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

The cheapest car insurance for individual drivers with low-income and poor credit in New Hampshire is Hanover at $16 per month. For families with low-income, the most affordable option is Concord Group at $44 per month.

New Hampshire does not offer state-backed car insurance programs for low-income families and individuals. However, managing the cost of car insurance can be done by looking for the provider with the most affordable rate and seeking out discounts.

While minimum coverage will help you drive legally, it has its downsides. For example, in an at-fault accident, it may not cover all the damages, leaving you responsible for the excess costs.

Car insurance companies in New Hampshire do not consider your income when calculating rates. Instead, they look at factors like your age, driving record, credit history, and the type of car you drive. At-fault accidents and moving violations can increase your rates significantly, so it's important to maintain a clean driving record.

The best way to find the cheapest rates is to compare quotes from several insurance companies. This allows you to see which insurer offers the best deal for your specific situation. If your budget is tight, opting for a basic minimum coverage policy is often the most affordable way to stay legal on the road. New Hampshire also offers pay-per-mile insurance, which can be a great option for drivers who rarely drive.

MoneyGeek rounded up the cheapest insurers for low-income drivers in New Hampshire to help you save.

To legally drive in New Hampshire, you must carry state minimum car insurance that meets the minimum car insurance requirements. Your policy should include the following coverage amounts:

• $25,000 for bodily injury liability per person.
• $50,000 for bodily injury liability per accident.
• $25,000 for property damage liability per accident.
• $25,000 uninsured motorist bodily injury per person.
• $50,000 uninsured motorist bodily injury per accident.
• $25,000 uninsured/Underinsured property damage coverage.
• $1,000 medical payments coverage.

Different types of policies are available to suit various needs and budgets. A liability-only car insurance is more affordable and covers expenses for the other driver if you're at fault in an accident, but it doesn't cover your own vehicle. For broader protection, including your vehicle, full coverage car insurance is necessary. It encompasses both collision and comprehensive coverages, safeguarding against a range of non-collision events.

In scenarios like New Hampshire's snowy winters, opting for full coverage is wise. It protects against damages from weather-related incidents. Understanding the different coverages helps you weigh the risks and benefits, ensuring you select the right insurance for your situation.

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

New Hampshire drivers with poor credit records can find affordable rates with:

• Hanover: $187 per year; $16 per month
• Vermont Mutual: $341 per year; $28 per month

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

• Hanover: $133 per year; $11 per month
• Vermont Mutual: $287 per year; $24 per month

Driving without insurance in New Hampshire 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.

While your income doesn't change car insurance rates, being a single parent can. In New Hampshire, single parents with a teen see annual premiums around $1,009, whereas married couples with a teen can secure rates as low as $524 annually. This means single parents could be paying nearly $485 more each year.

For married couples with a teen, the most affordable car insurance companies are:

• Concord Group: $524 per year; $44 per month
• State Farm: $682 per year; $57 per month

For single parents with a teen, the cheapest options are:

• Concord Group: $1,009 per year; $84 per month
• State Farm: $1,063 per year; $89 per month

The difference in rates reflects the insurance industry's risk assessment, which often sees single parents as having a higher risk profile. Keeping a solid credit score is key for anyone looking to reduce their car insurance expenses, as it is one of the factors insurers consider when determining premiums.

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

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

• Hanover: $184 per year; $15 per month
• Vermont Mutual: $322 per year; $27 per month

After the age of 70, car insurance rates typically increase, as older drivers are statistically considered higher risk. This trend continues each year, meaning premiums generally rise as seniors age. Seniors in New Hampshire should also be aware of any specific laws or guidelines for obtaining car insurance.

Many factors influence car insurance rates. Although your income doesn't affect the price directly, you might pay more if a low income leads to a poor credit record. Understanding these factors can help you find the best car insurance for your needs.

There are several ways to find affordable car insurance in New Hampshire. Some drivers may benefit from state-sponsored programs designed for low-income residents. These options can help you meet the state minimum coverage requirements without breaking the bank.

Here are some tips to lower your car insurance premiums:

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