The words “economical” and “insurance” probably shouldn’t be used together, especially when you are looking for the best car insurance for retired military. Because it’s not cheap, let’s start the ball rolling by going over some situations that influence car insurance prices, and figure out some ways to take a little off your next policy.
Finding reasonably-priced auto insurance is not most people’s favorite thing to do, and deciding which companies quote the cheapest car insurance rates for retired military may require additional perseverance. Every auto insurer has a proprietary formula for setting rates, so let’s begin by taking a look at the car insurance companies that tend to have lower prices in Texas.
Keep in mind that Laredo car insurance rates are impacted by many factors which can substantially decrease or increase the price you have to pay. This price fluctuation is why consumers need to compare rates to find the most affordable auto insurance rates for retired military. Insurance rates can be altered by many factors and change frequently, so the cheapest company a year ago may now be wasting a lot of money.
Best Insurance Companies for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $1,041 |
| 2 | USAA | $1,117 |
| 3 | Texas Farm Bureau | $1,211 |
| 4 | Germania Mutual | $1,294 |
| 5 | Esurance | $1,407 |
| 6 | California Casualty | $1,438 |
| 7 | State Farm | $1,450 |
| 8 | Mercury | $1,506 |
| 9 | Nationwide | $1,553 |
| 10 | Safe Auto | $1,613 |
| 11 | Allstate | $1,667 |
| 12 | Progressive | $1,715 |
| 13 | Amica | $1,775 |
| 14 | Home State | $2,092 |
| 15 | GEICO | $2,156 |
| 16 | MetLife | $2,227 |
| 17 | Encompass | $2,255 |
| 18 | Unitrin | $2,333 |
| 19 | 21st Century | $2,421 |
| 20 | Titan | $2,646 |
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Travelers offers some of the most affordable car insurance rates in Laredo at around $1,041 each year. This is $863 less than the average rate paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance would also make the list of some of the more affordable Laredo, TX insurance companies.
As shown in the table above, if you currently have coverage with USAA and switched to Travelers, you may realize an annual premium reduction of roughly $76. Customers with Texas Farm Bureau might save as much as $170 a year, and Germania Mutual customers might lower prices by up to $253 a year.
To get a fast rate comparison, click here to start your free quote or quote rates from the companies below.
Understand that those estimates are averaged for all insureds and vehicles and do not factor in an exact vehicle garaging location for retired military. So the auto insurance company that has the cheapest price for you may not even be in the list above. That emphasizes why you need to compare rates from as many companies as possible using your own driver and vehicle profiles.
The vehicle model requiring insurance is a large factor when comparing the best auto insurance for retired military. Vehicles with lots of horsepower, poor passenger safety features, or an increased likelihood of liability claims will cost quite a bit more to insure than more economical and safe models. The data below ranks car insurance prices for some of the most economical vehicles to buy insurance for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $1,277 |
| Honda CR-V EX 4WD | $1,306 |
| Honda Accord EX 4-Dr Sedan | $1,465 |
| Ford Explorer Limited 2WD | $1,536 |
| Honda Odyssey EX-L W/Navigation | $1,588 |
| Jeep Grand Cherokee SRT-8 4WD | $1,616 |
| Chevrolet Malibu LTZ | $1,621 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,618 |
| Toyota Prius | $1,625 |
| Chevrolet Silverado 3500HD LT Crew Cab 2WD | $1,647 |
| Ford Edge SEL 2WD | $1,698 |
| Ford Focus SE 2-Dr Coupe | $1,700 |
| Volkswagen Jetta 2.0T Station Wagon | $1,711 |
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Premium data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, homeowner, and claim-free. Rate quotes do not factor in specific zip code location which can impact rates considerably.
Based on these rates, vehicles like the Ford Escape, Honda CR-V, Honda Accord, Ford Explorer, and Honda Odyssey are some of the more affordable vehicles to insure for veterans.
One of the many considerations that are used to help calculate auto insurance rates is where you keep your car in Laredo. Regions with larger populations or more claims tend to pay more, whereas areas with less congestion benefit from lower prices.
The next table sorts the most expensive cities in Texas for retired military to buy auto insurance in. Laredo makes the list at #3 with a yearly premium of $1,889 for coverage, which is around $157 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | McAllen | $1,956 |
| 2 | Dallas | $1,893 |
| 3 | Laredo | $1,889 |
| 4 | Brownsville | $1,870 |
| 5 | Amarillo | $1,840 |
| 6 | Houston | $1,835 |
| 7 | Garland | $1,832 |
| 8 | Pasadena | $1,794 |
| 9 | Irving | $1,772 |
| 10 | Beaumont | $1,772 |
| 11 | Mesquite | $1,753 |
| 12 | Grand Prairie | $1,740 |
| 13 | Lubbock | $1,716 |
| 14 | Arlington | $1,709 |
| 15 | San Antonio | $1,688 |
| 16 | Austin | $1,676 |
| 17 | Carrollton | $1,647 |
| 18 | McKinney | $1,625 |
| 19 | Fort Worth | $1,621 |
| 20 | Plano | $1,608 |
| 21 | Corpus Christi | $1,588 |
| 22 | El Paso | $1,568 |
| 23 | Waco | $1,537 |
| 24 | Killeen | $1,533 |
| 25 | Abilene | $1,499 |
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Price information shown is comparative as the specific area where the vehicle is garaged can increase or decrease premium rates greatly.
Rate difference between full and liability-only coverage
Buying cheaper car insurance should be important to most vehicle owners, and one easy way to save on the cost of insurance for retired military is to not buy comprehensive and collision coverage. The example below illustrates the difference between auto insurance rates with full coverage and liability only. The data is based on no violations or accidents, $1,000 deductibles, single status, and no policy discounts are applied.
If we average the cost for ages 20 through 70, physical damage coverage on your policy costs an additional $1,730 per year more than carrying just liability coverage. That may make you wonder when is the right time to remove full coverage. There is no definitive formula that works best for making the decision to drop full coverage, but there is a general convention. If the annual cost of coverage is more than around 10% of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
The information below illustrates how your choice of deductibles can raise or lower premium costs when quoting cheap insurance for retired military. The rates are based on a married female driver, full physical damage coverage, and no policy discounts are applied.
The data above shows that a 50-year-old driver could lower their policy premium by $352 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $528 by switching to a $1,000 deductible. Even younger drivers, like the Age 20 chart data, could potentially save up to $870 every year by choosing larger deductibles on their policy. If you do raise deductibles, it will be required to have additional funds squirreled away to enable you to cover the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Responsible drivers pay cheaper car insurance rates
The recommended way to score the most affordable car insurance rates in Laredo for veterans is to drive safe and avoid accidents and traffic violations. The example below demonstrates how citations and at-fault accidents can drive up insurance costs for different age groups of insureds. The data assumes a married female driver, full coverage, $100 deductibles, and no discounts are factored in.
In the example above, the average cost of an auto insurance policy in Texas per year with no accidents or violations is $2,289. Factor in one speeding ticket and the average cost jumps to $2,664, an increase of $375 each year. Now add two accidents along with the one speeding ticket and the 12-month cost of car insurance for retired military increases to an average of $5,808. That’s an increase of $3,519, or $293 per month, just for not paying attention while driving!
The importance of shopping around
Texas car insurance rates are impacted by many factors which can substantially decrease or increase the cost of your policy. Simply having a birthday, buying a home instead of renting, or getting caught speeding can cause premium changes resulting in some companies being more affordable than others.
Additionally, insurers change their prices without warning in order to be able to pay unexpected claims. An extended period of higher than normal claims may cause increased policy costs, while profitable underwriting can cause cheaper Laredo car insurance rates.
For example, the chart below shows a variety of companies that have the cheapest car insurance in Laredo, TX for a 40-year-old male driver with no accidents or violations, and solid credit. When quoting prices based on his current situation, Travelers offers the cheapest car insurance rates in Laredo at $1,335 each year. This is $569 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty are the remainder of the top five cheapest Laredo, TX auto insurance companies.
Now we will give the driver from the first example a chargeable accident, a lower credit rating, and an imperfect driving record. Since every car insurance company uses their own formula for filing rates in each state, comparing rates may now result in a different list of cheap Laredo auto insurance companies as shown below.
State Farm now has the best price on car insurance in Laredo with Mercury, Nationwide, Safe Auto, and USAA now being in the top five. This example proves why it is important to shop around with many companies to get the most affordable car insurance quotes for retired military.
Prices are calculated by many things and can increase or decrease at any time, so the cheapest option six months ago may now be priced much higher than other options.