Finding out which company has the cheapest car insurance rates for teachers will involve a tad more effort than just comparing a company or two.
Each insurance company has a different formula to set their prices, so we will examine the lowest cost car insurance companies in Louisiana. It’s important that readers know that Louisiana car insurance rates are impacted by many things which can significantly increase or decrease the cost of your policy. Turning one year older, adding a teenager to your policy, or getting a ticket for running a stop sign can trigger price changes that may make certain companies much cheaper than others.
Cheapest Insurance Rates for Educators
USAA may offer some of the lowest car insurance rates in New Orleans at around $1,594 annually. MetLife, GEICO, Progressive, and Safeway would also be considered some of the cheapest New Orleans, LA insurance companies.
In the above example, if you are insured with MetLife and switched to USAA, you may realize an annual premium reduction of around $298. Drivers with GEICO could save as much as $313 a year, and Progressive policyholders might reduce rates by $352 a year.
To find the cheapest rates for your vehicle, click here or quote prices from the following companies.
Understand that those policy rates are averaged for all insureds and vehicles and do not factor in a specific zip code for teachers. So the company that has the cheapest price for you may not even be in the list above. That emphasizes why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.
One of the more important components that determine the annual cost of car insurance is where you keep your vehicle. Cities with larger populations or higher claim trends are more likely to have higher rates, whereas areas with less crime or weather claims get the luxury of paying less.
The illustration below lists the most expensive areas in Louisiana for teachers to purchase a policy in. New Orleans ranks #1 with an annual premium of $2,827 for the average insurance policy, which is around $236 each month.
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Price information shown is approximated as specific New Orleans zip code can revise prices substantially.
The example below shows how choosing a deductible can change insurance costs when searching for cheap insurance for teachers. The rates are based on a married male driver, full coverage, and no discounts are applied to the premium.
The chart above illustrates that a 40-year-old driver could lower their car insurance rates by $388 a year by changing from a $100 deductible up to a $500 deductible, or save $586 by using a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, could shave as much as $1,294 or more by using a higher deductible. When raising deductibles, it is essential to have plenty of discretionary funds to enable you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Does it make sense to buy full coverage?
Finding the cheapest car insurance is probably important to the majority of vehicle owners, and an effective way to find cheap insurance for teachers is to not insure for full coverage. The illustration below visualizes the comparison of auto insurance costs with liability coverage only compared to full coverage. The data is based on no driving violations, no at-fault accidents, $100 deductibles, single marital status, and no additional discounts are factored in.
If we average all the age groups together, full coverage costs $2,655 per year more than buying just liability insurance. At some point, about every driver wonders when is the right time to remove full coverage. There isn’t a steadfast formula to eliminate comp and collision coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let’s pretend your vehicle’s claim settlement value is $11,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $10,000 after you pay the deductible. If premiums are more than $1,000 a year to have full coverage, the it may be a good time to stop paying for full coverage.
Types of discounts on New Orleans auto insurance
Auto insurance companies that offer coverage for teachers may also offer discounts that could potentially reduce rates by as much as 30% if you meet specific eligibility requirements. A few popular companies and their possible discounts can be read below.
- The Hartford may offer discounts for anti-theft, driver training, defensive driver, vehicle fuel type, bundle, air bag, and good student.
- American Family policyholders can earn discounts including early bird, Steer into Savings, air bags, good driver, and defensive driver.
- Progressive may include discounts for multi-vehicle, online quote discount, homeowner, good student, and online signing.
- Travelers offers discounts for multi-policy, save driver, early quote, hybrid/electric vehicle, driver training, and good student.
- Farmers Insurance may have discounts that include early shopping, mature driver, good student, pay in full, multi-car, business and professional, and electronic funds transfer.
- USAA offers premium reductions for multi-policy, multi-vehicle, good student, military installation, loyalty savings, annual mileage, and safe driver.
- Liberty Mutual includes discounts for good student, multi-car, teen driver discount, safety features, preferred payment discount, and new move discount.
The information below shows the comparison of yearly insurance costs with and without discounts applied to the rates. The premiums are based on a male driver, no claims or violations, Louisiana state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with anti-theft, passive restraint, defensive driving course, marriage, multiple vehicle, and accident-free discounts applied. When drivers take advantage of discounts, theaverage amount saved on car insurance for teachers is 28% or $544.