The vehicle model you are buying coverage for is probably the largest consideration when shopping around for economical car insurance for high risk drivers. Vehicles with average performance, an excellent safety record, or a low likelihood of having liability claims will cost significantly less to insure than fast, unsafe models. The next list presents insurance costs for the most cost-effective automobiles to insure.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$8,192|
|Honda Accord LX 4-Dr Sedan||$8,318|
|Hyundai Elantra GLS Touring Station Wagon||$8,323|
|Ford Escape Limited 2WD||$8,415|
|Dodge Grand Caravan CV||$9,161|
|Ford Edge SE 2WD||$9,304|
|Ford Explorer Eddie Bauer 2WD||$9,464|
|Ford F-150 XLT Crew Cab 2WD||$9,472|
|Ford Focus S 4-Dr Sedan||$9,503|
|Chevrolet Impala LT||$9,593|
|Honda Civic DX 4-Dr Sedan||$9,747|
|Toyota RAV4 2WD||$9,844|
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Data based on married male driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Information does not factor in specific zip code location which can raise or lower rates significantly.
Based upon these rates, we can infer that cars like the Honda CR-V, Honda Accord, and Hyundai Elantra should be some of the most budget-friendly vehicles to insure for high risk drivers. Car insurance rates will tend to be more expensive anyway because there is more liability risk for high risk drivers, but generally speaking those vehicles will have the best insurance prices possible.
Trying to find budget insurance is not the easiest thing to do, and determining which companies quote the best insurance rates for high risk drivers takes a little more work. Each company has their own formula to set premium rates, so let’s take a look at the most competitive insurance companies in Las Vegas.
Keep in mind that Las Vegas, NV insurance rates are determined by lots of factors that may substantially change the cost of having a policy. This is why it is so important to perform an extensive rate comparison when trying to find the best car insurance rates for high risk drivers. Insurance prices are influenced by many things and change frequently, so the cheapest option a year ago may now be costing you a lot of money.
Cheap Insurance Rates for Risky Drivers
|Rank||Company||Cost Per Year|
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Travelers may have some of the lowest car insurance rates in Las Vegas at around $903 annually. Allied, Capital, Oregon Mutual, and American Family also rank well as some of the best Las Vegas, NV insurance companies.
In this example, if you are insured with Allied and switched to Travelers, you could realize yearly savings of roughly $8. Customers with Capital might save as much as $115 a year, and Oregon Mutual insureds might realize rate reductions of up to $290 a year.
To see how much you can save, click here to start your custom quote or quote prices from the following companies.
Bear in mind that those rates are averages across all drivers and vehicles in Nevada and and are not calculated with an exact zip code location for high risk drivers. So the company that can offer the best rates for your situation may not even be in the top 20 companies in the list above. That’s why you need to quote rates from many companies using your own driver and vehicle profiles.
For high risk drivers, one of the big components that are used to help calculate auto insurance rates is where you call home. Regions with larger populations or more claims tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower rates.
The illustration below ranks the most expensive areas in Nevada for high risk drivers to buy car insurance in. Las Vegas makes the list at #5 with the yearly price of $1,892 for the average insurance policy, which is approximately $158 each month.
|7||North Las Vegas||$1,844|
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Information shown are approximated as specific Las Vegas garaging address can lower or raise prices considerably.
Liability rates compared to full coverage
Paying a lower price for insurance is probably important to most vehicle owners, and one of the quickest ways to save on the cost of insurance for high risk drivers is to buy only liability coverage. The illustration below shows the difference between car insurance costs with and without physical damage coverage. The premium estimates are based on no accidents or driving violations, $1,000 deductibles, drivers are not married, and no discounts are factored in.
If we average the cost for ages 20 through 70, full coverage costs an extra $1,297 per year over and above liability only. Many of you may wonder if physical damage coverage is worth the money. There isn’t a written rule to exclude physical damage coverage, but there is a general guideline you can use. If the yearly cost of full coverage is 10% or more of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
There are a few situations where buying only liability insurance is not advised. If you still have a lienholder on your title, you have to carry full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should not remove full coverage.
Discounts on Las Vegas insurance
Auto insurance companies that provide coverage for high risk drivers may also offer discounts that could reduce prices by as much as 35% or more if you qualify for them. The best insurance companies and their offered discounts include:
- Farm Bureau offers discounts including 55 and retired, multi-vehicle, multi-policy, safe driver, and youthful driver.
- State Farm offers premium reductions for Steer Clear safe driver discount, driver’s education, safe vehicle, student away at school, good driver, and passive restraint.
- Progressive discounts include homeowner, online signing, good student, continuous coverage, multi-policy, and multi-vehicle.
- Allstate includes discounts for safe driver, new car, 55 and retired, premier discount, utility vehicle, and senior citizen.
- Nationwide has savings for easy pay, accident-free, defensive driving, family plan, multi-policy, and business or organization.
- MetLife may include discounts for accident-free, claim-free, good driver, multi-policy, good student, defensive driver
The information below illustrates the difference between insurance costs with and without some available policy discounts. The data is based on a male driver, three speeding tickets and one accident, Nevada state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with paperless filing, homeowner, multiple policy, multiple vehicle, passive restraint, and anti-theft discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on insurance for high risk drivers is 28% or $892.
Buying coverage from the highest-rated auto insurance company can be a challenge considering how many different companies insure vehicles in Las Vegas. The rank data displayed below could help you analyze which coverage providers to look at when shopping around. The rankings below are for large insurance companies, so companies that only write business in Nevada or surrounding areas are not factored into this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies