Safety has the lowest car insurance rates, on average, of any of the companies NerdWallet has analyzed, but is only available in three states. GEICO has the lowest annual rates for non-military drivers, with an average of $2,145 for safer drivers and $5,665 for teenage drivers, making it a cheap option for auto insurance. Geico has the lowest rates, on average, among the nations largest insurers. Geico rounds out Bankrates list of the largest auto insurers that offer the lowest rates, at $433 per year for the bare minimum coverage.
For shopping, WalletHub found some of the lowest-rated auto insurance companies for drivers with bad credit based on the average rates of a 45-year-old, single male with minimal coverage and a clean driving record. Because the cheapest auto insurance is probably minimum coverage required by your state, NerdWallet focused our analysis on rates for the lowest-required auto insurance.
Here are the annual auto insurance rates from the top six largest U.S. car insurers, as well as the annual average rates and availability by state from some smaller companies. The following table shows the average car insurance rates by type of extra driver from the largest companies. All quotes were determined by selecting the average driver profile from insurers across the nation, across hundreds of cities, and across all states. Bankrate rates the top car insurance companies (by market share) based on annual average premiums, coverage options, and discounts to find the lowest rates.
Of the largest providers shown, we found that Erieand Auto-Owners offered the lowest average premiums for various driver profiles, both liability-only and comprehensive car insurance. Several smaller car insurance providers offer lower annual average premiums than any other large insurer listed above. These insurance companies do not have as much name recognition as some companies that you might recognize from their ads on national TV, but they can help you find savings if you are looking for a lower price.
With snazzy rates and great customer service, Geico is also one of the more powerful companies offering the cheapest auto insurance. Like GEICO, General Car Insurance Services relies heavily on marketing strategies and promotional materials such as its TV ads and catchy slogans to attract customers. Drivers can still find cheaper coverage for bad credit by shopping around, and USAA and GEICO are the lowest-priced, on average.
Car insurers can offer higher rates to drivers with lower credit scores in order to offset that increased risk, according to the National Association of Insurance Commissioners (NAIC). Many insurance companies also use credit-based insurance scores to help them determine auto insurance rates – making it harder for low-credit drivers to obtain cheaper auto insurance in many states. While those companies might rate different things depending on your coverage needs, you can use Bankrate scores to help you decide which insurers are worth targeting for the best auto insurance at affordable rates.
Depending on how you drive, such as distraction-free driving and stopping, GEICO will assign a score to you and base your auto insurance rates off of that. The insurance rate is measured on the details you provide, such as your applicants age, car model, where you live, and your driving record. Enter a few basic details about your vehicle and drivers in your household, and you should be able to get an auto insurance quote within minutes.
Drivers who are USAA-eligible and looking to save should always get a USAA quote; it consistently has some of the lowest rates in the nation. The company has a wide variety of generic auto insurance discounts, as well as free auto insurance quotes online — so you can shave off some premiums and save money on a monthly basis this way. Our analysis found that USAA and State Farm are the countrys most affordable big-name insurers. If you are looking for an alternative to USAA that still offers cheaper coverage for service members, GEICO also frequently has better rates thanks to the 15% GEICO Military Discount.
Companies 6 Months premium without a history of insurance 6 Months premium with a history of 5 years of insurance Allstate $1,131 $984 Farmers $923 $774 GEICO $633 $548 Liberty Mutual $1,050 $752 Nationwide $661 $527 Progressive $688 $625 State Farm $646 $646 USAA $664 $614 If you are looking for coverage and either do not have any history with insurance, or have only had a history with minimal state-minimum insurance, then GEICO may be an affordable option. Average annual rates for minimum coverage Companies Average annual cost difference between minimum and full coverage car insurance rates from the largest companies Allstate $759 $1,622 Farmers $656 $1,174 Geico $380 $888 Progressive $577 $985 State Farm $550 $941 USAA* $419 $751 Smaller companies Cheaper car insurance rates Secura $287 $536 MMG $309 $530 Hastings Mutual $419 $491 Enumclaw Mutual $469 $613 Central Insurance $491 $599 USAA* Available only to military, veterans and military families.
The oldest Mutual car insurance company in the nation, Amica has been in business for more than a century, and Mutual of Enumclaw Mutual $491 $599 USA* is only available to members of the Military Family members $419 $419 $491 Hastings Mutual $419 $491 Enumclaw Mutual $419 $491 Hastings Mutual $419 $491 Mutual of Enumclaw $469 $613 Central Insurance $491 $599 Hastings Mutual $491 $599 Central Insurance $491 $599 USA* is only available to members and veterans and military families. The oldest Mutual car insurance company in the nation, Amica has been around since the early years, and their auto insurance rates are among the lowest. Car insurance can cost you $1,674 per year on average, or around $140 a month for full coverage, and it may prove difficult for many drivers to narrow down which companies are offering the best rates. To find the nations lowest-rated insurers for drivers who have been in a crash that was not their fault, WalletHub analyzed the average quotes of a 45-year-old, single male with minimal coverage, good credit, and a crash that was their fault. Below are five popular budget-friendly providers pulled from our above chart, with average monthly rates from each company for a fully insured driver with a clean record and one speeding ticket, an at-fault crash, or a DUI.
MoneyGeek found the average driver–defined as a 40-year-old man with no driving violations, 100/300/100 liability coverage, and $1,000 comprehensive/collision coverage–can save as much as 27% on auto insurance by comparing auto insurance quotes.
