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Best 5 Car Insurance Companies in Mississippi 2020
When shopping for your policy”, it’s important to remember that every little factor has an effect on how a quote is calculated. Everything from your ZIP code to your age to your credit score can have a significant influence on the quote you receive. That’s why it’s difficult to say which company is going to be best for you. The only way to determine what your best options are is to get the quotes yourself.
Thankfully, it doesn’t take much work to find a pile of savings. Cheap car insurance quotes are easy to get and don’t affect your credit score. Start with companies that offer online quote tools to get a feel for the process, and then move on to phone calls. You might want to schedule a meeting with an agent to ask more questions and get a more personalized quote. Altogether, you should expect to spend no more than an hour. When you consider the potential savings, it’s not a hard commitment to make.
Our Top 5 Picks for the Best Cheap Car Insurance in Mississippi
Each of these companies meets J.D. Power’s criteria for solid customer service and A.M. Best’s test for financial strength and stability. J.D. Power conducts thorough customer service satisfaction surveys, and A.M. Best takes a look at insurance companies’ financial viability to help you find the company that will be able to pay claims in a timely fashion should there be an accident.
State Farm’s quote of $1,168 ($566 under the state average) makes it very attractive for consumers. You should stick with an affordable yet reliable company, like State Farm in this instance, and put your money into better coverage. However, it’s worth noting that some of the more expensive options, like Geico and Nationwide, might turn out to be competitive options if you want more than the state-mandated coverage levels.
Mississippi’s Minimum Coverage Requirements for 2020
The basic level of coverage required in Mississippi, according to the DMV, is $25,000 for bodily injury per person, $50,000 for total bodily injury for all involved, and $25,000 for property damage, also called a 25/50/25 plan.
Just in case you’re looking for a workaround, Mississippi does offer some ways to meet the state-required financial responsibility without buying insurance. The driver has to meet/have one of the following requirements:
- Post a bond for the minimum coverage amounts
- Make a cash or security deposit equal to the minimum coverage amounts
Shop Around for the Best Rates
Insurance companies don’t just consider your risk as a driver when they calculate your premium; they also consider how sensitive you are to price change. According to several recent studies, many heavyweight insurance companies like Allstate and Progressive analyze your personal data (like credit scores, web-shopping habits and social media activity) to predict how tolerant you will be of price increases. If the company determines that you’re a complacent customer, it’ll give you incremental price increases because it figures you won’t resist. It’s a strategy called “price optimization.”
Your rate should reflect your driving record, claims history and other relevant factors — not a data-driven algorithm that says you’re too lazy to shop for better rates.
Don’t fret just yet, though. Providers know when you shop around, and the more you do, the riskier it will be for them to raise your rates. Plus, you’re going to learn a lot about the competition and whether your current rate is truly competitive. It’s a win-win, really.
Take advantage of discounts for good drivers if you qualify. Because your good driving – and, therefore, lack of accident claims – will save insurance companies money, that savings can be passed on to you in the form of good-driving discounts. If your current insurance company doesn’t offer this type of reward for your clean record, you can use it to your advantage when you’re shopping around.
While you’re looking at other companies, it’s important to also keep in mind your credit score. Unfortunately, if your score is below 620, car insurance companies may use that against you and raise your insurance premium.
However, this is not the only aspect of your driving and lifestyle that insurance companies consider when they quote you a rate. If you, or someone on your policy, is a new driver, this might also work against you. Insurance companies look at your driving record and base your premium on your driving trends and how likely you are to cause an accident. If you don’t have a driving record because you’re new to putting in time behind the wheel, insurance companies don’t have any evidence that you might be an excellent driver. Evidence has shown that new drivers are the least experienced and therefore the most likely to be in accidents, so their insurance is likely to be higher. If you’re in these two categories, you can shop around for good student discounts or try to improve your credit score.
Think about these different factors as you look to find the car insurance policy that is best for you.