Who Has Affordable Auto Insurance Rates for Drivers with Accidents in Portland?

Figuring out which company quotes the most affordable car insurance rates for drivers with accidents requires a tad more effort than just getting one or two price quotes. Every car insurance company has a different formula for establishing rates, so let’s take a look at the most affordable car insurance companies in Portland.

Find Cheaper Auto Insurance for Accident Prone Drivers

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Grange offers some of the best car insurance rates in Portland at around $715 each year. Country, Oregon Mutual, USAA, and Travelers also are some of the best Portland, OR auto insurance companies.

As the rates illustrate above, if you are insured with Travelers and switched to Country, you might see savings of around $120. Policyholders with State Farm could save as much as $207 a year, and Amica policyholders might reduce prices by as much as $315 a year.

It’s important to note that these prices are averaged for all ages of drivers and types of vehicles and are not factoring in an exact location for drivers with accidents. So the auto insurance company that is best for you may not even be in the top 22 companies shown above. That emphasizes why you need to compare rates from as many companies as possible using your own individual information.

The vehicle on the policy is probably the biggest factor that determines whether or not you find low-priced insurance for drivers with accidents. Vehicles with high performance engines, a lack of modern safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than safer models.

The next list estimates auto insurance prices for a handful of the more affordable vehicles to buy insurance for.

Data rating is based on single male driver age 30, no speeding tickets, two at-fault accidents, $1,000 deductibles, and Oregon minimum liability limits. Discounts applied include multi-vehicle, multi-policy, and homeowner. Prices do not factor in zip code location which can revise price quotes greatly.

Looking at the data, we can conclude that cars like the Hyundai Elantra, Honda CR-V, Ford Escape, Toyota Prius, and Ford Explorer should be the most affordable vehicles to insure for drivers with at-fault accidents. The price for an auto insurance policy will trend higher just because there is more claim risk for drivers with accidents, but in general those vehicles will most likely have the least expensive rates available.

Does full coverage make sense?

Finding cheaper car insurance is probably important to the majority of drivers, and one of the best ways to buy cheaper insurance for drivers with accidents is to only buy liability coverage. The chart below illustrates the comparison of auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums assume no violations or claims, $500 deductibles, marital status is single, and no discounts are taken into consideration.

If we average the cost for all age groups, full coverage costs an extra $1,509 per year more than insuring for liability only. Many people question when is it a good idea to stop buying full coverage. There is no set guideline of when to phase out comp and collision coverage, but there is a broad guideline. If the annual cost of having full coverage is more than 10% of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.

There are a few situations where eliminating full coverage is not in your best interest. If you still have a loan on your vehicle, you are required to maintain full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not opt for liability only.

The chart below highlights how deductible choice can affect insurance prices when trying to find cheap insurance for drivers with accidents. The data is based on a single female driver, comp and collision included, and no discounts are applied.

The chart above illustrates that a 40-year-old driver could save $342 a year by changing from a $100 deductible up to a $500 deductible, or save $516 by selecting a $1,000 deductible. Even younger insureds, like the 20-year-old category, could possibly save $880 every year by selecting a higher deductible. When choosing a higher deductible, it is essential to have additional savings on hand to offset the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

Insuring your vehicle with a highly-rated insurance provider can be rather challenging considering how many companies there are to choose from in Portland. The rank data shown below can help you pick which insurers you want to consider when comparing rate quotes.

The rankings below are for companies that insure vehicles across America, so smaller companies are not included in this list. To check prices from these companies and more, just click here.

Top 10 Major Car Insurance Companies in Portland Ranked by Customer Service

1. GEICO
2. State Farm
3. The Hartford
4. The General
5. Progressive
6. Allstate
7. AAA Insurance
8. American Family
9. Nationwide
10. Liberty Mutual

Top 10 Major Car Insurance Companies in Portland Ranked by A.M. Best Rating

1. USAA – A++
2. Travelers – A++
3. GEICO – A++
4. State Farm – A++
5. The Hartford – A+
6. Esurance – A+
7. Nationwide – A+
8. Allstate – A+
9. Progressive – A+
10. The General – A-

Your low-price policy may be costing you money

Portland, OR car insurance rates are determined by lots of factors which can significantly increase or decrease the price you have to pay for coverage. Turning one year older, buying a home instead of renting, or having an at-fault accident can trigger changes in premium that may make certain companies cheaper than others. And not only may your rating factors change, but auto insurance companies amend pricing every year or even multiple times each year to adjust for heavy claims or excess profits. Heavy losses may result in more expensive premiums, while lower claim expenses may produce more affordable Portland car insurance rates.

To illustrate this example, the bar chart below compares the cheapest car insurance in Portland, OR for a 30-year-old male driver with no accidents or violations, and good financial standing. If we estimate prices based on his current risk factors, Grange offers the lowest car insurance rates in Portland at $926 annually. This is $552 less than the average policy premium paid by Oregon drivers of $1,478. Oregon Mutual, Country, Travelers, and USAA are also included in the best Portland, OR auto insurance companies.

The example below compares rates after we give the driver from above an accident surcharge, a lower credit rating, and a few traffic violations. Since every insurance provider has their own formula for establishing rates, comparing quotes could result in a substantially altered list of the cheapest companies as shown below.

Amica now has the cheapest car insurance in Portland with GEICO, Country, Allied, and California Casualty also being competitive. This illustrates why it is critical to take the time to shop around to get the cheapest auto insurance rates for drivers with accidents.

Car insurance prices are impacted by many different factors and change dramatically, so the best price when you bought your policy may now be quite expensive.