Figuring out which insurers offer the most affordable insurance rates for good students will involve more time than just picking a company at random. Each company has a unique approach to establish rates, so we’ll go over the most competitive insurance companies in Lincoln.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Safeco | $804 |
| 2 | The Hartford | $847 |
| 3 | Auto-Owners | $905 |
| 4 | Allied | $949 |
| 5 | Farm Bureau Mutual | $980 |
| 6 | Farmers Mutual of Nebraska | $1,019 |
| 7 | Nationwide | $1,027 |
| 8 | State Farm | $1,075 |
| 9 | American National | $1,087 |
| 10 | General Casualty | $1,092 |
| 11 | USAA | $1,162 |
| 12 | American Family | $1,246 |
| 13 | EMC | $1,300 |
| 14 | Iowa Mutual | $1,308 |
| 15 | California Casualty | $1,309 |
| 16 | MetLife | $1,319 |
| 17 | GEICO | $1,348 |
| 18 | Progressive | $1,460 |
| 19 | Farmers | $1,586 |
| 20 | North Star | $1,642 |
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Safeco normally has some of the best car insurance rates in Lincoln at around $804 annually. This is $512 less than the average price paid by Nebraska drivers of $1,316. The Hartford, Auto-Owners, Allied, and Farm Bureau Mutual also make the cut as some of the best Lincoln, NE auto insurance companies.
In the above example, if you are a policyholder with Allied and switched to Safeco, you might realize a yearly price reduction of in the vicinity of $145. Nebraska drivers with Farm Bureau Mutual could save as much as $176 a year, and Farmers Mutual of Nebraska insureds might reduce rates by $215 a year.
Remember that these rates are averaged across all types of drivers and the different vehicles they drive and are not factoring in a specific location for good students. So the insurer that has the cheapest rates for you may not even be in the top 24 companies shown above. That point stresses why you need to compare prices as often as possible using your own driver information and specific vehicle type.
The vehicle needing coverage is one of the largest considerations when comparing quotes for the most affordable insurance for good students. Vehicles with lower acceleration and performance, a great safety record, or a low likelihood of liability claims will cost significantly less to insure than higher performance models. The table below presents insurance rates for a selection of the most economical automobiles to insure in Nebraska.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 4WD | $3,212 |
| Ford Escape Limited 2WD | $3,220 |
| Ford F-150 XL Regular Cab 2WD | $3,322 |
| Hyundai Elantra SE Touring Station Wagon | $3,418 |
| Toyota Prius | $3,452 |
| Honda Odyssey LX | $3,530 |
| Dodge Grand Caravan CV | $3,562 |
| Jeep Wrangler Sahara 4WD 2-Dr | $3,568 |
| Ford Explorer XLT 2WD | $3,562 |
| Ford Focus S 4-Dr Sedan | $3,736 |
| Ford Edge SEL AWD | $3,745 |
| Ford Fusion S 4-Dr Sedan | $3,768 |
| Chevrolet Malibu Hybrid | $3,777 |
| Toyota RAV4 Limited 2WD | $3,768 |
| Volkswagen Jetta S 4-Dr Sedan | $3,776 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $3,802 |
| Nissan Altima 2.5 S 4-Dr Sedan | $3,976 |
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Table data assumes single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nebraska minimum liability limits. Discounts applied include safe-driver, and claim-free. Table data does not factor in vehicle location which can alter price quotes significantly.
Based upon the rates shown, we can infer that cars like the Honda CR-V, Ford Escape, Ford F-150, and Hyundai Elantra should be the cheaper vehicles to insure for student drivers.
For student drivers, one of the more important criteria that help determine insurance cost is where you live in Lincoln. Cities with larger populations tend to pay slightly more, whereas less populated areas have the gratification of cheaper auto insurance rates.
The information below shows the most expensive cities in Nebraska for good students to purchase auto insurance in. Lincoln makes the list at #24 with an annual premium of $1,073 for car insurance, which is about $89 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Scottsbluff | $1,374 |
| 2 | Gering | $1,343 |
| 3 | Alliance | $1,340 |
| 4 | McCook | $1,331 |
| 5 | Lexington | $1,277 |
| 6 | Beatrice | $1,259 |
| 7 | South Sioux City | $1,251 |
| 8 | North Platte | $1,250 |
| 9 | Kearney | $1,236 |
| 10 | Omaha | $1,233 |
| 11 | Blair | $1,200 |
| 12 | Crete | $1,198 |
| 13 | Hastings | $1,193 |
| 14 | Nebraska City | $1,188 |
| 15 | Bellevue | $1,179 |
| 16 | Seward | $1,179 |
| 17 | La Vista | $1,162 |
| 18 | Norfolk | $1,159 |
| 19 | Grand Island | $1,158 |
| 20 | York | $1,156 |
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Table data uses comparative as the vehicle garaging location can impact rates noticeably.
Types of discounts on Lincoln insurance rates
Insurers that offer quotes for good students may additionally offer special discounts that can reduce rates by as much as 40% or more if you are eligible for them. Larger insurance companies and the discounts they provide can be found below.
- State Farm includes discounts for Drive Safe & Save, multiple policy, passive restraint, accident-free, and Steer Clear safe driver discount.
- Progressive offers premium reductions for continuous coverage, online signing, homeowner, good student, online quote discount, and multi-vehicle.
- Progressive has savings for homeowner, continuous coverage, online signing, multi-policy, and good student.
- MetLife may offer discounts for good driver, claim-free, defensive driver, good student, multi-policy, accident-free
- Farm Bureau policyholders can earn discounts including driver training, multi-policy, youthful driver, renewal discount, and 55 and retired.
- GEICO has discounts for air bags, daytime running lights, membership and employees, defensive driver, and seat belt use.
- SAFECO may include discounts for teen safety rewards, multi-car, accident prevention training, drive less, and anti-lock brakes.
The information below compares insurance rates with and without discounts applied to the policy rates. The premiums assume a male driver, a clean driving record, no claims, Nebraska state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with vehicle safety, continuous coverage, paid-in-full, anti-theft, passive restraint, and paperless filing discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on insurance for good students is 28% or $822.
Price comparison of only insuring for liability
Saving money on insurance is probably important to most drivers, and a good way to find cheap insurance for good students is to not pay for full coverage. The diagram below illustrates the difference between insurance prices with and without physical damage coverage. The premium estimates are based on no tickets, no at-fault accidents, $100 deductibles, drivers are single, and no discounts are applied to the premium.
If averaged out across all ages, full coverage costs $1,722 per year more than insuring for liability only. A very common question is if buying full coverage is worth the money. There is no exact formula for excluding full coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
For example, let’s assume your vehicle’s book value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company would pay you is $2,000 after paying your deductible. If you are paying in excess of $200 annually for your policy with full coverage, then you may want to consider only buying liability coverage.
There are a few cases where removing full coverage is not advised. If you haven’t paid off your loan, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not opt for liability only.
How to find budget-friendly car insurance for good students
It is possible to find better rates, and here are some of the recommended penny-pinching solutions that can help drivers quote lower-cost coverage.
- Buying home and auto together can help save money
- Do not insure for full coverage
- Avoid accidents and claims
- Drivers with good credit often pay less
- Choose a safer vehicle and pay lower rates
- Compare rates often to find the best deal
The last tip in the list is highly crucial, as we emphasized in the article above. Insurance rates can change considerably in a year, so drivers shouldn’t be reluctant to buy from a different company if a cheaper rate is available.
Sticking with a specific company is fine, but is isn’t recommended if that devotion results in you overpaying money that could be used for better things. Now is a great time to compare rates and find cheaper insurance for good students in Lincoln.