For people who own their homes, one of the more important components that are looked at to help calculate the price you pay for insurance is where your car is garaged in New Orleans. Areas with a lot of weather claims or more people tend to pay slightly more, whereas areas with fewer weather claims and lower vehicle theft rates profit from lower rates.
The table below shows the highest-priced places in Louisiana for homeowners to purchase auto insurance in. New Orleans ranks #1 with an annual rate of $2,943 on average, which is around $245 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | New Orleans | $2,943 |
| 2 | Harvey | $2,487 |
| 3 | Marrero | $2,469 |
| 4 | Terrytown | $2,455 |
| 5 | Metairie | $2,254 |
| 6 | Kenner | $2,225 |
| 7 | Prairieville | $2,191 |
| 8 | Central | $2,157 |
| 9 | Baton Rouge | $2,143 |
| 10 | Shenandoah | $2,139 |
| 11 | Hammond | $2,107 |
| 12 | Alexandria | $2,034 |
| 13 | Laplace | $2,031 |
| 14 | Slidell | $1,977 |
| 15 | Lafayette | $1,976 |
| 16 | Lake Charles | $1,934 |
| 17 | Monroe | $1,931 |
| 18 | Sulphur | $1,916 |
| 19 | New Iberia | $1,909 |
| 20 | Bayou Cane | $1,836 |
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Rate information is estimated as vehicle location can affect coverage prices considerably.
The vehicle you are trying to insure is one of the biggest factors when comparison shopping for low-cost coverage for homeowners. Vehicles with average performance, good crash test ratings, or low incidents of liability claims will cost substantially less to insure than high performance models.
The next table estimates coverage rates for a number of the cheapest automobiles to insure in Louisiana.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $2,450 |
| Ford Escape XLT 2WD | $2,456 |
| Volkswagen Jetta 2.0T Station Wagon | $2,546 |
| Nissan Altima 2.5 4-Dr Sedan | $2,570 |
| Honda Odyssey LX | $2,603 |
| Jeep Wrangler Sahara 4WD 2-Dr | $2,659 |
| Ford Focus SES 4-Dr Sedan | $2,665 |
| Toyota Prius | $2,709 |
| Ford Edge SEL AWD | $2,756 |
| Jeep Grand Cherokee Limited 4WD | $2,759 |
| Toyota Corolla XRS | $2,769 |
| Toyota Camry LE | $2,812 |
| Chevrolet Equinox LS 2WD | $2,822 |
| Chevrolet Impala LT | $2,812 |
| Dodge Grand Caravan SXT | $2,865 |
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Cost estimates assume single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Louisiana minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Rates do not factor in your specific New Orleans, LA location which can influence coverage prices considerably.
Based upon these rates, you can expect makes and models like the Honda CR-V, Ford Escape, Volkswagen Jetta, and Nissan Altima should be the most affordable vehicles to insure for people who own their homes.
The illustration below shows how choosing a deductible can increase or decrease insurance costs when getting quotes for cheap insurance for homeowners. The premiums assume a married male driver, comp and collision included, and no discounts are applied.
As shown above, a 40-year-old driver could cut expenses by $440 a year by increasing from a $100 deductible up to a $500 deductible, or save $660 by selecting a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, could possibly save as much as $1,472 each year by choosing a larger deductible amount. If you do raise deductibles, it will now be necessary to have plenty of savings on hand to be able to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Full coverage rates compared to liability-only
Saving money when shopping for car insurance is important to the majority of people, and an effective way to reduce the cost of insurance for homeowners is to not pay for full coverage. The information below illustrates the difference between insurance costs with and without full coverage. The costs are based on no tickets, no at-fault accidents, $500 deductibles, marital status is single, and no additional discounts are factored in.
On average, full coverage on your policy costs $2,182 per year more than buying just liability insurance. Many people question if paying for full coverage is worth it. There is no exact rule that is best for determining when to drop comp and collision coverage, but there is a general school of thought. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s replacement value is $12,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $11,000 after paying your deductible. If it’s costing in excess of $1,100 a year to have full coverage, then you may need to consider dropping full coverage.
Insuring your vehicle with the top auto insurance company can be a challenge considering how many choices drivers have in New Orleans. The company information in the lists below can help you analyze which car insurance companies you want to consider purchasing a policy from. The rankings below only include companies who write in the majority of U.S. states, so companies that only write business in Louisiana or surrounding areas are not factored into the list.
Top 10 Large Auto Insurers in New Orleans Ranked by Claims Service
- Allstate
- State Farm
- American Family
- GEICO
- Liberty Mutual
- Esurance
- AAA Insurance
- The Hartford
- 21st Century
- The General
Top 10 Large Auto Insurers in New Orleans Ranked by Value
- American Family
- AAA Insurance
- Safeco Insurance
- The Hartford
- Progressive
- 21st Century
- The General
- Esurance
- USAA
- State Farm
Why you should shop around
Louisiana car insurance rates are determined by lots of factors that control the policy price. Simply getting older, buying a home instead of renting, or getting into an accident can trigger rate changes resulting in some companies being cheaper than competitors. And not only may your rating factors change, but car insurance companies file new Louisiana car insurance rates at least once a year in order to offset underwriting gains or losses. Heavier than normal losses can result in rate hikes, while lower claim levels can cause cheaper New Orleans car insurance rates.
For example, the bar chart below shows the company with the cheapest car insurance in New Orleans, LA for a 30-year-old female driver with no prior claims, no tickets, and a high credit rating. If we compare prices based on her current risk profile, USAA may have the lowest car insurance rates in New Orleans at $2,619 a year. This is $205 more than the average premium paid by Louisiana drivers of $2,414. MetLife, GEICO, Progressive, and Safeway round out the rest of the cheapest New Orleans, LA auto insurance companies.
In this next rate comparison, we will give the driver in the first example some claims, less-than-perfect credit, and an imperfect driving record. Due to the fact that each insurance company has a proprietary method to set their prices, analyzing rate quotes may result in a substantially altered list of cheap New Orleans auto insurance companies as shown below.
Southern Farm Bureau now has the cheapest price in New Orleans, LA with State Farm, MetLife, USAA, and Safe Auto now being in the top five. This example proves why Louisiana drivers need to shop around when trying to get affordable auto insurance rates for homeowners.
Prices are influenced by many risk factors and can decrease or increase without notice, so the most affordable company a year ago may now be wasting a lot of money.