How Much Does Auto Insurance Cost for Unemployed Drivers in Missouri?

Finding good, reasonably-priced car insurance is not the easiest thing to accomplish, and determining which companies offer the cheapest auto insurance rates for unemployed drivers requires even more rate comparisons. Every insurance provider uses a little different formula to set policy rates, so let’s take a look at the overall cheapest auto insurance companies in Missouri.

It’s a good idea to know that Missouri auto insurance rates are based on many factors that can increase the price you have to pay. Things like getting older, buying a new vehicle, or getting a few speeding tickets can trigger changes in premium that can now make some companies higher-priced than the competition.

Cheapest Insurance Rates for Job Seekers

Compare Rates Today

USAA quotes some of the most affordable car insurance rates in Missouri at around $662 annually. The Hartford, Allied, Electric, and Auto-Owners also make the cut as some of the cheaper Missouri insurance companies.

As shown in the rates above, if you are a policyholder with The Hartford and switched to USAA, you may realize an annual savings of around $147. Missouri drivers with Allied could save as much as $179 a year, and Electric insureds might reduce prices by as much as $187 a year.

If you want to find out if you’re overpaying, click here to get a free quote or quote rates from the companies below.

Be aware that those estimates are averages for all drivers and vehicles in Missouri and do not factor in a rate decrease for unemployed drivers. So the insurer that can offer the best rates for your situation may not even be in the list of companies above. That underscores the importance of why you need to quote rates from many companies using your own personal information and vehicle type.

The car, truck, or SUV driven is a large factor when shopping around for cheap auto insurance for unemployed drivers in Missouri. Vehicles with high performance engines, a lack of advanced safety features, or a track record of large liability claims will cost significantly more to insure than more economical and safe models. The next list shows car insurance premiums for some of the most economical vehicles to buy insurance for.

Table data represents married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Missouri minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, multi-policy, and safe-driver. Table data does not factor in specific Missouri garaging location which can influence coverage rates significantly.

Looking at the numbers, we can infer that models like the Hyundai Elantra, Honda CR-V, and Ford Explorer are most likely going to be a few of the cheaper vehicles to insure for the unemployed.

Rate comparison of full coverage and liability-only

Finding cheap auto insurance for unemployed drivers in Missouri should be important to most people, and one great way to buy cheaper insurance is to buy liability only. The information below visualizes the comparison of yearly insurance costs with full physical damage coverage compared to only buying liability only. Data assumes no violations or accidents, $250 deductibles, drivers are not married, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $250 Deductibles’, ‘Liability Only’],[‘Age 20’, 3223,1073],[‘Age 30’, 1659,591],[‘Age 40’, 1645,547],[‘Age 50’, 1499,513],[‘Age 60’, 1451,505],[‘Age 70’, 1777,673]]);var options = {title: ‘Full Coverage Versus Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Missouri’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If averaged out across all ages, comp and collision coverage costs $1,876 per year over and above liability coverage. At some point, every insured wonders when is it safe to stop buying full coverage. There isn’t a written rule of when to drop physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

For example, let’s assume your vehicle’s book value is $6,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $5,000 after paying the physical damage deductible. If you are currently paying more than $500 annually to have full coverage, then it may be the right time to buy liability only.

There are some cases where only buying liability is not recommended. If you still owe a portion of the original loan, you are required to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should not eliminate full coverage.

Tickets and at-fault accidents raise rates

The recommended way to snag low auto insurance prices for the unemployed is to be a cautious driver and not get tickets or have accidents. The information below shows how violations and at-fault accidents increase insurance prices for each different age category. The premiums are based on a single male driver, full physical damage coverage, $500 deductibles, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘Two Speeding Tickets and No Accidents’, ‘Two Speeding Tickets and Two Accidents’],[‘Age 20’, 2139,2543,4113],[‘Age 30’, 1133,1533,3103],[‘Age 40’, 1107,1511,3079],[‘Age 50’, 1011,1413,2983],[‘Age 60’, 979,1383,2951],[‘Age 70’, 1201,1603,3175]]);var options = {title: ‘Accidents, Violations, and Missouri Car Insurance Prices’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Missouri’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

In the prior example, the average cost of a car insurance policy per year with no accidents and a clean driving record is $1,262. Get written up for two speeding tickets and the average cost surges to $1,664, an increase of $403 each year. Now include two accidents along with the two speeding tickets and the yearly cost of auto insurance for unemployed drivers jumps again to an average of $3,234. That’s an increase of $1,972, or $164 per month, just for not driving responsibly!

How to find cheap auto insurance for unemployed drivers in Missouri

The list below details some penny-pinching suggestions that can help you buy lower-cost coverage.

• The safer your car, the less it costs to insure
• Avoid speeding and other traffic citations and pay less
• Prevent price hikes by avoiding at-fault accidents
• Bundle car and home insurance and save money
• Try to not file small claims
• Compare prices frequently to find the best deal

That final tip is remarkably necessary, as we noted in this piece. Prices vary considerably, so you should be ready to switch to a new company if a better deal can be had.

Having brand loyalty is commendable, but it’s not recommended if that stubbornness costs you lots of hard earned cash every month. Take a couple minutes and compare rates to find cheaper auto insurance for unemployed drivers.

Cheapest insurance quotes for the unemployed

Thanks to technology, drivers have a lot of ways to compare auto insurance quotes in Missouri, but the most prevalent ways are using a non-exclusive or independent agent, an exclusive insurance agency such as State Farm or Auto-Owners, or direct either online or via phone.

Each way has the same basic process, but buyers should know the differences in how they give price quotes.

Independent agents can place your business with multiple companies and can get rate quotes from every one. They are not employed by one specific company and can quote rates with many companies, which may give you a better overall rate comparison. If your agent finds better pricing, the agent simply finds a different carrier which is easy for the insured.

An exclusive ageny is restricted to quoting rates for one company, two popular examples being a Farmers or Allstate agent. Exclusive agents normally do not have the ability to provide rates from more than one company, so always compare other rates.

Buying direct means you bypass an exlusive or independent agent and instead buy direct from companies such as Esurance or Progressive. This auto insurance option may be a decent choice consumers who do not have complex finances and know the limitations of auto insurance.

So what is the best way for finding cheap auto insurance for unemployed drivers in Missouri? It would be easy to say shopping direct yields the cheapest rates since there is no middleman, but that is generally not the case. An argument could also be made that using an independent agent guarantees the lowest rates since they can provide multiple quotes, but that is not accurate either. For some people, exclusive agencies have very competitive rates that are well below what direct and independents offer.

Because of the variability of auto insurance rates, really the only way to make sure you’re not overpaying for auto insurance is to obtain price quotes and compare them. It’s a good idea to get rate quotes from all three in order to have enough rates to compare. For a list of companies offering online discounts, click here to view.