The words "cheap" and "insurance" really don't belong together, specifically when you are trying to find the best price on coverage for drivers with bad credit. In an attempt to save some money, let's go over some situations that have an impact on car insurance prices, and find some ways to cut the cost of your next policy.
The vehicle model driven is probably the most important factor when shopping for the best insurance for drivers with bad credit. Vehicles with high performance engines, poor crash test ratings, or a history of substantial liability claims will cost much more to insure than safer models. The next table illustrates insurance premiums for a handful of the most budget-friendly automobiles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford F-150 XL Regular Cab 4WD||$627|
|Ford Escape XLT 2WD||$634|
|Honda CR-V EX 4WD||$649|
|Chevrolet Equinox LS 2WD||$662|
|Dodge Grand Caravan Hero||$671|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$675|
|Chevrolet Malibu LT||$683|
|Volkswagen Jetta S 2.5 Station Wagon||$695|
|Honda Accord EX-L 4-Dr Sedan||$703|
|Nissan Altima 2.5 S 4-Dr Sedan||$695|
|Toyota Corolla S||$701|
|Honda Odyssey LX||$695|
|Nissan Rogue S AWD||$710|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$717|
|Ford Focus SES 2-Dr Coupe||$743|
|Toyota RAV4 4WD||$751|
|Toyota Camry LE||$759|
|Chevrolet Impala LT||$752|
|Jeep Grand Cherokee Laredo 4WD||$762|
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Data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Prices do not factor in Nevada location which can lower or raise auto insurance rates significantly.
Looking at the rates, you can infer that makes and models like the Ford F-150, Ford Escape, Honda CR-V, and Chevrolet Equinox are most likely going to be some of the cheapest vehicles to insure for people with poor credit. Car insurance rates will be more expensive just due to the fact that there is more inherent risk for drivers with bad credit, but overall those models will have the best insurance prices that you are likely to find.
For people with poor credit, one of the more important considerations that aid in calculating car insurance rates is where you live in Nevada. Cities with larger populations or higher claim trends like Winchester, Spring Valley, and Enterprise tend to pay slightly more, whereas less populated areas tend to receive slightly lower rates.
The table below shows the priciest cities in Nevada for drivers with bad credit to buy an auto insurance policy in.
|Rank||City||Premium Per Year|
|6||North Las Vegas||$1,900|
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Table data uses approximated as the specific Nevada residence address can influence premiums substantially.
The chart below demonstrates how deductible levels can increase or decrease insurance prices when researching cheap insurance for drivers with bad credit in Nevada. The rates are based on a married female driver, comprehensive and collision coverage, and no discounts are taken into consideration.
The data above shows that a 40-year-old driver could lower rates by $252 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $380 by selecting a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could reduce their rates as much as $624 annually by choosing a higher deductible. When increasing deductibles, it will now be necessary to have enough savings set aside to allow you to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Cautious Nevada drivers save money
The easiest method to maintain the cheapest insurance premiums for people with poor credit is to be a careful driver and have a clean driving record. The information below illustrates how speeding tickets and accidents raise insurance costs for different ages of insureds. The data is based on a married female driver, full coverage, $100 deductibles, and no discounts are applied.
In the chart above, the average cost of car insurance in Nevada per year with no accidents or violations is $1,857. Get written up for two speeding tickets and the average cost rises to $2,648, an increase of $791 each year. Then add one accident along with the two speeding tickets and the annual cost of insurance for drivers with bad credit in Nevada increases to an average of $3,448. That's an increase of $1,591, or $133 per month, just for being a less-than-perfect driver!
How to find budget-friendly auto insurance for drivers with bad credit in Nevada
The list below shows some of the recommended thrifty suggestions that can help drivers locate cheap coverage.
- Raise comprehensive and collision coverage deductibles
- At-fault accidents can raise rates significantly
- Pay for smaller claims out-of-pocket
- Keep your driving record clean
- Buying home and auto together can help save money
- Improve your credit score
- Ensure you have the best deal by shopping around regularly
That last piece of advice is highly valuable, as was affirmed in the prior article. Car insurance prices can be adjusted at any time, so don't be unwilling to change insurance companies if you can save money. Having brand loyalty is commendable, but is isn't recommended if that dedication is costing money that could be spent on other things. Take a few minutes and shop around to find cheaper car insurance for drivers with bad credit.