5 Cheapest Car Insurance in Waco, Texas for 2023

Thang Truong
Thang Truong
Updated on:

The easiest way to get around Waco, TX is by car. In order to drive in Waco, you’ll need at least the minimum amount of car insurance. If you are looking for cheap car insurance in Waco, look no further. BravoPolicy has analyzed millions of car insurance rates to find the cheapest car insurance companies in Waco for a variety of drivers: of different age groups and with different driving records.

Cheapest car insurance companies in Waco, Texas 

For the analysis of the cheapest car insurance companies in Waco, Texas, we get public rate filings of the companies making up the majority of car insurance market share in the city for a full coverage car insurance policy of 50/100/50, which also includes comprehensive and collision coverages.

Farmers has the cheapest car insurance rate in Waco, Texas with the average cost of $63 per month, or $756 per year. State Farm offers the second cheapest rate at $68 per month. Below are the 5 cheapest car insurance companies in Waco, Texas and their average rates. 

Companies  Average monthly premiums  Average annual premiums 
Farmers $63 $756
State Farm $68 $821
USAA $77 $918
AAA $83 $994
Geico $92 $1,102

You should keep in mind that car insurance rates are determined individually taking several personal factors into consideration, so these may not be your cheapest rate. It is always important to shop around with a few companies to find the cheapest rate for you.

Average car insurance cost in Waco, Texas 

The average car insurance cost for different coverage limits in Waco, Texas are as follows:

Coverage limits  Average monthly premiums  Average annual premiums 
Minimum coverage $36 $435
50/100/50 $58 $696
100/300/100 $77 $927

We should note that the average cost of car insurance with 100/300/100 coverage limits in Texas is about $114 a month.

Average cost of car insurance in Waco’s top zip codes

Below are the average car insurance costs in top zip codes in Waco, Texas. 

Zip code Average monthly rate
76701 $95
76702 $36
76704 $98
76705 $112
76706 $123
76707 $87
76708 $85
76710 $104
76711 $87

Cheapest car insurance for minimum coverage in Waco, TX

The cheapest average policy quote for minimum coverage in Waco is about $357 a year, from Esurance. Here are the 5 cheapest car insurance companies for minimum coverage in Waco, TX.

Minimum coverage required in Waco TX are as follows:

  • $30,000 of coverage for injuries per person, up to a total of $60,000 per accident, and
  • $25,000 of coverage for property damage
Companies Average monthly premiums Average annual premiums
Esurance $30 $357
State Farm $37 $444
USAA $42 $502
Geico $52 $618
Nationwide $55 $657

Cheapest car insurance for full coverage in Waco, TX

State Farm offers the cheapest rate on full coverage car insurance, with a quote of $753 a year, but depending on your circumstances, USAA also has competitive rates, at about $831 a year, which is still cheaper than the average. 

Below are full coverage limits we used to analyzed the rates below: 

  • $100,000 bodily injury liability per person.
  • $300,000 bodily injury liability per accident.
  • $50,000 property damage liability per accident.
  • $100,000 uninsured motorist coverage per person.
  • $300,000 uninsured motorist coverage per accident.
  • Collision coverage with a $1,000 deductible.
  • Comprehensive coverage with a $1,000 deductible.
Companies Average monthly premiums Average annual premiums
State Farm $63 $753
USAA $69 $831
Progressive $74 $889
American Family $80 $956
Geico $90 $1,082

Cheapest car insurance for drivers with a DUI in Waco, TX

Having a DUI on your record can raise your premiums by about $1,085 a year. If you have a DUI on your record, try Geico: they have average quotes of about $1,087 a year for those with a DUI. Progressive is the second cheapest, at about $1,159 a year. 

Companies Average monthly premiums Average annual premiums
Geico $91 $1,087
Progressive $97 $1,159
USAA $106 $1,273
State Farm $116 $1,397
American Family $124 $1,490

Cheapest car insurance for drivers with an at-fault accident in Waco, TX

State Farm and Farmers are both worth a look if you’ve been in one at-fault accident in Waco, TX. State Farm can offer you a policy for about $960 and Farmers rates are about $1,042 a year. 

Companies Average monthly premiums Average annual premiums
State Farm $80 $960
Farmers $87 $1,042
USAA $94 $1,123
AAA $100 $1,205
Geico $107 $1,287

Cheapest car insurance for drivers with a speeding ticket in Waco, TX

Progressive can offer you car insurance after a speeding ticket that’s about 50% cheaper than the average rate. Progressive is about $68 a month or $821 a year. USAA is about $$77 a month, or $927 a year—almost $1,000 more. 

Companies Average monthly premiums Average annual premiums
Progressive $68 $821
USAA $77 $927
Geico $82 $985
Nationwide $95 $1,140
Farmers $102 $1,227

Cheapest car insurance for drivers with bad credit in Waco, TX

While some states have moved to prohibit insurance companies from using your credit score to set your car insurance rates, Texas is not one of them. Drivers with poor credit might want to look at either Esurance (with an average rate of $89 a month) or Progressive with an average rate of $82 a month.

Companies Average monthly premiums Average annual premiums
Progressive $82 $980
Esurance $89 $1,066
Geico $95 $1,140
USAA $106 $1,268
State Farm $117 $1,407

Cheapest car insurance for 20 years old with good driving record in Waco, TX 

The cheapest rate we could find for a 20-year-old driver in Waco, TX was Progressive insurance at $90.

Companies Average monthly premiums Average annual premiums
Progressive $90 $1,076
Geico $97 $1,158
USAA $100 $1,204
State Farm $106 $1,268
Nationwide $112 $1,350

Cheapest car insurance for 30 years old with good driving record in Waco, TX

The cheapest rate we could find for a 30-year-old in Waco, TX was from State Farm at $65 a month.

Companies Average monthly premiums Average annual premiums
State Farm $65 $780
USAA $73 $872
Nationwide $80 $954
American Family $86 $1,036
Geico $97 $1,170

Cheapest car insurance for 40 years old with good driving record in Waco, TX 

State Farm was also cheapest for 40-year-olds in Waco, at $54 a month. 

Companies Average monthly premiums Average annual premiums
State Farm $54 $650
Farmers $62 $744
Geico $72 $859
USAA $85 $1,020
Nationwide $97 $1,164

Cheapest car insurance for 50 years old with good driving record in Waco, TX 

One of the great things about turning 50 is that your car insurance rates go down. The best rate we could find for a 50-year-old was also from Geico, and the average rate is $61 a month.

Companies Average monthly premiums Average annual premiums
Geico $61 $733
USAA $67 $810
State Farm $75 $897
Progressive $83 $996
Nationwide $98 $1,182

Cheapest car insurance for 60 years old with good driving record in Waco, TX 

If you’re in your 60s, you should consider either State Farm or Nationwide. State Farm can get you a rate of $67 while Nationwide can offer you a quote of $72 a month. 

Companies Average monthly premiums Average annual premiums
State Farm $67 $807
Nationwide $72 $859
American Family $78 $932
USAA $81 $974
Allstate $90 $1,079

What factors impact car insurance cost in Waco, TX?

You may be surprised if you call one of these companies and get a dramatically different quote than is listed here. The reason for that is that car insurance rates vary by a number of factors:

  • Age
  • Driving history: one speeding ticket can increase your rates by 24%!
  • Zip code: some zip codes have higher property crime than others
  • Car make and model: some cars are likely to be stolen, and that hot-rod you’ve been eyeing will definitely cost more to insure than an average, run-of-the-mill sedan with good safety features
  • Mileage: the more you drive, the higher your rates. Insurance companies see it as the more time you spend on the road, the more likely it is that you’ll be in an accident
  • Credit history: only California, Massachusetts and Hawaii have dismissed credit history as a factor in car insurance
  • Marital status: married people pay less because statistically, they are in 50% fewer accidents than their single counterparts. 
  • Gender: men pay about 6% less, unless you’re a teenage male, in which case you pay about 14% more than a teenage girl
  • Homeownership: If you are a homeowner, carriers seem to offer you a better rate than renters. 
  • And many more other factors. Each carrier has their own set of factors that they consider in their proprietary underwriting models to provide you with a rate. 

Some of these things you can control, and others you can’t do anything about. 

How to find cheap car insurance in Waco, TX? 

The good news is that there are ways to save money on your car insurance, including:

  • Bundle one or more policies, such as your home and auto insurance with the same company. Usually, you can get a 5% o 10% discount, and maybe as much as a 20% discount.
  • If you’re over 55, ask AARP about special rates
  • If you’re a student, you can qualify for the good student discount with a B average or better and save 10%
  • Work to improve your credit score. People with better credit pay less for car insurance. 
  • Ask about pay in full, ETF, auto pay and other discounts. 
  • Drive safely!

Waco, Texas SR-22

An SR-22 is a legal document you need to get if you have a violation like a DUI or multiple traffic violations on your record. You can also be required to have an SR-22 if you get caught driving without insurance or with a suspended license. An SR-22 is not insurance, it’s a form your insurance company files with the state of Texas to ensure you remain insured. 

If you are not insured already and need an SR-22, you might have to pay a fee and you’ll pay higher rates because of your high-risk driving. Some carriers won’t insure you at all, but some will offer you a policy—at an inflated rate, of course. 

If you already have insurance, you’ll contact your insurance company to request that they file an SR-22 for you. They might refuse to cover you, but you can obtain new insurance. 

What are the minimum car insurance coverage requirements in Waco, Texas? 

You’ll need the minimum car insurance coverage to operate a car in Waco, Texas:

  • $30,000 of coverage for injuries per person, up to a total of $60,000 per accident, and
  • $25,000 of coverage for property damage

What is car insurance full coverage in Waco, TX? 

Full coverage car insurance means that you have collision and comprehensive insurance added on to your policy. If you have a loan, the lender will require this coverage. 

Below are the coverages we used to analyze car insurance cost for full coverage in Waco, TX: 

  • $100,000 bodily injury liability per person.
  • $300,000 bodily injury liability per accident.
  • $50,000 property damage liability per accident.
  • $100,000 uninsured motorist coverage per person.
  • $300,000 uninsured motorist coverage per accident.
  • Collision coverage with a $1,000 deductible.
  • Comprehensive coverage with a $1,000 deductible.

What does car insurance cover? 

Texas requires Personal Injury Protection (PIP) and Property Damage Liability (PDL). You need a minimum of $10,000 each to register a car in Texas. 

However, these limits are the bare minimum. One visit to an emergency department could cost you over $10,000, so higher limits are a good idea. You’ll also want to consider:

Bodily injury liability: Covers medical expenses of another driver or pedestrian when you’re in an at-fault accident. It’s not required in Texas but going without it can leave you vulnerable to costly lawsuits. 

Property damage liability: Damage to another person’s property. This could be their car, the contents of their car, their fence, their home, or whatever else you manage to hit. At least $10,000 in PDL is required in Texas, but that amount won’t go very far. 

Uninsured motorist: covers your medical expenses if you’re in an accident with an uninsured driver. 

Underinsured motorist: covers your medical expenses if you’re in an accident with someone who doesn’t have enough liability insurance to cover your medical bills. 

Collision: covers the costs of repairing your own vehicle if you’re in an accident. 

Comprehensive: covers damage to your vehicle due to vandalism, theft, or weather. If you have a loan or a lease, your lender will require both of these coverages. 

Our methodology 

For all profiles in the analysis, BravoPolicy analysts included 5-15 largest insurance companies in each city and state. Wherever available, we included rates from smaller companies as well. 

For each city and each driver profile, we included rates for the selected 10-20 zip codes in the city and averaged for the carrier’s rate in the city of the analysis. 

For the cheapest company overall, the cheapest company for minimum coverage, and the cheapest company for full coverage, we analyzed rates for 30-year-old drivers with good credit. 

For full coverage policies, we used the following coverage limits:

  • $100,000 bodily injury liability per person.
  • $300,000 bodily injury liability per accident.
  • $50,000 property damage liability per accident.
  • $100,000 uninsured motorist coverage per person.
  • $300,000 uninsured motorist coverage per accident.
  • Collision coverage with a $500 deductible.
  • Comprehensive coverage with a $500 deductible.

We used a 2020 Toyota Camry L for all drivers and assumed 10,000 annual miles driven.

We analyzed rates for drivers 20 to 60 years old in ten-year increments.

We used the same assumptions for all other driver profiles, with the following exceptions:

  • For drivers with minimum coverage, we used the minimum required coverage by law in the state.
  • For drivers with one at-fault crash, we included rates for drivers with one at-fault crash that happened in the past six months.
  • For drivers with a DUI, we included rates for drivers that had a drunken driving violation that happened in the past 6 months 

These are the average rates based on the rates filling of the insurance companies. Your rates will be different. 

Thang Truong
Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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