Figuring out which companies offer the best insurance rates for drivers with bad credit may require a little more work in order to find coverage that fits your budget.
Each auto insurance company uses a different method for setting rates, so to begin we’ll rank the insurance companies with the most affordable rates in Fort Worth. Keep in mind that Fort Worth, TX insurance rates are calculated based on many things that control the price you have to pay. Turning one year older, buying a different home, or having an at-fault accident may prompt premium changes that can make some companies much cheaper than others.
Lowest Insurance Price Quotes with Bad Credit
Travelers has some of the best car insurance rates in Fort Worth at around $1,021 each year. This is $883 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also rank well as some of the lowest-priced Fort Worth, TX insurance companies.
In the rate table above, if you have coverage with Texas Farm Bureau and switched to Travelers, you might see savings of upwards of $214. Drivers with Germania Mutual could save as much as $261 a year, and Esurance customers might cut rates by $386 a year.
If you would like to find cheaper car insurance rates, click here or visit any of the low-priced companies below.
These premiums are averaged across all insureds and vehicles and and are not calculated with an exact zip code location for drivers with bad credit. So the company that is best for you may not even be in the list above. That emphasizes why you need to get car insurance quotes using your own driver data and vehicle information.
The car, truck, or SUV that needs insurance is a large factor when shopping around for low-priced car insurance for drivers with bad credit. Vehicles with lots of horsepower, poor passenger safety features, or an increased likelihood of liability claims will cost more to insure than more economical and safe models.
The next table ranks insurance prices for a handful of the cheapest automobiles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$955|
|Ford Escape Limited 4WD||$1,037|
|Hyundai Elantra GLS Touring Station Wagon||$1,043|
|Honda CR-V EX 4WD||$1,067|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,070|
|Chevrolet Equinox LS 2WD||$1,129|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$1,149|
|Ford Explorer XLT 4WD||$1,169|
|Ford F-150 XLT Regular Cab 2WD||$1,184|
|Ford Edge SE 2WD||$1,189|
|Chevrolet Malibu LTZ||$1,211|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,220|
|Nissan Rogue S AWD||$1,211|
|Dodge Grand Caravan SE||$1,213|
|Ford Fusion S 4-Dr Sedan||$1,237|
|Ford Focus SE 4-Dr Sedan||$1,244|
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Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Premium amounts do not factor in Fort Worth, TX location which can decrease or increase price quotes substantially.
Looking at the numbers, makes and models like the Honda Accord, Ford Escape, Hyundai Elantra, Honda CR-V, and Jeep Wrangler will definitely be a few of the less-costly vehicles to insure for people with poor credit. The price for car insurance will trend higher just because there is more liability exposure for drivers with bad credit, but overall those particular vehicles will most likely have the cheapest car insurance rates compared to other types of vehicles.
For people with poor credit, one of the more important components that determine car insurance rates is where your car is garaged in Fort Worth. Areas with more people or more claims tend to have more expensive car insurance rates, whereas areas with less congestion benefit from lower prices.
The table below shows the most costly cities in Texas for drivers with bad credit to purchase car insurance in. Fort Worth is listed at #16 with a yearly cost of $1,653 for the average insurance policy, which is about $138 monthly.
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Table data uses approximated as the garaging address in Fort Worth can raise or lower coverage rates considerably.
Violations and accidents raise rates
A great way to find the best insurance prices for people with poor credit is to be a careful driver and not have accidents or get tickets. The chart below demonstrates how traffic citations and at-fault accidents drive up auto insurance costs for different age groups. The costs are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.
The data charted above shows the average cost of car insurance per year with no violations or accidents is $1,834. Receive one speeding ticket and the average cost hikes up to $2,112, an increase of $279 each year. Now add in one accident along with the one speeding ticket and the annual cost of insurance for drivers with bad credit increases to an average of $2,885. That’s an increase of $1,052, or $88 per month, just for being a careless driver!
The diagram below highlights how deductible selection can raise or lower annual premium costs when searching for cheap insurance for drivers with bad credit. Data assumes a married female driver, comprehensive and collision coverage, and no other discounts are factored in.
The chart above illustrates that a 50-year-old driver could pocket $362 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $546 by selecting a $1,000 deductible. Even younger drivers, such as the 20-year-old example, have the ability to save up to $900 annually by choosing a higher deductible.
If you do raise deductibles, it’s a good idea to have plenty of savings on hand to offset the extra out-of-pocket expense that is associated with using high deductibles.
Get discount Fort Worth insurance
Insurance providers that provide coverage for drivers with bad credit may additionally offer rate discounts that may potentially lower prices by as much as 40% or more if you are eligible for them. A list of insurance companies and their offered discounts are shown below.
- State Farm offers discounts for student away at school, Drive Safe & Save, anti-theft, defensive driving training, and multiple autos.
- GEICO policyholders can earn discounts including five-year accident-free, defensive driver, driver training, daytime running lights, multi-vehicle, and anti-theft.
- SAFECO may include discounts for bundle discounts, accident prevention training, multi-car, teen safety rewards, safe driver, drive less, and anti-lock brakes.
- Farmers Insurance offers premium reductions for multi-car, pay in full, teen driver, homeowner, and alternative fuel.
- AAA offers discounts including pay-in-full, multi-policy, AAA membership discount, multi-car, anti-theft, and good student.
- USAA includes discounts for loyalty savings, safe driver, annual mileage, vehicle storage, military installation, family discount, and driver training.
The diagram below shows the comparison of car insurance costs with and without discounts applied to the premium. The data is based on a female driver, no violations or accidents, Texas state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with passive restraint, defensive driving course, claim-free, homeowner, anti-theft, and multiple vehicle discounts applied. With discounts applied, theaverage amount saved on insurance for drivers with bad credit is 28% or $645.
The importance of shopping around
Texas insurance rates are determined by lots of factors which can substantially decrease or increase the price of your policy. Simply improving your credit, moving to a new city, or getting caught speeding can trigger rate changes that can make some companies cheaper than competitors. Also, auto insurance companies modify rates every year or even multiple times each year as an adjustment for underwriting gains or losses. Unexpectedly high claims may result in increased rates, while long-term profits can result in cheaper Fort Worth car insurance rates.
The chart below shows which company has the cheapest car insurance in Fort Worth, TX for a 45-year-old male driver with no prior claims, no tickets, and a good credit rating. If we estimate rates based on his personal profile, Travelers might quote the cheapest car insurance rates in Fort Worth at $1,146 each year. This is $758 less than the average rate paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty are the rest of the best Fort Worth, TX auto insurance companies.
Now let’s give the driver from the first rate comparison an accident surcharge, slightly worse credit, and an imperfect driving record. Due to the fact that every auto insurer has a proprietary method to set premium rates, comparing quotes could result in a significantly different list of the cheapest Fort Worth car insurance companies as shown below.
Mercury now has the lowest price in Fort Worth, TX with State Farm, USAA, Nationwide, and Safe Auto now being in the top five. This shows why it is so important to compare rates to get the cheapest car insurance rates for drivers with bad credit. Prices are made up of many different factors and can increase or decrease at any time, so the most economical option when you bought your policy may now be wasting a lot of money.