You have surely seen all the captivating ads from companies like Allstate and GEICO claiming huge savings, so drivers should just choose one randomly, right?
Unfortunately, it’s just not that easy, as there are many unknown factors such as your date of birth, what level of deductibles you wish to have, your gender, and whether or not you are currently insured. This article goes into detail about the causes of high insurance rates and will hopefully give the reader a good start to your coverage search.
One of the more important components that determine auto insurance rates is where your car is garaged in Buffalo. Areas with more people or higher crime rates are more likely to pay higher prices, whereas areas that tend to be more rural receive better rates.
The table below sorts the highest-priced areas in New York for drivers with bad credit in which to buy car insurance. Buffalo is listed at #13 with a yearly premium of $1,488 on average, which is approximately $124 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | New York | $2,735 |
| 2 | Freeport | $2,281 |
| 3 | Hempstead | $2,211 |
| 4 | Levittown | $1,981 |
| 5 | Mount Vernon | $1,938 |
| 6 | Yonkers | $1,920 |
| 7 | West Babylon | $1,875 |
| 8 | Brentwood | $1,853 |
| 9 | Hicksville | $1,843 |
| 10 | Coram | $1,714 |
| 11 | White Plains | $1,661 |
| 12 | New Rochelle | $1,659 |
| 13 | Buffalo | $1,488 |
| 14 | Cheektowaga | $1,240 |
| 15 | Niagara Falls | $1,237 |
| 16 | West Seneca | $1,189 |
| 17 | Tonawanda | $1,165 |
| 18 | Utica | $1,103 |
| 19 | Syracuse | $1,086 |
| 20 | Albany | $1,067 |
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Rate quotes are comparative as specific location information can revise coverage prices considerably.
The car, truck, or SUV driven is one of the main factors in finding affordable car insurance for drivers with bad credit. Vehicles with lower performance, a plethora of safety features, or a track record of few liability claims will cost much less to insure than higher performance models.
The table below ranks auto insurance premiums for a selection of the most affordable vehicles to insure in New York.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $2,060 |
| Honda CR-V EX 4WD | $2,109 |
| Toyota Tacoma Double Cab 4WD | $2,441 |
| Nissan Altima 2.5 4-Dr Sedan | $2,446 |
| Toyota RAV4 Sport 2WD | $2,441 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $2,529 |
| Ford Escape Limited 2WD | $2,584 |
| Jeep Grand Cherokee Limited 2WD | $2,614 |
| Toyota Prius | $2,620 |
| Nissan Rogue S AWD | $2,620 |
| Hyundai Sonata GLS 4-Dr Sedan | $2,628 |
| Chevrolet Impala LS | $2,744 |
| Honda Odyssey LX | $2,773 |
| Toyota Camry Hybrid | $2,793 |
| Chevrolet Malibu LS | $2,796 |
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Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New York minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Rates do not factor in zip code location which can alter auto insurance rates significantly.
Based upon these rates, you can expect vehicles like the Honda Accord, Honda CR-V, Toyota Tacoma, Nissan Altima, and Toyota RAV4 are likely to be a few of the less-costly vehicles to insure for people with poor credit. The price for car insurance will tend to be higher just due to the fact that there is more liability risk for drivers with bad credit, but overall those makes and models will most likely have the best insurance prices compared to other types of vehicles.
How much more does full coverage cost?
Saving on insurance is the goal of most people, and one of the fastest ways to find cheaper insurance for drivers with bad credit is to not insure for full coverage. The diagram below visualizes the comparison of car insurance costs when comparing full coverage to liability only. The costs are based on no accidents or driving violations, $500 deductibles, single marital status, and no discounts are applied to the premium.
If the expense is averaged for all age categories, comp and collision coverage costs an extra $1,697 per year more than insuring for liability only. That may make you wonder when is the right time to remove full coverage. There is no set rule that works best for making the decision to drop physical damage insurance, but there is a broad guideline. If the yearly cost of full coverage is more than 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
There are some scenarios where buying only liability insurance is not a good plan. If you still owe money on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not opt for liability only.
Impact of violations and accidents on rates in Buffalo
One of the best ways to get low insurance rates in Buffalo for people with poor credit is to be an attentive driver and have a clean driving record. The information below demonstrates how traffic citations and at-fault collisions can raise car insurance rates for each different age group. Data assumes a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied.
The data above shows the average cost of auto insurance in New York per year with no violations or accidents is $951. Add in one speeding ticket and the average cost swells to $1,094, an increase of $143 each year. Now throw in one accident along with the one speeding ticket and the yearly cost of insurance for drivers with bad credit jumps again to an average of $1,488. That’s an increase of $536, or $45 per month, just for not driving responsibly!
The diagram below highlights how deductible selection can change insurance premiums when quoting cheap insurance for drivers with bad credit. The premiums assume a married female driver, full coverage, and no discounts are factored in.
The data above shows that a 50-year-old driver could reduce rates by $244 a year by increasing from a $100 deductible to a $500 deductible, or save $366 by selecting a $1,000 deductible. Even younger drivers, like the age 20 example, can cut $606 every year by selecting a higher deductible.
If you do raise deductibles, it will be necessary to have additional funds squirreled away to be able to pay the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
How to find the cheapest insurance for drivers with bad credit
Below you’ll find some of the recommended money-saving ideas that can help drivers locate more affordable coverage.
- Do not pay for full coverage on older vehicles
- Buying home and auto together can help save money
- Avoid at-fault accidents and claims
- Buy vehicles with good safety ratings
- Good credit can save money
- Compare prices frequently to find the best deal
That last idea is extremely valuable, as was emphasized in this piece. Rates change a lot, so don’t hesitate to change to a new company if a better rate can be found.
Staying with the same car insurance company is fine, but it’s not a good idea if that devotion results in you overpaying a small fortune year after year. In less than five minutes you could shop around and find cheaper car insurance for drivers with bad credit in Buffalo.