Finding the cheapest car insurance for a Chevrolet Traverse depends on a complicated rating formula that uses factors such as your financial responsibility, if you have prior claims, and physical damage deductibles. Drivers in Texas pay on average $690 annually to insure their Traverse, but that cost is an approximation based upon a 50-year-old married female driver with full physical damage coverage and $1,000 deductibles.
The issue that arises when projecting rates is that it’s very likely that you are not 50 and maybe not even a female, possibly single instead of married, and you might want liability-only or different deductibles. Have just a small change in rating criteria can result in a massive change in the cost of insuring your Traverse.
Everyone has unique insurance needs, and this illustrates why the best method for finding the cheapest coverage for your Chevrolet is to do the rate comparisons yourself.
The trim level of your vehicle impacts price, so the price to insure a Traverse LS 2WD will be $66 less than the insurance cost for the more costly Traverse LTZ AWD version, as shown in the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Traverse LS 2WD||$140||$212||$304||$18||$92||$766||$64|
|Traverse LS AWD||$158||$212||$304||$18||$92||$784||$65|
|Traverse LT 2WD||$158||$212||$304||$18||$92||$784||$65|
|Traverse LT AWD||$158||$260||$304||$18||$92||$832||$69|
|Traverse LTZ 2WD||$158||$260||$304||$18||$92||$832||$69|
|Traverse LTZ AWD||$158||$260||$304||$18||$92||$832||$69|
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Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Information does not factor in vehicle location which can decrease or increase auto insurance rates significantly.
Selecting the top insurance provider can be difficult considering how many different companies insure vehicles in Texas. The company rank data displayed below may help you select which companies you want to consider putting your business with. These rankings only include large nationwide companies, so smaller companies are not factored into these rankings.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Tickets and at-fault accidents raise rates
In a perfect world, the ideal way to earn affordable insurance premiums for a Traverse is to be a cautious driver and avoid accidents and traffic violations. The example below shows how violations and accident claims can impact premium costs for different categories of driver ages. The data is based on a married male driver, comprehensive and collision coverage, $250 deductibles, and no additional discounts are factored in.
In the chart above, the average cost of car insurance per year with a clean driving record and no accidents is $1,933. Add in one speeding ticket and the average cost swells to $2,216, an increase of $282 each year. Then include one accident along with the one speeding ticket and the yearly cost of insurance for a Chevrolet Traverse goes up to an average of $3,008. That’s an increase of $1,074, or $90 per month, just for being a less-than-perfect driver!
Should you buy full coverage?
Lowering the price of insurance is important to the majority of vehicle owners, and an easy way to buy cheaper insurance for a Chevrolet Traverse is to not insure for full coverage. The diagram below compares yearly insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Texas. The rate quotes are based on no driving violations, no at-fault accidents, $500 deductibles, marital status is single, and no discounts are applied.
If all age groups are averaged, comprehensive and collision coverage on your policy costs $1,831 per year more than just insuring for liability. That is a large expense and it proposes the question if buying full coverage is worth the money. There is no written rule to drop physical damage insurance, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
For example, let’s assume your vehicle’s replacement cost is $8,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $7,000 after the policy deductible has been paid. If you are paying in excess of $700 a year to have full coverage, then it might be time to buy liability only.
There are some situations where eliminating full coverage is not recommended. If you still owe money on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not remove full coverage.
What aren’t you shopping around?
Fort Worth insurance rates are impacted by many factors that will increase or decrease the price you pay. Improving your credit score, buying another vehicle, or getting a DUI can produce rate changes resulting in some companies being much cheaper than others.
In addition to those changes, auto insurance companies file new Texas auto insurance rates without warning in order to maintain liquidity for claims. An extended period of higher than normal claims can cause higher rates, while lower claims can produce cheaper Traverse insurance rates.
To help illustrate this point, the chart below shows which company has the cheapest car insurance in Fort Worth, TX for a 40-year-old male driver with no violations or accidents, and a decent credit rating. If we compare prices based on his current rating profile, Travelers quotes the cheapest car insurance rates in Fort Worth at $1,159 annually. This is $745 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are the remaining cheapest Fort Worth, TX auto insurance companies.
Now we will pretend the driver from above a claim or two, poor credit, and a couple of points charged on his driving record. Because each company has their own unique process for determining prices, comparing quotes will most likely result in a different ranking of the cheapest car insurance companies in Fort Worth as shown below.
Mercury now has the lowest price on auto insurance in Fort Worth with State Farm, Nationwide, Safe Auto, and USAA now being in the top five. This example shows why it is so important to perform an extensive rate comparison to find affordable car insurance rates for a Chevrolet Traverse.
Insurance rates are calculated by many things and change frequently, so the cheapest company the last time you shopped around may now be an over-priced policy.
Ideas for buying cheaper car insurance for a Chevrolet Traverse
The list below shows many thrifty suggestions that can help Fort Worth drivers locate low-cost coverage.
- On older vehicles, drop full coverage
- Increase your comprehensive and collision deductibles
- Clean up your credit
- Avoid having at-fault accidents
- Keep your driving record clean
- Vehicles with good safety ratings are usually cheaper to insure
- Compare quotes from other companies often
The last suggestion is incredibly crucial, as was pointed out in the prior article. Auto insurance prices can change considerably in a year, so drivers shouldn’t be resistant to change to a new company if you can find a cheaper rate.
Many drivers tend to have loyalty to a certain company, but we do not recommend it if that stubbornness costs you money that could be going to better use. If you have a few minutes, compare prices and find cheaper auto insurance for a Chevrolet Traverse in Fort Worth.
The professional agents shown below can most likely help you make a decision which policy fits your needs best, as some drivers have questions and prefer to get some professional advice when shopping around for cheaper insurance for a Traverse. It’s not always easy to do it yourself, so a professional agent can bring satisfaction knowing you have suitable coverage if you have an accident.
To find a Fort Worth insurance agency near you, click the button link following the list.
Earl Wood – State Farm Insurance Agent
2900 S Hulen St #50 – Fort Worth, TX 76109 – (817) 922-9300
Amado Flores – State Farm Insurance Agent
3345 Western Center Blvd Ste 180 – Fort Worth, TX 76137 – (817) 232-3000
Gary Gilmore – State Farm Insurance Agent
9324 Clifford St #106 – Fort Worth, TX 76108 – (817) 367-6106