The vehicle model on the policy is a significant factor that determines whether or not you can buy economical auto insurance for good students. Vehicles with higher performance characteristics, a lack of safety features, or a history of substantial liability claims will cost substantially more to insure than more economical and safe models. The next table ranks auto insurance rates for a selection of the most budget-friendly automobiles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$3,870|
|Ford Escape Limited 2WD||$3,916|
|Ford F-150 FX2 Super Cab 2WD||$4,337|
|Ford Explorer XLT 4WD||$4,345|
|Toyota Tacoma 4WD||$4,337|
|Ford Edge SEL 2WD||$4,550|
|Toyota RAV4 Sport 4WD||$4,596|
|Chevrolet Impala LT||$4,604|
|Chevrolet Equinox LT 2WD||$4,596|
|Jeep Grand Cherokee Laredo 2WD||$4,604|
|Chevrolet Malibu LT||$4,640|
|Dodge Grand Caravan Crew||$4,649|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$4,780|
|Toyota Camry SE||$4,854|
|Nissan Altima 2.5 S 4-Dr Sedan||$4,863|
|Hyundai Elantra GLS 4-Dr Sedan||$4,854|
|Toyota Corolla S||$4,859|
|Honda Odyssey EX-L W/Navigation||$4,854|
|Chevrolet Silverado LTZ Crew Cab 4WD||$4,898|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$4,903|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$4,898|
|Volkswagen Jetta SEL 4-Dr Sedan||$4,908|
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Data based on single male driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nebraska minimum liability limits. Discounts applied include claim-free, and safe-driver. Information does not factor in specific location which can revise prices noticeably.
Based on these rates, you can assume that makes and models like the Honda CR-V, Ford Escape, Toyota Prius, Ford F-150, and Ford Explorer will definitely be some of the less-costly vehicles to insure for student drivers.
For student drivers, one of the big criteria that aid in calculating the annual cost of car insurance is the neighborhood you call home. Areas with more people or even just a higher incidence of claims will most likely pay more, whereas areas with less congestion can boast about having cheaper rates.
The table below rates the highest-priced places in Nebraska for good students to purchase car insurance in. Omaha comes in at #8 with the annual price of $1,257 for coverage, which is around $105 per month.
|5||South Sioux City||$1,303|
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Premium costs are approximated as specific Omaha zip code can affect rates substantially.
Liability rates compared to full coverage
Paying a lower price for insurance is important to most vehicle owners, and a great way to buy cheaper insurance for good students is to only buy liability coverage. The diagram below shows the difference between insurance rates with full coverage and liability only. The prices are based on no violations or claims, $1,000 deductibles, single marital status, and no policy discounts are applied.
If we average the cost for ages 20 through 70, comp and collision coverage costs $1,704 per year over having just liability coverage. At some point, about every driver wonders if full coverage is worth the money. There is no specific rule that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.
For example, let’s say your vehicle’s claim settlement value is $8,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $7,500 after paying the physical damage deductible. If premiums are more than $750 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are a few situations where only buying liability is not a good idea. If you still have a loan on your vehicle, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Discount Omaha insurance
Insurance companies that sell policies for good students may also offer special discounts that can lower rates by as much as 40% or more if you qualify for them. Companies and a selection of discounts include:
- Farm Bureau may offer discounts for youthful driver, safe driver, 55 and retired, driver training, good student, renewal discount, and multi-policy.
- Liberty Mutual policyholders can earn discounts including preferred payment discount, multi-car, multi-policy, good student, newly married, and newly retired.
- State Farm offers discounts including multiple policy, Steer Clear safe driver discount, Drive Safe & Save, defensive driving training, multiple autos, student away at school, and anti-theft.
- Auto-Owners Insurance may have discounts that include good student, mature driver, multiple vehicles, teen driver, multi-policy, and safe driver.
- GEICO includes discounts for multi-vehicle, five-year accident-free, air bags, anti-lock brakes, defensive driver, daytime running lights, and driver training.
- SAFECO has savings for anti-lock brakes, accident prevention training, bundle discounts, multi-car, homeowner, and anti-theft.
The example below visualizes the comparison of auto insurance costs with and without discounts applied to the premium. The information is based on a female driver, no accidents or driving violations, Nebraska state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with paperless filing, anti-theft, passive restraint, continuous coverage, vehicle safety, and paid-in-full discounts applied. When discounts are applied, theaverage yearly reduction on insurance for good students is 28% or $737.
Buying coverage from the best insurance provider can be rather challenging considering how many companies are available to choose from in Omaha. The ranking information below may help you choose which car insurance companies to look at comparing price quotes from. The rankings below only include the largest companies in the United States, so companies that have a smaller presence are not taken into consideration for this list.
Top 10 Major Car Insurance Companies Overall in Omaha
- 21st Century
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- American Family