It has one of the lowest vehicle insurance rates in the US that both liability only and full coverage are affordable for most drivers. Less than average Uninsured Drivers (11%) show that people are happy to pay the premiums in the Granite State, where having a liability policy isn’t enforced if you meet financial responsibility requirements.
It is one of the most expensive places to live in America. That can make costs a relatively cheaper expense within a household budget. And also, It is one of the wealthiest regions that affordability is less of an issue, especially when it is reasonably priced anyway.
New Hampshire Car Insurance Laws
It is one of few states that don’t enforce liability coverage. However, they have Financial Responsibility Requirements. Here is the wording used on its website. “New Hampshire Motor Vehicle Laws do not require you to be insured, but you must be able to demonstrate that you are able to provide sufficient funds to meet Financial Responsibility Requirements in the event of an “at-fault” accident. If you are unable to meet these conditions your driving privileges may be suspended.”
In all honesty, it is probably easier to get covered than prove you have sufficient funds to pay for third party losses you caused. Besides, not many people would want to be dipping into their wealth to compensate others. More importantly, hardly anyone would want to put his/her assets on the line like that. Actually, we have seen many a time that richer people are keener to buy coverage.
Nonetheless, some people may be required to buy auto insurance after all. Drivers who prove to be a menace with multiple accidents, DUI and traffic moving violations may be forced to buy a policy. These are the limits whether you are forced or want the minimum liability;
- $25,000 for bodily injury or death per person.
- $50,000 total for bodily injury or death per accident.
- $25,000 for property damage.
Official website prepared a nice and colorful Guide for their drivers here, explaining its provisions and intricacies in detail.
Even though the approach is different here the idea is not different from enforcing minimum liability automobile insurance coverage. It appears that this is exactly how most Granite Staters interpret laws and buy policies. Actually, some of states, where it is a legal requirement to have at least liability coverage, have twice more drivers shunning away from it. When people are educated enough and able to afford they have no problem with spending the money for it. On the other hand, it appears that circumstances dictate if an auto owner arranges a policy or not rather than legal requirements.
People who shop around have a better chance of getting and keeping low rates. You may have had a great price a few years ago and that is why you picked the current carrier. However, are you sure that it is still cheap? It is worth reminding that things can change pretty quickly for people and companies. Also, the rivals may have been sharpening their pencils since you last checked.
Besides, there is no guarantee that the current carrier is actually improving terms in line with the rest of the products they are selling. Some of them keep current customers in their old and usually expensive rates while they are offering great prices and improved coverage to prospective customers. So, don’t let yours remain in the past. Keep checking for the best offers to ensure you are not being taken for granted.
Low Auto Insurance Prices in New Hampshire
It is one of the smallest and least populated states. It isn’t heavily urbanized and lacks large cities. Also, its residents are well off and well educated. These are the perfect conditions for the lowest rates and indeed it is the case here, as the figures down will demonstrate it clearly.
Average cost of vehicle insurance in New Hampshire is $733, which is over $100 cheaper than the US number. Average estimated full coverage premium of $941 is $384 lower than the US median figure. The former figure is based on real spending and the latter is calculated based on quotes for a good and established driver.
The fact that the difference between average spent on premiums and estimated full coverage cost is slightly over $200 suggests that most policies sold in NH is the latter. It is clear people appreciate the protections offered and aware of its usefulness even if they don’t have a claim. The level of policy take-ups here much higher than many states, where it is legally enforced and compliance is regularly checked.
The Lowest Priced Car Insurance Companies in New Hampshire
There aren’t many urban centers and the largest city is Manchester with population of just over 100,000. The premiums are generally affordable but below carriers are consistently the most economical throughout most cities, including Manchester. Also, there aren’t huge variations in price. Yet, you may pay on average 1/4 less in the capital Concord, one of the cheapest cities, in comparison with the largest city Manchester, one of the most expensive.
- GEICO, $490
- Patriot Ins., $624
- State Farm, $711
Difference in quotes between the least and most expensive can be as much as $1,000, even though NH has one of the lowest rates in the country. So, you shouldn’t make the mistake of thinking that you cannot save much money anyway and therefore it will be waste of time to shop for quotes. There are many studies that show how policyholders chain themselves to high costs by not bothering to check for the best deals. It is very easy to shop online and get to the bottom of it pretty fast.
Prices are updated several times in a year that the most competitive company in your region can change pretty fast. For example, Concord was one of the cheapest only last the year but it is way down this year. That is why it is necessary to keep checking for quotes at least once a year. Furthermore, switching automobile insurance carriers every once in a while improves policies since it comes with updated features. If you keep renewing it automatically, you run the risk of keeping your out-dated and expensive plan longer than you should.