Cheapest Low-Income Car Insurance In Louisiana 2024

According to my comprehensive research, State Farm is the cheapest provider of car insurance in Louisiana for low-income individuals.

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Written by Keith
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Securing affordable car insurance in Louisiana is not easy. This is especially true for low-income families, who earn half or less of their area’s median income.

Low-income Louisiana drivers can still obtain cheap car insurance that ensures they comply with state laws and allows them to drive on public roads.

After 15 years as a licensed insurance agent and more than 35 years buying car insurance, I have a deep understanding of all the reviewed insurance companies and their specific strengths in serving Louisiana drivers.

Cheapest Car Insurance For Low-Income Drivers in Louisiana, 2024

Cheapest Low-Income Car Insurance, Louisiana

Compare Low-Income Car Insurance Companies In Louisiana

Overall Rating Best Suited For A.M. Best Rating J.D. Power Rating Average Monthly Cost* Get A Quote
State Farm
4.9

Cheapest Overall

A++

838

$72

Instant Quote
GEICO
4.4

Poor Credit

A++

801

$212

Instant Quote
Nationwide
4.6

Seniors

A+

NR

$88

Instant Quote
Scroll to see comparisons

Our Methodology

Using a comprehensive approach that takes into account customer service ratings, product offerings, pricing strategies, and insights from online reviews and user experiences, I've compiled a comprehensive understanding of the car insurance industry. With a background spanning more than 15 years in the industry as a licensed agent, frequent engagements with representatives from different companies, and firsthand buying experiences in Louisiana, this viewpoint is informed and insightful.

79

Quotes Analyzed

22

Brands Reviewed

15+

Years of experience

25+

Research Hours

Cheapest Car Insurance Companies for Low-Income Drivers in Louisiana


Cheapest Overall

Overall Rating
4.9

Key Statistics

10/10 Affordability
9/10 Customer reviews
9/10 Claim payouts
10/10 Coverage level

Why We Like Them

Amidst intense competition in Louisiana’s car insurance market, State Farm rises above as the most budget-friendly selection.

Based on our in-depth research and assessment of Louisiana car insurance premiums, State Farm emerges as a top choice for affordable full-coverage plans, starting at an attractive $94 monthly.

This offers a valuable advantage for cost-conscious drivers who desire comprehensive protection at an affordable price.

Beyond its affordability, State Farm consistently garners top marks as one of the premier car insurance companies overall. The company is praised for its extensive range of discounts and coverage offerings that cater to different needs.

The combination of affordability, flexibility, and comprehensive coverage from State Farm sets it apart in Louisiana’s car insurance market, making it a preferred option for drivers seeking value without sacrificing quality.

Affordable car insurance is essential in Louisiana. It ensures you can drive without the financial burden of possible damages or liabilities. Considering the high accident rates on Louisiana’s busy roads, finding budget-friendly car insurance is even more vital.

Remember, affordable insurance doesn’t equate to poor quality. By carefully comparing options and making smart decisions, you can get solid coverage that fits your budget without straining your finances.

Benefits & Drawbacks

Benefits
  • Cheapest rates for most drivers in Louisiana
  • Many coverage options and discounts available
  • Superior AM Best financial strength rating
Drawbacks
  • Must buy from a State Farm Agent

Cheapest Low-Income Car Insurance Rates In Louisiana

Insurance company Monthly Rate
State Farm $186
USAA $256
Southern Bureau $297
Progressive $356
Allstate $379

Best for Poor Credit

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer reviews
9/10 Claim payouts
8/10 Coverage level

Why We Like Them

GEICO is considered the top and most economical car insurance provider in Louisiana for drivers with poor credit. Various reports and studies consistently demonstrate that GEICO offers the cheapest rates for those with less-than-ideal credit scores.

The affordability of GEICO does not mean a reduction in quality or service. The company provides comprehensive coverage options and top-notch customer service, ensuring robust protection for all drivers, regardless of credit score, making it a trustworthy choice for Louisiana drivers with poor credit.

Moreover, GEICO knows that a low credit score doesn’t always indicate a high-risk driver. While other insurers might raise rates for those with poor credit, GEICO considers various factors, including driving history and vehicle type, for a fair assessment.

Thanks to this thorough analysis, GEICO offers competitive rates to drivers with poor credit, making it the go-to choice for many Louisiana drivers.

The connection between low income and poor credit scores means that some insurers charge double the rates for drivers with poor credit compared to those with excellent credit.

To keep premiums affordable, drivers with poor credit should look for insurers offering discounts and steer clear of moving violations.

Benefits & Drawbacks

Benefits
  • Cheapest rates for the majority of Louisiana drivers with poor credit
  • Many coverage options and discounts on offer
  • Superior AM Best financial strength rating
Drawbacks
  • Digital tools available, but not as extensive as some competitors
  • Fewer GEICO agents in Louisiana compared to larger competitors

Cheapest Low-Income Car Insurance Rates For Poor Credit

Insurance company Monthly Rate
GEICO $354
USAA $487
Southern Bureau $556
Progressive $670
Allstate $796

Cheapest for Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer reviews
8/10 Claim payouts
9/10 Coverage level

Why We Like Them

Seniors in Louisiana will find Nationwide to be the best and most cost-effective car insurance option, with industry research and customer reviews backing this claim.

Nationwide offers especially competitive rates for senior drivers, positioning it as the ideal choice for seniors wanting affordable and comprehensive coverage.

As people age, they might find their car insurance rates increasing. This happens because insurance companies usually classify older drivers as higher risk, akin to teen drivers.

Contributing to this perceived risk are slower reflexes, health problems that might impact driving, and a higher chance of severe injuries in accidents.

The IIHS study reveals that fatal crash rates start to climb significantly at age 70, with the highest rates among drivers aged 85 and older.

This means that seniors might find their premiums going up to offset the potential expenses of claims.

Fortunately, senior drivers can often benefit from discounts offered by many insurance companies, making comprehensive coverage more cost-effective.

Benefits & Drawbacks

Benefits
  • Auto, homeowners, life, and other insurance products available
  • High financial strength ratings
  • Comprehensive mobile app for digital policy management
Drawbacks
  • Can only buy from Nationwide agents
  • Not rated by J.D. Power for customer service

Cheapest Low-Income Car Insurance For Seniors In Louisiana

Insurance company Monthly Rate
Nationwide $73
State Farm $83
Southern Bureau $91
GEICO $120
USAA $127

In Louisiana, drivers must legally have car insurance to cover accident costs. The minimum required coverage policy must include at least:

  • $15,000 for bodily injury per person: This is the maximum amount an insurer will cover for medical costs for one individual injured in an accident you cause.
  • $30,000 for bodily injury per accident: This is the maximum amount an insurer will pay for all injuries if multiple people are hurt in an accident you cause.
  • $25,000 for property damage liability: This amount covers damage you cause to someone else’s property, like their car, in an accident.

Though these are the legal minimums, it’s crucial to determine if this coverage will be sufficient to protect you financially during an accident. If costs go beyond your coverage limits, you could be liable for the excess amount. Consequently, many drivers select higher coverage levels for complete protection.

Full Coverage Options

Even though insurance companies don’t officially recognize the term “full coverage,” it usually refers to a bundle of coverages that offer wide-ranging protection. This often includes liability coverage (for bodily injury and property damage), collision coverage, and comprehensive coverage.

Liability coverage addresses costs associated with injuries or property damage you inflict on others in an accident. Collision coverage applies when your vehicle is damaged from a collision with another vehicle or object.

Conversely, comprehensive coverage protects against non-collision incidents such as theft, vandalism, fire, or natural disasters. Full coverage insurance is an all-in-one package aimed at providing peace of mind on and off the road.

Does Louisiana Have A Government-Sponsored Car Insurance Program For Low-Income Families?

Louisiana does not have a government-sponsored car insurance program for low-income families, unlike certain states. However, car insurance is a necessary requirement for legally registering and driving your vehicle in the state.

Does Income Affect Car Insurance Rates In Louisiana?

Income isn’t a direct factor affecting car insurance rates in Louisiana, despite common beliefs. Insurers generally take into account factors like age, location, driving history, vehicle type, and the coverage level chosen when setting premiums.

How To Save On Car Insurance Costs In Louisiana

Getting through the car insurance process in Louisiana can be tricky, but the right strategies can help you save a lot on your premiums. Here are three effective tips for Louisiana drivers to reduce their car insurance expenses.

Compare Rates from Different Providers

A proven method to lower car insurance expenses is to compare rates from multiple providers. These rates are calculated based on factors like age, driving record, location, and more.

This means that insurance prices can vary a lot depending on the company. Thus, it’s a good idea to compare quotes from different insurers and choose the one that gives you the best value for your money, taking into account your needs and financial constraints.

1

Leverage Discounts

Discount offerings from insurance companies can lead to reduced premiums. These discounts may cover safe driving, policy bundling, good student status, or having safety features in your car. Consult your insurer to explore available discounts and determine your eligibility.

2

Adjust Your Coverage and Deductibles

Adjusting your coverage and deductibles is a strategy to save on car insurance costs. If your car is older, think about reducing or eliminating collision and comprehensive coverage if it costs more than the car’s value.

You could also consider raising your deductible to decrease your premium. However, ensure that the deductible is an amount you can comfortably handle if you have to make a claim.

3

FAQs

How can low income families get affordable car insurance in Louisiana?  

Getting the best deal on car insurance in Louisiana means comparing quotes from multiple providers, inquiring about discounts, and shopping around for the most competitive rates.

What is the minimum amount of car insurance you have to carry in Louisiana?  

All drivers in Louisiana must meet the legal requirement of having a specific amount of auto insurance. This includes $15,000 coverage for bodily injury per person, $30,000 for bodily injuries per accident, and $25,000 for property damage.

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