Low-Income Car Insurance in Michigan Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Lumigraphics/Getty Images March 28, 2022 Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent. Amy Sims is a managing editor for Bankrate, leading a team responsible for creating educational insurance content. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate logo Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Michigan is one of the most expensive states for car insurance. Full coverage costs on average $2,309 per year, compared with the national average of $1,674 per year. and busy roadways may contribute to this high price. For many Michigan residents, particularly those who are considered low-income drivers, finding can help free up valuable room in the budget. While a specific low-income car insurance program does not exist in this state, Bankrate can help you learn how to find the car insurance that fits your needs and financial parameters. Compare rates and save on auto insurance today! Get quotes Close X RatesRates keep going up in 2022. Compare rates and save on auto insurance today! Get quotes Close X This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More RATE INCREASE ALERT Rates increased up to 12% this year
Shop for a better rate before you renew your current policy. This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More Low-income car insurance in Michigan
Finding may be one of the top priorities for low-income drivers. If your budget is already stretched, getting a lower rate could help free up your resources or give you a financial cushion. You may be tempted to skimp on the coverage for a cheaper premium, but this should be done with caution. Lower coverage limits can mean less financial protection if you get into an accident. This could lead to higher out-of-pocket costs, which could damage your finances. Part of the reason for Michigan’s high insurance costs is the percentage of uninsured motorists in the state. Over , according to the Insurance Information Institute (Triple-I). Uninsured drivers may be more likely to leave the scene of an accident, creating a , which could mean your insurance policy would have to cover the cost of damages or injuries. Because of the high number of uninsured drivers and the risk of damage, insurance companies may charge higher rates to offset the cost. Uninsured drivers provide all the more reason to think long-term with your coverage choices. Michigan requirements for minimum car insurance
To register your car and be legally allowed to drive in Michigan, you must have a car insurance policy with at least the minimum required coverage types and limits. The are 50/100/10, which means: $50,000 bodily injury liability per person $100,000 bodily injury liability per accident $10,000 property damage liability per accident (for damage in other states) $1,000,000 property protection insurance (PPI) Michigan is a , which means that your insurance covers your medical expenses up to your policy’s limits following an accident, regardless of fault. Before July 2020, all Michigan drivers had to carry unlimited lifetime benefits for coverage, which may have contributed to the high cost of coverage in the state. Now, drivers can choose from , which could help low-income drivers have more control over their premiums. While minimum coverage may be financially appealing based on initial out-of-pocket savings and will provide enough coverage for you to legally drive, it does not offer much protection for your finances in the long term. Accidents can quickly add up in medical expenses or cost to repair damages, and having inadequate coverage may leave you responsible for covering the excess costs above your policy limits. For this reason, most insurance professionals recommend that you purchase higher liability limits if you can. If your car is leased or if you have a loan, you will likely need , which includes comprehensive and collision. Full coverage may be a good option even if you own your vehicle outright, especially if you don’t have the savings to pay for unexpected repairs or damages. Average Michigan car insurance rates by company
If you’re shopping for in Michigan, getting quotes from several companies to compare the rates will help you find the most affordable option for your situation. Bankrate has chosen to feature the minimum coverage rates from several Michigan companies here, as minimum coverage tends to be much cheaper than full coverage. However, you may want to consider higher liability limits or full coverage to better protect your finances. Car insurance company Average annual premium for minimum coverage AAA $893 Allstate $1,301 Auto-Owners $827 Chubb $363 Donegal $606 Farmers $2,237 Frankenmuth $632 Geico $724 Grange $1,749 Hastings Mutual $843 Pioneer State $927 Progressive $683 State Farm $2,103 The Hanover $1,511 USAA $482 It’s easy to see why shopping around can be helpful; rates from these companies vary as much as thousands of dollars a year. and offer the lowest minimum coverage rates in Michigan, based on the carriers we assessed. For the same level of coverage, ’ average rate is a whopping $2,237 per year. Although rates can vary by a wide margin, make sure you ask for the same coverage types and levels on the quotes you request. for varying coverage levels won’t give you a true indication of which company is the cheapest for you. While these rates may give you a good starting point as you search for car insurance, your own rates will be based on individual factors, such as your car’s make and model, driving history, and the coverage types and levels you choose. It may be best to speak with a licensed insurance agent to learn more about getting the best financial protection for your unique circumstances at the lowest price. Car insurance discounts for low-income drivers
Taking advantage of can be one of the easiest ways to lower your premium. Most major companies offer at least a few discounts, some of which can lower your premium significantly. Bundling discount
Bundling your insurance means buying two or more products from the same insurance company, which may translate to savings on both policies. The most common bundles are , but you may also save for bundling your auto insurance with a renters or condo policy, or even for purchasing boat, pet or life insurance from the same company as your auto insurance. Safety discount
Safe driving can earn significant discounts from many insurers. A clean driving record, good road habits and a vehicle equipped with advanced safety features will often earn you cheaper premiums. Many insurers also offer for even more savings. If you agree to have your driving monitored through an app or other device, you may save money for driving carefully. Student discounts
is generally quite expensive. If you have a teen on your policy and live in Michigan, your rates could be quite high. Thankfully, many companies offer ways for younger drivers to save. Good student discounts, driver training discounts and distant student discounts could all help you lower your premium. Frequently asked questions
What company offers the cheapest car insurance
Insurance rates vary among companies. Some providers have established a reputation for being among the by offering optimal coverage at affordable prices, but actual rates will differ for each driver. Collecting quotes from multiple companies and comparing pricing and coverage is a good way to find the right coverage, company and rate. It’s also a good idea to speak with a licensed insurance agent to maximize your savings and still get the best financial protection possible. Where can I find low-income car insurance
Michigan does not have a state-sponsored low-income car insurance program. However, you may be able to find cheaper rates and gain more control over your premium by shopping around, knowing what coverage types and limits are appropriate for your needs, taking advantage of discounts and maintaining a clean driving record. What does low-income insurance cover
The coverage on your policy will depend on coverage types and limits you purchase. State minimum and will provide coverage for the damages and injuries you cause to another person in an at-fault accident, and your own injuries regardless of who is at fault. How much coverage you have depends on the limits you select. If you choose full coverage, you also gain coverage for damage to your vehicle, regardless of fault. Methodology
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits: $100,000 bodily injury liability per person $300,000 bodily injury liability per accident $50,000 property damage liability per accident $100,000 uninsured motorist bodily injury per person $300,000 uninsured motorist bodily injury per accident $500 collision deductible $500 comprehensive deductible To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually. These are sample rates and should only be used for comparative purposes. SHARE: Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent. Amy Sims is a managing editor for Bankrate, leading a team responsible for creating educational insurance content. Related Articles