How Much Does Car Insurance Cost for Drivers with Bad Credit in Missouri?

The words “economical” and “insurance” probably shouldn’t be used in the same sentence, in particular when shopping around for the best insurance rates for drivers with bad credit. Because of the high cost, let’s introduce you to a few of the things that determine insurance prices, and come up with some ideas to reduce the cost of your next policy.

Finding budget car insurance is difficult, and determining which company offers the lowest-priced car insurance rates for drivers with bad credit requires even more work. Premiums may be a little bit more expensive than the average policy in Missouri due to the additional risk associated with selling insurance for people with poor credit, but reasonable coverage should be achievable if you carefully shop around. Each auto insurer uses their own calculation to determine rates, so let’s rank the car insurance companies with the overall cheapest rates in Missouri.

It’s important that readers know that Missouri car insurance rates are impacted by many factors that can increase the price you have to pay for coverage. This is why it is critical to take the time to shop around when trying to get cheap car insurance rates for drivers with bad credit. Prices can be altered by many different factors and change frequently, so the most affordable company the last time you checked may now be priced much higher than other options.

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USAA quotes some of the most affordable car insurance rates in Missouri at around $642 per year. The Hartford, Allied, Electric, and Travelers would also make the list of some of the more affordable Missouri auto insurance companies.

In the rate table above, if you have coverage with Allied and switched to USAA, you may realize yearly savings of in the neighborhood of $225. Policyholders with Electric might save as much as $233 a year, and Travelers policyholders might realize rate reductions of up to $356 a year.

Remember that these premium estimates are averaged across all types of insureds and vehicles and are not factoring in a rate increase for drivers with bad credit. So the car insurance company that fits your situation best may not even be featured in the rate chart shown above. That underscores the importance of why you need to get auto insurance quotes using your own specific driver information and vehicle.

The vehicle you are buying coverage for is one of the main factors that determines if you can find cheap auto insurance for drivers with bad credit in Missouri. Vehicles with lots of horsepower, poor passenger safety features, or a history of substantial liability claims will cost more to insure than safer, lower-performance models. The information below outlines car insurance costs for a number of the most budget-friendly vehicles to insure in Missouri.

Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Missouri minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Premium amounts do not factor in zip code location which can lower or raise prices greatly.

Looking at the data, you can infer that vehicles like the Honda Accord, Ford Escape, Toyota Prius, and Honda CR-V are most likely going to be some of the cheapest vehicles to insure for people with poor credit. The cost of auto insurance will trend higher just due to the fact that there is a higher risk for drivers with bad credit, but overall those specific models will probably have the best rates compared to other types of vehicles.

One of the more important things that insurance companies use when figuring the amount you pay each year for auto insurance is your address in Missouri. Areas with a lot of weather claims or more people like Saint Louis, University City, and Mehlville likely pay more, whereas cities that are not as densely populated generally have lower rates.

The following table ranks the higher priced cities in Missouri for drivers with bad credit to buy car insurance in.

Information shown are comparative as specific Missouri zip code can change coverage rates significantly.

Ending up with a high-quality car insurance provider can be difficult considering how many companies there are in Missouri. The information displayed below could help you select which companies you want to consider to insure your vehicles. The ratings below are for the largest companies in the United States, so companies that may only write in Missouri are not taken into consideration for these rankings.

Top 10 Major Auto Insurance Companies in Missouri Ranked by Claims Service

1. Progressive
2. Travelers
3. Liberty Mutual
4. Nationwide
5. USAA
6. AAA Insurance
7. Safeco Insurance
8. GEICO
9. The General
10. Esurance

Top 10 Major Auto Insurance Companies in Missouri Ranked by Customer Service

1. Nationwide
2. State Farm
3. Safeco Insurance
4. American Family
5. Liberty Mutual
6. GEICO
7. Travelers
8. Allstate
9. The Hartford
10. Esurance

Cost comparison with and without full coverage

Finding cheap auto insurance for drivers with bad credit in Missouri is important to the majority of drivers, and a great way to save on the cost of insurance is to not insure for full coverage. The information below compares yearly insurance costs when comparing full coverage to liability only. The rates are based on a clean driving record, no at-fault accidents, $250 deductibles, single status, and no discounts are factored in.

On average, full coverage costs an extra $1,405 per year over and above liability only. At some point, about every driver wonders if it’s a good idea to buy full coverage. There is no written rule to eliminate physical damage coverage, but there is a general convention. If the annual cost of coverage is 10% or more of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.

For example, let’s assume your vehicle’s replacement cost is $7,500 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $6,500 after paying the physical damage deductible. If it’s costing you more than $650 a year for physical damage coverage, then you may want to consider only buying liability coverage.

There are some conditions where buying only liability insurance is not in your best interest. If you still have a loan on your vehicle, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not remove full coverage.

State Farm, Geico, Progressive, and Allstate compared

When researching car insurance for people with poor credit in Missouri, some of the largest companies to start with are State Farm, Geico, Progressive, and Allstate. All of them offer liability and physical damage protection, but each on has different features and discounts that shoppers can choose from. The next table breaks down some of the different options and features shoppers can find with each company.