The words “low-cost” and “insurance” really don’t belong together, especially when trying to find the best insurance rates for low income drivers. To help control this cost, let’s learn about a few of the things that impact auto insurance prices, and find a few ways to take the bite out of the next policy you buy.
The vehicle model you are seeking coverage for is a significant factor when shopping for cheaper insurance for low income drivers. Vehicles with reasonable performance levels, good safety features, or a low likelihood of liability claims will cost less to insure than adrenaline junky models.
The next table illustrates insurance prices for a handful of the cheapest automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$1,660|
|Ford Escape Limited 2WD||$1,947|
|Toyota RAV4 Sport 4WD||$1,964|
|Nissan Altima 2.5 S 4-Dr Sedan||$2,067|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$2,105|
|Chevrolet Malibu LTZ||$2,113|
|Honda Accord LX-S 2-Dr Coupe||$2,210|
|Ford Edge SEL AWD||$2,213|
|Hyundai Elantra SE Touring Station Wagon||$2,219|
|Chevrolet Silverado 2500HD LTZ Crew Cab Diesel 4WD||$2,245|
|Kia Optima EX||$2,248|
|Hyundai Sonata Limited 4-Dr Sedan||$2,255|
|Ford F-250 XL Super Cab Cabela Package 2WD||$2,248|
|GMC Sierra SL Extended Cab 2WD||$2,254|
|Dodge Ram 2500 Crew Cab ST 4WD||$2,286|
|Dodge Grand Caravan SE||$2,289|
|Ford Explorer Eddie Bauer AWD||$2,298|
|Toyota Corolla S||$2,374|
|Chevrolet Impala LTZ||$2,380|
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Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Estimates do not factor in your specific Milwaukee, WI location which can decrease or increase coverage rates noticeably.
By looking at the data, vehicles like the Honda CR-V, Ford Escape, Toyota RAV4, and Nissan Altima should be a few of the less-costly vehicles to insure for poor drivers.
Trying to buy reasonably-priced insurance is hard enough, and deciding which companies quote the lowest-priced insurance rates for low income drivers requires more quotes for comparison. Each auto insurance company has their own process for setting rates, so to begin we’ll rank the most competitive insurance companies in Milwaukee.
We do need to point out that Wisconsin insurance rates are calculated based on many things which can substantially change the policy premium. Price variation is why it is crucial to spend some time comparing rates when trying to get cheap insurance rates for low income drivers. Auto insurance prices are made up of many risk factors and can increase or decrease at any time, so the most economical option two years ago may now be quite expensive.
Compare Cheap Insurance Quotes in Wisconsin
|Rank||Company||Cost Per Year|
|6||Rural Mutual Insurance||$749|
|11||West Bend Mutual||$917|
|14||Auto Club Group||$939|
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USAA generally has some of the lowest car insurance rates in Milwaukee at around $604 a year. Partners Mutual, Erie, Rockford Mutual, and Nationwide would also make the list of some of the lowest-priced Milwaukee, WI car insurance companies.
In the above example, if you currently have coverage with Rockford Mutual and switched to Partners Mutual, you might realize annual savings of upwards of $124. Wisconsin drivers with Nationwide may save as much as $137 a year, and Rural Mutual Insurance insureds might lower prices by $141 a year.
These policy rates are averaged for all insureds and vehicles and do not factor in a specific vehicle garaging location for low income drivers. So the car insurance company that has the cheapest rates for you may not even be in the top 30 companies in the list above. That points out the importance of why you need to quote rates from many companies using your own driver data and vehicle information.
Full coverage versus liability-only in Milwaukee
Buying cheaper insurance should be important to most people, and a good way to find cheap insurance for low income drivers is to not pay for full coverage. The illustration below illustrates the difference between auto insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Wisconsin. The rates are based on no claims or driving violations, $100 deductibles, single status, and no discounts are applied.
If we average all the age groups together, comprehensive and collision coverage on your policy costs an extra $1,773 per year over and above liability coverage. At some point, every insured wonders if buying full coverage is a waste of money. There is no set rule for dropping comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage 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.
Careless Milwaukee drivers pay higher rates
One of the best ways to score good insurance prices in Milwaukee for poor drivers is to pay attention while driving and not have accidents or get tickets. The diagram below illustrates how speeding tickets and at-fault fender-benders can impact annual premium costs for different age categories. The premiums are based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are factored in.
The data above shows the average cost of a car insurance policy in Wisconsin per year with a clean driving record and no accidents is $751. Add in two speeding tickets and the average cost swells to $1,054, an increase of $303 each year. Then include two accidents along with the two speeding tickets and the annual cost of insurance for low income drivers jumps again to an average of $2,329. That’s an increase of $1,579, or $132 per month, just for not paying attention while driving!
How to find low-cost insurance for low income drivers
The list below details some of the better thrifty suggestions that can help you find low-cost coverage.
- Buying home and auto together can help save money
- Save money by only buying liability coverage for older vehicles
- Pay cheaper rates with good credit scores
- Save money by staying claim-free
- Increase the comprehensive and collision deductibles on your policy
- Safer vehicles cost less to insure
- Shop around for cheaper prices
The last tip in the list is very critical, as we discussed in this piece. Prices go up and down frequently, so drivers shouldn’t hesitate to buy from a different company if a better rate can be found.
Sticking with a specific company is fine, but it’s not a good idea if that devotion results in you overpaying a lot of money. Take a few minutes and compare prices and find cheaper auto insurance for low income drivers in Milwaukee.
The insurance agents in Milwaukee listed below are willing to provide answers to your questions and help you determine which car insurance policy is best, as many consumers aren’t sure which coverage to buy and prefer to get some professional input when trying to find the best insurance rates for low income drivers. It can be complicated to find the cheapest rates, and getting professional guidance from a licensed agent can bring satisfaction knowing your coverage gives you enough coverage if you have a claim. To locate a Milwaukee car insurance agency close to you, click the button after the list.
Len Cratic Jr – State Farm Insurance Agent
10721 W Capitol Dr #127 – Milwaukee, WI 53222 – (414) 527-4288
Allstate Insurance: Alex Ferreira
3436 South 13th Street – Milwaukee, WI 53215 – (414) 672-2000
American Family Insurance – Paul Rathkamp
11805 W Hampton Ave – Milwaukee, WI 53225 – (414) 438-1515