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An analysis by Bankrate found that Auto-Owners, USAA and Geico are among the cheapest insurance companies in the country.
Cheapest Car Insurance Companies
The national average for comprehensive insurance is $2,278 per year, and the average for minimum coverage is $621 per year. However, you may pay more or less depending on your valuation factors.
When you are specifically looking for the cheapest car insurance company, the rate offered to you is probably the most important factor. Although price is the main focus when comparing rates, it is only part of choosing the right insurance for your budget. The vehicle you drive, your driving history, available coverage options, and discount options all play a role in which cheap car insurance company stands out as the best one for you. .
Key takeaways from Bankrate’s analysis of cheap car insurance:
The national average cost for comprehensive insurance is $2,278 per year or $190 per month, with minimum coverage costing $621 per year or $52 per month.
Florida has the highest average cost of comprehensive insurance in the country at $3,467 per year, which translates to a monthly payment of $289.
Drivers in Vermont pay $1,377 per year for comprehensive insurance, 40% less than the national average.
When searching for cheaper car insurance, a good place to start is to shop around, ask for discounts, and cut back on non-essential coverage.
Cheapest Car Insurance Companies Based on Driving History: Auto-Owners
According to our research, Auto-Owners offers the cheapest car insurance rates and lowest coverage for high-risk drivers convicted of speeding. For combined premiums, our own data shows that USAA may offer lower average rates for drivers with DUI convictions. Keep in mind that actual rates vary by company, and not every company will insure someone with a DUI conviction. If you’re driving under the influence or have multiple traffic violations, contact a representative for assistance.
- Average annual minimum premium
- Average annual comprehensive insurance premium
| Insurance company | Clean driving record | One speeding ticket | One at-fault accident | One DUI |
|---|---|---|---|---|
| Auto-Owners | $440 | $514 | $624 | $1,079 |
| USAA | $561 | $665 | $812 | $1,002 |
| Geico | $552 | $682 | $792 | $1,334 |
| Amica | $713 | $872 | $871 | $1,962 |
| State Farm | $827 | $971 | $1,098 | $1,636 |
It’s no secret that car insurance premiums fluctuate frequently. However, you can count on Bankrate to keep you up to date on available options.
Read:Admiral Car Insurance: Affordable Coverage & BenefitsBankrate’s take:
Depending on your state, you may be able to remove speeding points from your driving record by completing a driver safety course. In most cases, there is a fee to take this course, but if you can remove the violation from your driving record, you’re less likely to incur a surcharge on your policy. Ask your insurance company if this option is available to you.
What are the cheapest car insurance companies?
We know that drivers seeking the cheapest car insurance often opt for the lowest coverage, so we prioritize low average minimum coverage rates in our reviews. However, our team of insurance editors makes sure not to compromise on quality. While the companies listed below offer some of the cheapest minimum coverage premiums, they also stand out for their customer service, digital tools, and discount opportunities, which qualify them for Bankrate’s list of the cheapest car insurance companies.
The 5 Cheapest Car Insurance Companies of 2024
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Read:Admiral Car Insurance: Affordable Coverage & Benefits
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Why You Can Trust Bankrate’s Picks for the Cheapest Insurance Companies
There’s a lot of information out there, and unless you already know something about the subject, it can be difficult to determine what information available online is reliable when researching insurance. After all, your policy is full of contractual language and clauses, and each company and policy is different. Bankrate can help. Our insurance team includes licensed agents, and we have decades of real-world industry experience helping policyholders make informed decisions about their coverage. We know that insurance, while sometimes overlooked or misunderstood, is essential for providing peace of mind and financial protection. We also know the importance of making the most of every dollar, especially in today’s market with record inflation.
