The words “bargain” and “insurance” really shouldn’t be used together, in particular when looking for the lowest insurance rates for low credit scores. Because of the high cost, let’s go over some situations the can have a considerable influence on insurance premiums, and see if we can help you reduce the price of your next policy.
Deciding which company quotes the most affordable auto insurance rates for low credit scores will involve more time in order to find coverage that fits your budget. Every car insurance company used slightly different criteria for establishing rates, so we’ll go over the most affordable auto insurance companies in Lubbock, TX.
It’s important that readers know that Lubbock, TX auto insurance rates are calculated based on many things which can substantially change the policy price. Getting older, becoming a homeowner, or having a fender bender can trigger changes in premium that can now make some companies affordable when they were higher priced.
Best Car Insurance Prices in Texas
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $1,010 |
| 2 | USAA | $1,117 |
| 3 | Texas Farm Bureau | $1,247 |
| 4 | Germania Mutual | $1,256 |
| 5 | Esurance | $1,365 |
| 6 | California Casualty | $1,438 |
| 7 | State Farm | $1,510 |
| 8 | Mercury | $1,521 |
| 9 | Nationwide | $1,585 |
| 10 | Safe Auto | $1,597 |
| 11 | Progressive | $1,698 |
| 12 | Allstate | $1,718 |
| 13 | Amica | $1,723 |
| 14 | GEICO | $2,072 |
| 15 | Home State | $2,134 |
| 16 | Encompass | $2,232 |
| 17 | MetLife | $2,249 |
| 18 | Unitrin | $2,333 |
| 19 | 21st Century | $2,396 |
| 20 | Titan | $2,568 |
| Quote Your Rates Go | ||
Travelers may offer some of the lowest car insurance rates in Lubbock at around $1,010 a year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also make the cut as some of the more affordable Lubbock, TX auto insurance companies.
As illustrated above, if you are insured with Texas Farm Bureau and switched to Travelers, you might see an annual savings of about $237. Drivers with Germania Mutual could save as much as $246 a year, and Esurance customers might lower prices by up to $355 a year.
To find the cheapest coverage for you, click here to get a free quote or quote prices from the following companies.
Be aware that those policy prices are averaged across all insureds and vehicles and do not take into consideration an exact zip code location for low credit scores. So the insurer that has the cheapest price for you may not even be in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.
For bad credit, one of the big criteria that are looked at to determine the amount you pay each year for auto insurance is where you choose to live in Lubbock. Regions with more people or even just more weather-related claims are more likely to have higher rates, whereas areas with less people or fewer weather incidents get the luxury of paying less.
The information below sorts the most costly cities in Texas for low credit scores in which to purchase auto insurance. Lubbock shows up at #14 with a yearly cost of $1,665 for car insurance, which is approximately $139 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | McAllen | $1,956 |
| 2 | Brownsville | $1,908 |
| 3 | Dallas | $1,893 |
| 4 | Houston | $1,891 |
| 5 | Laredo | $1,833 |
| 6 | Garland | $1,796 |
| 7 | Pasadena | $1,794 |
| 8 | Grand Prairie | $1,793 |
| 9 | Amarillo | $1,786 |
| 10 | Mesquite | $1,771 |
| 11 | Beaumont | $1,754 |
| 12 | Irving | $1,719 |
| 13 | San Antonio | $1,688 |
| 14 | Lubbock | $1,665 |
| 15 | Carrollton | $1,647 |
| 16 | Arlington | $1,642 |
| 17 | Austin | $1,627 |
| 18 | Fort Worth | $1,621 |
| 19 | Corpus Christi | $1,620 |
| 20 | El Paso | $1,616 |
| 21 | McKinney | $1,609 |
| 22 | Waco | $1,584 |
| 23 | Plano | $1,576 |
| 24 | Abilene | $1,545 |
| 25 | Killeen | $1,533 |
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Information shown are comparative as the specific zip code location can impact rates noticeably.
Violations and accidents raise rates
A great way to earn the best auto insurance prices in Lubbock for bad credit is to drive carefully and maintain a clean driving record. The diagram below shows how speeding tickets and at-fault collisions can impact yearly insurance costs for each age group. The costs are based on a married female driver, full coverage, $1,000 deductibles, and no other discounts are factored in.
In the prior example, the average cost of a car insurance policy per year with no accidents or violations is $1,225. Get written up for one speeding ticket and the average cost surges to $1,432, an increase of $207 each year. Then throw in one accident along with the one speeding ticket and the annual cost of auto insurance for low credit scores goes up to an average of $1,997. That’s an increase of $772, or $64 per month, just for not paying attention while driving!
Full coverage versus liability only rates
Paying a lower price for auto insurance is probably important to most people, and one common way to pay lower rates for insurance for low credit scores is to not insure for full coverage. The illustration below shows the comparison of auto insurance costs when comparing full coverage to liability only. The rate quotes are based on no claims or driving violations, $100 deductibles, marital status is single, and no additional discounts are factored in.
Averaged for all age groups, full coverage costs an additional $2,181 per year over and above liability coverage. Lot’s of drivers question if buying full coverage is worth the expense. There is no set guideline that is best for determining when to drop physical damage insurance, but there is a guideline you can use. If the annual cost of your full coverage insurance is 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s say your vehicle’s claim settlement value is $7,500 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $6,500 after paying the physical damage deductible. If it’s costing in excess of $650 a year for full coverage, then it might be time to consider dropping full coverage.
There are some conditions where dropping full coverage is not a good idea. If you haven’t paid off your loan, you have to carry full coverage as part of the loan requirements. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should keep full coverage.
Get discount Lubbock auto insurance rates
Auto insurance companies that offer quotes for low credit scores may also provide special discounts that could lower prices by 35% or more if you qualify. Larger auto insurance companies and a partial list of their discounts are:
- State Farm offers discounts for good driver, multiple autos, anti-theft, defensive driving training, driver’s education, and safe vehicle.
- Farmers Insurance may offer discounts for multi-car, alternative fuel, homeowner, teen driver, and distant student.
- Progressive offers discounts including multi-vehicle, homeowner, online quote discount, online signing, and continuous coverage.
- GEICO policyholders can earn discounts including seat belt use, multi-policy, anti-theft, air bags, defensive driver, driver training, and anti-lock brakes.
- Auto-Owners Insurance has savings for mature driver, safe vehicle, multiple vehicles, group or association, anti-lock brakes, multi-policy, and good student.
- The Hartford may have discounts that include good student, anti-theft, vehicle fuel type, bundle, air bag, and driver training.
- Farm Bureau has discounts for renewal discount, 55 and retired, good student, youthful driver, and multi-policy.
- USAA includes discounts for annual mileage, military installation, vehicle storage, good student, and loyalty savings.
The example below illustrates the comparison of insurance rates with and without discounts applied to the policy premium. The information is based on a male driver, a clean driving record, 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 average annual price with no discounts. The second bar shows the rates with marriage, homeowner, accident-free, defensive driving course, multiple vehicle, and multiple policy discounts applied. When drivers take advantage of discounts, theamount saved on auto insurance for low credit scores is 28% or $669.
Are you paying too much for car insurance in Lubbock?
Lubbock auto insurance rates are influenced by many factors that can increase the price of your policy. Getting older, marrying your spouse, or getting a few speeding tickets can cause premium changes that can make some companies cheaper than competitors.
Not only may things change on your end, but companies amend premium rates multiple times each year in order to maintain liquidity for claims. An unexpected high level of claims may cause additional premium costs, while a profitable period may produce more affordable Lubbock car insurance rates.
For example, the chart below shows the cheapest car insurance in Lubbock, TX for a 35-year-old female driver with a clear driving record, no claims, and a good credit history. When comparing rates based on her current risk factors, Travelers has the cheapest car insurance rates in Lubbock at $1,177 a year. This is $727 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are also included in the top five cheapest Lubbock, TX auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison a couple of claims, a lower credit rating, and a few traffic violations. Since each auto insurance company has their own unique process to establish rates, comparing insurance quotes may result in a different ranking of the cheapest car insurance companies in Lubbock as shown below.
USAA now has the best auto insurance rate in Lubbock with State Farm, Mercury, Nationwide, and Safe Auto also having competitive pricing. This example demonstrates why consumers need to compare lots of rates when trying to get the most budget-friendly car insurance quotes for low credit scores.
Auto insurance prices are influenced by many factors and change substantially, so the best price the last time you shopped around may now be quite expensive.