The words “bargain” and “insurance” really don’t belong together, especially when comparison shopping for the lowest insurance rates for drivers with bad credit. In an attempt to save some money, let’s familiarize you with some things that help determine car insurance premiums, and figure out some ideas to slash the price of the next policy you buy.
Figuring out which companies quote the cheapest car insurance rates for drivers with bad credit requires a bit more effort in order to find coverage that fits your budget. Each company has their own guidelines to establish rates, so we’ll go over the overall cheapest car insurance companies in Las Vegas.
Find the Best Cheap Insurance with Bad Credit
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Allied | $911 |
| 2 | Travelers | $912 |
| 3 | Capital | $1,018 |
| 4 | Oregon Mutual | $1,147 |
| 5 | American Family | $1,194 |
| 6 | GEICO | $1,219 |
| 7 | Progressive | $1,238 |
| 8 | Nationwide | $1,321 |
| 9 | USAA | $1,336 |
| 10 | Safeco | $1,346 |
| 11 | Farmers | $1,438 |
| 12 | MetLife | $1,583 |
| 13 | Country | $1,668 |
| 14 | State Farm | $1,749 |
| 15 | Mercury | $1,807 |
| 16 | Victoria | $2,011 |
| 17 | Liberty Mutual | $2,161 |
| 18 | Bristol West | $2,336 |
| 19 | Allstate | $2,408 |
| 20 | Encompass | $2,630 |
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Allied has some of the cheapest car insurance rates in Las Vegas at around $911 annually. This is $663 less than the average premium paid by Nevada drivers of $1,574. Travelers, Capital, Oregon Mutual, and American Family also rank well as some of the most economical Las Vegas, NV auto insurance companies.
As depicted above, if you are a customer of American Family and switched to Travelers, you might realize an annual premium reduction of about $282. Policyholders with GEICO may save as much as $307 a year, and Progressive insureds might lower prices by up to $326 a year.
To find the cheapest rates for your vehicle, click here or visit any of the low-priced companies below.
It’s important to note that these estimates are averaged for all types of insureds and vehicles and and are not figured with a specific zip code for drivers with bad credit. So the insurer that fits your needs best may not even be in the top 20 companies shown above. That’s why you need to compare rates from as many companies as possible using your own individual information.
The type of vehicle to be insured is probably the biggest factor that determines the availability of the best cheap coverage for drivers with bad credit. Vehicles with more horsepower, poor passenger safety features, or a track record of large liability claims will cost substantially more to insure than more modest models. The information below shows auto insurance prices for the most affordable automobiles to insure.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 4WD | $2,001 |
| Ford Escape XLS 2WD | $2,134 |
| Jeep Wrangler Sport 4WD 2-Dr | $2,203 |
| Dodge Grand Caravan SE | $2,391 |
| Hyundai Elantra SE Touring Station Wagon | $2,396 |
| Toyota Corolla XLE | $2,432 |
| Ford Edge Sport 2WD | $2,441 |
| Honda Odyssey EX-L W/Rear Entertainment | $2,432 |
| Ford F-150 FX2 Super Cab 2WD | $2,442 |
| Toyota Prius | $2,452 |
| Chevrolet Silverado 2500HD LT Crew Cab 4WD | $2,479 |
| Toyota RAV4 Sport 4WD | $2,520 |
| Chevrolet Silverado 3500HD LTZ Crew Cab 2WD | $2,572 |
| Ford F-350 XL Crew Cab Turbo Diesel 2WD | $2,579 |
| Ford Explorer Limited 4WD | $2,575 |
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Premium costs do not factor in vehicle garaging location which can increase or decrease coverage rates significantly.
Looking at the numbers, you can see that makes and models like the Honda CR-V, Ford Escape, Jeep Wrangler, Dodge Grand Caravan, and Hyundai Elantra are most likely going to be a few of the most affordable vehicles to insure for people with poor credit. Prices will tend to be higher just because there is a higher risk for drivers with bad credit, but overall those models will tend to have the lowest insurance rates that you’ll find.
For people with poor credit, one of the more important components that are used to help calculate the cost of insurance is where your car is garaged. Areas with more people or higher crime rates are more likely to pay higher prices, whereas areas with lower vehicle theft rates and fewer weather claims receive better rates.
The information below sorts the most costly cities in Nevada for drivers with bad credit to purchase auto insurance in. Las Vegas ranks #5 with an annual cost of $1,930 for the average policyholder, which is approximately $161 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Winchester | $2,158 |
| 2 | Spring Valley | $2,060 |
| 3 | Sunrise Manor | $2,008 |
| 4 | Paradise | $1,981 |
| 5 | Las Vegas | $1,930 |
| 6 | Enterprise | $1,908 |
| 7 | North Las Vegas | $1,900 |
| 8 | Henderson | $1,697 |
| 9 | Boulder City | $1,511 |
| 10 | Pahrump | $1,364 |
| 11 | Mesquite | $1,351 |
| 12 | Sun Valley | $1,292 |
| 13 | Reno | $1,282 |
| 14 | Sparks | $1,278 |
| 15 | Spanish Springs | $1,229 |
| 16 | Elko | $1,125 |
| 17 | Carson City | $1,124 |
| 18 | Fernley | $1,115 |
| 19 | Dayton | $1,108 |
| 20 | Gardnerville Ranchos | $1,104 |
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Prices are estimated as the specific Las Vegas residence address can lower or raise auto insurance rates significantly.
Difference between full coverage and liability only rates
Lowering the price of car insurance should be important to most people, and one good way to buy cheap insurance for drivers with bad credit is to not pay for full coverage. The information below illustrates the difference between auto insurance rates when comparing full coverage to liability only. The premiums assume no claims or driving violations, $100 deductibles, drivers are single, and no discounts are applied.
If the expense is averaged for all age categories, physical damage coverage costs an extra $2,368 per year more than buying just liability insurance. At some point, every insured wonders if you should buy full coverage. There is no definitive formula for excluding physical damage coverage, but there is a guideline you can use. If the yearly cost of full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
For example, let’s say your vehicle’s settlement value is $8,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $7,500 after you pay the deductible. If premiums are more than $750 a year for physical damage coverage, then you may need to consider dropping full coverage.
Picking the highest-rated insurance company is difficult considering how many companies are available to choose from in Las Vegas. The company information in the lists below can help you choose which companies you want to consider when trying to find the cheapest insurance for drivers with bad credit. These ratings are for large, nationwide insurance companies, so companies with more of a regional focus are not taken into consideration for the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Mercury Insurance | 88 | 91 | 90 | 85% | A+ | 89.4 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Travelers | 80 | 87 | 87 | 83% | A++ | 85.2 |
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Data Source: Insure.com Best Car Insurance Companies
The illustration below shows how different deductible levels can change yearly insurance costs when getting quotes for cheap insurance for drivers with bad credit. The data is based on a single male driver, comp and collision included, and no discounts are applied.
A 50-year-old driver could lower their car insurance rates by $354 a year by changing from a $100 deductible up to a $500 deductible, or save $532 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old category, could lower their rates $1,168 or even more by choosing a higher deductible.
When increasing deductibles, it is a good idea to have enough in a savings account to enable you to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Why you should be shopping around
Nevada car insurance rates are influenced by many factors that can increase the cost of coverage. Turning one year older, becoming a homeowner, or having an accident can produce rate changes resulting in some companies being cheaper than others.
In addition, insurers change prices without warning in order to remain profitable. Unexpectedly high claims can cause increased rates, while lower claims may produce cheaper Las Vegas car insurance rates.
As an example, the chart below shows rates for the cheapest car insurance in Las Vegas, NV for a 45-year-old male driver with no prior claims, no tickets, and good financial standing. When quoting prices based on his current situation, Travelers may offer the lowest car insurance rates in Las Vegas at $1,541 each year. This is $33 less than the average premium paid by Nevada drivers of $1,574. Allied, Capital, Oregon Mutual, and American Family are the remaining cheapest Las Vegas, NV auto insurance companies.
In this example, we will give the driver from above an at-fault accident, slightly worse credit, and an imperfect driving record. Since each auto insurer uses their own formula for setting rates, analyzing rate quotes may result in a different list of the cheapest Las Vegas car insurance companies as shown below.
GEICO now has the best car insurance rate in Las Vegas with Allied, Nationwide, Safeco, and USAA now rounding out the top five. This shows why Las Vegas drivers need to perform a complete rate comparison to find the lowest auto insurance rates for drivers with bad credit. Insurance rates are influenced by many things and can change substantially, so the cheapest option the last time you shopped your coverage around may now be quite expensive.
If you have coverage questions and would like to have a professional recommendation when shopping for cheaper insurance for drivers with bad credit, the agents shown below are willing to help you determine which auto insurance coverages would be the best in your situation.
To find a Las Vegas insurance agency by location nearest to you, click the button link following the list or click here to get price quotes now.
- Bleecher Insurance
3085 S Jones Blvd – Las Vegas, NV 89146 – (702) 477-7776 - Mike Whitford – State Farm Insurance Agent
6485 N Decatur Blvd #150 – Las Vegas, NV 89131 – (702) 463-2400 - Estrella Insurance Services
3700 E Charleston Blvd #130 – Las Vegas, NV 89104 – (702) 382-1177 - All Around Insurance Agency, Inc.
3970 N Tenaya Way #110 – Las Vegas, NV 89129 – (725) 696-7707 - Harrison Insurance Agency
724 S 9th St – Las Vegas, NV 89101 – (702) 648-1634