Auto Insurance In Mckinney, Tx: How Much Does It Cost?

Auto insurance rates in McKinney, Texas, vary depending on factors such as age, gender, vehicle type, driving record, and housing situation. On average, McKinney drivers pay a monthly premium of around $67 for their car insurance. State Farm and Texas Farm Bureau Group are among the most affordable options for minimum and full coverage, respectively. Other factors that influence rates include the availability of off-street parking, the number of local drivers, and road safety records. Comparing quotes from multiple providers is essential to finding the best coverage at a reasonable price.

Average monthly cost

The average monthly cost of auto insurance in McKinney, Texas, is around $67, according to a 2023 source. This is on par with the average rate for the state of Texas, but McKinney residents pay $13 less than the national average.

The cost of auto insurance in McKinney increased between 2017 and 2019, reaching a high of $79 in 2021. In 2022, the average monthly cost of car insurance in the city was $77.

The average annual cost of auto insurance in McKinney is $1,171, which is $30 less than the Texas state average and $94 less than the national average. This figure is for full coverage insurance, including bodily injury liability of $100,000 per person and $300,000 per accident, as well as property damage liability of $100,000 per accident.

The cheapest minimum coverage auto insurance provider in McKinney, as of 2024, is State Farm, at $356 per year. The cheapest full coverage auto insurance in McKinney is also offered by State Farm, at $702 per year.

Cost by age

The cost of car insurance in McKinney, Texas varies depending on age, gender, vehicle type, driving record, and other factors. Here is a breakdown of the cost of car insurance by age in McKinney, Texas:

According to MoneyGeek, State Farm offers the cheapest minimum coverage auto insurance for seniors in McKinney, with an annual rate of $356. Dairyland, on the other hand, has the most expensive minimum coverage, costing around $1,050 per year.

For full coverage, State Farm is again the most affordable option for seniors, with an annual rate of $702. Dairyland is the priciest option, with an average annual rate of $2,029.

For teen drivers, Nationwide offers the cheapest rates for both male and female teens on their family's policy. Male teens can expect to pay around $1,786 per year, while female teens will pay approximately $1,567 annually.

State Farm is a close contender, with annual rates of $2,182 for male teens and $1,805 for female teens.

Allstate is the most expensive option for teens, with families paying over $6,000 per year to add a teen driver to their policy.

Other Factors Affecting Insurance Rates

In addition to age, several other factors influence insurance rates in McKinney, Texas:

• Gender: Male drivers, especially those under 18, often pay more for insurance than their female counterparts due to a higher risk of accidents. However, by their 30s, men and women usually pay comparable rates.
• Driving Record: A clean driving record can result in lower insurance rates. Accidents, tickets, and driving infractions can increase your premium.
• Vehicle Type: The type and age of your vehicle also impact insurance rates. Trucks and vans are typically the cheapest to insure in McKinney, while newer vehicles tend to be more expensive to insure than older ones.
• Relationship Status: Married individuals often pay less for car insurance than single individuals. This is because married couples often have multiple vehicles on the same policy, resulting in discounts.
• Housing Situation: Renters may pay slightly more for car insurance than homeowners in McKinney. Bundling your rental or homeowner's insurance with your auto insurance can help reduce costs.

Cost by gender

The cost of car insurance in McKinney, Texas, varies depending on several factors, including gender and age. In general, female drivers tend to pay slightly less than male drivers for their monthly insurance rates, but the difference is not significant.

According to MoneyGeek, male teens pay higher insurance rates than female teens, with a price difference of around $219 between the two groups. This discrepancy tends to disappear in early adulthood. For example, at Nationwide, male teens pay an average of $1,786 per year, while female teens pay $1,567. State Farm offers similar rates, with male teens paying $2,182 and female teens paying $1,805 per year.

The age group that pays the least for car insurance in McKinney is drivers in their 50s, who pay an average of $1,221 per year. Drivers in their 60s pay slightly more, with an average rate of $1,266. Teenage drivers pay the most for car insurance, with rates as high as $3,636 per year.

Marital status also plays a role in insurance rates, with married drivers typically paying less than single drivers. In McKinney, married drivers pay around $87 less per year than single drivers. Widowed drivers also pay less for car insurance than single drivers, and interestingly, single drivers pay more than widowed drivers.

Overall, the average cost of car insurance in McKinney, Texas, is around $1,402 per year, which is slightly cheaper than the statewide average in Texas and the national average.

Cost by driving record

A driver's record can have a significant impact on their auto insurance rates in McKinney, Texas. Generally, drivers with a clean record will pay lower rates than those with accidents, tickets, or other infractions.

For instance, McKinney drivers with a single accident on their record will typically pay around $84 per month for car insurance. Similarly, those with one ticket on their record will pay an average of $86 per month. These rates are significantly higher than the average monthly rate of around $67 for car insurance in McKinney.

When it comes to more serious offenses, such as a DUI, the impact on insurance rates can be even greater. In McKinney, a driver with a DUI on their record may pay around $1,282 per year for car insurance. This is almost double the average cost of car insurance in the city.

In Texas, car accidents stay on a driving record for five years. During this time, drivers with accidents or violations on their record may struggle to qualify for good driver discounts and may experience higher insurance rates. It's important to note that insurance companies typically consider the past three years of a driver's record when calculating premiums. Therefore, it's crucial for drivers in McKinney to maintain a clean driving record to avoid paying higher insurance rates.

Cost by vehicle type

The cost of auto insurance in McKinney, Texas, varies depending on the type of vehicle being insured. According to Compare.com, trucks and vans are the cheapest vehicles to insure in McKinney, with drivers paying an average of $59 per month for coverage. Car owners pay slightly more, with a monthly bill of about $68, while SUV owners pay around $67 per month.

The cost of auto insurance in McKinney also depends on the age of the vehicle. Newer vehicles are generally more expensive to insure, but rates may start to decrease once the car is around five years old. In McKinney, the most expensive vehicles to insure are those that are six to seven years old.

The Zebra reports that the average cost of car insurance in McKinney is $1,402 per year, which is slightly cheaper than the statewide average in Texas ($1,415) and less expensive than the national average of $1,548. However, it's important to note that these averages may not include the cost of insuring different types of vehicles.

When it comes to specific insurance providers, State Farm offers the cheapest minimum coverage in McKinney, with an annual rate of $356. For full coverage, State Farm is also the most affordable option, at $702 per year. Texas Farm Bureau Group is another affordable option, with an average annual rate of $848 for full coverage.

Frequently asked questions