Cheap Car Insurance in Providence, RI
Free Auto Insurance Comparison
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UPDATED: Nov 17, 2020
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Providence, Rhode Island has quite the resume: it is the state capital, it is the most populous city in Rhode Island, and also one of the oldest cities in the entire country. Its early history is dotted with trade and seafaring, but their economy has diversified greatly since then (especially after WWII). Modernization projects have given the downtown area a makeover, incorporating a new park and a riverwalk.
- Fun fact: get ready to sign that lease, because Providence is #20 on the list of “Top 100 cities with highest percentage of renters (pop. 50,000+)”. Discover more about Providence
Auto Insurance Coverage Requirements in Rhode Island
Driving legally in Providence requires:
|Bodily Injury Liability||25,000/50,000||100,000/300,000|
|Property Damage Liability||25,000||50,000|
|Uninsured Motorist Bodily Injury||Required (see note above)||100,000/300,000|
|Medical Payments||Not required||5,000|
|Collision||Not required||500 deductible|
|Comprehensive||Not required||250 deductible|
But remember that state minimum coverage is extremely limited. Such insurance will only pay out claims in the event that you get into an accident which you are deemed liable for (if the accident is your fault). If your car is stolen, or if you get into an accident caused by someone else who is insured, your insurance will not pay out on any claims.
In some parts of Rhode Island, insurance can cost as much as $168 per month for certain motorists, on average. However, living in Providence can give you the option of getting insurance for as little as $90/mo*!
It seems as though State Farm and Amica are vying to be the lowest-priced providers in the Providence area. But don’t be fooled by cheap quotes. The quality of your insurance company is just as important as how much you have to pay. It may even be worth a few extra dollars each month to go with a provider whose reputation for customer service and claims filing is above the rest.
Auto insurance providers consider different variables when establishing insurance rates, especially gender, zip code, occupation, miles driven each year, and current insurance coverage and limits. Also keep in mind that premiums can vary between companies. If you want to check your car insurance rate against what others are paying, compare cheap Providence auto insurance estimates via the internet.
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Major Car Insurance Factors in Providence
When your car insurance provider gets ready to craft your policy, they take several aspects under consideration. Some, for example how old you are or maybe your particular address, usually are improbable to alter. Here are some additional examples:
Your Zip Code
Your car insurance premiums may differ based on where your vehicle is parked on a regular basis. In general, large cities possess higher car insurance rates based on the fact that the additional amount of motorists on the highway boosts the possibility of a collision! The total population of Providence amounts to 177,994 and also the typical family income is $36,378.
As you can see from the chart, serious accidents are infrequent, despite that Providence is such a big city. This means that your area is already likely benefitting with lower insurance premiums. However, feel free to inquire about Safe Driver discounts if you want to save even more.
Auto Thefts in Providence
Obtaining inexpensive auto insurance might be hard should you be vulnerable to auto theft. Certain trendy automobile models usually are attractive to criminals, in addition to vehicles which might be parked typically in large metropolitan areas. The full amount of stolen automobiles in the year 2013 was as high as 962 for the city of Providence. To protect yourself from theft, make sure that you have comprehensive coverage on your policy.
Your Credit Score
It turns out that your credit score is one of the biggest influential factors when it comes to determining your insurance premiums. Just look at the chart below. If you have poor credit, your rates could be anywhere from 2x to 3x higher than someone with better credit.
As you can see from the chart below, young teenage drivers get charged significantly higher rates. Their youth, as well as their lack of driving experience, make them much more risky to insure. However, teenage drivers can try to alleviate some of this financial burden by looking into a Good Student discount, or taking additional driver education courses.
Your Driving Record
A clean driving record will get you the lowest rate, while accidents and tickets will raise your monthly cost. Too many citations, or serious violations such as a DUI, might result in a loss of coverage all together. Be sure to talk to your insurer about Accident Forgiveness discounts in order to save some money.
Luxury vehicles will cost more to replace, and also require more coverage, hence the extra expense. Less expensive and fairly common cars, however, typically don't cost as much to insure.
Minor Car Insurance Factors in Providence
Most drivers don’t know much about how or why these lesser-known factors influence their rate:
Your Marital Status
For single policies, marital status is a negligible factor when determining your premiums. However, married couples have the option of bundling their policies together. Most insurance providers will offer substantial discounts for this.
No matter what you may have heard, there is no significant difference in risk between male and female drivers - according to most insurance companies. If your provider charges a different rate at all, it should amount to no more than 2-3%. And some companies reward female drivers, while other providers charge less for males.
Your Driving Distance to Work
While typical commutes can last between 11 and 26 minutes for residents who live in Providence, it generally averages out to about 19 minutes each way. More than half of all drivers take their own automobile (63%). Another 4-14% will usually carpool, and a surprising number of citizens choose to walk (9%).
Some companies pay lip service to your purpose for driving, as well as the miles you drive each year. However, when you analyze the data, most of these factors barely make a dent in your monthly premium - for example, there may be no more than a 4% difference between driving fewer miles for work and tens of thousands of miles for pleasure each year. However, business vehicles tend to have about 10-15% higher premiums than regular vehicles.
Your Coverage and Deductibles
Adding lots of coverage options makes sense for a more expensive vehicle. For automobiles of lesser value, however, you can save yourself some money each month by sticking to a more basic insurance policy. You can also add a few extra benefits to your coverage and keep your monthly rates low by raising your deductible - just make sure you can afford to shell out the cash if the worst happens.
Education in Providence, RI
More than one-third of those living in Providence have yet to finish their high school education. 23% have succeeded, though, and are the proud owners of a high school diploma. But did you know that you can earn greater savings on your auto insurance premiums by taking your education to the next level? Providers often lower rates for well-educated motorists.
More than half a dozen institutions for higher learning are located within the borders of Providence; additionally, scores of other universities are less than 50 miles away. Brown University is a well-known Ivy League school, and is also affiliated with The Rhode Island School of Design. Other nearby options include Johnson and Wales University and Providence College.
Finding affordable car insurance can easily become a problem. There’s lots of important information to mull over, and understanding precisely how insurance providers evaluate a driver’s potential risk may be complicated. But don’t allow an overpriced insurance provider to convince you to buy an expensive policy.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.
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