The words “low-cost” and “insurance” probably shouldn’t be used in the same sentence, specifically when looking for the best coverage prices for low income drivers. Because it’s so expensive, let’s go over some situations that determine car insurance rates, and see if you can lower the cost of your next policy.
The type of vehicle that is being insured is a large consideration that determines if you can find the cheapest auto insurance for low income drivers. Vehicles with limited top-end speed, good crash test ratings, or a low likelihood of liability claims will cost significantly less to insure than fast, unsafe models. The next list presents car insurance costs for a selection of the cheaper vehicles to buy insurance for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $931 |
| Ford Escape XLS 2WD | $936 |
| Ford Focus S 4-Dr Sedan | $1,080 |
| Toyota Camry LE | $1,102 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,107 |
| Chevrolet Malibu LT | $1,124 |
| Honda Odyssey Touring | $1,181 |
| Toyota Prius | $1,189 |
| Ford F-150 XL Regular Cab 2WD | $1,183 |
| Nissan Rogue S AWD | $1,188 |
| Chevrolet Silverado LT Extended Cab 4WD | $1,262 |
| Chevrolet Impala LT | $1,269 |
| Jeep Grand Cherokee Laredo 2WD | $1,262 |
| Toyota RAV4 Sport 4WD | $1,269 |
| Volkswagen Jetta S 4-Dr Sedan | $1,262 |
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Price data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Rate quotes do not factor in vehicle garaging location which can modify prices noticeably.
Based on these rates, you can see that models like the Honda CR-V, Ford Escape, Ford Focus, and Toyota Camry are the cheapest vehicles to insure for poor drivers.
One of the more important factors that aid in calculating car insurance rates is the neighborhood you call home. Regions with more people or even just more weather-related claims will most likely pay more, whereas areas with less people or fewer weather incidents tend to receive cheaper rates.
The following table lists the highest-priced areas in Indiana for low income drivers in which to purchase auto insurance. Fort Wayne is listed at #16 with an annual premium of $976 for coverage, which is approximately $81 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Gary | $1,388 |
| 2 | Hammond | $1,327 |
| 3 | Merrillville | $1,128 |
| 4 | Portage | $1,093 |
| 5 | Evansville | $1,087 |
| 6 | Jeffersonville | $1,070 |
| 7 | Lawrence | $1,066 |
| 8 | New Albany | $1,059 |
| 9 | Indianapolis | $1,050 |
| 10 | Terre Haute | $1,035 |
| 11 | Kokomo | $1,031 |
| 12 | Anderson | $1,011 |
| 13 | South Bend | $985 |
| 14 | Columbus | $984 |
| 15 | Fishers | $983 |
| 16 | Fort Wayne | $976 |
| 17 | Richmond | $973 |
| 18 | Bloomington | $968 |
| 19 | Mishawaka | $965 |
| 20 | Greenwood | $960 |
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Premium amounts are estimated as the specific Fort Wayne residence address can lower or raise insurance rates substantially.
Fort Wayne auto insurance company ratings
Choosing the right company can be difficult considering how many choices drivers have in Indiana. The company information in the lists below may help you pick which insurers you want to consider when trying to find cheaper insurance for low income drivers. These ratings are only made up of major nationwide insurance companies, so companies that may only write in Indiana are not taken into consideration for these rankings.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
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Data Source: Insure.com Best Car Insurance Companies
Discounts on Fort Wayne car insurance rates
Auto insurance companies that offer coverage for low income drivers may have premium discounts that can reduce rates by as much as 35% or more if you are eligible to receive them. Popular auto insurance companies and some of the discounts are outlined below.
- 21st Century has savings for automatic seat belts, homeowners, air bags, defensive driver, and 55 and older.
- State Farm may offer discounts for Drive Safe & Save, passive restraint, multiple autos, good driver, anti-theft, driver’s education, and accident-free.
- AAA may include discounts for multi-policy, anti-theft, multi-car, education and occupation, and pay-in-full.
- Liberty Mutual offers premium reductions for newly retired, new graduate, safety features, multi-policy, new move discount, newly married, and multi-car.
- Progressive has discounts for continuous coverage, online quote discount, online signing, homeowner, and multi-policy.
The information below shows the comparison of insurance prices with and without policy discounts. Data assumes a male driver, no violations or accidents, Indiana state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with passive restraint, multiple policy, vehicle safety, safe-driver, anti-theft, and multiple vehicle discounts applied. With discounts applied, the average amount saved each year on auto insurance for low income drivers is 28% or $556.
Rate increases following a ticket or accident
In a perfect world, the ideal way to maintain the most affordable auto insurance prices for poor drivers is to drive safely and avoid getting tickets or having accidents. The example below highlights how speeding tickets and at-fault claims increase annual premium costs for different categories of driver ages. The prices are based on a married male driver, full physical damage coverage, $500 deductibles, and no other discounts are factored in.
In the previous chart, the average cost of auto insurance in Indiana per year with no violations or accidents is $1,133. Factor in one speeding ticket and the average cost surges to $1,302, an increase of $168 each year. Next add two accidents along with the one speeding ticket and the 12-month cost of auto insurance for low income drivers increases to an average of $2,817. That’s an increase of $1,683, or $140 per month, just for not being more responsible behind the wheel!
How to find the cheapest auto insurance for low income drivers
The list below details many money-saving solutions that can help Fort Wayne drivers find cheaper car insurance.
- Vehicles with good safety ratings are usually cheaper to insure
- Avoid price increases by not filing claims
- Save money by obeying traffic laws and keeping a clean driving record
- Having at-fault accidents will increase rates
- Buy your auto and home insurance from the same company and save
- Shop around and save
The last item on the list is especially crucial, as we discussed in this article. Rates can be changed at any time, so drivers shouldn’t hesitate to switch carriers if a lower-cost policy is available.
Brand loyalty is great, but it’s not recommended if that inflexibility results in costing you a small fortune. Now is a great time to compare prices and find cheaper car insurance for low income drivers in Fort Wayne.