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Often referred to as the “Corporate Capital of the World”, Wilmington is a heaven for small and/or new businesses thanks to joint efforts by both private and public enterprise. Because of this, the city possesses a diverse labor force. Although within driving distance from major metropolitan areas such as Philadelphia, Wilmington residents enjoy a lower cost of living with big-city convenience. Find affordable car insurance in Delaware here.
Trying to drive legally in Delaware? Well, you’ll need:
| Coverage | Requirements | Most Common |
| Liability Bodily Injury | 15,000/30,000 | 100,000/300,000 |
| Liability Property Damage | 10,000 | 50,000 |
| Bodily Injury - Motorist Uninsured | Not required | 100,000/300,000 |
| Personal Injury Protection | 15,000/30,000 | 15,000/30,000 |
| Collision Coverage | Not required Coverage | 700 Insurance deductible |
| Comprehensive | Not required | 0 deductible |
Like most states, Delaware requires liability coverage on all auto policies. Unlike most states, however, they also require Personal Injury Protection. This type of insurance covers “no-fault” accidents, especially if you end up with medical expenses as a result of such an accident.
Normal monthly rates in Delaware can reach as high as $132 per month for some motorists. However, in Wilmington, you can get a fairly good deal and reduce your rates to $121/mo* or lower, if you know what discounts to look for. We’ll discuss some of these discounts shortly.
National Grange Mutual, Hartford, and Allstate are offering the most competitive rates in Wilmington (as you can see in the chart). But what else are they offering? Excellent customer service? A simple and efficient claims service? All of these are important questions to consider before you choose a company based on low rates alone.
Insurance providers contemplate different elements when figuring out insurance quotes, including driving violations, accident claims, credit score/rating, years of driving experience, and multiple cars and drivers. Also, keep in mind that premiums differ from carrier to carrier. To find out whether you’re still forking out the most favorable rate, compare cheap Delaware auto insurance quotes online.
There are numerous ways in which your car insurance rate might be estimated. But not all of it is out of your control; there are things you can do to be able to influence which discounts you are eligible to acquire. Listed here are some of these elements in greater detail:
Where you park your car each night will have a major impact on your auto insurance rate. Generally, car insurance is cheaper in rural areas because fewer cars means a smaller chance that you will get into a collision with another vehicle. The population of Wilmington is 71,525 and the median household income is $37,861.
If you live in a city where accidents happen frequently, then you will likely face higher monthly insurance rates. Luckily for Wilmington drivers, the accident rate is fairly low, even for a city with such a robust population. This can lead to some significant savings.
Finding cheap auto insurance can be confusing if you are at risk for auto theft. Certain popular vehicle models are attractive to thieves, as well as vehicles which are parked often in large cities. The total number of stolen vehicles in Wilmington was 371 back in 2013. This marks a substantial drop in theft from previous years. However, if you are still uncertain, you can add Comprehensive coverage to your policy to protect against theft.
Having a high or low credit score can have a significant influence on your monthly insurance payments. Good credit scores are rewarded with immensely lower rates. Poor credit scores, on the other hand, might pay double (or more) what you would pay with a better credit history.
Your Automobile insurance gradually gets cheaper over time, because your experience behind the wheel ensures that you are less and less likely to get into an accident. But younger drivers and their lack of experience are at a much higher risk. And because they are so risky to insure, they must pay higher monthly premiums.
“Accident Forgiveness” is a new type of discount that more and more insurance providers are beginning to offer. It gives you the opportunity to virtually erase a minor traffic citation from your record, effectively lowering your monthly premium. It is unlikely to work for more significant violations, such as a DUI or Reckless Driving, however.
The thing most people don’t realize about insuring luxury cars is that it isn’t the vehicle itself that costs more to insure – it’s the numerous types of coverage (and in higher amounts) which you must purchase in order to protect your investment that raise the price tag, as you can see in the chart.
You might want to be mindful about these following elements, and how they influence your rate:
Married couples can get all sorts of discounts – if they know how to bundle their insurance policies, that is. The most obvious choice is to bundle you and your spouse’s auto policies under the same company. And if that company offers other insurance – such as boating, homeowners, or life insurance – you can bundle those too for further discounts.
For most insurance providers, there is little more than a 1-3% difference in rates between men and women – if they charge a different rate at all. In the grand scheme of things, all other elements being equal, your gender doesn’t make it immensely more or less likely to get into an accident.
For the average worker in Wilmington, the commute time can last anywhere from 17-29 minutes. And of those workers, a good 60% drive to work in their own vehicle; another 17% prefer to carpool.
If you can help it, try to avoid registering your car as a business vehicle. On average, those vehicles get charged 10-12% higher rates than vehicles driven for work, school, or even recreationally. Also, yearly mileage is a fairly negligible factor – whether your drive above or below the national average, you may only see a 2-3% fluctuation in your rate.
Do you think you are unlikely to file a claim any time soon? Then talk to your agent about raising your deductible. It’s a great way to lower your monthly premium and save money. But put a little extra aside – just in case you do have to file a claim.
Most drivers in Wilmington have earned a high school diploma or some other equivalent. A smaller fraction of motorists have yet to complete their high school education. But did you know that pursuing a higher education can save you money on your car insurance? It’s actually a more lucrative discount than what you might get from having a specific job, or even a high-forking out salary.
Wilmington has multiple young universities within driving distance of its residents. More than five of them, including satellite versions of Drexel University and Delaware State University, are less than 25 years old. If you are interested in a legal career, you might want to look into the Delaware Law School.
Regrettably for most insurance companies, a simple internet search can reveal many of their trade secrets. But even with the proper information, it can still be confusing for you as an individual to figure out your risk profile and find low-cost insurance. Make sure you do your due diligence before you commit to your next car insurance policy.
Sources:
State of Delaware – Department of Insurance
Delaware Department of Finance
Department of Highway Safety and Motor Vehicles
These Companies Offer Car Insurance in Wilmington, DE – See How Much You Can Save