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


Travelers is the cheapest car insurance company for individual drivers with low income and poor credit history at $42 per month. For families with low income, Concord Group is the most affordable provider at $42 per month. Maine does not offer state-backed car insurance programs for families and individuals with low income. Finding the provider with the most affordable rate is one option to manage costs. There are also ways to get discounts to help alleviate the cost of car insurance.

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

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Cheapest for Individuals With Low Income

Travelers is the cheapest car insurance provider in Maine for individual drivers with low income and poor credit history. Its average minimum coverage premium is $42 per month or $502 per year.

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Cheapest for Families With Low Income

Concord Group is the cheapest car insurance provider in Maine for families with low income. Its average minimum coverage premium is $42 per month or $503 per year.

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Cheapest for Senior Drivers With Low Income

Travelers is the cheapest car insurance provider in Maine for seniors with low income and poor credit. Its average minimum coverage premium is $40 per month or $479 per year.

Why Trust MoneyGeek? We analyzed thousands of data points and quotes from Quadrant Information Services and the Maine Bureau of Insurance to get the cheapest average costs for drivers with low income in Maine.

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10Companies Compared
 
7ZIP Codes

Does Maine Offer Low-Income Insurance?

Car insurance companies in Maine do not consider your income when calculating rates. Instead, they look at factors like your age, driving record, credit-based insurance score and type of car. 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.

If your budget is tight, a basic minimum coverage policy is often the cheapest way to stay legal on the road. If you drive infrequently, pay-per-mile insurance can also be a cost-effective option. MoneyGeek rounded up the cheapest insurers for drivers with low income in Maine to help you save.

Minimum Car Insurance Requirements in Maine

To drive legally in Maine, you must have state minimum car insurance that satisfies specific liability insurance amounts. Here's what you need:

  • $50,000 for bodily injury liability per person
  • $100,000 for bodily injury liability per accident
  • $25,000 for property damage liability per accident
  • $50,000 uninsured motorist bodily injury per person
  • $100,000 uninsured motorist bodily injury per accident
  • $2,000 medical payments coverage

If you're on a budget, a liability-only car insurance policy covers the other driver's expenses in an at-fault accident but not your own vehicle. For broader protection, including your own car, consider a full coverage car insurance policy. This includes collision and comprehensive coverages, safeguarding against various damages, such as theft or natural disasters.

Assess the risks and benefits of different coverage types to determine what's best for your situation.

Cheapest Car Insurance for Individuals With Low Income in Maine

Credit history is crucial for drivers with low income in Maine, as it significantly affects car insurance premiums. A lower credit-based insurance score can signal higher risk to insurers, resulting in increased premiums. Maintaining a good credit history can help secure affordable insurance rates.

The cheapest car insurance companies for drivers with low income and poor credit in Maine are:

  • Travelers: $502 per year; $42 per month
  • Concord Group: $553 per year; $46 per month

Drivers with low income and good credit can get the cheapest car insurance in Maine from:

  • Vermont Mutual: $278 per year; $23 per month
  • Travelers: $326 per year; $27 per month

Securing state minimum coverage is essential, as driving without insurance in Maine is illegal. It is considered a misdemeanor and can lead to suspension of your driver’s license and vehicle registration and fines ranging from $175 to $1,000, along with other penalties.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:Poor
Travelers$502$42
Concord Group$553$46
Countryway Insurance$629$52
GEICO$632$53
Vermont Mutual$667$56
Allstate$749$62
Progressive$771$64
Bristol West$1,062$88
State Farm$1,275$106
Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

Cheapest Car Insurance for Families With Low Income in Maine

While income doesn't directly impact car insurance rates, your family situation does. In Maine, a single parent with a teen faces an annual premium of $407 higher on average than a married couple with a teen. For couples, the annual rate can be as affordable as $503, but for single parents, it starts at $910.

The cheapest car insurance companies for a married couple with a teen in Maine are:

  • Concord Group: $503 per year; $42 per month
  • State Farm: $589 per year; $49 per month

For a single parent with a teen, the most affordable options are:

  • State Farm: $910 per year; $76 per month
  • Concord Group: $986 per year; $82 per month

Married couples enjoy lower premiums due to perceived stability and lower risk, whereas single parents may face higher rates. Regardless of your family type, keeping a good credit score is key to securing more affordable car insurance rates.

Data filtered by:Results filtered by:
Family Type:
Family Type:Married Couple with Teen
Concord Group$503$42
State Farm$589$49
Travelers$598$50
Allstate$619$52
GEICO$700$58
Progressive$860$72
Bristol West$1,598$133

Cheapest Car Insurance for Seniors With Low Income in Maine

Car insurance premiums generally decrease as you reach 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:

  • Travelers: $479 per year; $40 per month
  • Concord Group: $533 per year; $44 per month

After age 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. In Maine, specific guidelines or laws for seniors getting car insurance may apply.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:Poor
Travelers$479$40
Concord Group$533$44
GEICO$573$48
Countryway Insurance$626$52
Vermont Mutual$632$53
Allstate$749$62
Progressive$762$64
Bristol West$1,052$88
State Farm$1,243$104
Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

What Factors Affect Car Insurance Rates in Maine?

Your income doesn't directly affect car insurance rates in Maine. However, if a low income leads to a poor credit record, this can result in higher rates. On the other hand, good credit can help you get lower rates. Understanding the factors contributing to car insurance rates can help you make informed decisions when choosing the best car insurance for you.

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    Driving record

    At-fault accidents and moving violations increase rates for drivers. Insurers see these as indicators of risky behavior, leading to higher premiums.

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    Age and gender

    Due to statistical risk factors, younger and male drivers often face higher rates. Older and female drivers may benefit from lower premiums.

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    Credit history

    A poor credit history can lead to higher insurance rates. Insurers use credit-based insurance scores to assess risk levels.

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    Location

    Living in areas with high traffic, crime rates or accident rates can increase your premiums. Urban areas typically have higher rates than rural ones.

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    Vehicle type

    Driving a high-performance or luxury vehicle can increase insurance costs. Safer, more affordable cars often have lower premiums.

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    Coverage levels

    Higher coverage levels mean higher premiums. Opting for state minimum coverage can reduce your insurance costs significantly.

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    Insurance company

    Different insurers have unique underwriting methodologies and discounts, so comparing quotes can help you find the best rate.

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    Claims history

    A history of filing a claim can lead to higher rates as it indicates a higher risk to insurers. If you can afford to pay for your own repairs, it might pay not to file a claim.

How to Save on Car Insurance in Maine

Whether you're looking for state minimum coverage or options for drivers with low income, finding affordable car insurance in the Pine Tree State can be easier with the right strategies. Here are some tips to lower your car insurance premiums:

  1. 1
    Choose minimum coverage

    Opting for state-mandated minimum coverage can help you save on premiums while meeting legal requirements to drive. This is a cost-effective option if you own an older car or drive less frequently.

  2. 2
    Comparison shop

    Get quotes from multiple insurers to compare rates and discounts. Shopping locally might also lead to the lowest rates, making it easier to find affordable car insurance in Maine.

  3. 3
    Look for discounts

    Insurance companies offer many discounts based on factors like a safe driving record, being a good student, military service or bundling multiple policies. Take advantage of these to lower your premiums.

  4. 4
    Increase your deductible

    Choosing a higher car insurance deductible can significantly reduce your monthly premium. Ensure you can afford that amount out of pocket if an accident occurs.

  5. 5
    Consider pay-per-mile insurance

    If you're a low-mileage driver, pay-per-mile is a great option. You pay a base rate plus a per-mile fee, so you only pay for the miles you drive, potentially saving a significant amount annually.

  6. 6
    Bundle your policies

    If you need other insurance types, like homeowners or renters, bundling them with your auto policy can often lead to discounts. Bundling can save you around $496 each year.

  7. 7
    Drive a cheaper car

    Your car's make, model and year significantly impact your insurance costs. Driving the cheapest cars to insure can save you hundreds of dollars in insurance costs each year.

FAQ: Low-Income Car Insurance in Maine

Finding affordable car insurance for drivers with low income in Maine can be challenging. Here are the answers to common questions about low-income car insurance options in the Pine Tree State.

Does Maine have a state-backed low-income car insurance program?

How can low-income families get affordable car insurance in Maine?

Does your income affect the cost of car insurance in Maine?

What are the benefits of usage-based telematics programs for drivers with low income in Maine?

About Mark Fitzpatrick


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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.