Who Has the Cheapest Auto Insurance Quotes for Low Income Drivers in Honolulu?

Deciding which companies quote the cheapest car insurance rates for low income drivers will require a little more work in order to find the best price.

Each auto insurance company uses their own method to determine rates, so let’s take a look at the most competitive car insurance companies in Honolulu, HI.

Cheap Insurance Rates in Hawaii

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Rankings for the cheapest car insurance companies in Hawaii
Rank Company Cost Per Year
1 USAA $964
2 State Farm $1,109
3 GEICO $1,335
4 Liberty Mutual $1,406
5 Progressive $1,608
6 Allstate $1,964
7 First of Hawaii $1,987
8 AIG $2,469
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USAA normally has some of the most affordable car insurance rates in Honolulu at around $964 a year. State Farm, GEICO, Liberty Mutual, and Progressive also qualify as some of the most economical Honolulu, HI insurance companies.

As depicted above, if you currently have coverage with Liberty Mutual and switched to State Farm, you could see savings of approximately $297. Customers with Progressive could save as much as $499 a year, and Allstate policyholders might realize rate reductions of up to $855 a year.

Be aware that those policy prices are averaged for all types of drivers and the different vehicles they drive and do not factor in an exact location for low income drivers. So the insurer that fits your needs best may not even be in the list above. That helps illustrate why you need to get quotes using your own individual information.

The type of vehicle requiring coverage is one of the primary factors that determines whether or not you can buy affordable auto insurance for low income drivers. Vehicles with high performance engines, a lack of modern safety features, or an increased likelihood of liability claims will cost substantially more to insure than safer models. The information below features auto insurance premiums for the most economical automobiles to buy coverage for.

Cheapest Vehicles to Insure in Honolulu, HI
Make and Model Estimated Cost for Full Coverage
Honda CR-V LX 4WD $893
Honda Accord EX 4-Dr Sedan $899
Hyundai Elantra GLS Touring Station Wagon $925
Ford Escape XLS 4WD $934
Ford Edge SE AWD $950
Chevrolet Impala LS $955
Toyota Tacoma 2WD $950
Chevrolet Equinox LS 2WD $968
Jeep Grand Cherokee Laredo 2WD $977
Ford Explorer Limited 4WD $987
Toyota Prius $1,025
Chevrolet Silverado LTZ Extended Cab 4WD $1,038
Hyundai Sonata GLS 4-Dr Sedan $1,040
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Hawaii minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Premium amounts do not factor in vehicle location which can decrease or increase price quotes considerably.

Looking at the rates, makes and models like the Honda CR-V, Honda Accord, Hyundai Elantra, and Ford Escape are most likely going to be the more affordable vehicles to insure for poor drivers.

Liability-only versus full coverage

Reducing premiums for car insurance is important to most drivers, and one way to reduce the cost of insurance for low income drivers is to not insure for full coverage. The information below shows the difference between yearly insurance costs when comparing full coverage to liability only. The costs are based on no accidents, no driving violations, $100 deductibles, drivers are single, and no additional discounts are factored in.

Averaged for all age groups, physical damage coverage on your policy costs an extra $2,038 per year over liability only. A very common question is if buying full coverage is worth the expense. There is no set guideline of when to stop paying for full coverage, but there is a general guideline you can use. If the yearly cost of full coverage is 10% or more of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

There are some conditions where buying only liability insurance is not recommended. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not eliminate full coverage.

Ending up with a good quality insurer is hard considering how many different insurance companies sell coverage in Hawaii. The ranking data listed below could help you choose which companies to look at when comparing insurance rates for low income drivers. These rankings are for insurance companies that insure vehicles in the majority of U.S. states, so companies that focus mainly on Hawaii business are not taken into consideration for this list.

Best 15 Car Insurance Companies for Low Income Drivers in Hawaii
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
USAA 98 100 100 94% A++ 98.6
American Family 98 89 100 86% A 95.4
State Farm 88 93 96 90% A++ 92.4
The Hartford 94 92 90 89% A+ 91.7
AAA Insurance 88 89 95 91% A 91.2
GEICO 84 93 93 89% A++ 90.3
Progressive 84 91 93 87% A+ 89.5
Allstate 85 90 92 88% A+ 89.3
Nationwide 87 88 84 90% A+ 88.7
Liberty Mutual 84 87 93 88% A 88.5
Esurance 85 80 95 87% A+ 85.9
Safeco 85 85 85 86% A 85.8
Farmers Insurance 78 87 88 79% A 84.3
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Data Source: Insure.com Best Car Insurance Companies

Your cheap policy may actually be overpriced

Hawaii car insurance rates are calculated based on many things that control the policy price. Getting older, buying a home, or getting a few speeding tickets can trigger rate changes that can now make some companies cheaper than competitors.

Additionally, auto insurance companies change the rates they charge in Hawaii as often as every three months in order to protect their financial rating. An extended period of higher than normal claims may result in a rate increase, while a profitable period may result in cheaper Honolulu car insurance rates.

For example, the data below shows the company with the cheapest car insurance in Honolulu, HI for a 45-year-old female driver with a clean driving record, no accidents, and a good credit rating. If we look at prices based on her personal risk profile, USAA has the cheapest car insurance rates in Honolulu at $954 a year. This is $642 less than the average policy premium paid by Hawaii drivers of $1,596. State Farm, GEICO, Liberty Mutual, and Progressive are also on the list of the cheapest Honolulu, HI auto insurance companies.

Let’s now give the driver from the first example an accident surcharge, bad credit, and an imperfect driving record. Since every car insurance company has their own formula for determining prices, analyzing rates may now present a slightly different list of affordable companies as shown below.

State Farm now has the best auto insurance rate in Honolulu, HI with USAA, First of Hawaii, GEICO, and Liberty Mutual now being in the top five. This example illustrates why consumers need to perform an extensive rate comparison when trying to find the best car insurance quotes for low income drivers. Rates are calculated by many different factors and can decrease or increase without notice, so the cheapest option six months ago may now cost much more than other companies.

How to find economical auto insurance for low income drivers

Here are many money-saving ideas that can help drivers find more affordable auto insurance.

That final tip is extremely important, as was affirmed in this piece. Coverage rates in Honolulu change constantly, so drivers shouldn’t hesitate to change insurance companies if a lower price can be found. Many drivers have brand loyalty and that’s fine, but we do not recommend it if that loyalty ends up costing big bucks every year. In just a few minutes you could compare prices and find cheaper car insurance for low income drivers.