Find Your Best Below 500-a-Month Car Insurance Company

Car insurance bills depend on some factors that cause the price. In addition, it also depends on the state of some countries. The main reason is that there are some considerations before deciding the price, like age and marital status. Some people need to pay expensively for coverage. So, they need 500-a-month car insurance.

What is the Meaning of 500-a-Month Car Insurance?

Being a car owner requires car insurance to help us from any accidents on the street. Each insurer gets quoted differently by an insurance agency. This is because their costs vary depending on their age, gender, status, and various other criteria. So, some of them need to pay expensively every month.

For example, people need to pay up to 500 a month for auto insurance. The price is very high compared to the average cost of about $60 for a monthly payment. The insurer will choose the deductible before taking insurance, and paying either monthly or annually becomes their responsibility. 

In addition, the price of 500-a-month car insurance depends on the premium the insurer chooses the first time they insure their car. After all the covered losses, a higher deductible will cause a high cost for out-of-pocket prices. So, the company will only pay the rest of the bills after the client’s payment.

As a result, car owners must take the high cost of the coverage so they will not pay expensively for the covered loss.

Car Insurance Deductible  

Deductible for car insurance is a common thing before deciding to get a quote. The insurer must decide their deductible to have the best price for their insurance bills. A  car insurance deductible is the total cost that insurers must pay if they get into any accidents if their vehicle gets damaged.

Moreover, the payment is for the medical bills if the owner gets injured. It also includes coverage, such as collision, comprehensive, and PIP or Personal Injury Protection. Furthermore, one policy may have several deductibles. For example, the deductible is separate if the agency offers comprehensive coverage and collision.

According to a study of quoted yearly premiums by Bankrate in 2023, the average cost for a $500 deductible with full coverage is up to $2,104 for an annual payment. This means people do not need to pay for 500-a-month car insurance. Also, the average cost for a car claim is only around $124 for a monthly payment. 

Best Agency that Costs Less Than 500-a-Month Car Insurance 

Car insurance companies have their way of calculating the price before deciding on the insurer’s cost. In the same terms, they use the same several factors to determine the low or high prices. Moreover, most people usually choose their policy for $500 up to $1,500 for collision and coverage coverage.

In this part, you will know which car insurance companies offer affordable prices for particular coverage and policy. In addition, this article will show that each company will have the average cost, services, and pros or cons. Take a look closer!

1. USAA

Based on J.D Power for customer satisfaction, USAA got excellent with an A rating for financial strength by AM Best. Also, they have affordable premiums cost. However, the price is only $114 for the average monthly premium and far from the 500-a-month car insurance.

Then, another factor that leads USAA to become the best company is that they present discounts for particular people. They offer deduction by looking at the driving habits and vehicle. For example, secure driver, best student, protective driving, new vehicle, annual mileage, etc.

2. State Farm

State Farm has a high-rank position for customer satisfaction based on J.D Power. In addition, for the financial strength, they got an A++ rate for Superior by AM Best Rating.  For the coverage type, they have a physical injury, assets damage, uninsured driver, medical bills, and other liability.

Now, for the price, State Farm offers start from $123 for the average cost by monthly payment. The price is for the full coverage. Also, State Farm has specific prices for ages between 18 and 60. Moreover, the agency presents additional reductions in cost for multi-car, protective driving, good student, good driver, etc.

3. Auto-Owners

The other best car insurance agency is Auto-Owners. Based on AM Best Rating, this company got an A++ or Superior predicate for its financial strength. This company has additional benefits that differentiate it from other companies. For example, collision claims advantage, average loss deductible, and rental vehicle insurance.

Then, for the price, Auto-Owners present starting from $120 for a monthly average with full coverage. In addition, Auto-Owners has special discounts for teen drivers, such as for the best student, living far from school, and teen driver monitoring by GPS. These particular discounts are different from another insurance company.

4. Progressive

Progressive has a higher price than the other agency. The offered price is $157 for a monthly average with full coverage. However, it is still way cheaper than 500-a-month car insurance. Like other companies, Progressive got A+ or Superior for financial strength rate by AM Best Rating.

In addition, Progressive has become the best auto insurance agency because they have a customizable company, several types of discounts, and bundling options. Progressive will give a lower price for the bundling options for people who need both home and car claims. 

5. Nationwide 

Another auto insurance company that is the best agency is Nationwide. This agency offers average products that are above the others. In addition, they also present numerous options for coverage as well as economical rates. The main reason is that full coverage is only $123 for the monthly average.

Then, for financial strength, Nationwide got A+ by AM Best Rate. They can also get special coverages, such as towing service, accident forgiveness, rental compensation, total loss reduction waiver, vanishing reduction, claim for Uber and Lyft, and gap claims.

How Do I Pay a Cheaper Quote than 500-a-Month Car Insurance? 

Several factors affect car claims cost. Each company has its criteria to determine the prices. The factors are age, credit history, driving history, driving experience, gender, annual mileage, coverage history, marital status, claim history, and location. However, some companies may have different prices despite the same factors.

Now, for the tips to get lower auto insurance prices, you can use a car payment budget like the 50/30/20 rule. You can divide your overall income by 50% for your needs, 30% for wants, and 20% for savings. For example, a car is an important loan if you must go to work or send your kids to school.

Planning to Get Cheaper 500-a-Month Car Insurance?

Now that you know the prices, coverages, and other comparisons between each best car insurance companies, are you planning to get quotes? Remember to determine what you need the most before choosing the coverages and get the final prices. Then, contact your preferred car insurance company and cover your needs!