How Much Does Car Insurance Cost for Low Income Drivers in New Hampshire?

The words “low-cost” and “insurance” probably shouldn’t be used in the same sentence, especially when trying to find the best price on coverage for low income drivers. Let’s lead off by showing you a few of the things that help determine auto insurance rates, and find out if we can help you take a little off your next policy.

For New Hampshire drivers, one of the things used to calculate rate quotes is where your residence is. Areas with more people or more claims like Manchester, Derry, and South Hooksett tend to pay higher rates, whereas areas with lower crime rates and fewer weather claims generally pay lower car insurance rates.

The illustration below shows the priciest cities in New Hampshire for low income drivers to buy car insurance in.

Annual rates are comparative as the garaging address in New Hampshire can lower or raise auto insurance rates considerably.

The car, truck, or SUV driven is probably the biggest factor that determines whether or not you find the most affordable insurance for low income drivers. Vehicles with lower acceleration and performance, advanced safety features, or a low likelihood of liability claims will cost substantially less to insure than adrenaline junky models.

The next list features coverage rates for a selection of the more afforable automobiles to buy coverage for.

Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Hampshire minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Prices do not factor in vehicle location which can revise premiums significantly.

Based upon these rates, we can tell that models like the Ford Escape, Kia Forte, and Toyota Prius will be a few of the cheaper vehicles to insure for poor drivers.

Cost difference between full coverage and liability

Finding cheap auto insurance for low income drivers in New Hampshire is probably important to the majority of vehicle owners, and one way to find cheaper insurance is to not pay for full coverage. The information below visualizes the comparison of insurance prices when comparing full coverage to liability only. The premium estimates are based on no violations or claims, $100 deductibles, single status, and no discounts are applied to the premium.

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Averaged for all age groups, comprehensive and collision coverage on your policy costs an extra $1,829 per year more than just buying liability insurance. A very common question is when is it safe to stop buying full coverage. There is no definitive rule that works best for making the decision to drop physical damage insurance, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than about 10% of replacement cost minus your deductible, then it could be time to drop full coverage.

For example, let’s pretend your vehicle’s settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would receive is $7,000 after the deductible is paid. If it’s costing you more than $700 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.

There are some circumstances where removing full coverage is not advised. If you still have a loan on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.