Who Has the Cheapest Car Insurance for Low Credit Scores in Mississippi?

One of the many considerations that help determine the amount you pay each year for auto insurance is your address. Areas that are more densely populated like Natchez, Gulfport, and Biloxi will most likely pay more, whereas areas with less people or fewer weather incidents benefit from lower rates.

The illustration below ranks the most costly cities in Mississippi for low credit scores in which to purchase auto insurance.

Price information shown is estimated as the garaging address in Mississippi can raise or lower price quotes noticeably.

The car, truck, or SUV you are seeking coverage for is one of the main factors that determines whether or not you find the cheapest auto insurance for low credit scores in Mississippi. Vehicles with reasonable performance levels, a great safety record, or a positive history of liability claims will cost significantly less to insure than higher performance models. The information below ranks auto insurance rates for a handful of the most affordable vehicles to insure in Mississippi.

Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Mississippi minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Price estimates do not factor in vehicle location which can raise or lower premiums considerably.

Based upon the table data, vehicles like the Chevrolet Traverse, Honda Accord, Ford Escape, and Toyota Prius are a few of the cheaper vehicles to insure for bad credit.

Locating low-cost auto insurance is challenging, and figuring out which companies quote the lowest-priced car insurance rates for low credit scores will involve even more diligence.

Each company has their own guidelines to determine rates, so let’s take a look at the car insurance companies that tend to have lower prices in Mississippi.

Cheap Insurance Rates in Mississippi

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USAA generally has some of the lowest car insurance rates in Mississippi at around $831 a year. Travelers, Unitrin, Direct General, and ALFA also rank well as some of the cheaper Mississippi insurance companies.

In the rate table above, if you currently have a policy with Direct General and switched to USAA, you could earn annual savings of in the vicinity of $499. Drivers with ALFA may save as much as $547 a year, and Safeway customers might lower prices by up to $584 a year.

Remember that these premiums are averaged for all types of insureds and vehicles and and are not calculated with a rate decrease for low credit scores. So the car insurance company that has the lowest price for you may not even be in the above rate chart. That points out the importance of why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.

Full coverage rates vs. liability-only in Mississippi

Finding the cheapest auto insurance for low credit scores in Mississippi is the goal of most vehicle owners, and an easy way to pay lower rates for insurance is to only pay for liability coverage. The information below compares insurance rates with full coverage compared to only the Mississippi minimum liability coverage. Data assumes no claims, a clean driving record, $100 deductibles, marital status is single, and no discounts are applied to the premium.

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As an average, comp and collision coverage costs an additional $1,849 per year more than buying just liability insurance. That amount may make you wonder when is it a good idea to stop buying full coverage. There isn’t a steadfast formula of when to stop paying for full coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than around 10% of replacement cost minus your deductible, then you may need to consider dropping full coverage.

For example, let’s say your vehicle’s settlement value is $4,500 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $3,500 after the policy deductible has been paid. If it’s costing you more than $350 a year for physical damage coverage, then it could be time to drop full coverage.

There are some circumstances where only buying liability is not financially feasible. If you still have a lienholder on your title, you are required to maintain full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.

How careless driving impacts Mississippi car insurance rates

The common sense way to score the best car insurance premiums for bad credit is to be a careful driver and not have accidents or get tickets. The diagram below illustrates how speeding tickets and at-fault fender-benders influence yearly insurance costs for each age group. The premium estimates are based on a single male driver, full coverage, $100 deductibles, and no additional discounts are factored in.

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The data charted above shows the average cost of car insurance per year with no violations or accidents is $2,474. Receive two speeding tickets and the average cost increases to $3,287, an increase of $813 each year. Now include one accident along with the two speeding tickets and the 12-month cost of car insurance for low credit scores increases to an average of $4,119. That’s an increase of $1,645, or $137 per month, just for not maintaining a clean driving record!

Who has the cheapest insurance quotes for bad credit?

Drivers have a lot of different ways to compare car insurance quotes in Mississippi, but the most popular are from an independent insurance agent, a captive (or exclusive) agent like State Farm or Allstate, or from a direct company like Geico or Progressive. Each way has the same basic steps, but they differ in how they work.

Independent insurance agencies work for many companies and can get rate quotes from every one. Agents of this type have the ability to provide you with more rates, which may provide you with the best chance of finding a lower price. If cheaper coverage is found, your policy can be moved which makes it simple for you.

An exclusive agent is usually just provide rates from just one company such as an Allstate or Liberty Mutual agent. These agents are unable to compare other company’s rates, which does not give you the best rate comparison.

The third popular method of shopping for car insurance is direct, which means you skip a local agent and instead buy from a direct company like Esurance or Geico. Buying car insurance direct may be the best choice consumers who have little risk and have some degree of understanding of what coverages, limits, and deductibles they need.

So what is the best way to find the cheapest auto insurance for low credit scores in Mississippi? It would be simple to say buying from a direct company saves money since there is no middleman, but that is generally not the case. It would also be easy to say going through an independent agent is the best way to go since they have more companies to choose from, but that assumption is also not necessarily accurate. In many circumstances, the exclusive agents have extremely competitive rates that are the cheapest.

Due to that fact that car insurance uses so many rating variables, the only real way to buy the cheapest policy is to get quotes and compare. If time allows, get rate quotes from all three in order to have the best selection to choose from. For a list of companies with online discounts, click here to view.