The words “low-cost” and “auto insurance” probably shouldn’t be used in the same sentence, in particular when you are looking for the best insurance rates for drivers requiring a SR22. Because it’s not cheap, let’s get started by showing you some things that have an effect on auto insurance prices, and find a few ways to reduce the cost of the next policy you buy.
Finding out which companies have the cheapest insurance rates for drivers requiring a SR22 involves a little more work than just quoting one company’s rates.
Each insurer has their own formula to determine rates, so let’s take a look at the most competitive insurance companies in Laredo. It’s important to understand that Texas insurance rates are based on many factors which can substantially decrease or increase the cost of coverage. Simply turning a year older, having a teen driver, or getting a reckless driving citation may prompt premium changes that can now make some companies cheaper in comparison to the competition.
Best Cheap Insurance Rates for SR22 Drivers
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Travelers may have some of the cheapest car insurance rates in Laredo at around $1,021 a year. This is $883 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also qualify as some of the most economical Laredo, TX insurance companies.
As shown in the table above, if you currently buy coverage from Germania Mutual and switched to USAA, you might achieve annual savings of upwards of $165. Policyholders with Esurance could save as much as $304 a year, and California Casualty policyholders might see rate reductions of $321 a year.
To find out how much you can save, click here or click several companies below for low rates.
It’s important to note that these rates are averages for all drivers and vehicles and and are not figured with a specific vehicle garaging location for drivers requiring a SR22. So the company that fits your situation best may not even be in the top 23 companies in the list above. That emphasizes why you need to quote rates from many companies using your own driver data and vehicle information.
For high risk drivers, one of the largest factors that are looked at to determine the price you pay for insurance is where you call home. Areas with a lot of weather claims or more people likely pay more, whereas less populated areas have the luxury of cheap car insurance rates.
The following table rates the most expensive places in Texas for drivers requiring a SR22 in which to buy car insurance. Laredo is ranked at #4 with an annual rate of $1,851 for the average insured, which is about $154 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | McAllen | $2,016 |
| 2 | Brownsville | $1,908 |
| 3 | Houston | $1,853 |
| 4 | Laredo | $1,851 |
| 5 | Dallas | $1,837 |
| 6 | Grand Prairie | $1,793 |
| 7 | Amarillo | $1,786 |
| 8 | Garland | $1,778 |
| 9 | Beaumont | $1,772 |
| 10 | Mesquite | $1,753 |
| 11 | Pasadena | $1,740 |
| 12 | Irving | $1,736 |
| 13 | Lubbock | $1,733 |
| 14 | San Antonio | $1,671 |
| 15 | Fort Worth | $1,653 |
| 16 | Arlington | $1,642 |
| 17 | Austin | $1,627 |
| 18 | McKinney | $1,625 |
| 19 | Carrollton | $1,598 |
| 20 | Corpus Christi | $1,588 |
| 21 | El Paso | $1,568 |
| 22 | Abilene | $1,561 |
| 23 | Plano | $1,560 |
| 24 | Waco | $1,537 |
| 25 | Killeen | $1,473 |
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Table data uses comparative as the specific zip code location can decrease or increase insurance rates considerably.
The make and model of vehicle requiring coverage is one of the biggest factors that determines if you can find economical insurance for drivers requiring a SR22. Vehicles with limited speed and performance, excellent safety ratings, or a low likelihood of having liability claims will cost significantly less to insure than fast, unsafe models.
The data below features auto insurance rates for some of the cheaper vehicles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $4,490 |
| Ford Escape Limited 2WD | $4,497 |
| Toyota Prius | $4,559 |
| Ford Explorer XLT 2WD | $4,796 |
| Ford Focus S 4-Dr Sedan | $4,971 |
| Ford Edge SE AWD | $4,977 |
| Dodge Grand Caravan CV | $5,015 |
| Ford F-150 FX4 Super Cab 4WD | $5,067 |
| Volkswagen Jetta SE 2.5 Station Wagon | $5,153 |
| Toyota Corolla XLE | $5,247 |
| Toyota Tacoma Double Cab 4WD | $5,252 |
| Toyota RAV4 Limited 4WD | $5,261 |
| Chevrolet Equinox LTZ AWD | $5,294 |
| Chevrolet Malibu Hybrid | $5,385 |
| Chevrolet Impala LT | $5,392 |
| Hyundai Sonata GLS 4-Dr Sedan | $5,459 |
| Toyota Camry XLE | $5,491 |
| Honda Odyssey Touring | $5,543 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $5,548 |
| Jeep Grand Cherokee Limited 4WD | $5,543 |
| Ford Fusion Sport AWD 4-Dr Sedan | $5,570 |
| GMC Sierra 3500HD SLE Extended Cab 2WD | $5,594 |
| Hyundai Elantra GLS 4-Dr Sedan | $5,631 |
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Data assumes single female driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, homeowner, and multi-policy. Price information does not factor in specific Laredo, TX garaging location which can impact rates substantially.
By looking at the data, you can see that cars like the Honda CR-V, Ford Escape, Toyota Prius, Ford Explorer, and Ford Focus are most likely to be a few of the more affordable vehicles to insure for high risk drivers. Auto insurance rates will tend to be more expensive just because there is more inherent risk for drivers requiring a SR22, but generally speaking those makes and models will probably have the lowest insurance rates compared to other types of vehicles.
Get discounts on Laredo car insurance
Insurance companies that offer coverage for drivers requiring a SR22 may also provide rate discounts that can lower rates by as much as 30% if you qualify. Companies and the discounts they provide include:
- State Farm offers discounts including Steer Clear safe driver discount, anti-theft, good driver, accident-free, and student away at school.
- Liberty Mutual may have discounts that include new graduate, newly retired, new move discount, preferred payment discount, exclusive group savings, good student, and hybrid vehicle.
- American Family offers discounts for air bags, defensive driver, bundled insurance, good student, early bird, Steer into Savings, and good driver.
- Progressive may include discounts for continuous coverage, good student, online signing, multi-vehicle, online quote discount, and homeowner.
- Farmers Insurance has savings for homeowner, business and professional, bundle discounts, alternative fuel, good student, mature driver, and teen driver.
- Auto-Owners Insurance offers premium reductions for mature driver, good student, company car, safe driver, student away at school, paperless, and air bags.
- SAFECO includes discounts for homeowner, safe driver, drive less, accident prevention training, and teen safety rewards.
The diagram below shows the difference between insurance costs with and without policy discounts. The premiums are based on a female driver, two violations and one accident, Texas state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with homeowner, multiple vehicle, paperless filing, continuous coverage, multiple policy, and paid-in-full discounts applied. When these discounts are applied, theaverage amount saved on insurance for drivers requiring a SR22 is 28% or $1,208.
Rate comparison of full coverage and liability-only
Saving money when shopping for insurance is the goal of most drivers, and one of the best ways to pay lower rates for insurance for drivers requiring a SR22 is to buy liability only. The information below shows the difference between insurance rates with and without physical damage coverage. The rate quotes are based on no violations or claims, $100 deductibles, single marital status, and no additional discounts are factored in.
Averaged out for all age groups, comprehensive and collision coverage on your policy costs $2,922 per year more than buying just liability insurance. Many people question if it’s worth it to buy full coverage. There is no exact formula of when to stop paying for full coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.
For example, let’s pretend your vehicle’s claim settlement value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $4,500 after the policy deductible has been paid. If you are paying over $450 a year for comprehensive and collision coverage, then you might want to think about dropping full coverage.
Here’s why price comparisons are so important
Laredo, TX insurance rates are calculated based on many things which can substantially decrease or increase the price of your policy. Simply improving your credit, moving to a new city, or getting into an accident can cause premium changes that can cause some rates to be cheaper than others.
And not only may your rating factors change, but auto insurance companies change their prices at least once a year to adjust for gains or losses. Higher than normal claim frequency or severity may result in additional price hikes, while better underwriting can result in lower-priced Laredo car insurance rates.
To illustrate this point, the chart below shows the company with the cheapest car insurance in Laredo, TX for a 30-year-old female driver with no prior accidents, a clean driving record, and excellent credit. If we look at prices based on her personal risk profile, Travelers offers the most affordable car insurance rates in Laredo at $1,296 annually. This is $608 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also make the list of the best Laredo, TX auto insurance companies.
Now we will give the driver from the above example a couple of claims, less-than-perfect credit, and a couple of points charged on her driving record. Since each company has their own process to establish rates, analyzing rate quotes most likely will result in a different ranking of companies as shown below.
State Farm now has the cheapest car insurance in Laredo, TX with Mercury, Nationwide, USAA, and Safe Auto now rounding out the top five. This example demonstrates why consumers need to do a thorough rate comparison to find the cheapest insurance quotes for drivers requiring a SR22. Rates can be determined by many factors and can increase or decrease at any time, so the cheapest rate the last time you compared rates may now be an over-priced policy.
How to find economical auto insurance for drivers requiring a SR22
The list below summarizes some of the better penny-pinching solutions that can help you buy lower-cost auto insurance.
- Increase the comprehensive and collision deductibles on your policy
- At-fault accidents can raise rates significantly
- If your vehicles are older, consider dropping full coverage
- Be a cautious driver
- Avoid filing small claims
- Comparison shop at least once a year
The last tip is certainly vital, as we discussed in the prior article. Rates can be adjusted at any time, so you should be ready to buy from a different company if you find a cheaper price.
Staying with the same car insurance company is fine, but it isn’t a good idea if that dedication is costing hundreds of dollars a year. It takes less than five minutes to shop around and find cheaper auto insurance for drivers requiring a SR22 in Laredo.
If you have coverage questions and would like to have a professional recommendation when comparing insurance rates for drivers requiring a SR22, the agents shown below are a good start to help you make a decision which auto insurance policy would work best for you.
To find an agent nearest to you, click the button following the list or click here to get price quotes now.
- Farmers Insurance – Pedro Sanchez
5916 San Bernardo Ave – Laredo, TX 78041 – (956) 722-8445 - Allstate Insurance Agent: Mike Cortez
201 W Del Mar Blvd Ste 16 – Laredo, TX 78041 – (956) 723-6453 - J.J. MARTINEZ INSURANCE AGENCY
2101 Springfield Ave – Laredo, TX 78040 – (956) 723-7480 - Fred Loya Insurance
618 W Calton Rd – Laredo, TX 78041 – (956) 723-4414