Cheap Nevada Low-Income Car Insurance for Families and Individuals

Nevada doesn’t have a government program to help low-income drivers purchase car insurance. MoneyGeek’s analysis found that GEICO is the cheapest insurer in the state for low-income families and individuals.

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Last Updated: 11/25/2022
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Insurance providers don’t consider a driver’s income when pricing car insurance policies. In Nevada, the coverage level you select or adding a teen driver to your policy are the factors that most affect your car insurance rates. MoneyGeek broke down Nevada’s cheapest car insurance companies for low-income individuals and families, comparing rates for people with poor and good credit scores.

Is There Car Insurance for Low-Income Families and Individuals in Nevada?

Nevada does not have a government assistance program for low-income individuals who need to buy car insurance. Studies show that 10.4% of drivers in Nevada are uninsured. Many of them find car insurance too expensive to afford, so they don’t buy it.

In Nevada, minimum coverage is the cheapest car insurance available for low-income individuals. Pay-per-mile policies are also an affordable option for folks who don’t drive often.

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Does Nevada Have a Government Program to Support Low-Income Drivers with Insurance?

Like most U.S. states, Nevada doesn’t have a government program to help low-income drivers get car insurance. Despite that, drivers should still buy car insurance to ensure their financial protection in case of an accident.

Comparing quotes from several car insurance companies is the best way to find an affordable policy. MoneyGeek evaluated Nevada’s cheapest car insurance providers for low-income individuals to help drivers shop around and look for offers that meet their needs and budgets.

The Cheapest Nevada Car Insurance Companies for Low-Income Drivers

Although insurance companies in Nevada don’t use income to determine car insurance rates, they do look at income-related factors. For example, your credit score has a significant effect on the cost of insurance and can be related to low income, although not necessarily. Your age is another consideration: Most older people tend to make more money than those just out of school.

The most affordable car insurance for low-income people in Nevada is minimum coverage insurance.

MoneyGeek found that Allstate has the most affordable rates for low-income families in Nevada, while GEICO offers the state’s cheapest car insurance policies for low-income adults, students and seniors. We laid out the most affordable minimum coverage policies for low-income individuals and families of different ages.

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The Cheapest Nevada Car Insurance Companies for Low-Income Families

Your income can’t affect your car insurance rates in Nevada, although your credit score does.

For example, a single parent with a poor credit score pays $2,081 more per year for their car insurance than a single parent with a good credit score. Similarly, car insurance for a couple with a child is $2,941 more expensive per year if they have a poor credit score instead of a good credit score.

MoneyGeek’s analysis shows that Nevada’s cheapest car insurance companies for single parents with poor credit scores are:

  • GEICO: $3,929 per year
  • Travelers: $4,267 per year

Likewise, couples with a kid and bad credit scores can find the most affordable car insurance in Nevada from:

  • Allstate: $5,746 per year
  • GEICO: $5,955 per year

USAA also offers cheap car insurance policies, but it’s only available for active and retired military members and their families.

A low income doesn’t necessarily mean you have a poor credit score. Toggle the table below to look for the cheapest offers per profile.

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Single parent w/ a kid

Switch by Credit Score:

Good Credit Score

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  • Company
    Annual Rates
  • USAA
    $1,514
  • GEICO
    $2,321
  • Travelers
    $2,522
  • State Farm
    $2,728
  • Allstate
    $2,954
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The Cheapest Nevada Car Insurance Companies for Low-Income Individuals

In Nevada, a 40-year-old driver with a poor credit score pays approximately $672 more per year than their counterpart with a good credit score.

The most affordable car insurance providers in Nevada for low-income individuals with a poor credit score are:

  • GEICO: $1,017 per year
  • Travelers: $1,429 per year

It’s important to note that a low income doesn’t always mean a poor credit score. GEICO costs roughly $601 per year for low-income Nevada drivers with good credit scores, while Travelers costs around $844 per year.

Switch by Credit Score:

Good Credit Score

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  • Company
    Annual Rates
  • USAA
    $511
  • GEICO
    $601
  • Travelers
    $844
  • State Farm
    $920
  • Allstate
    $976

The Cheapest Nevada Car Insurance Companies for Low-Income Students

Insurers consider young drivers riskier to insure due to their inexperience. As such, college student drivers tend to have higher rates, even though it has nothing to do with their income.

MoneyGeek’s analysis found that low-income students in Nevada with poor credit scores can find the cheapest car insurance policies from:

  • GEICO: $2,046 per year
  • Travelers: $2,876 per year

Low-income student drivers can also find affordable rates from USAA, but it’s only available for military members and their families.

Just because a student has a low income doesn’t mean they have a poor credit score. Student drivers with good credit scores in Nevada can purchase a GEICO policy for approximately $1,209 per year and a Travelers policy for around $1,699 per year.

Switch by Credit Score:

Good Credit Score

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  • Company
    Annual Rates
  • USAA
    $1,028
  • GEICO
    $1,209
  • Travelers
    $1,699
  • State Farm
    $1,852
  • Allstate
    $1,964

The Cheapest Nevada Car Insurance Companies for Low-Income Seniors

Car insurance rates for seniors are usually more expensive compared to rates for middle-aged drivers. In addition to their age, a senior’s credit score greatly affects the price of their insurance premiums.

In Nevada, an average 70-year-old driver pays $745 more per year if they have a poor credit score instead of a good credit score.

Based on MoneyGeek’s research, the following companies in Nevada offer the most affordable car insurance policies for low-income seniors with poor credit scores:

  • GEICO: $1,349 per year
  • State Farm: $1,516 per year

USAA also offers cheap car insurance for low-income seniors, but it’s only available for active and retired military members and their families.

Having a low income doesn’t necessarily translate to a poor credit score. The average price of car insurance for a senior in Nevada with a good credit score is $797 per year from GEICO and $896 per year from State Farm.

Switch by Credit Score:

Good Credit Score

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  • Company
    Annual Rates
  • USAA
    $620
  • GEICO
    $797
  • State Farm
    $896
  • Travelers
    $1,022
  • Allstate
    $1,071

Does Income Affect Car Insurance Rates in Nevada?

Insurance companies can’t use income when calculating your car insurance rates. Despite that, income-related factors can significantly affect the price of insurance premiums.

For example, younger drivers tend to have low incomes since they’re still studying or just starting their careers. Although their car insurance rates are usually more expensive than older drivers, it’s not because of their income. Rather, insurance companies find young drivers riskier to insure due to their lack of experience on the road.

MoneyGeek studied income-related factors and their effect on car insurance rates in Nevada. Our analysis found that the following have the most substantial influence:

  • Adding a teen driver to your policy.
  • The coverage level your select.
  • Your credit score.

Your age and the model of your car are also important since insurers factor them in when calculating their prices.

  • Factor
    How it Affects Your Rates
  • Adding a Teen Driver

    In Nevada, adding a teen driver is the strongest factor, and it can increase rates by 2.9x.

  • Age of Driver

    A driver’s age can make car insurance in Nevada twice as expensive.

  • Coverage Levels

    In Nevada, the amount of coverage you buy greatly affects car insurance rates, and can increase your premium by 2.4x.

  • Car Model

    Your car model can make the cost of insurance twice as expensive in Nevada.

  • Credit Score

    In Nevada, a poor credit score can make your rates 2.1x more expensive compared to drivers with good credit.

Frequently Asked Questions About Low-Income Car Insurance in Nevada

MoneyGeek answers some frequently asked questions to help low-income individuals in Nevada find cheap car insurance that fits their needs and budget.

Methodology

MoneyGeek calculated the cost of car insurance for low-income drivers in Nevada using quotes sourced in partnership with Quadrant Information Services. The sample driver is either a 40-year-old male, a single 40-year-old parent with a 16-year-old child, an adult couple each 40 years old or a couple with a 16-year-old child. The individual or family drives a 2010 Toyota Camry LE. The driver buys the minimum car insurance required in Nevada.

Costs for poor and good credit scores were extrapolated based on MoneyGeek’s dataset of credit score rate adjustments by score categorization.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.