For the unemployed, one of the more important things that determine the amount you pay for auto insurance is the neighborhood you call home in Laredo. More densely populated places tend to pay slightly more, whereas areas with less people or fewer weather incidents profit from lower rates.
The next table sorts the priciest cities in Texas for unemployed drivers to purchase a policy in. Laredo is listed at #7 with the annual price of $1,833 on average, which is approximately $153 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | McAllen | $1,956 |
| 2 | Dallas | $1,911 |
| 3 | Brownsville | $1,908 |
| 4 | Houston | $1,891 |
| 5 | Garland | $1,850 |
| 6 | Amarillo | $1,840 |
| 7 | Laredo | $1,833 |
| 8 | Beaumont | $1,772 |
| 9 | Mesquite | $1,771 |
| 10 | Grand Prairie | $1,757 |
| 11 | Pasadena | $1,740 |
| 12 | Irving | $1,736 |
| 13 | Arlington | $1,692 |
| 14 | San Antonio | $1,688 |
| 15 | Lubbock | $1,665 |
| 16 | Carrollton | $1,664 |
| 17 | Fort Worth | $1,653 |
| 18 | Corpus Christi | $1,636 |
| 19 | El Paso | $1,632 |
| 20 | Austin | $1,610 |
| 21 | McKinney | $1,609 |
| 22 | Abilene | $1,561 |
| 23 | Plano | $1,560 |
| 24 | Waco | $1,537 |
| 25 | Killeen | $1,533 |
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Premium amounts are approximated as specific Laredo garaging address can influence premiums considerably.
Establishing which companies quote the most affordable car insurance rates for unemployed drivers may require more work in order to find the lowest price quote.
Each insurer has their own unique process for establishing rates, so let’s take a look at the car insurance companies with the overall cheapest rates in Texas. It’s a good idea to know that Laredo, TX car insurance rates are calculated based on many things which can substantially change the price you have to pay. Getting older, moving across town, or getting a driving violation can trigger rate changes that may make certain companies cheaper in comparison to the competition.
Best Insurance Companies for Job Seekers
Travelers generally has some of the best 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 be considered some of the best Laredo, TX auto insurance companies.
As the example above demonstrates, if you are a policyholder with Germania Mutual and switched to USAA, you may realize savings of roughly $198. Policyholders with Esurance might save as much as $281 a year, and California Casualty customers might lower prices by up to $354 a year.
To find the cheapest rates for your vehicle, click here to begin a quote or visit any of the companies below.
Understand that those rates are averaged across all insureds and vehicles and do not factor in a specific location for unemployed drivers. So the auto insurance company that has the cheapest price for you may not even be in the list above. That helps illustrate why you need to compare as many prices as possible using your own personal information and vehicle type.
The car, truck, or SUV needing coverage is one of the largest considerations when shopping for the best cheap auto insurance for unemployed drivers. Vehicles with average performance, good safety features, or low incidents of liability claims will cost substantially less to insure than fast, unsafe models.
The data below ranks coverage prices for some of the more affordable vehicles to buy insurance for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $1,132 |
| Ford Escape Limited 2WD | $1,159 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $1,246 |
| Toyota Prius | $1,256 |
| Ford F-150 STX Regular Cab 4WD | $1,273 |
| Toyota RAV4 4WD | $1,343 |
| Jeep Grand Cherokee Laredo 2WD | $1,352 |
| GMC Sierra SL Extended Cab 2WD | $1,343 |
| Ford Focus SEL 4-Dr Sedan | $1,387 |
| Hyundai Elantra GLS Touring Station Wagon | $1,391 |
| Toyota Corolla LE | $1,413 |
| Ford Edge Sport 2WD | $1,421 |
| Volkswagen Jetta SEL 4-Dr Sedan | $1,440 |
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Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Rates do not factor in specific location information which can lower or raise auto insurance rates greatly.
Looking at the numbers, you can expect vehicles like the Honda CR-V, Ford Escape, Jeep Wrangler, and Toyota Prius should be a few of the most affordable vehicles to insure for the unemployed.
How accidents and violations affect rates
The obvious way to enjoy cheap car insurance premiums in Texas for the unemployed is to drive carefully and avoid accidents and violations. The information below illustrates how traffic citations and at-fault fender-benders can influence insurance costs for different age groups of insureds. The rates are based on a married male driver, full coverage, $1,000 deductibles, and no discounts are applied.
In the example above, the average cost of car insurance per year with no accidents and a clean driving record is $1,358. Receive one speeding ticket and the average cost increases to $1,564, an increase of $206 each year. Then add one accident along with the one speeding ticket and the annual cost of car insurance for unemployed drivers goes up to an average of $2,130. That’s an increase of $772, or $64 per month, just for being a less-than-perfect driver!
Get discount Laredo car insurance rates
Auto insurance companies that offer coverage for unemployed drivers may also offer discounts that may potentially lower prices by as much as 25% or more if you are eligible for them. A few of the larger companies and some of their more popular discounts are included below.
- Progressive may offer discounts for good student, online signing, multi-policy, homeowner, continuous coverage, online quote discount, and multi-vehicle.
- The Hartford includes discounts for vehicle fuel type, bundle, defensive driver, driver training, and air bag.
- Mercury Insurance offers discounts including type of vehicle, annual mileage, multi-policy, good driver, and professional/association.
- GEICO may include discounts for anti-theft, air bags, multi-vehicle, federal employee, and anti-lock brakes.
- AAA may have discounts that include good driver, multi-car, good student, anti-theft, education and occupation, and multi-policy.
- State Farm discounts include safe vehicle, multiple autos, good driver, Steer Clear safe driver discount, anti-theft, and good student.
The diagram below visualizes the comparison of car insurance rates with and without some available policy discounts. The information is based on a male driver, no driving violations, no at-fault accidents, Texas state minimum liability limits, comp and collision included, and $100 deductibles.
The first bar for each age group shows the price with no discounts. The second shows the rates with safe-driver, multiple vehicle, multiple policy, homeowner, defensive driving course, and passive restraint discounts applied. When these discounts are applied to the policy premium, the average savings per year on car insurance for unemployed drivers is 28% or $601.
Full coverage rates vs. liability-only
Saving on car insurance is the goal of the majority of vehicle owners, and one great way to lower the cost of insurance for unemployed drivers is to not insure for full coverage. The information below illustrates the comparison of premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rates are based on no violations or accidents, $500 deductibles, drivers are single, and no other discounts are factored in.
If we average the cost for ages 20 through 70, physical damage insurance costs $1,793 per year over and above liability coverage. That is a big expense that brings up the question when is it safe to stop buying full coverage. There is no definitive guideline to stop paying for full coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
There are some cases where dropping full coverage is not a good idea. If you still have a lienholder on your title, you have to carry full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not drop full coverage.
You may be paying too much for car insurance
Laredo car insurance rates are impacted by many factors which can substantially change the policy price. Improving your credit rating, increasing deductibles, or getting caught speeding can trigger changes in premium that can make some companies cheaper than others. Not only may things change on your end, but companies change premium rates multiple times each year to adjust for gains or losses. Unexpectedly high claims can result in price increases, while a lower level of claims may cause cheaper Laredo car insurance rates.
For instance, the graph below shows the company with the cheapest car insurance in Laredo, TX for a 35-year-old male driver with a clean driving record, no accidents, and a good credit history. If we estimate prices based on his current situation, Travelers offers the lowest car insurance rates in Laredo at $1,260 a year. This is $644 less than the average policy 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.
The next chart shows rates after we give the driver in the first chart a chargeable claim, a little lower credit rating, and a traffic citation. Since each auto insurer uses their own formula to determine rates, comparing insurance quotes could result in a different set of affordable Laredo car insurance companies as shown below.
Mercury now has the best price on car insurance in Laredo, TX with USAA, State Farm, Nationwide, and Safe Auto also having competitive pricing. This illustrates why Laredo drivers need to do a thorough rate comparison when trying to get the cheapest car insurance rates for unemployed drivers.
Insurance rates consist of many different factors and can change substantially, so the most affordable company the last time you shopped around may now cost much more than other companies.