The words “cheap” and “insurance” really shouldn’t be used in the same sentence, especially when looking for the best insurance rates for single moms. Because it’s not cheap, let’s introduce you to some of the things the can have a considerable influence on auto insurance rates, and find out if we can help you lower the cost of your next policy.
Finding good, affordable auto insurance is challenging, and deciding which companies offer the most affordable insurance rates for single moms takes even more diligence. Every insurance provider has a different process to establish rates, so to begin we’ll rank the insurance companies with the overall cheapest rates in Lincoln, NE.
Cheapest Insurance Rates for Single Moms
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Safeco | $812 |
| 2 | The Hartford | $873 |
| 3 | Auto-Owners | $896 |
| 4 | Allied | $949 |
| 5 | Farm Bureau Mutual | $1,010 |
| 6 | Farmers Mutual of Nebraska | $1,019 |
| 7 | Nationwide | $1,027 |
| 8 | American National | $1,065 |
| 9 | State Farm | $1,075 |
| 10 | General Casualty | $1,081 |
| 11 | USAA | $1,150 |
| 12 | American Family | $1,246 |
| 13 | California Casualty | $1,257 |
| 14 | EMC | $1,300 |
| 15 | GEICO | $1,322 |
| 16 | MetLife | $1,332 |
| 17 | Iowa Mutual | $1,347 |
| 18 | Progressive | $1,445 |
| 19 | Farmers | $1,634 |
| 20 | North Star | $1,710 |
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Safeco may have some of the lowest car insurance rates in Lincoln at around $812 per year. This is $504 less than the average price paid by Nebraska drivers of $1,316. The Hartford, Auto-Owners, Allied, and Farm Bureau Mutual also are some of the lowest-priced Lincoln, NE auto insurance companies.
As the rates illustrate above, if you have coverage with Allied and switched to Safeco, you might realize annual savings of around $137. Policyholders with Farm Bureau Mutual could save as much as $198 a year, and Farmers Mutual of Nebraska customers might reduce rates by $207 a year.
Bear in mind that those premiums are averaged across all types of drivers and the different vehicles they drive and do not take into consideration a specific vehicle garaging location for single moms. So the insurer that has the cheapest price for you may not even be in the top 24 companies shown above. That is why you need to get rate quotes using your own personalized driver profile and vehicle information.
For single parents, one of the big things that help determine the cost of insurance is where you choose to live in Lincoln. Areas with increased crime or more people are more likely to have higher rates, whereas areas with lower crime rates and fewer weather claims have the luxury of lower rates.
The illustration below rates the most costly cities in Nebraska for single moms to purchase auto insurance in. Lincoln is ranked #24 with the annual price of $1,095 for the average insured, which is around $91 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | McCook | $1,331 |
| 2 | Scottsbluff | $1,320 |
| 3 | Gering | $1,317 |
| 4 | South Sioux City | $1,303 |
| 5 | North Platte | $1,301 |
| 6 | Alliance | $1,300 |
| 7 | Lexington | $1,277 |
| 8 | Omaha | $1,270 |
| 9 | Beatrice | $1,259 |
| 10 | Blair | $1,236 |
| 11 | Crete | $1,210 |
| 12 | Hastings | $1,193 |
| 13 | Seward | $1,191 |
| 14 | Nebraska City | $1,188 |
| 15 | Kearney | $1,188 |
| 16 | Fremont | $1,166 |
| 17 | La Vista | $1,150 |
| 18 | Norfolk | $1,147 |
| 19 | York | $1,145 |
| 20 | Bellevue | $1,144 |
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Rate information is comparative as zip code location can raise or lower coverage rates noticeably.
How much more does full coverage cost?
Lowering the price of insurance is important to the majority of drivers, and one good way to save on the cost of insurance for single moms is to not pay for full coverage. The illustration below shows the difference between yearly insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes no tickets, no at-fault accidents, $500 deductibles, single status, and no discounts are taken into consideration.
If we average the cost for all age groups, full coverage costs an extra $1,417 per year more than insuring for liability only. Many drivers may wonder if physical damage coverage is worth the money. There is no clear-cut rule for excluding full coverage, but there is a general guideline. If the annual cost of your full coverage insurance is more than 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.
For example, let’s assume your vehicle’s book value is $12,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company would pay you is $11,000 after paying your deductible. If you are currently paying more than $1,100 annually for full coverage, the it may be a good time to stop paying for full coverage.
There are some cases where only buying liability is not a good plan. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
The example below demonstrates how deductibles can impact insurance costs when quoting cheap insurance for single moms. The premiums assume a single female driver, comprehensive and collision coverage, and no discounts are applied.
The data above shows that a 30-year-old driver could lower their car insurance rates by $326 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $492 by switching to a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could reduce their rates up to $724 or even more just by choosing higher deductibles when buying full coverage.
If you make the decision to raise deductibles, it is important to have plenty of money set aside to cover the extra out-of-pocket expense that is associated with using high deductibles.
You may be paying too much for car insurance
Nebraska insurance rates are based on many factors which can significantly increase or decrease the price you pay. Simply improving your credit, marrying your spouse, or getting caught speeding can trigger rate changes resulting in some companies being more affordable than others. Additionally, car insurance companies change the rates they charge in Nebraska every year in order to offset underwriting gains or losses. Significantly higher claims may cause higher rates, while a better loss history may result in more affordable Lincoln car insurance rates.
To help illustrate this point, the graph below shows a variety of companies that have the cheapest car insurance in Lincoln, NE for a 45-year-old female driver with no accidents, a clean driving record, and a decent credit rating. If we estimate rates based on her personal risk profile, Safeco has the lowest car insurance rates in Lincoln at $804 a year. This is $512 less than the average rate paid by Nebraska drivers of $1,316. The Hartford, Allied, Auto-Owners, and Farmers Mutual of Nebraska are the rest of the top five cheapest Lincoln, NE auto insurance companies.
In this example, we will give the driver from the first rate comparison a claim surcharge, bad credit, and a couple of points charged on her driving record. Due to the fact that every auto insurer has their own guidelines to set premium rates, comparing insurance quotes could result in a different list of cheap Lincoln auto insurance companies as shown below.
Nationwide now has the best insurance rate in Lincoln with American National, State Farm, USAA, and General Casualty now being in the top five. This example illustrates why it is important to do a thorough rate comparison to get affordable auto insurance quotes for single moms. Insurance prices are impacted by many things and can increase or decrease at any time, so the most economical company the last time you compared rates may now not even be in the top five.