance may save as much as $262 a year, and California Casualty insureds might cut rates by $279 a year.
Remember that these premiums are averages across all ages of drivers and types of vehicles and and are not figured with a specific vehicle garaging location for drivers over age 50. So the company that is best suited for you may not even be in the top 23 companies shown above. That’s why you need to compare prices as often as possible using your own driver data and vehicle information.
Liability-only versus full coverage
Reducing premiums for insurance should be important to most vehicle owners, and an easy way to save on the cost of insurance for drivers over age 50 is to not insure for full coverage. The illustration below shows the comparison of insurance premiums with full coverage compared to only the Texas minimum liability coverage. The premium estimates are based on no accidents, no driving violations, $1,000 deductibles, drivers are single, and no other discounts are factored in.
If averaged out across all ages, full coverage costs an extra $1,598 per year over and above liability only. Many of you may wonder when is it a good idea to stop buying full coverage. There isn’t a written rule to drop physical damage insurance, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
For example, let’s say your vehicle’s claim settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $3,000 after paying your policy deductible. If premium cost is more than $300 annually for physical damage coverage, then it may be the right time to buy liability only.
There are some conditions where removing full coverage is not recommended. If you haven’t paid off your loan, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should keep full coverage in place.
Reckless driving habits raise Laredo insurance rates
One of the best ways to snag affordable insurance rates in Texas for older drivers is to be a careful driver and avoid accidents and violations. The chart below shows how violations and at-fault fender-benders can raise auto insurance costs for different age categories. The premiums assume a married female driver, comprehensive and collision coverage, $100 deductibles, and no other discounts are factored in.
In the previous chart, the average cost of auto insurance in Texas per year with a clean driving record and no accidents is $1,682. Get two speeding tickets and the average cost swells to $2,397, an increase of $715 each year. Next add two accidents along with the two speeding tickets and the yearly cost of insurance for drivers over age 50 increases to an average of $4,930. That’s an increase of $3,248, or $271 per month, just for not being more responsible behind the wheel!
Are you paying too much for car insurance in Laredo?
Laredo, TX insurance rates are based on many factors which can substantially decrease or increase the price of coverage. Getting older, filing a claim, or getting a speeding ticket can trigger price changes that can cause some rates to be cheaper than competitors. Not only may things change on your end, but insurers amend premium rates every year or even multiple times each year as an adjustment for underwriting gains or losses. Higher than usual claims may cause a rate increase, while a better loss history can result in cheaper Laredo car insurance rates.
The data below shows the company with the cheapest car insurance in Laredo, TX for a 45-year-old female driver with no accidents or violations, and a good credit rating. When quoting prices based on her current risk factors, Travelers quotes the cheapest car insurance rates in Laredo at $1,270 a year. This is $634 less than the average premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are the remainder of the most affordable Laredo, TX auto insurance companies.
Now we will give the driver from the first rate comparison an accident surcharge, a lower credit rating, and a couple of points charged on her driving record. Since each company has their own process for setting rates, analyzing rates may result in a new list of affordable companies as shown below.
Mercury now has the cheapest insurance rate in Laredo with USAA, State Farm, Safe Auto, and Nationwide now rounding out the top five. This example illustrates why it is important to perform a complete rate comparison when trying to find affordable auto insurance rates for drivers over age 50. Rates consist of many things and change substantially, so the cheapest company two years ago may now be quite expensive.
The Laredo car insurance agencies listed below can help you determine which is the best policy, as many people would rather have some professional guidance when buying car insurance for older drivers. It can be difficult to find the best policy on your own, so professional agents can bring satisfaction knowing your policy gives you adequate coverage when you need it most. To locate a Laredo auto insurance agent using an interactive map, click the button link following the list.
- Kike Trevino – State Farm Insurance
517 Shiloh Dr #4 – Laredo, TX 78045 – (956) 791-5453 - South Texas Insurance
4815 San Bernardo Ave – Laredo, TX 78041 – (956) 729-1010 - Pronto Insurance
1315 San Dario Ave – Laredo, TX 78040 – (956) 724-2110 - Allstate Insurance Agent: Mike Cortez
201 W Del Mar Blvd Ste 16 – Laredo, TX 78041 – (956) 723-6453
Find a Laredo, TX insurance agent near you
How to find cheaper auto insurance for drivers over age 50
The list below details many thrifty solutions that can help Laredo drivers get more affordable auto insurance.
- Do not get into accidents
- On older vehicles, drop full coverage
- You will pay more if you get tickets or have at-fault accidents
- Pay for smaller claims out-of-pocket
- Bundle home and auto and save
- Lower rates by purchasing a safer vehicle
- Compare rate quotes often
The last tip is incredibly significant, as was emphasized in this article. Coverage rates can change considerably in a year, so don’t hesitate to switch companies if a lower price can be found.
Many drivers have brand loyalty and that’s fine, but it isn’t a good idea if it’s costing you big bucks every year. It only takes a couple minutes to shop around and find cheaper auto insurance for drivers over age 50 in Laredo.