Cheap Car Insurance Companies In Mississippi

The average semiannual cost of car insurance in the state of Mississippi is $883.08. An insured premiums are influenced by more variables than purely their place of residence. Car insurance underwriters calculate auto insurance rates after assessing a range of criteria such as the policyholder’s age, driving record, marital status, and credit rating. We examined typical car insurance costs in Mississippi across each of the predominant rating factors. We aim to provide consumers insight to identify a car insurance policy that meets their needs and budget.

*Data Methodology – Updated 3/1/2024

The Mississippi car insurance rates are based on a 35-year-old male with the most popular car (Honda Accord) living in MS. The Quote is for full coverage with comprehensive at $500 deductible and collision at $500 deductible.

Mississippi Minimum Liability Coverage

Mississippi’s minimum liability insurance requirements provide financial protection for other drivers in an accident. The state requires all motorists to carry at least the following coverage:

• Bodily Injury Liability: $25,000 per person and $50,000 per accident. This covers injuries and lost wages for others involved in an accident that you cause.
• Property Damage Liability: $25,000. This pays for damage to others’ vehicles and property from a collision you cause.
• Medical Payments: $5,000. This optional coverage helps pay for medical expenses for others hurt in an accident involving your vehicle, regardless of fault.

Penalties for Driving Without Insurance in Mississippi

Mississippi law requires all drivers to carry liability insurance on any motor vehicle they own or operate. Failing to do so is a misdemeanor punishable by fines, license suspension, and possibly jail time.

If you are caught driving without insurance in Mississippi, you will likely receive a citation with a fine between $500 and $1,000. The courts may also assess additional fees on top of the base fine amount. You will also have to pay a reinstatement fee to the Mississippi Department of Public Safety once your license suspension period ends.

In addition to the financial penalties, your driver’s license will be suspended for a period of time. For a first offense of driving without insurance, your license will typically be suspended for six months. A second offense within five years usually results in a one-year suspension, while three or more offenses within five years could mean a two-year or longer suspension.

In the most serious cases, judges may sentence offenders to up to six months in jail. However, jail time is typically only used for repeat offenders or those who continue to drive without insurance after their license has been suspended.

Auto Insurance Rates in Mississippi

Mississippi has some of the lowest average auto insurance rates in the country. However, rates can vary significantly based on several factors. The state does not require drivers to carry liability insurance, but most lenders require borrowers to carry comprehensive coverage on any vehicle used as collateral.

Some of the key factors that affect auto insurance rates in Mississippi include:

• Driving record: Drivers with a history of traffic violations, accidents, or other moving violations will generally pay higher premiums. Insurance companies view these incidents as indicators of higher risk.
• Credit score: Insurers often use credit-based insurance scores to help determine premiums, particularly for non-standard policies. Those with poor credit typically pay higher rates.
• Vehicle type: Sports cars, luxury vehicles, and large SUVs tend to have higher insurance costs due to the higher costs of repairs and replacement parts. Compact cars cost less to insure on average.
• Age: Younger drivers under 25 often face the highest rates due to their inexperience and higher risk of accidents. Rates generally decrease as drivers get older and gain more experience.
• Location: Where you live and drive can impact rates. Urban areas tend to have higher insurance costs due to factors like more congestion and higher claims frequency.
• Coverage limits: Choosing higher liability limits and adding comprehensive and collision coverage can significantly increase premium costs. Drivers should purchase the coverage limits that meet their needs.
• Deductible: Opting for a higher collision deductible (the amount you pay out of pocket for repairs) can help lower your premium costs. However, higher deductibles may not make financial sense for all drivers.

Low Cost Car Insurance Programs and Discounts in Mississippi

There are several ways you can lower your car insurance costs in Mississippi. Insurance companies offer various programs and discounts to help make coverage more affordable for their customers.

The first option is choosing a higher deductible. A deductible is the amount you pay out of pocket before your insurance coverage kicks in. The higher your deductible, the lower your premiums will be. For example, increasing your deductible from $500 to $1,000 can potentially lower your premiums by 10% to 15%. Just be sure you have enough funds available to cover the higher deductible in case of an accident.

Many insurance companies offer good student discounts if you maintain above-average grades. Teenagers with good grades typically cause fewer claims, so insurers reward them with lower premiums. Discounts of 15% to 25% are common for good students.

Insurers also offer discounts for drivers over age 55, since older drivers tend to file fewer claims. Senior discounts can range from 5% to 15% depending on the insurance company and your exact age.

Some companies offer multi-policy discounts if you have multiple policies with them, like auto, home, and life insurance. Combining multiple lines of coverage can qualify you for 5% to 10% off your auto insurance.

Finally, ask about any discounts you may be eligible for based on your occupation, membership in certain groups, or completion of a defensive driving course. Every little bit helps lower the cost of your coverage.

Mississippi Car Insurance Statistics

Mississippi car insurance statistics show that auto insurance costs are among the lowest in the country. Here are some of the key facts:

• Mississippi has the second lowest average annual premiums in the U.S. at $720, compared to the national average of $1,056. This is a 32% difference.
• More than 85% of Mississippi drivers carry liability-only insurance, the minimum required coverage. This helps keep costs low by limiting optional coverage.
• Mississippi has a high uninsured motorist rate of around 20%, one of the highest in the U.S. This is due in part to the large number of low-income residents who cannot afford insurance.
• Mississippi has a relatively low population density, ranking 32nd in the U.S. Lower traffic volumes mean fewer accidents and claims, resulting in lower premium costs.
• Mississippi has a lenient penalty system for uninsured drivers, with fines as the primary punishment. This fails to incentivize many drivers to purchase insurance.
• Mississippi has an average of 2.4 vehicle crashes per mile of roadway, slightly below the national average of 2.6. Still, vehicle crashes remain one of the leading causes of death in the state.

The 10 Largest Mississippi Car Insurance Companies

Mississippi drivers have many options when choosing a car insurance provider. Here are the 10 largest auto insurance companies in Mississippi based on market share and premium volume:

1. State Farm – As the largest auto insurer in Mississippi, State Farm covers nearly one in four drivers in the state. Known for affordable rates and a good claims process, State Farm is a popular choice.
2. Allstate – Allstate follows State Farm as the second largest auto insurance provider in Mississippi. Allstate is known for bundling policies and offering many discounts.
3. Farm Bureau Insurance – The Mississippi Farm Bureau offers auto insurance exclusively to its members. It has a large market share due to its network of local agents across the state.
4. GEICO – GEICO has grown its market share in Mississippi by offering affordable rates and a streamlined online quoting and purchasing process.
5. Progressive – Progressive has increased its presence in Mississippi by focusing on customer service and offering multiple coverage options.
6. USAA – While USAA auto insurance is only available to military members, veterans, and their families, it still ranks among the largest auto insurers in Mississippi.
7. Southern Farm Bureau Casualty – Similar to Farm Bureau Insurance, Southern Farm Bureau offers auto coverage exclusively to its members.
8. Nationwide – Nationwide offers auto insurance in Mississippi through a network of independent agents. It is known for bundling policies and offering many discounts.
9. Shelter Insurance – Shelter Insurance has been offering auto insurance in Mississippi for over 60 years. It is known for personalized service and affordable rates.
10. Auto-Owners Insurance – Auto-Owners Insurance has a large agent network in Mississippi, allowing it to provide auto coverage across the state.