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Car Insurance Cost Calculator
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Apr, 19, 2024
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There are several ways to get car insurance quotes in Arkansas. You can reach out to various insurance companies directly or use their online tools.
MoneyGeek’s car insurance calculator is an efficient way to determine car insurance estimates in Arkansas. We also looked into how insurers calculate car insurance premiums in Arkansas. This knowledge can help you understand which factors impact auto insurance costs the most.
Arkansas Car Insurance Calculator: How it Gets You an Instant, Free Estimate
You only need 10–15 minutes to get a car insurance quote in Arkansas. Using MoneyGeek’s car insurance calculator makes it even faster to get a rough estimate. It’s best to have your personal details ready to make the process as efficient as possible.
MoneyGeek’s car insurance calculator considers factors based on your unique profile when calculating premiums. It shows how much you’ll have to pay monthly or annually.
In Arkansas, adding a teen driver, the driver’s age and the policy’s coverage levels impact car insurance costs the most.
Our sample driver profile showed that Southern Farm Bureau offers the cheapest widely available policy in Arkansas at $386 annually. The most affordable option for you may vary, but our calculator provides a close estimate.
Cost shouldn’t be your only consideration. Look into the coverages an insurer offers and the quality of their service.
To find the cheapest car insurance in Arkansas, we suggest using MoneyGeek’s car insurance calculator or browsing our collection of sample driver profiles.
MoneyGeek also computed the average cost of car insurance in Arkansas so you can see how it compares to the rates in other states.
If you prioritize both affordability and high-quality service, MoneyGeek evaluated various insurers and determined the best car insurance companies in Arkansas.
How Car Insurance Premiums are Calculated in Arkansas
Like other states, insurers in Arkansas calculate car insurance rates using various factors. MoneyGeek’s analysis shows that adding a teen driver to a family policy, the age of the insured driver and the policy’s coverage levels have the most significant impact on premiums.
Adding a teen driver, which is the top factor in Arkansas, can increase the cost of car insurance by 3.5x.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Arkansas
Teen drivers between the ages of 15 and 19 have a higher rate of fatal crashes. Their lack of skills and general inexperience contribute to this, making them riskier to insure. When they have friends in the car with them, the likelihood of an accident becomes even higher.
All of these lead to insurers charging higher rates. Adding a teen driver to your family policy increases your premium by roughly 3.5x in Arkansas.
How Much Age of Driver Matters in Calculating Car Insurance in Arkansas
Age is another factor that heavily affects car insurance rates in Arkansas. As drivers mature, car insurance companies often offer lower premiums.
In Arkansas, age may increase auto insurance rates in Arkansas by 2.7x if you’re comparing a teen driver to a typical 40-year-old.
How Much Coverage Levels Matters in Calculating Car Insurance in Arkansas
The more coverage you have on your policy, the more expensive the premium becomes.
The cheapest policy in Arkansas only has liability-only insurance with state minimum limits. If you decide to go with full coverage car insurance with high liability limits, your rates can increase by roughly 2.3x.
How Much Credit Score Matters in Calculating Car Insurance in Arkansas
Insurers in Arkansas include credit scores when calculating premiums because they indicate how well the driver manages their finances. The better your credit standing is, the more likely you’ll be able to pay your premium on time.
Your credit score can increase your auto insurance premium by an average of 2.2x. Drivers with excellent credit standing typically have the most affordable rates, while those with poor credit scores have the most expensive premiums.
How Much Car Model Matters in Calculating Car Insurance in Arkansas
The type of car you drive affects car insurance premiums because it’s related to other factors such as engine size, the likelihood of theft and the cost of repairs. This is why sports cars usually cost so much more to insure than standard sedans. In addition, insurers look at how much damage the vehicle can potentially cause.
Depending on what car you drive, your car insurance cost can increase by 2x.
How to Calculate How Much Car Insurance You Need in Arkansas
Knowing how to calculate how much car insurance you need in Arkansas can help you find a balance between cost and coverage.
You must at least have liability insurance to cover costs from bodily injury and property damage in Arkansas. But you may want to consider expanding your coverage or increasing limits depending on your situation.
Understand Arkansas car insurance requirements
If you want to calculate how much car insurance you need in Arkansas, you should begin with what the state requires. The minimum car insurance requirement in Arkansas is 25/50/25. It means you need a $50,000 limit for bodily injury per accident, with a maximum of $25,000 per person. It must also have a $25,000 limit for property damage.
These help you cover costs incurred by the other driver if you cause an accident. It does not protect you against repair expenses if your own vehicle is damaged. For this, you would need collision and comprehensive insurance, which Arkansas does not mandate.
Consider Purchasing Additional Liability Insurance
The costs associated with accidents can be extensive — you may need additional liability insurance. Although it increases your premium, it may very well be worth it.
As a hypothetical, let’s say that a liability-only policy with state minimum limits costs an average of $542 per year in Arkansas. If you increase the liability limits to 100/300/100, the annual premium would become roughly $758, a difference of $216.
Decide whether or not to buy comprehensive and collision insurance
You may need full coverage car insurance, which protects you against costs from damage to your car. Lenders may also require it if you’re leasing your vehicle or financing it.
Compared to the state minimum, you'll pay an additional $408 each year on average for a policy with comprehensive and collision insurance with a $1,000 deductible. However, if you’re driving an old car with low value, it may not be worth the additional expense.
Consider buying additional protection besides these core coverages
In 2019, Arkansas was the eighth-worst state regarding uninsured motorists. Although drivers are required to have coverage, 19.3% of them don’t in this state. You may want to get uninsured/underinsured motorist insurance as an affordable way to have additional protection.
You can also add medical payments coverage. It can help cover expenses if you get injured in an accident.
Frequently Asked Questions About How Car Insurance is Calculated in Arkansas
You may have questions regarding how you calculate car insurance premiums in Arkansas. Here’s more information to help you make an educated decision when buying your policy.
You can request a quote from insurers. You can also use MoneyGeek’s car insurance calculator in Arkansas to get a ballpark figure.
The factors with the most significant impact on car insurance premiums in Arkansas are adding a teen driver to the policy, the driver’s age and the policy’s coverage levels.
Begin with minimum insurance requirements in Arkansas. From there, determine whether you want to increase limits, expand coverage or get additional types of insurance.
Methodology
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Arkansas. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick
sources
- National Highway Traffic and Safety Administration. "Teen Driving." Accessed January 26, 2022.