The preferred way to get more affordable auto insurance rates is to start comparing prices regularly from companies in Dallas.
- First, gain an understanding of how auto insurance works and the changes you can make to prevent expensive coverage. Many risk factors that increase rates like getting speeding tickets and a poor credit rating can be amended by making minor driving habit or lifestyle changes.
- Second, get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only give prices from one company like GEICO or State Farm, while agents who are independent can provide price quotes for many different companies. View a list of agents
- Third, compare the new rates to your current policy to see if a cheaper rate is available. If you find a better price and make a switch, make sure coverage does not lapse between policies.
- Fourth, notify your current company of your decision to cancel your current auto insurance policy and submit a signed application and payment for the new coverage. Immediately put the new certificate verifying coverage in an accessible location in your vehicle.
The key thing to know about shopping around is to compare identical limits and deductibles on every quote and and to get price quotes from as many companies as feasibly possible. This ensures a level playing field and the best rate selection.
Everyone knows that auto insurance companies want to keep your business as long as possible. Drivers who get price comparisons will most likely switch companies because there is a good probability of finding a lower-cost company. A study discovered that people who shopped around every year saved on average $865 annually as compared to drivers who didn’t regularly shop around.
If finding discount rates on car insurance in Dallas is your goal, knowing how to quote prices and compare insurance coverage can make it easier to shop your coverage around.
Insurance statistics and figures
The rate table shown next covers different policy rates for Scion xB models. Learning as much as possible about how auto insurance prices are determined is important to be able to make smart choices when selecting a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Premium amounts do not factor in vehicle garaging location which can change insurance rates substantially.
The illustration below demonstrates how deductibles and can impact Scion xB insurance prices for different insured age categories. The information is based on a single male driver, full physical damage coverage, and no discounts are applied.
Careless driving habits raise insurance rates
The chart below highlights how traffic violations and at-fault fender-benders drive up Scion xB auto insurance rates for different categories of driver ages. The rate quotes are based on a married female driver, comp and collision included, $500 deductibles, and no policy discounts are applied.
Does full coverage make sense?
The illustration below visualizes the comparison of Scion xB yearly insurance costs with full physical damage coverage compared to only buying liability only. The information is based on no violations or claims, $250 deductibles, single marital status, and no other discounts are factored in.
Are you wasting money on full coverage?
There is no definitive formula for eliminating comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.
For example, let’s say your Scion xB replacement value is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $4,000 after the deductible is paid. If premium cost is more than $400 a year for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some cases where removing full coverage is not financially feasible. If you still have a loan on your vehicle, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should keep full coverage in place.
You Can Change Your Insurance Premiums
Consumers need to have an understanding of some of the factors that help determine insurance rates. If you understand what positively or negatively impacts your premiums, this empowers consumers to make smart changes that could help you find better insurance rates. Lots of things are part of the calculation when pricing auto insurance. Most are fairly basic such as your driving history, but some are less apparent like your continuous coverage or how financially stable you are.
The factors shown below are some of the most common factors used by your company to calculate rates.
Better credit means lower prices – Credit score is a large factor in calculating your insurance rates. If your credit can be improved, you could be paying less to insure your Scion xB by improving your rating. People with excellent credit tend to file fewer claims and have better driving records than drivers who have lower ratings.
Buy as much liability insurance as you can afford – A critical coverage on your policy, liability insurance kicks in if you are determined to be liable for an accident. Liability provides for a legal defense starting from day one. Liability insurance is pretty cheap when compared with rates for comp and collision, so insureds should have plenty of protection for their assets.
Does your occupation cost you more? – Do you have a high-stress occupation? Careers like military personnel, executives, and dentists have the highest rates attributed to high stress and long work hours. Conversely, careers such as actors, historians and performers generally pay rates lower than average.
Driver age impacts premiums – More experienced drivers are more responsible, tend to cause fewer accidents, and are safer drivers. Drivers with little experience are known to be easily distracted when driving therefore insurance rates are much higher.
The following chart assumes a single driver, full coverage with $1000 deductibles, and no discounts or violations.
Do you really need the incidental coverages? – There are a ton of additional extra coverages you can purchase on your insurance policy. Coverages like rental car coverage, accident forgiveness, and term life insurance are examples of these. They may sound like good ideas when discussing your needs, but your money might be better spent on other coverage so eliminate them to save money.
Vehicle options can affect prices – Purchasing a vehicle with anti-theft technology or alarm system can earn a premium discount. Advanced theft deterrents such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help stop auto theft and help lower rates.
Insurance loss statistics a Scion xB – Auto insurance companies use past loss statistics for each vehicle when they set coverage costs for each model. Vehicles that the statistics show to have increased losses will have a higher cost to insure.
The table below shows the insurance loss data for Scion xB vehicles. For each policy coverage type, the statistical loss for all vehicles combined as an average is considered to be 100. Values under 100 imply a favorable loss record, while values that are above 100 point to more claims or tendency to have larger claims.
|Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Compare. Compare. Compare.
Consumers switch companies for a number of reasons such as being labeled a high risk driver, unfair underwriting practices, delays in paying claims and high rates after DUI convictions. It doesn’t matter why you want to switch choosing a new company can be less work than you think.
Cheaper car insurance in Dallas can be found on the web and from local insurance agents, and you need to price shop both to get a complete price analysis. There are still a few companies who don’t offer online rate quotes and these regional carriers sell through local independent agencies.
As you quote Dallas car insurance, never reduce coverage to reduce premium. In many instances, consumers will sacrifice comprehensive coverage or liability limits and learned later that a couple dollars of savings turned into a financial nightmare. Your strategy should be to find the BEST coverage at the lowest possible cost but still have enough coverage for asset protection.
For more information, feel free to visit the following helpful articles:
- Understanding Your Insurance Deductible (Insurance Information Institute)
- What Car Insurance is Cheapest for Single Moms in Dallas? (FAQ)
- Teen Driving and Texting (State Farm)
- Medical Payments Coverage (Liberty Mutual)