What are the benefits of low-cost car insurance?

Cheap car insurance can help your monthly bills stay on track and can still provide you with meaningful financial protection. Your car insurance premium may feel like a useless expense if you haven’t needed to file a claim, but it’s well worth it. Car insurance provides a financial safety net in the event of an accident and can protect your hard-earned money from high out-of-pocket expenses. Finding cheap coverage means you get financial protection and you can keep your bills low.

What are the drawbacks of affordable auto insurance?

Cheap car insurance is a great way to protect your finances and your budget, but you may need to do more research to find the lowest-priced option that works best for you. And it probably doesn’t come as a surprise that more coverage generally means a higher premium, so cheap car insurance might mean you are buying lower limits than you’d like. But that isn’t a given. You can find cheap car insurance — even cheap full coverage — without cutting back on your coverage limits. You may need to spend a bit more time researching companies and gathering quotes from multiple providers. Claims satisfaction and customer service scores are two key areas to consider, as these will be most relevant when you have an accident and file a claim.

Is the minimum required insurance in my state enough coverage?

Your state’s minimum required levels of coverage are all you need to drive legally, but most insurance experts recommend opting for additional coverage to offer more financial protection in case of an accident. Determining how much coverage you need involves a review of your broader financial picture. Additionally, if you have a loan or lease on your vehicle, you will most likely be required to carry full coverage as a condition of your finance or lease agreement. If you are unsure how much coverage you need, consider speaking with a licensed insurance agent before purchasing an auto policy.

What types of damage does car insurance cover?

Broadly speaking, car insurance covers damages and injuries that result from covered accidents. Without car insurance, these costs will need to be paid out-of-pocket and could become very expensive. Liability coverage, which encompasses bodily injury and property damage liability, covers any injuries and damages you cause to the other party because of an accident. Collision and comprehensive coverage, on the other hand, covers damages your car sustained due to a collision or non-collision accident, like a falling tree, fire or theft. To learn more, Bankrate’s car insurance guide details these coverage types in detail.

How do I qualify for more car insurance discounts?

Every car insurance company sets its own discounts, and some companies offer more than others. There may be steps that you can take, however, to qualify for additional discounts on your auto policy. For instance, some companies will offer you a defensive driving discount if you complete an online class. It may be a good idea to contact your insurance agent to ask for a full policy review to ensure you are taking advantage of all the savings you are currently eligible for. Learn more: The benefits of bundling your home and auto insurance Car insurance with telematics

Cheapest Car Insurance Companies in March 2023

Cheapest car insurance companies in March 2023

Although you could be paying more or less than the 2023 national full coverage average of $2,014 per year, depending on your personal rating factors, you may want to start your search for cheap car insurance by requesting quotes from some (or all) of the carriers below. Based on our research, these companies may offer low average premiums while standing apart from the crowd for their customer service, digital tools, discount opportunities and more.

Insurance company	Average monthly premium	Average annual premium	Savings vs national average*
Auto-Owners Rating: 4.2 stars out of 5 4.2 Bankrate Score	Average monthly premium $27	Average annual premium $325	Savings vs national average* - $297
USAA Rating: 4.3 stars out of 5 4.3 Bankrate Score	Average monthly premium $31	Average annual premium $371	Savings vs national average* - $251
Geico Rating: 4.4 stars out of 5 4.4 Bankrate Score	Average monthly premium $31	Average annual premium $373	Savings vs national average* - $249
Amica Rating: 4.4 stars out of 5 4.4 Bankrate Score	Average monthly premium $36	Average annual premium $429	Savings vs national average* - $193
State Farm Rating: 4.2 stars out of 5 4.2 Bankrate Score	Average monthly premium $39	Average annual premium $464	Savings vs national average* - $158

*Based on minimum coverage policies for 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.

Insurance company	Average monthly premium	Average annual premium	Savings vs national average*
Geico Rating: 4.4 stars out of 5 4.4 Bankrate Score	Average monthly premium $113	Average annual premium $1,353	Savings vs national average* - $661
Auto-Owners Rating: 4.2 stars out of 5 4.2 Bankrate Score	Average monthly premium $113	Average annual premium $1,361	Savings vs national average* - $653
USAA Rating: 4.3 stars out of 5 4.3 Bankrate Score	Average monthly premium $113	Average annual premium $1,361	Savings vs national average* - $653
Amica Rating: 4.4 stars out of 5 4.4 Bankrate Score	Average monthly premium $122	Average annual premium $1,467	Savings vs national average* - $547
State Farm Rating: 4.2 stars out of 5 4.2 Bankrate Score	Average monthly premium $123	Average annual premium $1,480	Savings vs national average* - $534

*Based on full coverage policies for 2023.

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Insurance Disclosure

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.

How Bankrate picked the cheapest insurers

To find the cheapest car insurance companies, Bankrate analyzed carrier rates obtained from Quadrant Information Services. These car insurance carriers ranged from the largest by market share to small, regional carriers. We also reviewed companies on a broader scale by examining customer satisfaction reviews, financial strength ratings, policy options, discounts, corporate sustainability, customer support and more.

Each category was given a rating and then averaged into our proprietary Bankrate Score. To provide an easy-to-use shopping and comparison tool for consumers, we calculated the Bankrate Score out of 5 total points. The higher a company’s score, the more competitively that company ranked in each scoring category. Our picks highlight auto insurers that:

Have an average annual minimum coverage premium lower than the national average of $622 per year.
Have at least close to the industry average J.D. Power claims satisfaction rating.
Have an AM Best financial strength rating of A+ (Superior) or higher.
Have an overall Bankrate Score of 3.5 or higher.

We also analyzed data from several super-regional cheap insurance companies that may only offer auto insurance in a select number of markets. Due to their lower volume of annual premiums written, some of these smaller carriers may not be rated by J.D. Power or AM Best. Thus, these two factors had no bearing on their Bankrate Scores.

46

years of industry expertise

122

carriers reviewed

20.7K

ZIP codes examined

1.2M

quotes analyzed

Why you can trust Bankrate

There’s a lot of information out there, and unless you’re already versed in the subject, it can be difficult to know what information to trust when researching insurance. After all, your policy is full of contractual language and stipulations, and every company and policy is different. Bankrate can help.

Three members of our insurance team are licensed agents with 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.

Advertising Disclosure

This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Compare auto insurance rates

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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State Farm Review

Why this company 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.

Compare the cheapest car insurance companies

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, provide personalized service and be in tune with your local market. These five regional carriers offer the cheapest average minimum and full car insurance, respectively, 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

Although regional insurance brands might not sound as familiar as the larger companies, getting quotes from these lesser-known insurance providers might offer cheap insurance coverage in your area. Please note, however, that not all of these companies are available in all states.

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, with 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.

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

Learn more:

The cheapest car insurance company for poor credit: 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
Eriie	$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
Eriie	$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

Learn more: Car insurance rates by credit 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 average rates 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

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

Learn more: Tips for saving with teen driver discounts

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

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

Learn more: Car insurance for senior drivers

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.

The cheapest car insurance companies for minimum coverage policies in 2023:

Average annual premium

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$ less than nat. avg. more than nat. avg.

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Life events that affect cost

Received a speeding ticket

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Life events that affect cost

Caused an accident

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Insured a teenage driver

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State	Cheapest car insurance company	Average 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 car insurance company	Average 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

Auto insurance helps provide you and your family with financial peace of mind. Although carrying minimum coverage as a cost-saving measure may be tempting, this decision could leave you financially vulnerable to a significant loss. If you find your car insurance premium out of your realm of affordability, the following steps may help you fit this necessary expense back into your budget:

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.
Research: Once you know what your priorities are in 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.
Compare: When requesting quotes, it’s vital to ensure that you are comparing coverage apples-to-apples. If you request a quote with more coverage options from one company but less coverage option from another, your quote comparison 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.
Discounts: Some companies offer more discounts than others. Furthermore, some companies have strict eligibility requirements for the discounts they offer. It may be a good idea to ask the company to do a full discount review to ensure that you take advantage of all possible savings opportunities.
Avoid a lapse in coverage: A lapse in coverage can cause your premiums to increase. This is because car insurance companies generally regard those with lapses as less financially stable and more likely to file a claim. 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.

Save on cheap car insurance with discounts

Looking to save money on auto insurance?

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Advertising Disclosure

This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Insurance Disclosure

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.

Frequently asked questions about cheap car insurance

Cheap car insurance can help your monthly bills stay on track and can still provide you with meaningful financial protection. Your car insurance premium may feel like a useless expense if you haven’t needed to file a claim, but it’s well worth it. Car insurance provides a financial safety net in the event of an accident and can protect your hard-earned money from high out-of-pocket expenses. Finding cheap coverage means you get financial protection and you can keep your bills low.
Cheap car insurance is a great way to protect your finances and your budget, but you may need to do more research to find the lowest-priced option that works best for you. And it probably doesn’t come as a surprise that more coverage generally means a higher premium, so cheap car insurance might mean you are buying lower limits than you’d like. But that isn’t a given. You can find cheap car insurance — even cheap full coverage — without cutting back on your coverage limits. You may need to spend a bit more time researching companies and gathering quotes from multiple providers. Claims satisfaction and customer service scores are two key areas to consider, as these will be most relevant when you have an accident and file a claim.
Your state’s minimum required levels of coverage are all you need to drive legally, but most insurance experts recommend opting for additional coverage to offer more financial protection in case of an accident. Determining how much coverage you need involves a review of your broader financial picture. Additionally, if you have a loan or lease on your vehicle, you will most likely be required to carry full coverage as a condition of your finance or lease agreement. If you are unsure how much coverage you need, consider speaking with a licensed insurance agent before purchasing an auto policy.
Broadly speaking, car insurance covers damages and injuries that result from covered accidents. Without car insurance, these costs will need to be paid out-of-pocket and could become very expensive. Liability coverage, which encompasses bodily injury and property damage liability, covers any injuries and damages you cause to the other party because of an accident. Collision and comprehensive coverage, on the other hand, covers damages your car sustained due to a collision or non-collision accident, like a falling tree, fire or theft. To learn more, Bankrate’s car insurance guide details these coverage types in detail.
Every car insurance company sets its own discounts, and some companies offer more than others. There may be steps that you can take, however, to qualify for additional discounts on your auto policy. For instance, some companies will offer you a defensive driving discount if you complete an online class. It may be a good idea to contact your insurance agent to ask for a full policy review to ensure you are taking advantage of all the savings you are currently eligible for.

Learn more:
- The benefits of bundling your home and auto insurance
- Car insurance with telematics

Car insurance rates 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.

Cheapest car insurance in March 2023

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Cheapest car insurance companies in March 2023

How Bankrate picked the cheapest insurers

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Cheapest car insurance company for military-focused coverage

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The cheapest car insurance from smaller companies: Union Mutual

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

The cheapest car insurance company for poor credit: Amica

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

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

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Car insurance rates methodology

Bankrate Scores methodology