The words “economical” and “insurance” probably shouldn’t be used together, especially when shopping around for the best coverage prices for low credit scores. Because it’s not cheap, let’s familiarize you with some things that help determine insurance rates, and find out if we can help you slash the price of the next policy you buy.
The make and model of vehicle requiring insurance is a large consideration when quoting the best car insurance for low credit scores. Vehicles with lots of horsepower, poor passenger safety features, or an increased likelihood of liability claims will cost much more to insure than safer models. The information below ranks car insurance rates for the most cost-effective vehicles to insure in Massachusetts.
|Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$1,373|
|Honda CR-V EX-L 4WD||$1,537|
|Honda Accord EX 4-Dr Sedan||$1,556|
|Chevrolet Impala LS||$1,595|
|Ford Escape Limited 4WD||$1,635|
|Ford F-150 FX2 Super Cab 2WD||$1,682|
|Hyundai Sonata GLS 4-Dr Sedan||$1,743|
|Kia Optima LX||$1,749|
|Ford Edge SEL 2WD||$1,746|
|Dodge Grand Caravan CV||$1,748|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$1,762|
|Toyota Tacoma Double Cab 4WD||$1,780|
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Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Massachusetts minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Price estimates do not factor in the specific area where the vehicle is garaged which can modify coverage rates noticeably.
Looking at the numbers, we can tell that makes and models like the Hyundai Elantra, Toyota Prius, and Honda CR-V are likely to be some of the cheaper vehicles to insure for bad credit.
Deciding which companies have the cheapest insurance rates for low credit scores involves a tad more effort than just comparing a company or two. Each auto insurer has a unique approach to set policy rates, so let’s take a look at the lowest cost insurance companies in Boston, MA.
It’s important that readers know that Massachusetts insurance rates are influenced by many factors which can substantially change the policy premium. Simply turning a year older, moving across town, or getting a ticket for running a stop sign may generate price changes that can cause some rates to be affordable when they were higher priced.
Find the Cheapest Car Insurance in Massachusetts
|Rank||Company||Cost Per Year|
|2||National Grange Mutual||$799|
|8||Norfolk and Dedham||$1,036|
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State Farm generally has some of the best car insurance rates in Boston at around $719 annually. National Grange Mutual, GEICO, OneBeacon, and Commerce Group are also some of the best Boston, MA insurance companies.
As depicted above, if you are insured with OneBeacon and switched to National Grange Mutual, you might realize a yearly savings of around $86. Policyholders with Commerce Group could save as much as $112 a year, and Progressive policyholders might cut rates by $220 a year.
To find out how your current rates compare, click here to begin a quote or quote rates from the companies below.
Be aware that those premium estimates are averages across all insureds and vehicles and and are not figured with an exact location for low credit scores. So the company that fits your age and vehicle best may not even be in the top 21 companies in the list above. That’s why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.
One of the many things that aid in calculating the cost of insurance is where you normally keep your vehicle in Boston. Cities with more crime and/or more people tend to have higher rates, whereas areas with less congestion get the luxury of paying less.
The following table ranks the priciest cities in Massachusetts for low credit scores to purchase auto insurance in. Boston is ranked at #9 with an annual rate of $1,735 for the average insured, which is around $145 per month.
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Price information shown is approximated as the specific zip code location can revise insurance rates considerably.
Rate comparison of full coverage and liability-only
Paying a lower price for insurance is the goal of the majority of vehicle owners, and one good way to save on the cost of insurance for low credit scores is to buy only liability coverage. The illustration below compares auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no violations or accidents, $250 deductibles, drivers are single, and no additional discounts are factored in.
As an overall average, physical damage insurance costs $1,756 per year over liability only. That raises the question if buying full coverage is worth the money. There is no written rule to drop physical damage coverage, but there is a general convention. If the annual cost of your full coverage insurance is more than 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let’s pretend your vehicle’s book value is $5,500 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $4,500 after the policy deductible has been paid. If premium cost is more than $450 annually for your policy with full coverage, then it might be time to buy liability only.
Violations and accidents raise rates
The recommended way to score cheap insurance prices for bad credit is to be an attentive driver and avoid traffic citations and accidents. The chart below shows how violations and fender-benders can increase auto insurance rates for different age groups. The costs are based on a married female driver, full coverage, $1,000 deductibles, and no additional discounts are factored in.
The data charted above shows the average cost of a car insurance policy in Boston per year with no violations or accidents is $1,430. Get written up for one speeding ticket and the average cost swells to $1,671, an increase of $241 each year. Now include one accident along with the one speeding ticket and the annual cost of insurance for low credit scores goes up to an average of $2,345. That’s an increase of $915, or $76 per month, just for not being attentive to the road!
Are you paying too much for car insurance in Boston?
Boston, MA insurance rates are calculated based on many things which can significantly increase or decrease your annual premium. Simply having another birthday, buying a home, or getting a driving violation can trigger price changes that can cause some rates to be cheaper than competitors. Not only may your situation change, but auto insurance companies amend pricing every year to adjust for heavy claims or excess profits. Significantly higher losses can cause increased policy costs, while a better claims history can produce cheaper Boston car insurance rates.
The graph below shows the companies that have the cheapest car insurance in Boston, MA for a 45-year-old female driver with a clean driving record, no accidents, and a good credit history. If we look at prices based on her personal risk profile, State Farm might quote the cheapest car insurance rates in Boston at $940 each year. This is $295 less than the average policy premium paid by Massachusetts drivers of $1,235. National Grange Mutual, GEICO, OneBeacon, and Commerce Group are also on the list of the best Boston, MA auto insurance companies.
In this next rate comparison, we will give the driver in the first chart a claim or two, a lower credit rating, and a stop sign violation. Because each company has a different formula for determining rates, getting updated rate quotes may now present a slightly different list of cheap Boston auto insurance companies as shown below.
Arbella now has the lowest car insurance rate in Boston with USAA, Norfolk and Dedham, Amica, and GEICO also being competitive. This example proves why it is important to compare lots of rates when trying to get the most affordable insurance rates for low credit scores.
Auto insurance prices are calculated by many things and can change without notice, so the most affordable company when you last compared rates may now be one of the higher cost companies.