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
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.
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.
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation of . Our content is backed by Coverage.com LLC, a licensed entity (NPN: 19966249). For more information, please see our
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:
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 |
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 |
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.
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:
Cheapest car insurance company overall
Cheapest car insurance company for military-focused coverage
Cheapest car insurance company for poor credit scores
Cheapest car insurance company for stellar service
Cheapest car insurance company for local offices
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.
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 |
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 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 |
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 |
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:
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.
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:
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.