Cheap Car Insurance Companies In Rhode Island

The average semiannual cost of car insurance in the state of Rhode Island is $1171.33. 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 Rhode Island 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 2/28/2024

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

Rhode Island Minimum Liability Coverage

Rhode Island has a minimum liability insurance requirement of $25,000 per person for bodily injury, $50,000 per accident for bodily injury to all people injured in an accident, and $25,000 for property damage. These minimum requirements are often referred to as 25/50/25 coverage amounts.

All motorists in Rhode Island are required by state law to carry this level of auto insurance coverage. The purpose of minimum liability insurance is to ensure that all drivers have at least some financial protection in the event of an accident. Liability insurance covers costs for damage and injuries that you cause to others, not your own vehicle or medical bills.

The $25,000 minimum per-person limit means that your insurance will cover up to $25,000 in claims for injuries to any one person in an accident. The $50,000 per-accident limit means that your insurance will cover up to $50,000 in total injury claims from all persons injured in a single accident, regardless of how many people were injured. The $25,000 property damage limit means your insurance will cover up to $25,000 total for damage claims to other vehicles and property involved in the accident.

Penalties for Driving Without Insurance in Rhode Island

Driving without car insurance is illegal in Rhode Island, and there are serious penalties if you’re caught. You could end up paying a hefty fine, face a license suspension, and in some cases, face jail time.

If you’re caught driving without insurance in Rhode Island, you’ll face a mandatory fine of $100 for your first offense and $200 for any subsequent offenses. You’ll also have to pay a $100 assessment fee for the Uninsured Driver’s Fund.

For a first offense, your driver’s license will likely be suspended for three months. The suspension period increases with each additional offense. On your second offense within three years, your license will be suspended for six months. A third offense within three years will result in a one-year suspension.

In some cases, you may be charged with a misdemeanor for driving without insurance. This could result in jail time of up to one year. However, jail time is typically reserved for repeat offenders who continue to drive without insurance.

In addition to the penalties above, your car may also be subject to an immobilization or impound if you’re caught driving without insurance. You’ll have to pay all associated fees before your vehicle is released.

The penalties are meant to discourage driving without insurance and to ensure that all drivers carry coverage to compensate victims of accidents. So if you want to avoid these hefty fines, license suspensions, and possible jail time, make sure you have valid car insurance before driving in Rhode Island.

Auto Insurance Rates in Rhode Island

The Ocean State has some of the highest auto insurance rates in the nation. While Rhode Island law requires all drivers carry liability insurance, the state does not set minimum insurance requirements, leaving that up to individual insurance companies.

Several factors contribute to Rhode Island’s high auto insurance costs. The state has a high population density, meaning more cars on the road and a higher chance of accidents. Rhode Island also has many aggressive drivers and high traffic congestion, leading to more crashes. Property damage from accidents and car thefts are more common, raising insurance claims.

Insurance companies set rates based partially on where you live in Rhode Island. Drivers in urban areas like Providence typically pay higher premiums due to more traffic and crime. Your credit score, age, gender, and driving record also impact your rate, so shop around with several insurers to find the best deal.

Some ways to potentially lower your insurance costs include increasing your deductible, removing non-primary drivers from your policy, taking defensive driving courses, and installing anti-theft devices in your vehicle. Investing in newer cars with advanced safety features can also qualify you for discounts.

Low Cost Car Insurance Programs and Discounts in Rhode Island

You want affordable car insurance coverage, but every penny counts. Here are some of the best ways to find low cost car insurance in Rhode Island.

Multi-Policy Discounts

Most insurers offer discounts if you have multiple policies with them. Bundling your home, life, and auto insurance with the same company can save you 5% to 15% on your car insurance.

Good Student Discounts  

If you’re a high school or college student with at least a B average, you likely qualify for a good student discount of around 10% to 20%. Some insurers require you maintain the GPA for access to the discount.

Defensive Driving Course

Completing a defensive driving or accident prevention course can earn you a discount of around 5% for three years. Many insurance companies sponsor these courses themselves and offer a larger discount to participants.

Pay in Full

Some insurers offer a discount if you pay your full 6 or 12 month policy in one lump sum. This can save you 1% to 5% versus paying in installments.

Increase Your Deductible

The higher your deductible, the lower your premiums. Increasing your collision or comprehensive deductible from $500 to $1,000 could lower rates by 10% or more. Consider what you can reasonably pay out of pocket if needed.

Those are just a few of the ways you can access low-cost car insurance in Rhode Island.

Rhode Island Car Insurance Statistics

Rhode Island is a unique state with a rich history and coastal charm. When it comes to car insurance in Rhode Island, there are a few key statistics to keep in mind.

First, Rhode Island has some of the highest car insurance rates in the country. The average annual premium in Rhode Island is $1,461, which is 31% higher than the national average of $1,119. There are a few reasons for this.

One factor is higher medical costs in Rhode Island. Medical expenses associated with car accidents make up a significant portion of insurance claims costs. Rhode Island has above-average medical costs, which insurers pass on to customers through higher premiums.

Another factor is higher rates of car theft in Rhode Island. Rhode Island has the fourth highest rate of motor vehicle theft in the U.S. with 492 thefts per 100,000 people. The high rate of vehicle theft means insurers face more comprehensive coverage claims, again pushing up premium costs.

Rhode Island’s mandatory minimum insurance requirements likely also contribute to higher rates. Rhode Island has some of the highest minimum liability insurance requirements in the nation. While this provides more protection for accident victims, it means higher premium costs for policyholders.

Understanding the key statistics about Rhode Island car insurance can help you make more informed choices to find the right coverage at the most affordable price.

The 10 Largest Rhode Island Car Insurance Companies

Rhode Island has many options for car insurance coverage. Here are the ten largest car insurance companies in the state based on the amount of auto insurance premiums written.

1. Progressive – Progressive is the largest auto insurer in Rhode Island, with a 16% market share. They offer many discounts and usage-based options to help lower premiums.
2. Allstate – Allstate has a 13% market share, making them the second largest car insurance provider in the state. They are known for bundling options and discounts for homeowners and renters insurance.
3. Liberty Mutual – With 11% of the market, Liberty Mutual ranks third. They offer a wide range of coverage options as well as usage-based programs to help manage costs.
4. State Farm – State Farm has a 10% market share in Rhode Island, placing them fourth. They are known for being a full-service insurer, offering home, life, and health insurance in addition to auto.
5. MetLife – MetLife Auto & Home rounds out the top five with a 7% market share. They offer standard auto coverage as well as rideshare insurance for Uber and Lyft drivers.
6. Travelers – Travelers car insurance has a 6% market share, placing them sixth. They are known for being flexible with coverage options and offering multi-policy discounts.
7. Nationwide – Nationwide has a 5% market share, placing them seventh. They offer many usage-based programs and discounts for good students, drivers age 50 and older, and more.
8. GEICO – GEICO writes 4% of auto premiums in Rhode Island, placing them eighth. They are well-known for offering some of the lowest rates in the industry.
9. USAA – USAA serves active military, veterans, and their families. They have a 3% market share in Rhode Island.
10. MAPFRE – MAPFRE Insurance, the tenth largest provider, has a 2% market share in Rhode Island. They offer standard auto coverage and specialize in high-risk drivers.