The average cost of car insurance in Waco is $110 per month. Read on for more information on how insurance premiums are determined.
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Car insurance coverage costs an average of $1,322 each year in Waco. That's cheaper than the average in Texas ($1,415) and less expensive than the national average of $1,548. Read on to learn more about how much you can expect to pay based on your credit score, gender, marital status, and other common factors in Waco.
|Waco Average (annual)||Texas Average||U.S. Average|
The best way to save on auto insurance is to compare rates from as many companies as possible, selecting the provider from which you receive the most affordable quote. In Waco, GEICO provides the most affordable rates for the typical insurance customer. We've listed the best cheap car insurance companies in Waco below. Use this information as a starting point and be sure to compare quotes specific to your unique driving profile.
|Insurance Company||Average Rate (annual)|
The best age for car insurance rates as a driver in Waco is in your 50s: drivers in this age group pay an average of $1,142 per year. Drivers in their 60s pay marginally higher rates — $1,178 per year.
Teenage drivers pay Waco's most expensive car insurance rates. One of the easiest ways to lower your car insurance rates as a driver in Waco is to age out of your teenage years. The difference in rates paid by teenage drivers and drivers in their 20s in Waco is $1,625, the largest such difference between any two age groups.
|Age||Average Yearly Rate|
In some cases, a driver's gender and marital status may influence the car insurance rates they pay. In most locations in the US, single drivers pay more than married drivers based on data that says they're more likely to file claims. Married drivers in Waco pay $94 less than single drivers for auto insurance. Rates for those who are widowed are also much cheaper than rates for those who are single. Interestingly enough, in Waco, single drivers pay more than those who are widowed.
Gender is another factor that can impact auto insurance costs. In Waco, the gap in auto insurance rates between genders is $15 per year, with male drivers paying more than female drivers.
|Marital Status/Gender||Average Annual Rate|
Maintaining a clean driving record is an effective way to minimize your auto insurance costs. Speeding citations, reckless driving charges, DUIs and DWIs, and at-fault accidents all tend to bring about rate increases.
Two of the most costly citations to receive are DUI and reckless driving. Waco drivers found guilty of reckless driving face insurance rate increases of $698 per year, compared to the citywide average. A DUI violation may lead to a $716 increase, while a citation for speeding leads to a $110 rate hike.
|Violation||Average Annual Rate|
|At-fault Accident (damages < $1,000)||$1,660|
|At-fault Accident (damages > $2,000)||$1,991|
|Speeding Ticket (16-20 mph over speed limit)||$1,433|
Another major insurance rating factor is credit score. Drivers with bad credit histories typically face more expensive car insurance than do drivers with stellar credit. In fact, Waco drivers who build their credit score from the "Very Poor" tier (300-579) to the "Exceptional" tier (800-850) earn a 60% decrease in car insurance rates. If you move from the "Very Poor" credit tier to the "Fair" credit tier, you could be in line for an auto insurance price adjustment. In Waco, moving into the "Fair" credit tier corresponds to an average of $1,104 in savings on insurance each year.
|Credit Level||Average Annual Rate|