If you’re looking for affordable car insurance in Philadelphia, there are a variety of options to choose from depending on your budget and coverage preferences. Keep reading to learn more about cheap car insurance in your area and review the requirements for your state.
What are the Car Insurance Requirements in Philadelphia?
Car insurance is a contractual agreement between you as a driver and an insurance agency that guarantees you have financial support and coverage in the event of an automobile accident. As long as you pay the insurance company a monthly premium, they will provide you with assistance to cover the costs of property damage and personal injuries for the other driver and yourself, depending on the policy you select.
Car insurance requirements vary by state, so where you live can impact the type of car insurance you need to possess to drive. Before purchasing a policy in Philadelphia, it’s important to understand your options and coverage requirements, including:
- Bodily injury liability coverage: Bodily injury liability coverage provides financial assistance for a driver if you’re responsible for their injuries in an automobile accident. This policy helps pay for the other driver’s medical expenses and may cover some legal costs.
- Uninsured and underinsured motorist coverage: Uninsured and underinsured motorist coverage provides you with financial support if you get into a car accident with a driver who has little to no insurance. This means that if their insurance company is unable to pay for your damaged property or injuries, your policy will assist you.
- Property damage liability coverage: If you get into an automobile accident, property damage liability coverage provides the other driver with financial assistance to cover the costs of damages if you’re at fault.
- First-party benefits: First-party benefits offer you and your passengers financial assistance to cover necessary and reasonable medical expenses in the event of an automobile accident, regardless of fault.
What Is the Average Cost of Car Insurance in Philadelphia?
When you’re looking for the right auto insurance coverage, you may want to review the average policy costs for your area to ensure you’re making an informed decision. Rates usually depend on whether you opt for a minimum or full-coverage insurance policy, and whether you have previous incidents on your record.
If you’re interested in finding car insurance in Philadelphia, the average cost of minimum coverage car insurance in Philadelphia is $1,217 annually or around $101 per month. Alternatively, the average cost of a full coverage car insurance policy in this city is $3,738 per year or around $312 a month. When looking for a cheap car insurance policy, try to find one below the city average.
Who Has the Most Affordable Car Insurance Coverage in Philadelphia?
There are several car insurance agencies to choose from in Philadelphia, and making comparisons between them can help you ensure you’re getting the best deal for your preferences and requirements. Here’s a list of the most affordable car insurance coverage for a minimum coverage policy:
- Erie: Erie offers an annual premium for $844 drivers interested in a minimum coverage policy.
- State Farm: State Farm insurance offers a minimum coverage insurance policy for an annual premium of $1,127.
- Nationwide: Nationwide offers an annual premium of $1,407 for drivers interested in a minimum coverage policy.
- Geico: Geico offers a minimum coverage policy for an annual premium of $1,471.
- Progressive: Progressive offers drivers a minimum coverage policy for an annual premium of $1,522.
- Allstate: Allstate offers a minimum coverage policy for an annual fee of $1,769.
A full coverage insurance policy offers more support and financial assistance than liability coverage along, and it includes collision and comprehensive coverage. If you’re interested in a full-coverage policy, you have several affordable options as well, including:
- Erie: Erie offers drivers interested in a full-coverage policy an average annual rate of $6,504.
- State Farm: State Farm offers drivers a full-coverage car insurance policy for an annual premium of $7,474.
- Nationwide: Nationwide offers a full-coverage insurance policy for an annual premium of $8,571.
- Geico: Geico offers drivers interested in full-coverage auto insurance a policy with an annual premium of $9,637.
- Progressive: Progressive’s full-coverage auto insurance policy includes an annual premium of $13,040.
- Allstate: Allstate offers a full-coverage car insurance policy for an annual premium of $16,657.
Is There Cheap Car Insurance Coverage for Drivers With Previous Accidents?
If you’re interested in finding affordable car insurance coverage but you have a previous accident on your driving record where you were at fault, you still have several policy options to choose from. While policy providers typically raise coverage rates after you’ve been in an accident, you should still be able to find a policy that suits your budget.
Since your driving history is a major factor in determining your coverage plan and rates, your insurance costs are likely to increase with every driving incident, such as an accident or speeding ticket, that you’re involved in or receive. If you have a driving history of multiple accidents or other incidents, you can expect your coverage to cost significantly more. Other factors can also influence your rates, such as your credit history, age, and any insurance bundles you select.
Do Agencies Offer Car Insurance Discounts?
If you want to save money on car insurance in Philadelphia, you can look for affordable coverage options and find out whether your insurance provider offers drivers discounts based on their age, driving record, or other criteria. Some companies offer young drivers and “honor roll” discounts, while others provide financial savings to individuals and households with multiple vehicles. Military families and individuals with particular occupations, such as firefighters and civil servants, may also qualify for special insurance discounts.
Car insurance can be expensive, so it’s important to do your research to find the coverage policy and insurance agency that suits your needs and budget. Hopefully, the information we reviewed can help you find an affordable car insurance policy in Philadelphia. For additional resources, check out the blog section to learn more about coverage and policies in your area.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.