Best car insurance in Mississippi for 2023

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Like almost all states, Mississippi mandates a certain amount of minimum coverage in order to drive legally in the state. You will not be able to buy a policy for less than this amount, but you can, if you wish, purchase more than the minimum — and many insurance experts would recommend that you do, to give yourself the most protection possible. A serious accident might cause damages or medical bills that could be six figures or more, and minimum coverage may not be enough to cover them, leaving you to pay the difference out of pocket.

If you took out a loan to finance the purchase of your vehicle, you may have noticed that your lender has certain insurance requirements you must meet that go beyond the state's minimum requirements. They are likely to require you to carry a policy with collision and comprehensive insurance, for example. They do this to protect their investment in your car, which they technically own until you have paid off the loan or lease. Their requirements are not optional, and if you fail to purchase the coverage they request, you may find yourself paying more for your loan or lease, since the insurer will purchase the policy on your behalf — called force-placed insurance.

The best car insurance policy is one that is tailored to your needs. To accomplish this, you might want to think about how your individual circumstances could impact your coverage choices. For instance, Mississippi was the number one worst state for tornadoes in 2022. Because of the state’s above-average tornadic activity, drivers might want to add comprehensive coverage to bolster themselves financially against weather-related claims. Or, perhaps you have a newly-licensed driver in your household. In that case, you might want to look for a company that offers multiple teen driver discounts.

Mississippi auto insurance companies use several factors to calculate your rate, including your credit-based insurance score, gender, age, driving history, ZIP code and the type of vehicle you drive, among others. Each carrier also has a proprietary algorithm that weighs each factor differently. For instance, some companies might have a higher surcharge for drivers with speeding tickets than others. For these reasons, no one insurance company is the cheapest for every driver. If you’re looking for the cheapest company for your specific circumstances, your best bet may be to shop around.

No, Mississippi is not a no-fault state, meaning PIP insurance is not required (or available for purchase). Suppose you cause an accident in an at-fault state like Mississippi. In that case, your bodily injury liability limits may pay for any injuries you cause to the other party (up to the coverage limit you carry).

Taking advantage of available discounts is one of the easiest ways to lower your car insurance premium. If you can, you may also want to consider paying your premium in full to get a paid-in-full discount or waive your installment fees (if either applies). Although not an overnight fix, improving your credit score can also bring down your rate, as can practicing safe driving habits. Some may recommend increasing your deductibles; while this can be an effective strategy for some, it comes with risk — choosing a deductible that you can easily pay without warning is essential. If you set your deductible too high, you might find yourself in a financial bind if you have to file a claim. Ultimately, you may want to ask your agent to review your policy for savings opportunities every so often to ensure you’re paying the most competitive rate.

When looking for the best car insurance in Mississippi, the insurer that works best for your neighbor might not be the best choice for you, since everyone has their own priorities. If you have a teen driver on your policy, for example, you may want to work with a company that has multiple teen discounts; if you're retired, on the other hand, and don't drive much, you might be better suited to a company that offers a usage-based policy. The first step in finding the best policy for you is to consider your needs and priorities, and then look for a company that can fulfill those needs at an affordable price.