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MoneyGeek’s car insurance calculator can help you calculate your car insurance premiums in Rhode Island. You can use it to get a quick estimate of car insurance costs in the state.
The price of your car insurance is affected by various factors. MoneyGeek analyzed how car insurers in Rhode Island calculate insurance prices so you can figure out which factors have the biggest impact on your rates.
Rhode Island Car Insurance Calculator: How it Gets You an Instant, Free Estimate
To get an accurate car insurance quote in Rhode Island, you have to submit various pieces of personal information to insurers. This usually takes 10 to 15 minutes to complete. Alternatively, MoneyGeek’s Rhode Island car insurance calculator can give you an instant estimate of how much your car insurance will cost based on your age, driving record, vehicle type and coverage levels.
Our calculator also shows the most important factors affecting the cost of your car insurance. In Rhode Island, the factors that have a significant impact on your rates are the addition of a teen driver, the driver’s age and credit score.
That said, the biggest factors for you may change depending on your driver profile.
The cheapest car insurance company in Rhode Island may vary depending on several factors. MoneyGeek’s calculator can give you a close estimate of your car insurance cost.
Our default driver pays $437 per year for a policy from State Farm, the cheapest widely available company in the state.
It’s important to remember that price isn’t everything. You’ll want to pick an insurance provider that also has great customer service and the coverages you need.
To get an idea of how much your car insurance will cost, use MoneyGeek’s car insurance calculator or browse our collection of sample drivers in the cheapest car insurance in Rhode Island.
To compare the cost of car insurance in Rhode Island versus other states, MoneyGeek analyzed the average cost of car insurance in Rhode Island.
To find an insurer that has the right balance between affordability and service quality, MoneyGeek ranked the best car insurance companies in Rhode Island.
How Car Insurance Premiums are Calculated in Rhode Island
Car insurance companies determine the cost of premiums using various factors. These include your age, gender, driving record, credit score, coverage levels and car model.
In Rhode Island, the most important factors in calculating your premiums are adding a teen driver, age of driver and credit score.
Adding a teen driver to your policy can raise your insurance rates in Rhode Island by 3x.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Rhode Island
Insurers tend to charge more when you add a teen driver to your policy. This is because teenagers lack enough driving experience, making them more likely to get in an accident. As a result, they are considered high-risk drivers.
In Rhode Island, adding a teen driver to your policy can multiply your car insurance rates by 3x.
How Much Age of Driver Matters in Calculating Car Insurance in Rhode Island
Your age can have a significant impact on the cost of your car insurance. Insurers usually charge more for young drivers. Likewise, senior drivers pay more for car insurance than middle-aged drivers.
The cheapest car insurance in Rhode Island is for a 40-year-old driver. Meanwhile, the most expensive policy is for a 19 to 20 year old. Depending on your age, your insurance rates can increase by 2.4x.
How Much Credit Score Matters in Calculating Car Insurance in Rhode Island
The cost of your car insurance can be affected by your credit score. It’s important to remember that maintaining a good to excellent credit score can get you a more affordable car insurance policy in Rhode Island.
However, if you have a poor credit score, it can increase your car insurance rates in Rhode Island by 2.1x.
How Much Coverage Levels Matters in Calculating Car Insurance in Rhode Island
How much coverage you purchase can influence the cost of your insurance premiums. Buying more coverage gives you extra protection, but it results in higher car insurance rates.
In Rhode Island, the cheapest coverage is a state minimum liability-only, while the most expensive is full coverage with a $500 deductible and 100/300/100 liability insurance. Getting a full coverage policy can multiply your rates by 2x.
How Much Car Model Matters in Calculating Car Insurance in Rhode Island
Your car’s model has an impact on the price of your car insurance. Insurers usually charge more for those who drive luxury cars since these vehicles are more expensive to repair. They also consider some cars more prone to damage, which means those models need additional protection.
You can pay as much as 2x for car insurance in Rhode Island if you drive a more expensive car.
How to Calculate How Much Car Insurance You Need in Rhode Island
How much insurance you purchase can affect the cost of your car insurance. Calculating how much car insurance you need in Rhode Island can help you find the right balance between cost and protection.
Rhode Island’s law requires you to have bodily injury liability insurance and property damage liability insurance. However, you should consider buying additional liability insurance as well as comprehensive and collision insurance depending on your circumstance.
Understand Rhode Island car insurance requirements
By understanding Rhode Island’s minimum car insurance requirements, you can figure out how much car insurance you need. The state law will protect you for $25,000 in bodily injury liability per person and up to $50,000 in bodily injury liability per accident.
Rhode Island doesn’t require you to purchase comprehensive and collision insurance, which protects you against damage to your car.
Consider Purchasing Additional Liability Insurance
If you want to protect yourself financially against the costs of a major accident, you might need liability insurance that’s higher than the Rhode Island state minimum.
A policy in Rhode Island protecting you for $300,000 in bodily injury liability per accident costs an average of $1,320 per year, compared to $990 for minimum liability insurance.
Decide whether or not to buy comprehensive and collision insurance
You need to determine if you need full coverage, which is a policy with comprehensive and collision insurance. In Rhode Island, this is not a requirement. However, lenders might require it if you’re leasing or financing the purchase of your car.
Adding comprehensive and collision insurance with a $1,000 deductible costs an average of $570 more per year in Rhode Island. That said, you might not need to pay hundreds of dollars per year to insure a car that’s only worth a few thousand dollars.
Consider buying additional protection besides these core coverages
Getting uninsured/underinsured motorist coverage is optional in Rhode Island. However, you may consider buying it as an affordable way to protect yourself against uninsured drivers. Around 16.5% of drivers in Rhode Island are uninsured.
The state also doesn’t require personal injury protection. However, you have the option to buy medical payments coverage to protect yourself against the cost of medical expenses due to an accident.
Frequently Asked Questions About How Car Insurance is Calculated in Rhode Island
MoneyGeek answered some frequently asked questions about how car insurance is calculated in Rhode Island.
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Rhode Island. 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