Cheapest car insurance company overall
Auto-Owners
4.2 Bankrate Score- J.D. Power:
- 865 /1,000
- AM Best:
- A ++
- Avg. annual premium for minimum coverage:
- $ 325
- Avg annual premium for full coverage:
- $ 1,361
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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.
Cheapest car insurance in January 2023
Auto-Owners and USAA offer the cheapest minimum coverage car insurance at rates less than $375 per year, according to Bankrate's average premium analysis.
Updated Jan 25, 2023
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What To Know First
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 real-world industry experience helping countless 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.
To help ease some of the pressure our readers might be feeling, we’ve conducted a data-driven study to find the cheapest car insurance companies using a mix of proprietary rate information and other key metrics. According to our findings, we found that the companies below may offer you the cheapest premiums based on a variety of situations:
- Cheapest car insurance company overall: Auto-Owners
- Cheapest car insurance for military-focused coverage: USAA
- Cheapest car insurance company for poor credit scores: Geico
- Cheapest car insurance company for stellar service: Amica
- Cheapest car insurance company for local offices: State Farm
- Cheapest car insurance for teens: Auto-Owners
- Cheapest car insurance for young adults: Geico
On This Page
- Cheapest car insurance companies in January 2023
- The top 5 cheapest car insurers
- The cheapest car insurance from smaller companies
- The cheapest car insurance companies by state
- The cheapest car insurance company by driving record
- The cheapest car insurance company for poor credit
- The cheapest car insurance company by age
- How to get cheap car insurance
- Save on cheap car insurance
- Frequently asked questions about cheap car insurance
- Methodology
Cheapest car insurance companies in January 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
4.2
Bankrate Score
|
Average monthly premium
$27
|
Average annual premium
$325
|
Savings vs national average*
- $297 |
|
USAA
4.2
Bankrate Score
|
Average monthly premium
$31
|
Average annual premium
$371
|
Savings vs national average*
- $251 |
|
Geico
4.4
Bankrate Score
|
Average monthly premium
$31
|
Average annual premium
$373
|
Savings vs national average*
- $249 |
|
Amica
4.4
Bankrate Score
|
Average monthly premium
$36
|
Average annual premium
$429
|
Savings vs national average*
- $193 |
|
State Farm
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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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.
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
4.4
Bankrate Score
|
Average monthly premium
$113
|
Average annual premium
$1,353
|
Savings vs national average*
- $661 |
|
Auto-Owners
4.2
Bankrate Score
|
Average monthly premium
$113
|
Average annual premium
$1,361
|
Savings vs national average*
- $653 |
|
USAA
4.2
Bankrate Score
|
Average monthly premium
$113
|
Average annual premium
$1,361
|
Savings vs national average*
- $653 |
|
Amica
4.4
Bankrate Score
|
Average monthly premium
$122
|
Average annual premium
$1,467
|
Savings vs national average*
- $547 |
|
State Farm
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.
Powered by Coverage.com (NPN: 19966249)
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.
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:
- ave 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.
47
years of industry expertise
122
carriers reviewed
2M
quotes analyzed
34.5K
zip codes examined
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.
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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.
The top 5 cheapest car insurers
Cheapest car insurance company for military-focused coverage
- J.D. Power:
- 890 /1,000
- AM Best:
- A ++
- Avg. annual premium for minimum coverage:
- $ 371
- Avg annual premium for full coverage:
- $ 1,361
Cheapest car insurance company for poor credit scores
- J.D. Power:
- 874 /1,000
- AM Best:
- A ++
- Avg. annual premium for minimum coverage:
- $ 373
- Avg annual premium for full coverage:
- $ 1,353
Cheapest car insurance company for stellar service
- J.D. Power:
- 903 /1,000
- AM Best:
- A +
- Avg. annual premium for minimum coverage:
- $ 429
- Avg annual premium for full coverage:
- $ 1,467
Cheapest car insurance company for local offices
State Farm
4.2 Bankrate Score- J.D. Power:
- 882 /1,000
- AM Best:
- A ++
- Avg. annual premium for minimum coverage:
- $ 464
- Avg annual premium for full coverage:
- $ 1,480
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 minimum car insurance on average, 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 |
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 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:
| 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 |
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 |
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 |
| Erie | $1,070 | $558 | $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 | $2,176 | $2,014 | $1,764 |
The cheapest car insurance company by age: Auto-Owners
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). Our research into average car insurance rates by age found Auto-Owners to offer the cheapest minimum coverage rates for most age groups, followed closely by Geico. For average full coverage rates, some of the cheapest carriers include Auto-Owners, Erie, Geico and Nationwide.
Learn more: Tips for saving with teen driver discounts
| Insurance company | Cheapest car insurance company on average | Average annual rate |
|---|---|---|
| 17-year-old* | Geico | $811 |
| 18-year-old | Auto-Owners | $1,044 |
| 19-year-old | Auto-Owners | $871 |
| 20-year-old | Auto-Owners | $766 |
| 21-year-old | Geico | $638 |
| 22-year-old | Geico | $558 |
| 23-year-old | Geico | $507 |
| 24-year-old | Geico | $481 |
| 25-year-old | Geico | $432 |
| 30-year-old | Auto-Owners | $3316 |
| 35-year-old | Auto-Owners | $323 |
| 40-year-old | Auto-Owners | $325 |
| 50-year-old | Auto-Owners | $309 |
| 60-year-old | Auto-Owners | $314 |
| 70-year-old | Auto-Owners | $386 |
| Insurance company | Cheapest car insurance company on average | Average annual rate |
|---|---|---|
| 17-year-old* | Nationwide | $2,217 |
| 18-year-old | Erie | $2,988 |
| 19-year-old | Erie | $2,689 |
| 20-year-old | Erie | $2,525 |
| 21-year-old | Erie | $2,316 |
| 22-year-old | Geico | $2,026 |
| 23-year-old | Geico | $1,850 |
| 24-year-old | Erie | $1,655 |
| 25-year-old | Geico | $1,584 |
| 30-year-old | Auto-Owners | $1,383 |
| 35-year-old | Auto-Owners | $1,367 |
| 40-year-old | Geico | $1,353 |
| 50-year-old | Auto-Owners | $1,277 |
| 60-year-old | Nationwide | $1,217 |
| 70-year-old | Auto-Owners | $1,340 |
*Rates reflect 17-year-old drivers added to their parents’ policy with the driver’s training and good student discounts applied.
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
Many car insurance companies offer teen driver discounts to help offset the increased cost these higher-risk drivers can cause. If your child is a stellar student, you may want to ask about the good student discount (some companies will even extend this discount to good students up until 25 years old). Additionally, many companies offer a discount for young drivers who complete a driver’s training course.
Some companies may offer a discount for members of affiliated groups. For instance, you could earn a discount if you bank with a particular credit union or are a professional organization member.
Some car insurance companies offer discounts for active and retired military members.
These types of discounts could be earned based on your driving record or mileage. For example, you could earn a low-mileage discount if you drive infrequently or a good driver discount if you haven’t been involved in an at-fault accident or received a moving violation.
Depending on your provider, you may earn a discount for installing a telematics device into your vehicle and practicing safe driving habits
You may want to consider carrying your auto and property insurance with the same company if they offer a bundling discount. In addition to property insurance, some companies provide more significant bundle savings if you purchase other types of policies, like motorcycle, life insurance or umbrella coverage.
Looking to save money on auto insurance?
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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.
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
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 insurers from using credit-based insurance scores 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 17-year-old drivers were calculated for 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
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.