The average car insurance rate in Waco is $1,065 per year, cheaper than the state average. Among the widely available insurers in the city, GEICO is the most affordable option with an average rate of $387. MoneyGeek analyzed the cheapest carriers in the city using coverage amounts and ranked the best carriers that balance cost and quality.
bestauto insuranceWaco2021The Cheapest and Best Car Insurance in Waco
The Cheapest Car Insurance Companies in Waco
For a full coverage policy, the cheapest car insurance companies in Waco are:
- GEICO: $714 per year
- USAA: $763 per year
Affordability is one of the most important factors for many Waco drivers when looking for the best car insurance. With an average rate of $714 per year, GEICO is the most affordable car insurance company in the city. The General, which has an average rate of $1,977, is the most expensive option. That means The General policyholders typically pay 176.9% more than those with GEICO policies.
For this study, MoneyGeek used insurance rates for a 40-year-old male driver who has a full coverage policy with liability insurance and comprehensive and collision insurance.
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- CompanyAmountper year
- 1.$714
- 2.$763
- 3.$764
- 4.$775
- 5.$956
Average Cost of Car Insurance in Waco
Waco$1,065
Texas$1,316
U.S.$1,424
The average cost to insure a car in Waco is $1,065, cheaper than both the state and national average annual premiums.
The state average is $1,316, approximately 19.1% higher than the city average. Meanwhile, the national average is $1,424. That means Waco drivers typically pay 25.2% less for auto insurance compared to other drivers in the country.
The Best Car Insurance Companies in Waco
MoneyGeek analyzed the best car insurance companies in Waco for drivers who value a balance of affordability and quality service. The top insurers are:
- GEICO (MoneyGeek score of 85 out of 100)
- State Farm (MoneyGeek score of 85 out of 100)
MoneyGeek’s rating system includes J.D. Power’s user satisfaction, affordability and financial stability rankings. USAA got the highest score, but MoneyGeek did not list it as best overall because it is only available to military members, veterans and their families.
1
USAA
Score:100
2
GEICO
Score:85
3
State Farm
Score:85
4
Auto Club of Southern California Insurance Group
Score:85
5
Allstate
Score:80
6
Progressive
Score:80
7
Nationwide
Score:80
8
Farmers
Score:78
9
Liberty Mutual
Score:73
Personalized Quotes to Get You the Cheapest Car Insurance in Waco
Getting personalized quotes based on individual circumstances, such as age, gender, credit score, location and driving history, will help you find the most accurate policy. We recommend that you compare car insurance quotes regularly to check if you qualify for discounts, rebates, or other savings as your circumstances change.
Shopping around for car insurance in Waco could save you $351, which is enough to buy:
117Cups of Coffee
27Months of Your Favorite Streaming Service
Cheapest Car Insurance in Waco by Coverage Amount
How much coverage you buy will have a huge impact on car insurance rates in Waco. On average, the cost of a policy that only meets the state minimums is $526 per year. A full coverage policy in the city costs an average of $1,065 per year. That is a difference of $539.
Texas Minimum Liability Requirements
- ItemDescription
- Bodily Injury and Property Damage$30,000 per person, $60,000 per accident and $25,000 for property damage. A more protective level is 100/300/100.
When looking for the best car insurance in Waco, it is important to consider the coverage level suitable for your needs. The most affordable car insurance is not always the best option. If you want higher liability limits, you can opt for a 50/100/50 liability-only or full coverage policy. That means you will be getting up to $50,000 for bodily injuries per person, $100,000 per accident and $50,000 for property damage. A liability-only policy only covers the other driver’s expenses, while a full coverage policy will include your expenses in case of an at-fault accident.
A GEICO policy with state minimums costs an average of $387 per year. A 100/300/100 full coverage policy from the company costs $714 on average, a difference of $327 per year.
Average Car Insurance Premiums: Liability-Only vs. Full Coverage
Liability Only
- CompanyState Minimumper year50 / 100 / 50per year
- 1.$336$370
- 2.$387$418
- 3.$373$396
- 4.$403$451
- 5.$467$522
Full Coverage
- Company50 / 100 / 50per year100 / 300 / 100per year
- 1.$702$763
- 2.$657$714
- 3.$723$764
- 4.$712$775
- 5.$885$956
Cheapest Car Insurance in Waco if You Have Driving Violations
Car insurance rates in Waco also vary depending on driving records. Having moving violations like speeding tickets, a DUI or at-fault accidents will increase the cost of your insurance.
A MetLife policyholder with no violations pays an average of $1,166 per year, while a similar policy costs $2,525 for drivers with an at-fault accident on their record. That is more than double the cost or a difference of $1,359. A DUI will increase the rate by $1,659 for an average of $2,825 per year.
- CompanySpeeding Ticketper yearAt-Fault Accidentper yearDUIper year
- 1.$832$986$1,195
- 2.$775$937$1,315
- 3.$855$1,177$1,116
- 4.$1,000$1,080$1,117
- 5.$1,239$1,366$1,436
Average Cost of Car Insurance by Postal Code
Car insurance rates in Texas may also vary depending on where the driver lives. That is because ZIP codes have different crime rates, accident statistics and numbers of uninsured drivers.
The cheapest neighborhood in Waco, 76706, has an average rate of $1,044 per year. The most expensive neighborhood, in ZIP code 76705, has an average car insurance rate of $1,086 per year. That is a difference of $42 per year.
- Zip CodeState Minimumper year
- 76706$1,044
- 76705$1,086
Insurance Providers That Serve Waco
Factors That Impact Insurance Costs in Waco
In addition to individual driver needs and history, location-specific factors like the percentage of uninsured motorists and the rate of car thefts also contribute to car insurance rates in Waco. How Waco ranks compared to the 300 most populous cities in the United States can have a significant impact on premium costs.
Methodology and Assumptions
MoneyGeek’s average premium rates for Waco are based on 100/300/100 comprehensive collision coverage with a $1,000 deductible for a 40-year-old male driver. The average driver profiled drives a 2010 Toyota Camry LE and has no tickets or accidents on their record. Additional premiums are added based on coverage type, location and driving record. Learn more about MoneyGeek’s data and methodology here.
About the Author
sources
- Kaiser Family Foundation. "2019 Employer Health Benefits Survey." Accessed January 16, 2020.