Cheapest Car Insurance for Low-Income Drivers in Nevada (October 2024)

The cheapest car insurance for individual drivers with low income and poor credit history is offered by Nationwide at $59 per month. For families with low income, the most affordable provider is also Nationwide, with a rate of $93 per month.

Nevada does not offer state-backed car insurance programs for low-income families and individuals. Finding the provider with the most affordable rate can help manage costs, and there are also ways to get discounts to alleviate the expense. While minimum coverage will help you drive legally, it has downsides. For example, if you're at fault in an accident, you may face high out-of-pocket costs.

Car insurance companies in Nevada do not consider your income when calculating rates. Instead, they look at factors such as your age, driving record, credit history and the type of car you drive. At-fault accidents and moving violations can increase your rates significantly.

The best way to find the cheapest rates is to compare quotes from several insurance companies. This allows you to see a variety of options and choose the one that best fits your budget.

If your budget is tight, a basic minimum coverage policy is often the most affordable way to stay legal on the road. Additionally, if you rarely drive, pay-per-mile insurance can be the best option to save money. MoneyGeek rounded up the cheapest insurers for low-income drivers in Nevada to help you save.

To legally drive in Nevada, you must carry car insurance that meets the state's minimum car insurance requirements. This includes the following coverage amounts:

• $25,000 for bodily injury liability per person.
• $50,000 for bodily injury liability per accident.
• $20,000 for property damage liability per accident.

When financial constraints are a concern, a liability-only car insurance policy may suffice. It covers expenses for the other party in an accident you cause but not your vehicle's damages. To protect your own vehicle, consider a full coverage car insurance policy, which includes collision and comprehensive coverages.

For instance, if you reside in an area of Nevada prone to theft or natural events like flash floods, full coverage can offer peace of mind, safeguarding against non-collision-related damages. Understanding the risks and benefits of each policy type is crucial to selecting the right coverage for your situation.

Your credit record can affect your car insurance rates in Nevada. A lower credit-based insurance score may signal to insurers that you're a higher risk, which can lead to more expensive premiums.

Nevada drivers with poor credit records can find affordable rates with:

• Nationwide: $713 per year; $59 per month
• Country Financial: $719 per year; $60 per month

The cheapest car insurance in Nevada for low-income drivers with a good credit history are:

• Country Financial: $459 per year; $38 per month
• Capital Insurance: $544 per year; $45 per month

Driving without insurance in Nevada is considered a misdemeanor and can lead to suspension of your driver's license and vehicle registration, fines ranging from $175 to $1,000 and other penalties. Make sure you're covered to drive legally and safely.

Car insurance rates are not directly influenced by income, yet family circumstances play a crucial role in determining premiums. For single parents in Nevada, annual premiums can be $968 higher than for married couples with a teen, who enjoy a more affordable rate by $995 per year.

The most budget-friendly car insurance companies for married couples with a teen in Nevada are:

• Nationwide: $1,114 per year; $93 per month
• State Farm: $1,316 per year; $110 per month

For single parents with a teen, the most economical options are:

• State Farm: $2,082 per year; $174 per month
• Capital Insurance Group: $2,265 per year; $189 per month

The disparity in rates between married couples with a dependent and single parents with a dependent highlights the impact of family structure on insurance costs. It's essential to keep a solid credit score to access the most affordable car insurance rates.

Car insurance premiums generally decrease as you reach the early senior years, typically around age 55 to 65, especially with a clean driving record.

The two cheapest car insurance for senior drivers with low-income and poor credit history are:

• Capital Insurance Group: $631 per year; $53 per month
• Nationwide: $694 per year; $58 per month

After the age of 70, car insurance rates generally increase as older drivers are statistically considered higher risk. This trend continues each year, meaning premiums typically rise as seniors age. In Nevada, specific laws or guidelines may apply to seniors obtaining car insurance.

Car insurance rates in Nevada are influenced by several factors. Your income doesn't affect rates directly. However, if low income leads to a poor credit record, your rates could be higher. Conversely, a good credit score can help you get better rates.

Understanding the factors that contribute to car insurance rates can help you make informed decisions in choosing the best car insurance for you.

You don't need a state-sponsored program to cut costs — finding affordable car insurance in Nevada is possible with the right strategies. Here are some tips to lower your premiums:

Finding affordable car insurance in Nevada can be tough for drivers with low incomes. Here are answers to some of your most common questions on how to save.