In all but a handful of states, car insurance companies use a version of your credit score to determine your monthly premiums. Not surprisingly, those with lower credit-based insurance scores usually pay more: According to data from Bankrate, drivers with bad credit (a FICO score below 579) pay 118% more on average for full coverage than those with excellent credit (a FICO score of 800 or above). CNBC Select analyzed leading auto insurers and chose five standouts based on their rates for drivers with lower credit scores, as well as coverage opt ...
Best for customer service ; Best for families ; Best for discounts ; Best for a bad driving record ; Best for bad credit ; Best for military members and veterans
Most drivers with poor credit can find the cheapest car insurance from Geico at rates of $81 per month or $970 per year for minimum coverage.
If you’re looking for auto insurance with bad credit, Nationwide ($1,249 per year) and GEICO ($1,568 per year) offer the cheapest policies on average.
Best for a bad driving record ; Best for seniors ; Best for discounts ; Best for families with young drivers ; Best for military families
See Forbes Advisor’s ratings of the best car insurance companies for drivers with bad credit. In most states poor credit results in very high insurance rates.
The cheapest car insurance companies are USAA, Nationwide and Travelers according to Forbes Advisor’s analysis. Learn more about cheap car insurance options.
Geico offers the cheapest car insurance rates in Florida with average annual rates of $650 for minimum-coverage policies and $2,087 for full coverage.
No one wants to pay more than necessary for car insurance. Here are ways to lower your bill or find cheaper coverage.
Best for cheap car insurance: Geico ; Best for bad credit: Bristol West ; Best for drivers with speeding tickets: Travelers ; Best for teen drivers: State Farm ; Best for military members and veterans: USAA ; Best for bundling: Florida Farm Bureau