The words "low-cost" and "insurance" probably shouldn't be used in the same sentence, especially when you are looking for the lowest insurance rates for low income drivers. To save some money, let's lead off by showing you some of the things that influence car insurance prices, and find a few ways to take the bite out of your next policy.
Buying low-priced insurance is not most people's favorite thing to do, and finding out which companies have the lowest-priced auto insurance rates for low income drivers in Nevada calls for even more perseverance. Every car insurance company has a unique approach to establish rates, so let's begin by taking a look at the auto insurance companies with the overall best prices in Nevada.
It's important that you understand Nevada auto insurance rates are influenced by many factors that can increase the price you have to pay. Simply getting older, having a teenage driver, or getting a couple of tickets may prompt premium changes that may make certain companies more expensive than others.
Find Cheaper Car Insurance in Nevada
|Rank||Company||Cost Per Year|
|Quote Your Rates Go|
Travelers may have some of the most affordable car insurance rates in Nevada at around $939 per year. Allied, Capital, Oregon Mutual, and Progressive also rank well as some of the lowest-priced Nevada insurance companies.
As shown in the rates above, if you currently buy coverage from Capital and switched to Travelers, you could see a yearly savings of upwards of $39. Customers with Oregon Mutual could save as much as $243 a year, and Progressive insureds might reduce prices by as much as $263 a year.
To discover how much you can save, click here to start your free quote or feel free to get quotes from the companies below.
Be aware that those premiums are averaged for all insureds and vehicles and do not take into consideration a rate discount for low income drivers. So the insurer that is most affordable for your situation may not even be in the top 20 companies in the list above. That point stresses why you need to get car insurance quotes using your own individual information.
The type of vehicle needing coverage is one of the biggest factors in finding cheaper auto insurance for low income drivers. Vehicles with lots of speed or power, poor passenger safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than more modest models. The information below ranks coverage prices for a selection of the cheaper vehicles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$669|
|Hyundai Elantra SE Touring Station Wagon||$727|
|Ford Escape Limited 2WD||$747|
|Dodge Grand Caravan SE||$749|
|Volkswagen Jetta SE 2.5 Station Wagon||$784|
|Toyota RAV4 Limited 2WD||$791|
|Honda Accord EX-L 4-Dr Sedan||$795|
|Honda Civic LX-S 4-Dr Sedan||$819|
|Ford Focus SES 4-Dr Sedan||$828|
|Chevrolet Impala LTZ||$833|
|Toyota Camry SE||$841|
|Ford Edge Limited AWD||$833|
|Chevrolet Equinox LTZ 2WD||$848|
|Nissan Rogue S AWD||$850|
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Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Price estimates do not factor in your specific Nevada location which can affect premiums substantially.
Based upon the table data, you can infer that models like the Honda CR-V, Hyundai Elantra, and Ford Escape are most likely going to be a few of the more affordable vehicles to insure for poor drivers.
Tickets and at-fault accidents raise rates
The obvious way to earn the best auto insurance rates for poor drivers is to drive safe and avoid traffic citations and accidents. The illustration below highlights how traffic violations and at-fault collisions can drive up annual premium costs for each age group. The costs are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied to the premium.
In the previous example, the average cost of an auto insurance policy in Nevada per year with a clean driving record and no accidents is $1,677. Get one speeding ticket and the average cost increases to $1,899, an increase of $222 each year. Then add two accidents along with the one speeding ticket and the yearly cost of auto insurance for low income drivers in Nevada jumps again to an average of $3,770. That's an increase of $2,093, or $174 per month, just for not driving attentively!
Cost comparison with and without full coverage
Reducing premiums for auto insurance should be important to most vehicle owners, and one common way to find cheaper insurance for low income drivers in Nevada is to not insure for full coverage. The information below compares auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on a clean driving record, no claims, $500 deductibles, single status, and no other discounts are factored in.
If we average the cost for all age groups, comprehensive and collision coverage on your policy costs $1,455 per year more than insuring for liability only. That is a large expense and it proposes the question if paying for full coverage is a waste of money. There is no exact rule of when to exclude comprehensive and collision coverage on your policy, but there is a general school of thought. If the yearly cost of full coverage is more than about 10% of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let's pretend your vehicle's book value is $8,500 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $7,500 after you pay the deductible. If it's costing you more than $750 annually for your policy with full coverage, then you might want to think about dropping full coverage.
Ideas for finding budget-friendly car insurance for low income drivers
The list below details some of the better penny-pinching solutions that can help Nevada drivers get cheap coverage.
- Multi-policy discounts save money
- If possible, pay for small claims out-of-pocket
- Avoid having at-fault accidents
- Drive safely
- Choose a safer vehicle and pay lower rates
- Shop around for lower rates once a year
The last item on the list is very important, as we noted in the article above. Auto insurance prices fluctuate considerably, so don't be afraid to buy a different policy if you can find a cheaper rate. Many drivers have brand loyalty and that's fine, but it isn't a good idea if that devotion results in you overpaying a fortune every year. In just a few minutes you could shop around and find cheaper auto insurance for low income drivers.