What Insurance is Cheapest for Drivers with Good Credit in Las Vegas?

For financially responsible drivers, one of the more important factors that determine the price you pay for insurance is where you keep your vehicle in Las Vegas. Areas with high crime rates or more dense population likely pay more, whereas areas with lower crime rates and fewer weather claims have the enjoyment of a little cheaper coverage.

The following table shows the most expensive cities in Nevada for drivers with good credit to purchase car insurance in. Las Vegas is listed at #5 with an annual cost of $1,873 for car insurance, which is about $156 monthly.

Rates are estimated as specific Las Vegas garaging address can modify price quotes greatly.

Finding out which companies have the best insurance rates for drivers with good credit will require a little more sweat than just comparing rates from one or two companies. Each company has their own formula to set their prices, so we need to take a look at the insurance companies with the overall cheapest rates in Las Vegas, NV.

Best Insurance Companies for High Credit

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Travelers quotes some of the cheapest car insurance rates in Las Vegas at around $903 a year. Allied, Capital, Oregon Mutual, and American Family also rank well as some of the cheapest Las Vegas, NV insurance companies.

As the rates illustrate above, if you currently have a policy with Oregon Mutual and switched to Allied, you could see yearly savings of approximately $282. Nevada drivers with American Family could save as much as $307 a year, and Progressive policyholders might reduce rates by $315 a year.

If you want to see how much you could save, click here to get a free quote or quote rates from the companies below.

Be aware that those prices are averages across all types of insureds and vehicles and do not take into consideration a specific vehicle garaging location for drivers with good credit. So the car insurance company that is best for you may not even be in the top 20 companies in the list above. That is why you need to quote rates from many companies using your own individual information.

The make and model of vehicle needing coverage is one of the largest considerations when comparing quotes for cheaper car insurance for drivers with good credit. Vehicles with lots of horsepower, poor safety features, or high incidents of liability claims will cost more to insure than more economical and safe models.

The next list shows auto insurance rates for a selection of the cheapest vehicles to insure in Nevada.

Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Rate information does not factor in specific Las Vegas, NV garaging location which can increase or decrease price quotes considerably.

Based upon the table data, you can conclude that vehicles like the Honda CR-V, Hyundai Elantra, Ford Explorer, Honda Accord, and Toyota Tacoma are most likely to be the more affordable vehicles to insure for financially responsible drivers.

Cost difference between full coverage and liability

Saving on insurance should be important to most drivers, and one easy way to buy cheap insurance for drivers with good credit is to buy liability only. The chart below illustrates the comparison of car insurance costs with full physical damage coverage and with liability coverage only. The costs are based on no violations or accidents, $1,000 deductibles, drivers are not married, and no other discounts are factored in.

On average, physical damage coverage costs an extra $1,297 per year more than insuring for liability only. That amount may make you wonder if buying full coverage is worth the money. There is no set rule to eliminate full coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.

Careless driving habits raise Las Vegas insurance rates

The ideal way to find the most affordable insurance prices in Nevada for financially responsible drivers is to be a cautious driver and avoid accidents and traffic violations. The illustration below illustrates how speeding tickets and at-fault claims impact premium costs for different age groups. The premiums assume a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are factored in.

In the previous chart, the average cost of auto insurance per year with no accidents and a clean driving record is $1,515. Get one speeding ticket and the average cost increases to $1,765, an increase of $250 each year. Then add in one accident along with the one speeding ticket and the 12-month cost of insurance for drivers with good credit jumps again to an average of $2,467. That’s an increase of $952, or $79 per month, just for not driving responsibly!

Here’s why you should shop around

Nevada insurance rates are determined by lots of factors which can significantly increase or decrease the policy premium. Simply having a birthday, having a claim, or getting a few speeding tickets may prompt premium changes that can cause some rates to be more affordable than before. Not only may your situation change, but insurers amend premium rates without warning to adjust for gains or losses. Heavier than normal losses may result in rate hikes, while profitable underwriting can cause lower-priced Las Vegas car insurance rates.

To help illustrate this point, the bar chart below demonstrates which company has the cheapest car insurance in Las Vegas, NV for a 40-year-old male driver with a clear driving record, no claims, and great credit. If we compare prices based on his personal profile, Travelers may have the best car insurance rates in Las Vegas at $1,588 each year. This is $14 more than the average rate paid by Nevada drivers of $1,574. Allied, Capital, Oregon Mutual, and American Family round out the rest of the top five cheapest Las Vegas, NV auto insurance companies.

Now we will pretend the driver in the first example a claim surcharge, a lower credit score, and a speeding ticket. Since each auto insurance company has their own formula for determining prices, comparing quotes may result in a slightly different list of cheap Las Vegas auto insurance companies as shown below.

GEICO now has the best auto insurance rate in Las Vegas with Nationwide, USAA, Safeco, and Allied completing the list. This example shows why it is critical to take the time to shop around when trying to find the most affordable auto insurance rates for drivers with good credit.

Auto insurance prices can be altered by many things and can change substantially, so the most economical company the last time you shopped your coverage around may now not even be in the top five.

If you prefer to have some professional guidance when shopping for cheaper insurance for financially responsible drivers, the agents shown below can probably provide answers to your questions and help you determine which coverages you need. To locate a Las Vegas auto insurance agent in your neighborhood, click the link at the bottom or click here to compare rates now.

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