The words “affordable” and “auto insurance” probably shouldn’t be used in the same sentence, specifically when comparison shopping for the cheapest auto insurance for homeowners. To save some money, let’s familiarize you with some things that have an impact on insurance prices, and figure out some ideas to take the bite out of your next policy.
One of the more important things that aid in calculating the cost of insurance is where you live. Areas with increased crime or more people tend to pay slightly more, whereas areas with less crime or weather claims tend to receive slightly lower rates.
The next table lists the priciest cities in Texas for homeowners in which to purchase auto insurance. Corpus Christi shows up at #17 with an annual cost of $1,636 on average, which is around $136 monthly.
|Rank||City||Average Per Year|
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Prices are estimated as the specific Corpus Christi residence address can raise or lower price quotes significantly.
The make and model of vehicle you are insuring is probably the largest consideration when trying to find the cheapest insurance for homeowners. Vehicles with high performance, a lack of modern safety features, or high incidents of liability claims will cost more to insure than more modest models. The next table presents auto insurance prices for a number of the most budget-friendly automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape Limited 2WD||$954|
|Hyundai Elantra GLS Touring Station Wagon||$1,021|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,026|
|Ford F-150 FX2 Super Cab 2WD||$1,047|
|Honda Accord LX-P 4-Dr Sedan||$1,054|
|Honda CR-V LX 4WD||$1,060|
|Nissan Altima 2.5 4-Dr Sedan||$1,106|
|Toyota RAV4 2WD||$1,113|
|Chevrolet Malibu LS||$1,106|
|Volkswagen Jetta S 4-Dr Sedan||$1,115|
|Honda Odyssey LX||$1,119|
|Ford Edge Limited AWD||$1,167|
|Ford Explorer Eddie Bauer 2WD||$1,185|
|Chevrolet Impala LS||$1,192|
|Chevrolet Equinox LTZ AWD||$1,187|
|Ford Fusion Sport 4-Dr Sedan||$1,192|
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Price data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Rate information does not factor in the specific area where the vehicle is garaged which can raise or lower price quotes substantially.
Based upon the rates shown, we can presume that cars like the Ford Escape, Hyundai Elantra, and Jeep Wrangler are going to be some of the most budget-friendly vehicles to insure for people who own their homes.
The illustration below shows how different deductible levels can increase or decrease premium costs when researching cheap insurance for homeowners. The information is based on a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
As shown above, a 50-year-old driver could save $264 a year by switching from a $100 deductible to a $500 deductible, or save $402 by using a $1,000 deductible. Even younger drivers, such as the Age 20 example, could save as much as $884 every year just by choosing higher deductibles when buying full coverage. If you do raise deductibles, it will now be necessary to have plenty of savings on hand to enable you to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Types of discounts on Corpus Christi car insurance rates
Auto insurance companies that offer quotes for homeowners may provide special discounts that can reduce rates by as much as 40% or more if you are eligible. Larger car insurance companies and some of the discounts are included below.
- GEICO has discounts for federal employee, military active duty, good student, five-year accident-free, anti-lock brakes, emergency military deployment, and daytime running lights.
- Mercury Insurance discounts include low natural disaster claims, professional/association, good driver, multi-car, location of vehicle, and ease of repair.
- Farmers Insurance offers premium reductions for pay in full, early shopping, youthful driver, good student, bundle discounts, and multi-car.
- Auto-Owners Insurance may include discounts for multi-policy, multiple vehicles, student away at school, paperless, teen driver, company car, and anti-lock brakes.
- Liberty Mutual policyholders can earn discounts including new move discount, multi-car, new vehicle discount, exclusive group savings, hybrid vehicle, newly retired, and multi-policy.
- SAFECO includes discounts for bundle discounts, teen safety rewards, homeowner, teen safe driver, drive less, and safe driver.
- Progressive has savings for good student, multi-policy, online signing, online quote discount, and multi-vehicle.
- USAA offers discounts for loyalty savings, safe driver, multi-vehicle, military installation, driver training, and family discount.
The information below shows the comparison of insurance premiums with and without policy discounts. The premiums are based on a male driver, no claims or driving citations, Texas state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with anti-theft, multiple vehicle, passive restraint, vehicle safety, safe-driver, and claim-free discounts applied. With discounts applied, theaverage yearly reduction on car insurance for homeowners is 28% or $599.
Do you need full coverage?
Saving money when shopping for car insurance is probably important to the majority of drivers, and one common way to pay less for insurance for homeowners is to only pay for liability coverage. The illustration below compares car insurance costs with liability coverage only compared to full coverage. The premium estimates are based on no claims, a clean driving record, $1,000 deductibles, marital status is single, and no discounts are applied.
If we average the cost for all age groups, comprehensive and collision coverage on your policy costs an extra $1,598 per year more than just buying liability insurance. At some point, almost every driver questions when is it a good idea to stop buying full coverage. There is no exact rule for phasing out comp and collision coverage, but there is a general school of thought. If the annual cost of having full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s claim settlement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,000 after you pay the deductible. If you are paying more than $400 a year for physical damage coverage, then it may be the right time to buy liability only.
There are some scenarios where eliminating full coverage is not a good plan. If you have an outstanding loan on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not eliminate full coverage.
If you wish to get help from a professional when comparing insurance rates for people who own their homes, the insurance agencies below can provide answers to your questions and help you determine which car insurance policy is best.
To find a Corpus Christi insurance agent closest to you, click the link at the bottom or click here to compare rates now.
- Binyon Insurance Agency, LLC
9922 Leopard St #202 – Corpus Christi, TX 78410 – (361) 241-3748
- All American Hallmark Ins
4510 Weber Rd a – Corpus Christi, TX 78411 – (361) 993-6643
- Allstate Insurance: Tricia Herte
5959 S Staples St #103 – Corpus Christi, TX 78413 – (361) 994-8927
- Allstate Insurance: Jesse Trevino
4721 Bonner Dr Ste 101 – Corpus Christi, TX 78411 – (361) 986-1000
How to find economical insurance for homeowners
The list below summarizes some of the better money-saving ideas that can help Corpus Christi drivers locate cheaper coverage.
- Buy vehicles with good safety ratings
- Staying accident-free helps keep rates low
- Bundle home and auto and save
- Improve your credit
- Assess whether full coverage is needed
- Shop around for cheaper rates regularly
The final tip is especially important, as we hit on in this piece. Car insurance rates in Corpus Christi can change significantly in a year, so don’t be unwilling to switch companies if a cheaper price is available.
Having a favorite company is great, but it’s not a good idea if that dedication is costing a fortune every year. In just a few minutes you could compare rates and find cheaper insurance for homeowners.