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Low Income Car Insurance

Low income car insurance can be broken into a couple of categories. Low income people may apply for state programs and see if the criteria is met. As with all programs slots are limited and if these programs are depended upon for insurance, a long wait will be required and might yield no positive results. The other route being the traditional way of cutting corners and getting a policy with less coverage. Getting the best auto insurance available coverage for a low price is not going to happen.

Some states have programs that offer low income car insurance to those that qualify. Every state that offers a program of low income car insurance has different criteria. The low income car insurance is based on income and usually one has to have a good driving record. If low income car insurance is available they are obtainable in high-crime areas where insurance companies raise their rates frequently. 

Low income car insurance is generally obtained by doing a lot of homework, which consists of research on the cheapest companies. Looking for low income car insurance puts a person at a disadvantage because there is not much room in maneuvering and good auto insurance coverage will be hard to obtain. Logic would point to those that pursue low income car insurance, having an older car, since their income would preclude purchasing a new car. But, this is not necessarily the case. People took out home equities to purchase a new car. They probably could not afford it at the time and certainly not now with home values down. Therefore, those that seek low income car insurance could be owners of some expensive machines.

The owner will have to cut corners to get low income car insurance. This means that there will be a large deductible (sharing of risk) taken on collision and comprehensive coverage. Should something happen a $1,000 deductible on these two items will cost the owner the first $1,000 for the claim. On an older car, low income car insurance is much easier to obtain. After all, no collision or comprehensive can be required nor is it needed. 

A person seeking low income car insurance will have to take the minimum when it comes to property and bodily injury damage. This could come back to haunt them should the unthinkable happen. A person badly injured can go after the holder of this low income car insurance policy for more money than the policy will cover. This could eventually cost the owner of the low income car insurance policy the home he or she worked hard to purchase.


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