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

Progressive is the cheapest car insurance company for individual drivers with low income and poor credit history in Missouri at $60 per month. For families with low income, GEICO is the most affordable provider at $42 per month. Missouri does not offer state-backed car insurance programs for drivers with low income. Finding the provider with the most affordable rate is an option to manage costs. There are also ways to get discounts to help alleviate the cost of car insurance.

Although minimum coverage will help you drive legally, it has downsides. For example, minimum coverage may not cover all damages in an at-fault accident, leaving you to pay out of pocket.

Car insurance companies in Missouri do not consider income when calculating your car insurance rates. Instead, they look at factors like age, driving record, credit history and the type of car you drive. At-fault accidents and moving violations will increase your rates. To find the cheapest rates, it's best to compare quotes from several insurance companies. This approach ensures you get the most affordable option available.

If your budget is tight, a basic minimum coverage policy is often the cheapest way to stay legal on the road. For drivers who rarely drive, pay-per-mile insurance can be the best option to save money. MoneyGeek rounded up the cheapest insurers for drivers with low income in Missouri to help you save.

To legally drive in Missouri, you must have car insurance that meets the state's minimum car insurance requirements. Your policy should include at least 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

If budget is a concern, a liability-only car insurance policy may suffice, covering damages to others if you're at fault in an accident. However, it doesn't cover damages to your own vehicle. For more comprehensive protection, including damages to your car, full coverage car insurance is necessary. It includes collision and comprehensive coverages, safeguarding against various incidents beyond accidents, such as theft or natural disasters.

Understanding the risks and benefits of each policy type is crucial to selecting the right coverage for your needs.

Credit history is crucial for drivers in Missouri with low-income as it directly affects car insurance premiums. A poor credit-based insurance score can signal higher risk to insurers, resulting in higher premiums. Maintaining a good credit record is essential for securing affordable insurance rates.

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

• Progressive: $724 per year; $60 per month
• Travelers: $746 per year; $62 per month

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

• Progressive: $451 per year; $38 per month
• Travelers: $482 per year; $40 per month

It's important to get state minimum coverage as driving without insurance in Missouri is illegal. Penalties for driving without insurance include suspension of your driver’s license, vehicle registration and fines ranging from $175 to $1,000.

Income doesn't influence car insurance premiums in Missouri. However, family type plays a crucial role. Single parents typically face higher costs, with State Farm offering minimum coverage at $1,537 annually, $1,038 more than GEICO's rate for married couples with a teen. Conversely, married couples with a teen can secure significantly more affordable rates, saving up to $1,038 per year with GEICO.

The cheapest car insurance companies for married couples with a teen in Missouri are:

• GEICO: $499 per year; $42 per month
• Travelers: $945 per year; $79 per month

The cheapest car insurance companies for a single parent with a teen are:

• State Farm: $1,537 per year; $128 per month
• Travelers: $1,912 per year; $159 per month

Insurance rates for married couples with a teen are lower than those for a single parent with a teen. This difference underscores the impact of family structure on insurance costs. Maintaining a good credit score is also vital as it can help secure more affordable minimum coverage auto insurance rates.

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:

• Progressive: $697 per year; $58 per month
• Travelers: $772 per year; $64 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. In Missouri, there are specific guidelines for seniors getting 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.

Whether or not you qualify for state-sponsored programs for drivers with low income, several strategies can help you find affordable car insurance in Missouri. Here are some tips to lower your car insurance premiums:

Finding affordable car insurance can be challenging for drivers with low income in Missouri. Get answers to some of the most commonly asked questions about low-income car insurance in the Show Me State.