The vehicle requiring insurance is a large consideration when comparing quotes for the best coverage for drivers with bad credit. Vehicles with high performance engines, a lack of modern safety features, or a high likelihood of having liability claims will cost more to insure than safer, lower-performance models. The table below presents auto insurance costs for a number of the cheaper vehicles to insure.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$979|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,098|
|Honda CR-V EX-L 2WD||$1,145|
|Jeep Grand Cherokee Laredo 2WD||$1,159|
|Ford Fusion S 4-Dr Sedan||$1,165|
|Honda Accord LX 4-Dr Sedan||$1,199|
|Hyundai Elantra SE Touring Station Wagon||$1,215|
|Toyota Corolla XLE||$1,217|
|Ford F-150 XLT Regular Cab 4WD||$1,258|
|Ford Focus SE 2-Dr Coupe||$1,303|
|Hyundai Sonata SE 4-Dr Sedan||$1,310|
|Volkswagen Jetta LE 4-Dr Sedan||$1,327|
|Chevrolet Malibu Hybrid||$1,336|
|Toyota RAV4 Limited 2WD||$1,327|
|Dodge Grand Caravan Hero||$1,334|
|Ford Explorer XLT 4WD||$1,343|
|Toyota Tacoma 4WD||$1,350|
|Ford Edge Sport 2WD||$1,397|
|Chevrolet Impala LTZ||$1,404|
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Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Rate quotes do not factor in vehicle location which can lower or raise rates considerably.
Looking at the numbers, you can assume that vehicles like the Ford Escape, Jeep Wrangler, Honda CR-V, Jeep Grand Cherokee, and Ford Fusion are likely to be the more affordable vehicles to insure for people with poor credit. Prices will trend higher just because there is more risk for drivers with bad credit, but in general those models will tend to have the cheapest auto insurance rates compared to other types of vehicles.
For people with poor credit, one of the largest factors that aid in calculating the price you pay for insurance is where you keep your vehicle in San Antonio. More densely populated places will most likely have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims have the luxury of lower rates.
The next table rates the most expensive places in Texas for drivers with bad credit to purchase car insurance in. San Antonio comes in at #12 with an annual cost of $1,722 for the average insurance policy, which is about $144 per month.
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Premium amounts are estimated as the specific San Antonio residence address can influence price quotes greatly.
Full coverage versus liability-only in San Antonio
Reducing the cost of car insurance is important to the majority of vehicle owners, and one of the best ways to buy cheaper insurance for drivers with bad credit is to buy only liability coverage. The diagram below shows the comparison of auto insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Texas. Data assumes no claims or violations, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.
If we average the cost for all age groups, full coverage on your policy costs an additional $2,131 per year over and above liability only. That is a big expense that brings up the question if buying full coverage is a good investment. There isn’t a steadfast formula that is best for determining when to drop full coverage on your policy, but there is a guideline you can consider. If the yearly cost of full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.
There are some circumstances where buying only liability insurance is not financially feasible. If you haven’t paid off your loan, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not drop full coverage.
The example below demonstrates how choosing different deductibles can affect insurance premiums when quoting cheap insurance for drivers with bad credit. The premium estimates are based on a married male driver, comp and collision included, and no additional discounts are factored in.
A 40-year-old driver could reduce rates by $264 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $402 by using a $1,000 deductible. Young drivers, such as the Age 20 example, could save as much as $884 or more by choosing a larger deductible amount. When raising deductibles, it will now be necessary to have additional funds squirreled away to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Tips for finding budget-friendly insurance for drivers with bad credit
It’s not impossible to find cheaper rates, and here are a few money-saving ideas that can help drivers buy cheaper coverage.
- Vehicles with safetly features generally cost less to insure
- Save money by bundling your home and auto policies
- Avoid filing excessive claims
- At-fault accidents can raise rates significantly
- Do not get tickets or violations
- Do not pay for comprehensive and collision coverage on older vehicles
- Shop around for cheaper prices often
The last tip is notably necessary, as we discussed in the prior information. Prices charged by car insurance companies in San Antonio can change considerably based on profitability, so don’t be tentative to buy from a different company if a cheaper price is available.
Many drivers tend to have loyalty to a certain company, but it isn’t a good idea if that faithfulness ends up costing you money that could be spent on other things. If you have a few minutes, now is a great time to compare prices and find cheaper insurance for drivers with bad credit.
The San Antonio auto insurance agencies shown below can help you decide which insurance coverage will be best for you, since many people would rather have the advice of a professional agent when trying to find the best insurance rates for people with poor credit. It can be difficult to find the best policy on your own, and a professional agent can provide peace of mind knowing you have suitable coverage if you have an accident.
To find a San Antonio insurance agency by location nearest to you, click the button following the list or click here to compare rates now.
- Mary Ellen Jablonski – State Farm Insurance Agent
2606 TPC Pkwy #107 – San Antonio, TX 78259 – (210) 829-1778
- Enrique Enriquez – State Farm Insurance Agent
8359 Perrin Beitel Rd – San Antonio, TX 78218 – (210) 967-8669
- Deserae Navarro – State Farm Insurance Agent
5975 Bandera Rd – San Antonio, TX 78238 – (210) 647-7975