The words “affordable” and “insurance” probably shouldn’t be used together, specifically when shopping around for the best insurance rates for low credit scores. To help control this cost, let’s introduce you to some of the factors that have an effect on auto insurance rates, and figure out some ways to reduce the price of your next policy.
Finding dependable, low-cost insurance is not easy, and deciding which company offers the cheapest insurance rates for low credit scores involves a little more work. Every insurance company uses their own formula for determining rates in each state, so let’s begin by examining the most budget-friendly insurance companies in Las Vegas, NV.
Best Cheap Insurance Rates in Nevada
|Rank||Company||Cost Per Year|
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Travelers generally has some of the cheapest car insurance rates in Las Vegas at around $930 each year. Allied, Capital, Oregon Mutual, and American Family would also make the list of some of the best Las Vegas, NV car insurance companies.
In the above example, if you currently buy coverage from Allied and switched to Travelers, you may see yearly savings of about $19. Policyholders with Capital might save as much as $78 a year, and Oregon Mutual insureds might cut rates by $217 a year.
Understand that those premium estimates are averaged for all types of drivers and the different vehicles they drive and do not take into consideration a specific zip code for low credit scores. So the company that has the cheapest rates for you may not even be in the top 20 companies in the list above. That points out the importance of why you need to get auto insurance quotes using your own individual information.
For bad credit, one of the largest factors that help determine the cost of insurance is your zip code. More populated areas will most likely have higher rates, whereas areas with less congestion receive better rates.
The information below ranks the most expensive places in Nevada for low credit scores to buy an auto insurance policy in. Las Vegas is listed at #6 with an annual premium of $1,873 on average, which is about $156 each month.
|5||North Las Vegas||$1,882|
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Rates are comparative as the specific zip code location can affect auto insurance rates noticeably.
The car, truck, or SUV you are seeking coverage for is probably the most important factor that determines the availability of the most economical coverage for low credit scores. Vehicles with higher performance, a lack of advanced safety features, or a track record of large liability claims will cost quite a bit more to insure than safer models.
The next list shows coverage prices for a handful of the most affordable automobiles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$2,499|
|Honda CR-V LX 4WD||$2,507|
|Hyundai Elantra GLS Touring Station Wagon||$2,499|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$2,747|
|Ford Escape XLS 2WD||$2,869|
|Honda Civic DX 4-Dr Sedan||$2,901|
|Toyota RAV4 Limited 4WD||$2,959|
|Nissan Altima 2.5 4-Dr Sedan||$2,966|
|Chevrolet Malibu LS||$2,959|
|Toyota Corolla S||$3,113|
|Chevrolet Impala LTZ||$3,120|
|Honda Odyssey EX-L W/Navigation||$3,113|
|Ford Fusion SEL 4-Dr Sedan||$3,171|
|Hyundai Sonata Limited 4-Dr Sedan||$3,390|
|Chevrolet Equinox LT 2WD||$3,393|
|GMC Sierra SL Extended Cab 2WD||$3,399|
|Toyota Tacoma 4WD||$3,436|
|Ford F-350 XLT Crew Cab Cabela Turbo Diesel 2WD||$3,440|
|Toyota Camry SE||$3,569|
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Data rating is based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Premium amounts do not factor in specific zip code location which can decrease or increase price quotes greatly.
By looking at the data, you can presume that makes and models like the Honda Accord, Honda CR-V, Hyundai Elantra, and Jeep Wrangler will be a few of the less-costly vehicles to insure for bad credit.
The chart below shows how choosing a deductible can influence premium costs when trying to find cheap insurance for low credit scores. The premium estimates are based on a married male driver, comp and collision included, and no discounts are taken into consideration.
As shown above, a 30-year-old driver could cut expenses by $320 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $482 by choosing a $1,000 deductible. Even younger drivers, like the age 20 example, could potentially save up to $978 or more just by choosing higher deductibles when buying full coverage.
When raising deductibles, it is a good idea to have plenty of money set aside to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Impact of speeding/accidents on Las Vegas insurance rates
The obvious way to find the cheapest insurance premiums in Las Vegas for bad credit is to be a careful driver and avoid accidents and violations. The diagram below shows how traffic citations and at-fault fender-benders can raise yearly insurance costs for different age groups. The price estimates are based on a single female driver, full coverage, $250 deductibles, and no discounts are applied.
In the prior example, the average cost of an auto insurance policy per year with no violations or accidents is $1,541. Receive one speeding ticket and the average cost surges to $1,745, an increase of $204 each year. Then include one accident along with the one speeding ticket and the 12-month cost of insurance for low credit scores goes up to an average of $2,317. That’s an increase of $777, or $65 per month, just for not driving carefully!
Get discount Las Vegas auto insurance rates
Car insurance companies that offer quotes for low credit scores may additionally offer rate discounts that could potentially reduce rates by 35% or more if you meet the requirements. Larger insurance companies and some of the premium reductions they offer are shown below.
- 21st Century has discounts for anti-lock brakes, homeowners, teen driver, defensive driver, air bags, and good student.
- State Farm includes discounts for accident-free, Drive Safe & Save, defensive driving training, driver’s education, Steer Clear safe driver discount, and multiple policy.
- AAA discounts include multi-car, good driver, pay-in-full, good student, multi-policy, AAA membership discount, and education and occupation.
- Liberty Mutual may offer discounts for new graduate, hybrid vehicle, new vehicle discount, teen driver discount, preferred payment discount, multi-policy, and exclusive group savings.
- Progressive offers discounts for online quote discount, continuous coverage, online signing, multi-vehicle, homeowner, and multi-policy.
The chart below illustrates the comparison of annual premium costs with and without discounts applied. The information is based on a male driver, no violations or accidents, Nevada state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows the price with no discounts. The second bar shows the rates with multiple policy, vehicle safety, accident-free, passive restraint, anti-theft, and multiple vehicle discounts applied. When drivers take advantage of discounts, the average savings per year on insurance for low credit scores is 28% or $487.
Tips to find low-cost insurance for low credit scores
The list below details many penny-pinching solutions that can help Nevada drivers locate cheaper auto insurance.
- Safer vehicles generally have cheaper insurance rates
- Don’t waste money on full coverage for older vehicles
- Buying home and auto together can help save money
- Discounts for being claim-free can be substantial
- Do not get traffic citations
- Prevent rate increases by staying accident-free
- Shop around for cheaper prices often
The last idea is very critical, as was emphasized in the prior information. Coverage rates adjust often, so drivers shouldn’t be reluctant to change to a new company if you can find a cheaper rate.
Staying with the same company for years is fine, but we do not recommend it if that devotion results in you overpaying major coinage every year. Take a few minutes and shop around and find cheaper insurance for low credit scores in Las Vegas.
The auto insurance agents in Las Vegas shown below can most likely help you determine which car insurance company is the best fit, since lots of drivers aren’t clear which coverage they need and would like to have a little guidance when trying to find the best insurance rates for low credit scores. It can be time-consuming to find the best coverage on your own, so insurance agents licensed in the state of Nevada can provide you satisfaction knowing your policy gives you suitable coverage if you have an accident.
To find a Las Vegas insurance agent nearest to you, click the button following the list or click here to compare prices now.
- Mario Giannini – State Farm Insurance Agent
9484 W Lake Mead Blvd #7 – Las Vegas, NV 89134 – (702) 982-3300
- Marivic Macabasco – State Farm Insurance Agent
1096 E Sahara Ave #207 – Las Vegas, NV 89104 – (702) 892-9908
- GEICO Insurance Agent
3315 W Craig Rd #110 – North Las Vegas, NV 89032 – (702) 643-0057