Overpaying for Auto Insurance?
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Car insurance costs are higher than ever; it’s not just in your head. Rates surged 24% in 2023, and experts predict another increase of 7% in 2024.
The annual national average rate for full-coverage car insurance is now $2,572, leading more drivers to search for cheaper options. Some cut costs by finding discounts, increasing deductibles, or switching to liability-only car insurance, which has a lower national average rate of $1,263 per year.
State law requires drivers in every state except New Hampshire to have some coverage. Thankfully, if you compare car insurance quotes, you’ll find that many national and regional insurers have competitive rates.
The following table illustrates how each insurer’s monthly average rates compare to national averages for car insurance costs. Comparing these rates can help you understand the savings each insurance company may offer you.
|
Insurance Company
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Cheapest for
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Liability Only
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Full Coverage
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Average Annual Savings
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|---|---|---|---|---|
| Auto-Owners | Drivers with poor credit | $38 | $82 | $780 |
| State Farm | Drivers with a clean record | $53 | $115 | $600 |
| GEICO | Discount seekers | $54 | $119 | $588 |
| National General | High-risk drivers | $79 | $188 | $288 |
| Nationwide | Low-mileage drivers | $84 | $186 | $228 |
Best and cheapest car insurance for drivers with poor credit: Auto-Owners
Auto-Owners operates in only 26 states but is known for its excellent customer service, with 48,000 local independent agents. Auto-Owners offers some of the cheapest car insurance, with average rates well below national averages.
Even its average liability-only and full-coverage rates for drivers with poor credit are below the national average. Auto-Owners also offers discounts to further lower premiums, including savings for bundling, paperless billing, and consistent payment history.
Best and cheapest car insurance for drivers with a clean record: State Farm
State Farm is the largest auto insurance company in the United States by market share, and it scores among the best for customer satisfaction. It’s an especially great choice if you have a clean driving record. Plus, it offers competitive rates and discount programs.
Drivers can get an initial discount by enrolling in State Farm’s Drive Safe & Save tracking program and save up to 30% based on driving habits. State Farm’s Steer Clear program for new drivers can reduce the costlier premiums teens typically face.
Best and cheapest car insurance company for discount seekers: GEICO
GEICO is available in all 50 states, has strong financial backing, and has a sleek, user-friendly app, making this a popular choice for many drivers. GEICO has numerous discounts, including classics like multi-vehicle and good student discounts.
Cars that have airbags and anti-theft systems can qualify you for a vehicle safety feature discount, and you can save on certain policies by simply using your seat belt. A clean driving record — specifically being five years accident-free — can save you up to 22% on your premiums.
Best and cheapest car insurance company for high-risk drivers: National General
National General operates in all 50 states and has excellent financial strength as part of Allstate, meaning it should be able to pay claims. It has nearly seven times the expected number of complaints on the National Association of Insurance Commissioners’ Consumer Complaints Index, but it may still be the cheapest option for high-risk drivers if incidents such as speeding tickets or at-fault accidents are driving up rates with another insurer.
National General specializes in non-standard insurance for high-risk drivers and will file an SR-22 on your behalf after a DUI charge. Its DynamicDrive program monitors driving behavior, so high-risk drivers could earn better rates if they demonstrate good driving habits.
Best and cheapest car insurance for low-mileage drivers: Nationwide
Nationwide may not be the cheapest overall for a standard driver, but it’s an excellent choice for low-mileage drivers. Its SmartMiles program is available in 44 states, making it the most widely available pay-per-miles policy in the U.S., based on Insurify’s research.
An example driver profile on Nationwide’s website compares a $133 traditional policy to a $95 SmartMiles policy, which includes a $60 monthly base rate and $0.07 per-mile rate for 500 miles per month. The policy includes a road trip exception, so only the first 250 miles count toward your rate in a single day, and drivers can earn a 10% safe driving discount after the first renewal.
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