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Cheapest car insurance in September 2023

The cheapest car insurance companies nationally include Auto-Owners, USAA and Geico, which offer average minimum coverage rates less than $375 per year. 

Updated Sep 02, 2023

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

The cheapest car insurance companies

The national average for a full coverage car insurance policy is $2,014 per year, and minimum coverage averages $622 per year. However, depending on your rating factors, you could pay more or less than that.

We know drivers looking for the cheapest car insurance policy often opt for minimum coverage, so we kept low average minimum coverage rates at the forefront of our research. However, our insurance editorial team took care to avoid sacrificing quality. Although the companies below offer some of the cheapest minimum coverage premiums, they also stand out for their customer service, digital tools and discount opportunities, qualifying them for Bankrate’s list of the best cheap car insurance companies.

The top 5 cheap car insurance companies in 2023

Cheapest car insurance company overall
LOGO

Bankrate score

Rating: 4.2 stars out of 5
4.2

Avg. monthly premium*

$27

Avg. annual premium*

$325

Avg. annual savings*

-$297

Auto-Owners

Why Auto-Owners made our list: Auto-Owners has one of the lowest average minimum coverage premiums on our list and also offers numerous add-on options to help you personalize your coverage.
 
Why Auto-Owners may be cheapest overall: Based on our analysis, Auto-Owners has the cheapest average minimum coverage premium for drivers with clean driving records and good credit. This regional carrier also offers cheap average rates across a variety of other driving profiles.
Scores and Ratings
Bankrate Score 4.2
J.D. Power 865/1,000
AM Best score A++
States covered 26 states
Read full review
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Cheapest car insurance company for military-focused coverage
LOGO

Bankrate score

Rating: 4.3 stars out of 5
4.3

Avg monthly premium*

$31

Avg annual premium*

$371

Avg. annual savings*

-$251

USAA

Why USAA made our list: In addition to its low average minimum coverage rate, USAA consistently receives high customer satisfaction scores from J.D. Power (although the company isn’t eligible for official ranking due to only insuring military members, veterans and qualifying family members).
 
Why USAA may be cheapest for military-focused coverage: USAA offers military-specific discounts that can help active military personnel, veterans and qualifying family members save on their car insurance policies. This includes a unique on-base discount that provides up to 15 percent off your car insurance premium if your vehicle is garaged on base. If your parents are also USAA members, you could receive an additional 10 percent discount.
Scores and Ratings
Bankrate Score 4.3
J.D. Power 890/1,000
AM Best score A++
States covered All 50 states, plus Washington, D.C.
Read full review
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Cheapest car insurance company for poor credit scores
LOGO

Bankrate score

Rating: 4.4 stars out of 5
4.4

Avg monthly premium*

$31

Avg annual premium*

$373

Avg. annual savings*

-$249

Geico

Why Geico made our list: With nationwide availability, low average rates and a wide variety of discounts, Geico, the second-largest U.S. auto insurer by market share, might help you save money no matter where you live. Geico was also awarded two 2023 Bankrate Awards for best overall auto insurance company (tied with Amica) and best budget auto insurance company.  

Why Geico may be cheapest for poor credit scores: According to our research, Geico’s average annual minimum coverage premium for drivers with poor credit is over $100 cheaper than the next cheapest company we analyzed.

Scores and Ratings
Bankrate Score 4.4
J.D. Power 874/1,000
AM Best score A++
States covered All 50 states, plus Washington, D.C.
Read full review
Plus Collapse
Cheapest car insurance company for stellar service
LOGO

Bankrate score

Rating: 4.4 stars out of 5
4.4

Avg monthly premium*

$36

Avg annual premium*

$429

Avg. annual savings*

-$193

Amica

Why Amica made our list: With a low average minimum coverage premium and high claims and customer satisfaction scores, Amica could be a great option for those looking for cheap automobile insurance and solid service.
 
Why Amica may be cheapest for stellar service: Amica is rated near the top of J.D. Power’s claims satisfaction study and also offers low average rates across a variety of profiles. Auto claims can be filed in numerous ways, including through an online account, via Amica’s online chat feature, by phone or on the Amica mobile app.
Scores and Ratings
Bankrate Score 4.4
J.D. Power 903/1,000
AM Best score A+
States covered All 50 states except for Hawaii
Read full review
Plus Collapse
Cheapest car insurance company for local offices
LOGO

Bankrate score

Rating: 4.2 stars out of 5
4.2

Avg monthly premium*

$39

Avg annual premium*

$464

Avg. annual savings*

-$158

State Farm

Why State Farm made our list: State Farm (the largest insurance company in the U.S. by market share) does business through an extensive, nationwide network of brick-and-mortar agencies. For tech-savvy drivers, the company offers a highly-rated mobile app and online portal; no matter your preference, there are many different ways to handle your State Farm policy. Additionally, State Farm offers cheap average rates among the companies we studied, and the company’s many discount opportunities might help you save even more.

Why State Farm may be cheapest for local offices: State Farm has agents located in all 50 states and Washington, D.C, and according to our research of average premiums provided by Quadrant Information Services, the company consistently offers some of the lowest rates for many types of drivers. In fact, these factors helped State Farm earn the 2023 Bankrate Award for best auto insurance company for high-risk drivers.

Scores and Ratings
Bankrate Score 4.2
J.D. Power 882/1,000
AM Best score A++
States covered All 50 states except for Hawaii
Read full review
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*quotes rates are for minimum coverage policies

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Why you can trust Bankrate's picks for cheapest insurers

There’s a lot of information out there, and unless you’re already versed in the subject, it can be difficult to decipher what information available online is reliable when researching insurance. After all, your policy is full of contractual language and stipulations, and every company and policy is different. Bankrate can help.
 
Our insurance team includes licensed agents, and we have decades of combined real-world industry experience helping policyholders make wise decisions about their coverage. We know that while it’s sometimes overlooked or misunderstood, insurance is essential in providing peace of mind and financial protection. We also understand the importance of making every dollar count, especially in today’s market of record-high inflation.
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Compare the cheapest car insurance companies

If you’re specifically shopping for the cheapest car insurance company, your quoted rate can seem like the most important factor. While price is largely front of mind when shopping around, it’s only one part of choosing the right insurance for your budget. The vehicle you drive, your driving record, available coverage options and discount selections can all influence which cheap car insurance provider stands apart from the rest as the best insurer for you. 

The cheapest car insurance from smaller companies: Union Mutual

Although large companies sometimes offer more discount programs and options, you might want to look into regional companies with smaller market shares in your search for cheap car insurance quotes. A smaller insurer may also help you find affordable car insurance, offer high customer satisfaction ratings and provide personalized service. These regional carriers offer the cheapest average minimum and full coverage car insurance, according to Bankrate’s analysis.
Insurance company Average annual rate Average monthly rate
Union Mutual $154 $13
Nodak Insurance Company $156 $13
American National $182 $15
EMC Insurance $189 $16
Integrity Insurance $194 $16
Insurance company Average annual rate Average monthly rate
American National $658 $55
MMG Insurance Co $771 $64
Countryway Insurance Company $850 $71
Safety $861 $72
Pekin $872 $73
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Bankrate’s take: Insuring with a small, regional insurance company may come with added benefits. Your agent may be more in-tune with your local market since they presumably live in your area. However, you may want to check your small company’s financial stability ratings issued by AM Best, S&P or Moody’s before you make the switch. Smaller companies aren’t inherently less stable than larger ones, but this may be a friction point for some.

The cheapest car insurance company by driving record: Auto-Owners

Based on our research, Auto-Owners offers the cheapest minimum coverage car insurance rates for drivers with clean driving records and high-risk drivers who have one speeding ticket conviction or one at-fault accident on their record. For full coverage premiums, average USAA car insurance rates may be the same as Auto-Owners for drivers with a clean record. However, our proprietary data shows that USAA may be lower for drivers with a DUI. Keep in mind that actual rates from every company will vary for each driver, and not every company will insure someone who has a DUI conviction. If you have a DUI or several moving violations, contact an agent for help. 

Insurance company Clean driving record One speeding ticket One at-fault accident One DUI
Auto-Owners $325 $384 $447 $804
USAA $371 $450 $549 $713
Geico $373 $455 $551 $964
Amica $429 $522 $524 $1,100
State Farm $464 $541 $608 $847
National average $622 $748 $892 $1,244
Insurance company Clean driving record One speeding ticket One at-fault accident One DUI
Auto-Owners $1,361 $1,572 $1,759 $2,768
USAA $1,361 $1,652 $1,971 $2,620
Geico $1,353 $1,658 $1,988 $3,351
Amica $1,467 $1,788 $1,742 $3,934
State Farm $1,480 $1,704 $1,876 $2,431
National average $1,771 $2,138 $2,521 $3,421
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Bankrate’s take: Depending on your state, you might be able to get license points associated with a speeding conviction removed from your driving record by completing a driver safety course. There will likely be a fee to take the class, but by removing the violation from your driving history, your policy is less likely to be surcharged. If your state does not offer point-reduction courses, your insurance provider may extend a discount to you for taking a defensive driving class. This option is typically only available once every three years, but guidelines vary among insurers. Before enrolling in a point-reduction course, check with your agent to ensure you meet the qualifications.

The cheapest car insurance company for poor credit: Geico and Amica

The table below reflects that Geico and Amica offer the cheapest average annual rates for drivers with poor credit scores, while Auto-Owners and USAA offer the lowest average annual rates for drivers with average, good and excellent credit. All three carriers earned strong Bankrate Scores above 3.5 points as well. Keep in mind that not all states allow credit-based insurance scores to be used as a rating factor. Check your state’s laws or speak with an insurance agent to determine how your credit history might affect your car insurance premium.

Insurance company
Poor credit
Average credit
Good credit
Excellent credit
Amica $624 $450 $429 $411
Auto-Owners $967 $381 $325 $237
Erie $1,070 $588 $486 $397
Geico $512 $395 $373 $349
USAA $660 $398 $371 $332
National average $944 $590 $622 $537
Insurance company
Poor credit
Average credit
Good credit
Excellent credit
Amica $2,216 $1,572 $1,467 $1.392
Auto-Owners $3,320 $1,569 $1,361 $1,000
Erie $3,009 $1,553 $1,356 $1,090
Geico $1,865 $1,437 $1,353 $1,258
USAA $2,625 $1,476 $1,361 $1,204
National average $3,479 $52,176 $2,014 $1,764
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Bankrate’s take: Unless you live in California, Hawaii, Massachusetts or Michigan, your credit history can impact your car insurance premium. In fact, drivers with poor credit may pay similar premiums to those with a DUI conviction. Although improving your credit isn’t an overnight fix, you could see gradual improvements in your average rate as you build up your score.

The cheapest car insurance company for new drivers: Geico and Erie

Age plays a major role when it comes to car insurance rates (except in Hawaii and Massachusetts, where age is not a permitted rating factor). Young drivers pay some of the highest average premiums due to their inexperience, but some companies offer cheaper car insurance for young drivers than others. For minimum coverage, Geico and Auto-Owners might be good cheap options, and for full coverage, Nationwide and Erie have low average rates. 

Insurance company Cheapest company Average annual rate Average monthly rate
16-year-old* Geico $886 $74
17-year-old* Geico $811 $68
18-year-old Auto-Owners $1,044 $87
19-year-old Auto-Owners $871 $73
20-year-old Auto-Owners $766 $64
21-year-old Geico $638 $53
22-year-old Geico $558 $47
23-year-old Geico $507 $42
24-year-old Geico $481 $40
25-year-old Geico $432 $36

*Rates reflect 16- and 17-year-old drivers added to their parents’ policy with the driver’s training and good student discounts applied. 

Insurance company Cheapest company Average annual rate Average monthly rate
16-year-old* Nationwide $2,262 $189
17-year-old* Nationwide $2,217 $185
18-year-old Erie $2,988 $249
19-year-old Erie $2,689 $224
20-year-old Erie $2,525 $210
21-year-old Erie $2,316 $193
22-year-old Geico $2,026 $169
23-year-old Geico $1,850 $154
24-year-old Erie $1,655 $138
25-year-old Geico $1,584 $132

*Rates reflect 16- and 17-year-old drivers added to their parents’ policy with the driver’s training and good student discounts applied. 

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Bankrate’s take: Although young drivers may be eligible for their own car insurance policy once they reach 18, parents might want to consider listing their young adult child on their policy instead. Young adults on their parents’ policy typically pay much lower premiums than when listed on a separate policy. However, this is usually only an option if your young adult still lives at home. It’s also important to note that any driving convictions or accidents associated with your child will likely impact your rate (at least until you remove them from your policy).

The cheapest car insurance company for senior drivers: Auto-Owners

Rates can begin to creep upward as you age, especially when you reach around and above age 70. That’s because some age-related health issues can increase the risk of accidents. Don’t worry, though; average rates for senior drivers with clean driving records are still far lower than they are for teen drivers. Based on our research, Auto-Owners and Nationwide offer some of the cheapest car insurance for senior drivers for both minimum and full coverage.

Insurance company Cheapest company Average annual rate Average monthly rate
50-year-old Auto-Owners $309 $26
60-year-old Auto-Owners $314 $26
70-year-old Auto-Owners $386 $32
Insurance company Cheapest company Average annual rate Average monthly rate
50-year-old Auto-Owners $1,277 $106
60-year-old Nationwide $1,217 $101
70-year-old Auto-Owners $1,340 $112
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Bankrate’s take: Some insurance companies offer a discount for senior drivers if they complete a defensive driving course (either online or in person). You typically have to be 50 or 55+ to qualify, and the discount is normally applied for three years after course completion. However, these details can vary from carrier to carrier, so you may want to reach out to your agent for specifics.

The cheapest car insurance companies by state

In many states, USAA offers the cheapest minimum coverage premiums on average, but it has been excluded from our state table since its eligibility is restricted to military members and their qualifying family. Taking this into consideration, Geico offers the cheapest average minimum coverage car insurance in most states of the providers we assessed.

The cheapest car insurance depends on your individual circumstances, and each state has different insurance regulations. However, the following rate information may be useful for the sake of comparison. The best way to know if it’s right for your budget is to request a quote.

State
Cheapest Company
Avg. annual premium
Alabama Geico $261
Alaska Geico $318
Arizona Geico $299
Arkansas State Farm $291
California Geico $415
Colorado American National $215
Connecticut Amica $401
Delaware Travelers $501
Florida Geico $766
Georgia Auto-Owners $358
Hawaii Geico $294
Idaho American National $131
Illinois Geico $291
Indiana Pekin $195
Iowa Hastings Mutual $131
Kansas State Farm $307
Kentucky Westfield $381
Louisiana Geico $450
Maine Geico $195
Maryland Allstate $488
Massachusetts State Farm $207
Michigan Secura $117
Minnesota North Star Mutual $308
Mississippi State Farm $298
Missouri Columbia Insurance $301
Montana[] Progressive $159
Nebraska EMC Insurance $189
Nevada Geico $392
New Hampshire MMG $208
New Jersey NJM $357
New Mexico Central Mutual Insurance Co $245
New York American Family $518
North Carolina State Farm $318
North Dakota Nodak $156
Ohio Geico $243
Oklahoma Geico $240
Oregon State Farm $432
Pennsylvania Donegal $235
Rhode Island State Farm $273
South Carolina American National $200
South Dakota Farmers Mutual of Nebraska $179
Tennessee Grange $199
Texas Geico $420
Utah Geico $308
Vermont New England Guaranty Insurance Co $151
Virginia Travelers $344
Washington PEMCO $335
Washington D.C. Geico $363
West Virginia Encompass $266
Wisconsin Geico $202
Wyoming Geico $176
State
Cheapest company
Avg. annual premium
Alabama Travelers $1,166
Alaska State Farm $1,366
Arizona Geico $974
Arkansas Farmers $1,158
California Capital $1,548
Colorado American National $955
Connecticut Geico $1,096
Delaware Geico $1,444
Florida State Farm $2,307
Georgia Auto-Owners $1,287
Hawaii Geico $1,100
Idaho American National $481
Illinois Geico $1,068
Indiana Hastings Mutual $550
Iowa Hastings Mutual $550
Kansas State Farm $1,293
Kentucky State Farm $1,455
Louisiana Southern Farm Bureau $1,860
Maine Geico $604
Maryland Kemper $1,514
Massachusetts State Farm $608
Michigan Secura $940
Minnesota Iowa Farm Bureau $1,097
Mississippi Mississippi Farm Bureau $1,395
Missouri Encompass $1,431
Montana Progressive $810
Nebraska Amco Insurance $1,012
Nevada Geico $1,215
New Hampshire MMG Insurance $701
New Jersey Palisades $931
New Mexico Geico $1,408
New York American Family $1,095
North Carolina Geico $949
North Dakota American Family $1,019
Ohio Hastings Mutual $642
Oklahoma Geico $1,003
Oregon Oregon Mutual $912
Pennsylvania Geico $979
Rhode Island State Farm $1,002
South Carolina American National $537
South Dakota State Farm $1,148
Tennessee State Farm $901
Texas State Farm $1,373
Utah Geico $1,010
Vermont State Farm $836
Virginia Nationwide $946
Washington Travelers $957
Washington D.C. Progressive $1,236
West Virginia Encompass $1,012
Wisconsin Hastings Mutual $803
Wyoming Farmers $1,151

How to get cheap car insurance

There’s more that goes into buying the cheapest auto insurance than going with the lowest premium you find. Taking a little extra time to evaluate your insurance needs, set a budget for yourself and do a little digging into each provider can help you find significant car insurance savings both upfront and in the long term. Following the steps below can help point you in the right direction: 

  1. Prioritize: Make a list of your priorities before requesting free quotes. Some drivers may need a company that offers lower rates for poor credit scores, while others are willing to pay a little more for top-notch customer service. Knowing what you need ahead of time can help streamline the quoting process. 
  2. Research: Once you pinpoint your primary qualifiers for an insurance company, you can use Bankrate’s list of cheapest providers to seek out the best cheap car insurance companies known to offer competitive rates for your specific situation. 
  3. Compare: When requesting quotes, it’s vital to compare car insurance coverage apples-to-apples. Unequal coverage limits and varying coverage options will not accurately reflect the rates between companies. Using your current declarations page to guide you on your coverage selections may be a good idea. 
  4. Discounts: Discount opportunities vary between insurance companies and some have more stringent eligibility requirements than others. It may be a good idea to ask the company to do a full discount review to ensure you take advantage of all possible savings. 
  5. Avoid a lapse in coverage: In most states, a lapse in coverage can cause your premiums to increase. Car insurance companies generally regard those with lapses as less financially stable and more likely to file a claim, reflecting this increased risk in the premium. Enrolling your policy into automatic payments, or paying your policy in full rather than installments, might help you avoid a lapse which, over time, can help keep your premium down. As an added bonus, automatic payments may help you avoid unnecessary service fees.

Save on cheap car insurance with discounts

Car insurance discounts can be an effective way to reduce your premium. Luckily, providers tend to offer a broad selection of discounts that you could apply to your policy based on your age, profession, driving habits or other characteristics.  

Frequently asked questions about cheap car insurance

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Credit-based insurance scores: These rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan. 

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, and single DUI conviction.
 
Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Rates for 18 year olds are based on a driver of this age that is a renter (not a homeowner) and on their own policy. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
 
Average rates for 16- and 17-year-old drivers were calculated for 16- and 17-year-olds by evaluating our 2023 base profile, based on a driver of this age added to their parents’ policy. These rates also reflect the good student and driver’s training discounts.  
 

Bankrate Scores methodology

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.
 
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Written by
Carol Pope
Former Writer, Insurance

Carol Pope is a former insurance writer for Bankrate and prior to joining the team, she spent 12 years as an auto insurance agent. During this time, she sold, serviced and underwrote auto insurance for people across the country. She also has experience selling supplement coverage such as umbrella insurance.

Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute