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Cheapest Car Insurance in Louisiana 2021

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Louisiana is the most expensive state for car insurance in the entire U.S., costing an average of $2,711 per year for full coverage. It’s a far cry from the average cost of car insurance for the country, which is just $1,738 per year.

In 2018 alone, Louisiana drivers overpaid by more than $1,150 on their car insurance policies. That is more than the average cost of car insurance in some states. That’s why it is so critical to take your time shopping for the best cheap car insurance companies in Louisiana. At Bankrate, we monitor the latest reviews, ratings and rankings to find the best cheap car insurance in Louisiana that provides the coverage you need for your family at a price that you can afford.

The cheapest car insurance in Louisiana

There are several choices for Louisiana auto insurance, but the price for your coverage can vary significantly, depending on which provider you choose and whether you opt for a minimum coverage or full coverage policy. The cheapest car insurance in Louisiana for 2021 comes from Geico, Southern Farm Bureau, USAA, State Farm and Louisiana Farm Bureau for the most affordable policies.

Car Insurance CompanyAverage Annual Premium for Minimum CoverageAverage Annual Premium for Full Coverage
Geico$448$2,162
Southern Farm Bureau$450$1,874
USAA$592$2,073
State Farm$673$3,094
Louisiana Farm Bureau$799$2,594

Geico

Geico is not only great for cheap car insurance in Louisiana, but it is also fantastic for claims filing and support. There is excellent accessibility, so you don’t have to worry about a limited service area, and it boasts above-average scores for customer satisfaction. Opportunities for discounts include military, safety, good driver and student discounts.

Geico even supplies a helpful resource page for Louisiana drivers, so you know exactly what you need before you hit the road.

Southern Farm Bureau

To benefit from Southern Farm Bureau car insurance, you must be a member of your local Farm Bureau, but membership dues only range from $30 to $70 each year, making it well worth it for the cheap insurance costs. With an A+ rating from A.M. Best for financial stability, Southern Farm Bureau is available in six Southern states, including Arkansas, Colorado, Florida, Louisiana, Mississippi and South Carolina, with local agents to help with all of your auto insurance needs.

Southern Farm Bureau also offers special local insurance that’s available for Louisiana only, including rental car coverage, roadside assistance and personal umbrella coverage.

USAA

Headquartered in nearby San Antonio, Texas, USAA is a car insurance provider that is consistently top-rated for customer service and satisfaction with top ratings from J.D. Power. It is also known for some of the cheapest insurance rates in the U.S., with an excellent variety of insurance options.

USAA offers easy mobile tools and great resources for its members, but it is limited in its availability with few branches. It also is an insurance provider only for the military and veterans, as well as their families, with exclusive discounts specifically designed for its customers, such as savings for military base storage and deployment.

State Farm

State Farm consistently wins awards for its excellent mobile tools, making it easy to file claims and track them. There is excellent customer support available, as proven by its high customer ratings, and it receives an A++ rating from A.M. Best for financial stability.

State Farm’s cheap car insurance in Louisiana includes options for rental car coverage, travel expenses, roadside assistance and rideshare driver coverage. There are a ton of discounts, too, to take the sting out of those higher Louisiana rates, such as multi-policy, claims-free, safe driving and student discounts.

Louisiana Farm Bureau

Louisiana Farm Bureau is best for accessibility, bringing a local agent to your doorstep with a neighborhood Farm Bureau location to service each Louisiana parish. You must be a member of a cooperating Farm Bureau organization, which requires an affordable annual membership.

The options for coverage are great, with additional insurance for personal injury protection (PIP), medical payments, uninsured/underinsured motorist coverage and roadside assistance. You can still benefit from the typical Louisiana car insurance discounts like safe driver, good student and claims-free discounts,

Affordable coverage for Louisiana drivers

Like most states, Louisiana requires that you carry a minimum amount of car insurance, which includes liability insurance.

The minimum insurance coverage for Louisiana includes the following:

  • $15,000 bodily injury liability per person
  • $30,000 bodily injury liability per accident
  • $25,000 property damage liability per accident

You also have the option to purchase or reject the following state-recommended coverage:

  • $1,000 medical payments
  • $15,000 uninsured motorist bodily injury per person
  • $30,000 uninsured motorist bodily injury per accident

While this is the minimum insurance required by the state, it is always a good idea to purchase additional insurance coverage to reduce your out-of-pocket expenses after an accident. This is because the minimum required insurance for the state often does not cover the full expenses of an accident, meaning that you’d be required to pay the rest of the costs yourself if you’re found to be at-fault.

How to get cheap car insurance in Louisiana

While car insurance is expensive for Louisiana drivers, there are a few tips you can use to lower your total insurance premiums.

Shop around.

The best cheap car insurance providers in Louisiana may vary, depending on things like the kind of car insurance that you need and the type of vehicle that you drive. Because of this, you’re going to want to compare rates from multiple companies to determine which has the best rates for you. Additionally, you’ll want to review discounts that are available to you to make sure that you’re taking advantage of the lowest rates you can get.

Work on your credit score.

In all but four states, insurance providers may use your credit score to determine your car insurance rates. For example, car insurance for drivers with bad credit is likely to be much more expensive than car insurance for drivers with great credit. So for this, work on lowering your credit score to decrease your premiums.

Increase your deductible.

Your car insurance deductible determines how much you have to pay out of pocket when you are in an accident. Your insurance company may require you to pay a significant sum upfront before your insurance coverage kicks in to pay for the rest of the damages. One way to lower your car insurance premium is to raise your deductible, but just be prepared to pay a higher upfront sum if the unthinkable occurs.

Bundle policies.

Many insurance companies offer loyalty discounts when you maintain more than one active insurance policy. To save extra money on your car insurance, consider adding your homeowners insurance, renters insurance and life insurance to the same provider for even more savings.

Take advantage of discounts.

There are many other ways to save on your car insurance, too. Consider common discounts like safe driver or student driver discounts. If you have a good credit history or a claims-free history, you could be eligible for extra savings. Many car insurance providers also offer exclusive discounts for military members and low mileage drivers. Be sure to take advantage of the best auto insurance discounts wherever you can so you can save extra money on your policy.

Frequently asked questions

What is the best car insurance in Louisiana?

The best car insurance for you depends on a variety of factors, including the car you drive, your accidents history and how much you’re willing to pay. We regularly update our expert analysis to feature the latest company rankings, reviews and offerings for each auto insurance provider. The best car insurance in Louisiana is provided by Alfa, Auto-Owners, Erie, Geico and USAA.

What is the average cost of car insurance in the U.S.?

The Insurance Information Institute reports that in 2017, the average expenditure for auto insurance was highest in Louisiana, costing $1,443.72 for the year. Louisiana is by far the most expensive state for car insurance in the United States, based on reporting by the National Association of Insurance Commissioners (NAIC).

What factors impact the cost of my Louisiana car insurance?

The cost of car insurance is different for everyone because it is based on several unique factors. Insurance providers will evaluate risk based on where you live, the kind of car you drive, your driving history, your credit score and how many claims you have filed in the past. Not all providers weigh each factor the same, however, which is why it is so important to shop around to make sure you receive the best deal.

Methodology

Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a cleaning driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

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Is The No Credit Check Loan The Best Option For You? | Branded Voices

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If you need extra cash and have considered applying for a loan even with a bad credit score, you might have already heard about the no credit check loan.

Image by Bermix Studio 

Many people opt for a no credit check loan as their last resort. Like any other loan options, a no credit check loan has its pros and cons. Knowing if this is the best option for you allows you to go consider both its advantages and disadvantages. 

But is it your best option? Is there another way to acquire cash without looking into your credit record?

The Advantages

Here are the other advantages of a no-credit loan:

No Credit Checks

You are considering this loan option because the lender will not bother to check your credit report. It doesn’t matter whether you have a good or a bad credit score as long as you are eligible and can comply with their requirements. 

This benefit is one reason why this loan option attracts many borrowers, especially those who don’t have an impressive credit score and those who are still building their credit records.

Other loan options will require you to provide a good reason why you are acquiring the loan. 

For example, lenders will ask you how you will use the loaned money aside from knowing your capability to repay the money you owe.  But with the no credit check loan, lenders will ask you this kind of question during your application. 

The Disadvantages 

Just like any other options available out there for you, a no credit check loan also has its disadvantages. These things may be huge factors for some consumers, while to others, they’re just minor inconveniences you need to deal with. 

Higher Interest Rates

One of the most common and obvious disadvantages of a no credit check loan is its higher interest rate. Since the lenders will not bother looking at your credit history and rating, they will impose a higher interest rate on your loan. 

The higher interest rates imposed are due to risks they take in lending you their money without even knowing if you can pay it back. This is a common rule for all lenders who offer a no credit check loan. 

Required a Minimum Loan Amount 

If you only need a small amount, a no credit check loan may not be the best option for you. Lenders require a minimum loan amount when you apply for a no credit check loan. Most personal loans with no credit check will require you to loan a higher amount than other loan options such as payday loans and single-payment loans. 

May Require A Collateral

Lenders may require you to have collateral as an assurance for the money you are borrowing from them. It is also to secure their part if ever you cannot pay back the cash you borrowed from them. If you default on your loan, the lender will forfeit the collateral. Collateral can be in the form of any valuable assets such as a house, vehicles, and jewelry.

Quick Process 

Another positive thing when acquiring a personal loan with no credit check is the speedy process. You can get the money in just a few minutes or hours as long as you comply with all of their requirements and are eligible for the loan.

Reminders Before Applying for This Loan 

There are things that you should watch out for when opting for this loan type, especially if you do it online, such as:

  • Watch Out For Fake Lenders

This is the risk associated with a no credit check loan. Some criminals use this to lure their victims for phishing and identity theft. Make sure that you choose a legitimate lender and never give out personal information prematurely. It is best to ask someone you trust for a recommendation or for help with securing a loan from a trusted lender.

  • Prepare The Requirements Ahead Of Time 

It is best to prepare all the requirements before applying for the loan to help you acquire the money quickly. Check your chosen lender’s website or print ads for a list of requirements they will need. 

Even though this loan option does not require a credit check, it does not mean you are guaranteed approval. If the lender finds out that you are not eligible for a loan, your application will be denied. 

Takeaway

Asking yourself if a specific loan option is good for you is one of the proper ways to assess if you should apply for it or not. This practice should be observed in applying for no credit check loans and other loan types available. Remember, not all loans are suitable for you. One loan may work better for others but may not work the same for you. Hence, be prudent and choose the loan option that suits best with your financial needs.

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Learn to avoid these credit card habits before you regret making costly mistakes

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Picture used for illustrative purposes only. Many still decide to confront bad credit card habits only after they are thousands of dirhams in debt.
Image Credit: Reuters

Dubai: Many still decide to confront bad credit card habits only after they are thousands of dirhams in debt. Here we discuss some lessons many regretted not learning before making mistakes that proved costly.

Although credit cards offer convenience, security, and rewards, overspending with a credit card and the interest and fees can bury you financially. So it’s important to know whether you possess such habits in the first place.

Four questions to ask yourself first

If you don’t know whether you have a bad credit card habit here are four questions to ask yourself to find out. If the answer to any of the below is yes, you are inching towards a credit card debtpile.

1. Do you pay only interest fees or minimum payments when you send in your credit card payment?

2. Have you ever paid your credit card late because you didn’t have the money for the payment?

3. Do you use your credit card when you don’t have enough cash?

4. When your issuer raises your credit limit, do you spend more because you can?

Bad credit card habits

While common mistakes include habitually paying your credit card late and taking out costly cash advances on your credit card, here are some uncommon-yet-dire mistakes that may slip under any user’s radar.

Habit #1: Missing out unauthorised or fraudulent charges

Keep in mind that one of the main benefits to reading your credit card statement is, it is one of the best ways to catch unauthorised charges and billing errors.

Don’t check your credit card statement for your balance and payment information, review the entire statement to verify your account activity.

By routinely checking your online or physical statement, you can also find out well before hand if your credit limit was lowered since you last checked – as it can change because of your credit habits or your credit history.

Habit #2: Paying only the minimum can cost you dearly

It is evidently easier to make the minimum payment and this is a habit credit card companies profit from as well.

Although paying just the minimum is more convenient than to figure how much extra you can pay towards your outstanding credit card bill, keep in mind that when you’re making only the minimum payment, you’re not making much progress toward paying off your credit card bill.

Moreover, unless you have a very low balance or a zero per cent interest promotion, you’re probably paying much more in finance charges than you have to.

Habit #3: Using your credit card more than your debit card

While it’s recommended you use your credit card to amass cashback rewards or points and also pay off your credit card balance every month, you shouldn’t opt to use your credit card over your debit card, if those aren’t the reasons why you would go about using them.

Your debit card is your direct access to the funds you should use for everyday purchases, like groceries, gas, clothing, and other expenses. If you use your credit card, it should be a decision with a plan for paying off what you’re charging on the card.

Habit #4: If you are transferring balances just to avoid payments

Although promotions like balance transfers are a widely recommended strategy to pay off a high-interest rate balance on your credit card, matter experts reveal that if you’re in the habit of pursuing such promotions to avoid paying payments on your credit card, this leads to amassing long-term debts.

Financial planners reiterate that many don’t realise that balance transfers typically have fees that will increase your overall balance if you’re never making payments toward the transfer. Moreover, if you’re making purchases on the card with such a promotion, the problem gets bigger.

Expert tips to take control of these credit card habits

Lesson #1: Pay your credit card in full each month

The best way to keep your credit utilisation ratio low and avoid costly interest charges is to pay your credit card balance in full each month – which also means you also don’t incur any large due.

It’s effective to control spending by not spending more than you can comfortably pay down each month, as this helps you reduce the likelihood of developing long-running credit card debt.

If you want to take in one step further, setting a monthly spending limit that’s well within your budget increases the chances that you’ll actually be able to zero out your monthly balance and avoid interest charges.

Lesson #2: Keep your credit utilisation ratio low

What it means by ‘credit utilisation ratio’ is essentially the link between your credit card balances and your aggregate spending limit. For example, a Dh2,000 balance on a credit card with a Dh5,000 credit limit equates to a 40 per cent credit utilisation ratio.

As a rule of thumb, your credit utilisation ratio shouldn’t exceed 40 per cent, and keep in mind that high ratios may adversely impact your credit score.

Financial advisors recommend aiming for a 30 per cent credit utilisation ratio, as that gives you some leeway to cover urgent one-off expenses, which can come unexpectedly as a result of maybe losing your job during the ongoing pandemic.

Lesson #3: Setting up customised spending alerts

If controlling your credit card spending is burdening you, it has been widely advised to set up customised spending alerts.

This will let you know when you’ve made an abnormally large payment or exceed a certain balance threshold and you also can pair these data alerts with security alerts to help flag any sham spending patterns.

Lesson #4: Using credit card rewards and points to your advantage

If you have a rewards credit card, you can use it to your advantage. If you have a pure cash back credit card, use any cash rewards you receive to put toward your account balance or directly deposit it into your savings account.

Alternatively, if you have a rewards points credit card, you can use your rewards to buy discounted gift cards to the stores you know, which will help save on future purchases without having to use your credit card.

If not, you could always redeem your reward points for cash redemption to put into savings or towards your account. However, ensure you know when your rewards expire to get the most out of them financially.

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When Can I Get an Auto Loan After a Repo?

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There’s nothing saying you can’t apply for an auto loan immediately after a repo, but the tough part is actually being able to qualify for the loan. Since many auto lenders don’t approve borrowers with a repo that’s less than a year old, you may have to consider in-house financing.

Repossessions and Your Next Car Loan

Unfortunately, most traditional auto lenders don’t work with borrowers that have a recent repo on their credit reports. When we say traditional, we’re referring to lending institutions such as banks, credit unions, online lenders, and the captive lenders of some automakers. These lenders often require a good credit score and clean credit reports.

Where does that leave you? Well, likely in-house financing is the next logical step if you need a car loan after a repossession.

More on In-House Financing

Buy here pay here (BHPH) dealerships use in-house financing. This way of auto financing involves working with the dealer who’s also your lender. There’s no need to find a third-party lender or preapproval – the dealer takes care of all that. This setup can be convenient, and often, borrowers are able to walk away with a vehicle the same day they first set foot on the lot.

Since these dealers may not check your credit reports to determine your eligibility for auto financing, your recent repossession generally isn’t an issue. If you can meet income requirements, prove you have stable work, secure auto insurance, and prove your identity, you might get into a vehicle after a repo with in-house financing.

Here are a few more details on in-house financing:

  • Used cars only – BHPH dealers only offer used vehicles. However, used cars are a good option for bad credit borrowers. They’re almost always less expensive than a brand-new car, and affordable is a good price when you need to get back on your feet after a repo.
  • Anticipate a higher interest rate – Without a credit check, lenders are taking a risk approving a car loan without knowing much about your credit history. To make up for this, they tend to assign higher interest rates. A high interest rate may be considered a good trade-off for an auto loan with bad credit in many cases, especially if you heavily rely on a vehicle to get by.
  • Credit repair may not be an option – If you get an auto loan with a lender that doesn’t check your credit, it’s a possibility that your on-time payments aren’t going to be reported to the credit bureaus. If you want to repair your credit with a car loan, ask the lender about their credit reporting practices before you sign on the dotted line.
  • Down payments are required – Few things are certain in the auto lending world, but one thing you can count on is needing a down payment if your credit is less than perfect. BHPH dealers often require a down payment of up to 20% of the vehicle’s selling price.
  • Prepare your documents – While a BHPH dealer may not check your credit, they’re likely to ask about your income and possibly your work history. You need proof of income to qualify for a car loan, no matter what lender you work with, so prepare at least a month of computer-generated check stubs. If you don’t have W-2 income, have copies of your last two to three years of tax returns.

Looking Forward After a Repo

When Can I Get a Car After a Repo?After one year, your auto loan options open up a little bit more and you’re more likely to qualify for a subprime car loan. Subprime lenders are equipped to assist bad credit borrowers. These lenders offer you a chance for credit repair because they report their loans and work with poor credit borrowers.

If you need a vehicle quickly, a BHPH dealership could be your first step in getting back on the road. Once some time has passed, and your repossession loses some impact on your credit reports, you can try for an auto loan that has the potential to repair your credit.

Here at Auto Credit Express, we know a thing or two about bad credit auto loans, and we have a nationwide network of dealerships that assist bad credit borrowers. We aim to match consumers to dealers in their local area that help with credit challenges. If you’re in need of auto financing, start right now by filling out our free auto loan request form. We’ll look for a dealer in your local area at no cost and with no obligation.

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