The cheapest car insurance will depend on your driver profile and needs. In Providence, we found that State Farm is the cheapest car insurance company for full coverage, drivers with violations, teens on a family policy, military drivers, young adults and seniors. Travelers offer the cheapest car insurance for drivers with bad credit.
Those looking to balance cost and service quality can look at MoneyGeek’s analysis of the best car insurance in Providence.
Cheapest Car Insurance in Providence, RI
Cheapest Minimum Coverage Car Insurance in Providence
MoneyGeek found the following companies offer the cheapest minimum coverage car insurance in Providence:
- State Farm: $406 per year
- Travelers: $498 per year
Nationwide offers the most expensive minimum coverage policy, costing an average of $1,182 annually.
As of October 2022, State Farm also has the cheapest car insurance in Rhode Island, at an average rate of $344, lower than its Providence rate. This difference illustrates how location can affect insurance costs.
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Based on Rhode Island law, a minimum coverage policy must cover bodily injury and property damage with the following limits:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability per accident
The coverage limits indicate how much the insurer will pay in case of an accident. For example, the maximum compensation for bodily injury is $25,000 per passenger and $50,000 per accident. This means the insurer will pay a maximum of $50,000 for passengers' medical bills, regardless of how many persons are injured. The maximum medical bill compensation per passenger is $25,000.
Cheapest Full Coverage Car Insurance in Providence
The following companies offer the cheapest full coverage policies in Providence:
- State Farm: $797 per year
- Travelers: $1,089 per year
Nationwide charges the highest full coverage rates, at $1,694 annually. As of October 2022, State Farm is also the most affordable car insurance option in Rhode Island, with an average rate of $700. Its Providence rates are higher, illustrating how location can affect insurance premiums.
A full coverage policy in Providence will include comprehensive and collision insurance.
- Comprehensive Insurance: Pays for damage caused due to a non-accident incident, like theft, vandalism or weather events.
- Collision Insurance: Pays for damage to your vehicle if you hit another car or stationary object.
Full coverage for older vehicles might not benefit you, as the overall insurance cost might exceed your vehicle’s value.
Compare minimum and full coverage policies.
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Cheaper insurers could pocket you hundreds of dollars per year.
Cheapest Car Insurance in Providence After a Driving Offense
The cheapest car insurance company for Providence drivers with violations on their records is:
- Speeding ticket: State Farm ($797 per year)
- At-fault accident: State Farm ($797 per year)
- DUI: State Farm ($797 per year)
GEICO offers the most expensive rates for drivers with violations, charging an average of $1,826 per year after an at-fault accident, $5,150 after a DUI and $2,556 after a speeding ticket.
Your insurance rates will significantly go up after a driving violation. Even the rates from the cheapest insurer will be higher than for someone with a clean driving history.
The cost of a policy will usually increase in relation to the violation’s severity. In Providence, drivers can expect their rates to increase by an average of $441 after a speeding ticket and $1,342 after a DUI. To find the cheapest car insurance with a poor driving record, compare quotes from several insurers.
Cheapest Car Insurance in Providence for Teens and Their Families
The following companies offer the cheapest car insurance for Providence teens on a family policy:
- State Farm: $1,778 per year for female teens; $2,461 per year for male teens
- GEICO: $3,006 per year for female and male teens
Progressive is the most expensive car insurance company for teen drivers, charging an average of $4,281 per year for female teens and $4,704 per year for male teens.
The cost of a policy is generally higher for male teens, although the difference tapers off by early adulthood.
Purchasing an individual policy as a teen driver is generally more expensive than adding the teen to a family policy. In Providence, adding a 16-year-old male to a family policy costs an average of $3,432 annually. However, an individual policy for the same teen costs an average of $10,026 per year.
Shop around to find which insurance providers offer the cheapest car insurance for teens.
Cheapest Car Insurance in Providence for Military Drivers
The following companies will offer you the most affordable car insurance rates if you are an active-duty soldier or a veteran in Providence:
- State Farm: $797 per year
- USAA: $835 per year
USAA offers the cheapest minimum military car insurance coverage, charging an average of $372 per year. State Farm is the second-cheapest option, costing an average of $406 per year.
How to Compare Cheap Providence Car Insurance Quotes Online
As a driver looking to get an online quote in Providence, Rhode Island, be prepared to spend 15 minutes longer inputting your personal information.
MoneyGeek’s car insurance calculator can save you time and effort. It gives you a quick estimate of your insurance premiums based on just your driving history, coverage level, vehicle type and age.
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Cheapest Car Insurance in Providence for Young Adults
MoneyGeek found the following companies offering the most affordable car insurance for young adults looking for full coverage in Providence:
- State Farm: $977 per year
- Travelers: $1,131 per year
Nationwide charges the highest premiums to insure young drivers. On average, its policies cost $2,095 per year.
The average annual premium for a 25-year-old driver in Providence is $1,566 per year. This cost lowers to an average of $1,337 annually for 40-year-old drivers. Younger drivers are generally riskier, so they usually pay higher rates.
Cheapest Car Insurance in Providence for Seniors
The following companies offer the most affordable car insurance companies for senior drivers who want full coverage:
- State Farm: $805 per year
- Travelers: $1,101 per year
The most expensive car insurance company is Amica Mutual, charging an average of $1,853 annually. On average, 65-year-old drivers pay an annual cost of $1,466 for a policy. This rate is slightly higher than the average of $1,337 for 40-year-olds.
Cheapest Car Insurance in Providence for Poor Credit
The following companies offer the cheapest car insurance if you have poor credit in Providence:
- Travelers: $1,607 per year
- State Farm: $1,645 per year
American Family offers the most expensive policy for such drivers, with an average cost of $2,978 annually. MoneyGeek found that drivers with a poor credit history will pay an average of $905 or 68% more for a policy than someone with good credit.
Insurance providers have found that drivers with bad credit file more claims and charge them higher premiums. You can compare quotes and benefit from bundling policies and discounts to lower your insurance costs. You can also improve your credit score by managing your finances responsibly.
Cheapest Car Insurance in Providence for Sports Cars
The following car insurance companies offer the most affordable full coverage policies for drivers with sports cars:
- State Farm: $975 per year
- American Family: $1,333 per year
Nationwide offers the most expensive car insurance for such drivers, costing an average of $2,321 annually.
A Ford Mustang will cost an average of 17% more ($231) to insure than a standard Toyota Camry.
MoneyGeek used a Ford Mustang as the sports car in this analysis. However, the policy cost can vary based on the car model. We found that luxury, sports and electric cars are generally more expensive to insure.
Average Cost of Car Insurance in Providence
The average cost of car insurance in Providence for a full coverage policy is $1,337 per year. That’s $176 more than Rhode Island’s average car insurance cost and $72 more than the national average. The policyholder’s location can affect the cost of car insurance.
The costs discussed here are for a full coverage policy with $100,000 bodily injury liability per person, $300,000 in bodily injury liability per accident and $100,000 in property damage liability per accident.
About Mark Fitzpatrick