Finding the ideal car insurance policy requires understanding how premiums are calculated. MoneyGeek’s Louisiana car insurance calculator provides an accurate estimation of what drivers can expect to pay, along with an overview of factors that influence premium rates – so you can select a policy that fits within your budget constraints.
Car insurance premiums in Louisiana tend to be more costly, due to a variety of reasons. Crime rates in cities like New Orleans may be one of them; others could include high repair costs following natural disasters; or simply too many drivers on the road increasing the likelihood of accidents; repair times taking too long after an incident; etc.
Your type of vehicle also plays a part in how much car insurance you will pay. Luxury and sports cars generally cost more to insure due to being more likely to be stolen or damaged, and because parts for such cars tend to be more costly. There are companies who specialize in insuring all sorts of vehicles so it may be wise to shop around to find out who offers you the best rate available for yours.
Keep in mind that allowing your car insurance to lapse could lead to fines and license suspension. To help get back on the road after an absence, WalletHub identified several companies in your state offering affordable post-lapse policies with short-term policies at significantly discounted rates.
Your credit rating plays a pivotal role in determining how much car insurance costs. People with lower scores tend to pay more as insurers worry about timely payments and claims filing potential.
Age can have a dramatic effect on car insurance costs, with younger and teen drivers paying more due to higher crash rates as well as limited experience behind the wheel.
Louisiana requires drivers to carry at least $15,000 of bodily injury liability coverage per person and $25,000 of property damage liability coverage for all driving activities. Comprehensive and collision coverage are recommended as they will help cover repairs to their own vehicle as well as repairs to other vehicles or individuals they hit, which is often required by lenders or lessors when leasing or financing a vehicle. Personal Injury Protection (PIP)/Medical Payments Coverage may be purchased as this helps cover treatment costs no matter who caused an accident.