You have surely seen all the captivating commercials from car insurance companies like Nationwide and Liberty Mutual that claim the cheapest rates, so you just need to pick the company with the catchiest ad, right?
It’s not quite that easy, unfortunately, as there are a whole bunch of unknown aspects like if you want the added protection of full coverage, whether you are single or married, how high your deductibles should be, and if you own your own home, that all impact the cost of coverage. The information below covers the different scenarios that increase car insurance cost and hopefully give you enough understanding to have a good start in finding the cheapest insurance.
The vehicle model you are trying to insure is one of the largest considerations that determines whether or not you find the lowest-priced car insurance for drivers with good credit. Vehicles with more horsepower, poor passenger safety features, or a high likelihood of having liability claims will cost more to insure than more economical and safe models. The next table ranks auto insurance rates for some of the most affordable vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$801|
|Chevrolet Silverado LS Regular Cab 4WD||$878|
|Chevrolet Impala LT||$945|
|Honda Accord LX 4-Dr Sedan||$980|
|Honda CR-V LX 4WD||$987|
|Toyota Camry SE||$994|
|Toyota Corolla LE||$1,001|
|Honda Odyssey EX-L W/Rear Entertainment||$994|
|Chevrolet Malibu LTZ||$1,012|
|GMC Sierra SLE Regular Cab 4WD||$1,018|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$1,012|
|Dodge Ram 3500 Crew Cab ST 2WD||$1,047|
|Hyundai Elantra SE Touring Station Wagon||$1,067|
|Ford Fusion Sport AWD 4-Dr Sedan||$1,081|
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Cost estimates assume single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Premium costs do not factor in the specific area where the vehicle is garaged which can increase or decrease coverage prices substantially.
Based upon the rates shown, you can expect cars like the Ford Escape, Chevrolet Silverado, Toyota Prius, Chevrolet Impala, and Honda Accord should be some of the cheapest vehicles to insure for financially responsible drivers.
For financially responsible drivers, one of the more important factors that aid in calculating car insurance rates is where you normally keep your vehicle in Chula Vista. Cities with larger populations tend to have more expensive auto insurance rates, whereas less populated areas have the benefit of cheaper car insurance.
The following table sorts the most costly cities in California for drivers with good credit to buy car insurance in. Chula Vista ranks #25 with the yearly price of $1,298 on average, which is around $108 per month.
|Rank||City||Premium Per Year|
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Price information shown is comparative as the specific Chula Vista residence address can lower or raise coverage rates greatly.
How to get discounts on Chula Vista insurance
Insurance providers that provide coverage for drivers with good credit may also offer special discounts that may potentially lower prices by as much as 40% or more if you are eligible to receive them. Popular auto insurance companies and some of the premium reductions they offer can be found below.
- GEICO discounts include anti-theft, five-year accident-free, multi-vehicle, seat belt use, air bags, military active duty, and federal employee.
- Travelers offers premium reductions for good student, hybrid/electric vehicle, continuous insurance, student away at school, save driver, home ownership, and payment discounts.
- Farm Bureau has discounts for multi-policy, renewal discount, 55 and retired, good student, and driver training.
- Liberty Mutual includes discounts for hybrid vehicle, good student, safety features, new graduate, teen driver discount, preferred payment discount, and exclusive group savings.
- American Family policyholders can earn discounts including bundled insurance, early bird, air bags, defensive driver, accident-free, and good driver.
- Progressive offers discounts for good student, homeowner, online signing, multi-vehicle, multi-policy, online quote discount, and continuous coverage.
The chart below compares car insurance rates with and without policy discounts. The data assumes a male driver, no claims or driving citations, California state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with vehicle safety, homeowner, safe-driver, anti-theft, accident-free, and defensive driving course discounts applied. In this example, theaverage amount saved on auto insurance for drivers with good credit is 28% or $707.
Liability rates compared to full coverage
Saving money on auto insurance is important to the majority of vehicle owners, and one good way to buy cheap insurance for drivers with good credit is to not buy full coverage. The illustration below shows the comparison of car insurance rates with and without full coverage. The premium estimates are based on no claims or violations, $100 deductibles, single marital status, and no other discounts are factored in.
If averaged for all ages, physical damage coverage costs an extra $3,444 per year more than just insuring for liability. That brings up the question if buying full coverage is worth the money. There is no clear-cut rule of when to stop paying for full coverage on your policy, but there is a general convention. If the yearly cost for physical damage coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your vehicle’s replacement value is $7,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $6,000 after the deductible is paid. If you are paying over $600 annually for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.
The information below demonstrates how deductibles can change insurance prices when searching for cheap insurance for drivers with good credit. The rates are based on a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
A 40-year-old driver could lower their policy premium by $370 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $556 by changing to a $1,000 deductible. Even younger insureds, like the age 20 example, could drop their prices as much as $1,230 each year by using higher deductibles when buying full coverage. If you make the decision to raise deductibles, it is necessary to have enough funds in savings to enable you to pay the extra out-of-pocket expense that comes with higher deductibles.