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Getting Auto Insurance Quotes in Texas – Some Points to Consider
If you live in Texas, auto insurance is a legal requirement, just like in any other state. The level and type of auto insurance can and does change from state to state.
If you drive a car in the state of Texas, you are required by law to carry liability insurance on that vehicle. If you are in an auto accident and determined to be the cause of the accident, you are liable for any damages you may have caused in the event of the accident. This is why it is so important and a requirement for every driver to have sufficient coverage in place. Getting auto insurance quotes in Texas is not just easy and painless with the use of the quote tool on this site, but it is the law.
According to the state of Texas, all drivers are required to carry a minimum level of coverage to protect themselves and those with whom they share the road. The coverage requirements for Texas drivers may differ from those of other states, so new residents should get their car insurance quotes in Texas as soon as they move in and get settled.
The state of Texas requires drivers to have at least:
- $30,000 in liability coverage in place, up to a total of $60,000 per accident
- $25,000 in property damage protection.
In auto insurance lingo, this type of coverage is referred to as 30/60/25 coverage. This minimum level of coverage for Texas is a good starting point for drivers to use when they go shopping for auto insurance quotes in Texas.
Car Insurance Quotes in Texas – Is Minimum Coverage Enough?
Even though the minimum insurance coverage requirements are a good starting point when soliciting auto insurance quotes in Texas, it is important to look at your own situation and make sure that minimum level of coverage will be enough. In most cases people buy the minimum auto insurance coverage required by law, assuming they’ll never need it. But insurance is that necessary evil that we all must have by law, and find it to be critical and a financial savings when an accident occurs.
When you are assessing that basic level of insurance coverage, keep in mind that there are many vehicles on the road today worth far more than $25,000. If all you have is $25,000 of coverage in place, you could be personally liable for the balance of monies if an accident you cause totals a Mercedes, Lexus or other expensive vehicle.
The good news is adding additional coverage to your auto insurance quotes in Texas is generally quite inexpensive, especially if you have a good driving record. You may find that you can extend your coverage limits to $50,000 or even $100,000 without significantly increasing your monthly premiums.
Keep in mind that getting insurance quotes in Texas is all about striking a balance between proper protection and an affordable rate. You do not want to buy more coverage than you can afford, that could cause you to fall behind on your payments and lose your coverage altogether. On the other hand, you do want to make sure you are fully protected against loss in the event of an accident.
In order to get the best rates and insurance options, get up to eight quotes using the free auto insurance quote tool on this site. The more quotes you get the more options you’ll see and be able to choose from. Each insurance company has different policies and formulas to calculate rates, so it is critically important to take a little extra time to save money on your auto insurance.
Do You Need to add Collision and Comprehensive Coverage?
As you shop for auto insurance quotes in Texas, keep in mind that the state is concerned primarily that you have the required minimum liability protection in place. The state law does not require that you carry comprehensive or collision coverage on the vehicle you drive, you need to make that important decision on your own.
If you still have a loan on the vehicle you are driving, your lender may require you to have collision and comprehensive coverage, or GAP insurance when you shop for auto insurance quotes in Texas. That extra coverage protects the lender and helps ensure that they receive all their money if the vehicle they financed is totaled in an accident. At the same time, collision or comprehensive insurance coverage protects you, and prevents you from having to pay thousands of dollars in out-of-pocket costs in the event of an accident.
Keep in mind that insurance will only cover the actual value of the vehicle if it is totaled in an accident. If your loan is for more than that amount, you could be on the hook for the rest. That is where GAP insurance comes into play. It does come at an extra cost, but it covers the difference between what you owe and the value of the vehicle at the time of the accident.
GAP insurance literally covers the difference between the actual value of your vehicle, and what you owe on it. In the first 12-24 months a new vehicle loses its value so rapidly that in most cases you owe more money on it than what it is worth.
If you are in an accident and the vehicle is totaled, you may be in a situation where the vehicle is only worth $25,000, but you still owe $30,000. The difference of $5,000 is considered the “GAP”. And without GAP auto insurance you would have to pay this amount out of pocket.
In most cases GAP insurance is temporary. You only need it when there is a gap between the vehicle value and what you owe, or when you are upside down financially. This normally happens in the first 12-24 months as the vehicle drops in value most during this time. Once the gap is gone and you are no longer upside down, you would no long want or need gap insurance. Be sure to put a reminder in your calendar to cancel it, otherwise you could waste hundreds, maybe even thousands of dollars over the life of the loan.
How to Shop Around for Auto Insurance in Texas
No matter what part of the Texas you call home, you need to have auto insurance in place before you hit the road. Shopping around for auto insurance quotes in Texas is the best way to find the most coverage for the lowest monthly premiums. That means calling around, going online and comparing rates for car insurance quotes in Texas. Comparing rates and coverage options is the best way to get the most for your money.
The free quote tool on this site allows you to compare up to eight auto insurance quotes from well-known national companies like All-State, Progressive and more. Finding the cheapest auto insurance in Texas has never been easier. Just enter your zip code and begin!
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