Cheapest multicar insurance * Video

Cheapest multicar insurance



Cheapest multicar insurance

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Low Income Car Insurance

On a tight budget? We’ve got you covered.

What is low-income car insurance?

Car insurance is one of the necessary evils of this world. It’s not particularly exciting to talk about, it’s expensive, and you have to have it. And yet, our data shows that the people who earn between $10,000 – $19,000 per year pay nearly as much as those who earn more than $200,000 per year. So, based on its necessity and the expense, it’s not hard to understand why people are looking for car insurance on a low income. This is where it gets tricky.

In this article, we will discuss:

What impacts your premium

Your Credit Score

While some states consider the use of a credit score to determine your insurance rate discriminatory, it’s still a pretty common practice. This is because of data from The Federal Trade Commission shows that drivers with low credit scores are more likely to file a claim than drivers with high credit scores. Moreover, when they do file a claim it tends to be more expensive. As you can see with the data below, drivers with poor credit pay $106 more per month for car insurance.

AVERAGE ANNUAL INSURANCE PREMIUM BY CREDIT LEVEL

These findings are reflected in our own State of Insurance report. While there are many circumstances surrounding your credit score, raising your credit score can save you around 17% on your auto insurance.

Your Education

Statistically speaking, the more education you have received, the more likely your insurance rate is going to decrease. Nationally, you can expect to save $36 per year if you have a PhD versus not completing high school.

AVERAGE ANNUAL INSURANCE PREMIUM BY EDUCATION LEVEL

Your Insurance History

This is a major rating factor for two reasons. One, car insurance companies see drivers who are licensed but have no insurance history as a major risk to insure. In their eyes, they were driving uninsured. Second, car insurance companies see a correlation between having low liability limits and high probability for filing a claim. As you can see with the data below, the difference between no insurance history and having 5 years of high levels of coverage is $186 annually.

Your location

Your insurance rate is specific to your zip code. Insurance companies use a variety of factors such as the number of claims in an area, road conditions, and population size to help determine rates in your zip code. As your insurance company assumes a portion of financial responsibility, living in an area with a high rate of stolen vehicles or property damage claims can be seen as a risky investment to an insurance company.

What all this means and what you can do

Insurance companies can’t legally ask your income to determine your rate, but they are able to use other metrics that are often (but not always) correlated to your income level. There is not a golden rule that people with lower incomes have worse driving records than those who occupy a higher tax bracket. Car insurance data suggests that people with higher incomes file fewer claims, but that could be because they simply are able to pay for damages out of pocket rather than filing a claim. Because a lot of these mentioned topics are not always in your control, let’s look at some ways you can still save on car insurance.

Shop around

There are a lot of variation in your car insurance rates based on your provider. Because of this, the very best way to ensure you’re getting the best quote for car insurance is to shop around every 6-months. Only with The Zebra can you compare hundreds of local and national insurance companies. Enter your zip code below to see how much you could be saving.

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SOURCE: http://www.thezebra.com/low-income-auto-insurance/

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