Finding affordable car insurance can be challenging, no matter how good or bad your credit score is. This is especially true for those of us living in Louisiana. When your credit is bad, the search can be much more difficult.
Auto insurance companies use credit score tiers as a heavily weighted factor in determining premiums. That’s because drivers with poor credit histories, historically, are more likely to file auto insurance claims. As a result, insurance companies rationalize that additional risk by charging more expensive rates.
If you’re searching for affordable car insurance in Louisiana, these figures might help in determining which company to purchase from.
What Are Average Car Insurance Rates in Louisiana?
Louisiana’s car insurance rates are much higher than the national average, no matter your credit score. From the highest rate to the lowest – drivers in the “worst” credit score tier typically pay more than $4,000 a year on their auto insurance policies; drivers with a “below fair to poor” credit score generally pay about $3,500 a year; and, drivers with “average” credit scores spend about $2,200 a year.
That’s almost a $2,000 difference from average credit scores to the worst! There are, however, other factors that contribute to your annual policy rate. The city where you live and park your car every night, for example, is a strong determinant.
Average Car Insurance Rates in Cities Throughout Louisiana
Your home zip code is a major determinant for how low or how high your annual premium will be. Insurance companies will look at how many claims are typically filed in your neighborhood and, based on that – use it to judge how likely it is that you might file a claim.
The most expensive city for car insurance is none other than “The Big Easy.” New Orleans’ average annual rate from fair credit to the worst ranges from $5,410 – $6,571, according to one insurance comparison site. Baton Rouge trails behind with rates about $500 less per year in all credit score tiers. Here are the top five most expensive cities in the Pelican State.
- New Orleans: $5,410 – $6,571
- Baton Rouge: $4,612 – $5,032
- Metairie: $4,522 – $5,512
- Lafayette: $3,533 – $4,274
- Shreveport: $3,192 – $3,867
Avoid living in the most expensive cities in Louisiana if you have bad credit, and you can save thousands of dollars per year.
Different Rates with Different Insurance Companies
All car insurance companies price their policies differently. Rates can depend on a variety of factors and calculations. GEICO is often a go-to insurance company for those with bad credit in Louisiana. Here are the annual rates from the highest to the lowest for the most popular auto insurance companies in the state:
- Progressive – $4,872
- State Farm – $4,771
- Allstate – $4,093
- Louisiana Farm Bureau Insurance – $3,761
- GEICO – $2,620
If you focus on shopping for auto insurance rates with these five companies, you’ll likely find the best rate. Purchasing from the optimal insurance company while living in a city not listed as one with high auto accident claims will assist you in finding the best rate possible when you have a bad credit score.
Experienced Personal Injury Attorneys in Louisiana
In Louisiana, even those with pristine credit scores must pay higher than average for their car insurance. If you’re involved in an accident that will increase your insurance even further, the Louisiana car accident attorneys at Offices of E. Orum Young will use their decades of experience to assist you with your claim. With accolades that include the Gold Medal Congressional Award, you can be confidant that we will handle your case thoroughly and with care.
Attorneys at E. Orum Young Law have filed more than 20,000 cases and have more than 35 years of experience. Give us a call today at 318-303-4194 for your free case review. It’s your right to know your options!
