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Cheapest Car Insurance Companies
USAA is the cheapest car insurance company on our list, with a study rate of $895. USAA presents the cheapest auto insurance study rates for various demographic profiles used in our study, ranging from 25-year-old men to 60-year-old women.
Geico is the second-cheapest auto insurance company based on a study rate of $1,063. Geico’s representative rates for our 25-year-old driver profiles in our study are significantly lower than much of the competition, as are their study rates for driver profiles with one accident on their record.
Travelers comes in third in our ranking of the cheapest car insurance companies, with a representative rate of $1,212. For most of our driver profiles, Travelers stays firmly as the third-cheapest option, though in a few instances, it drops to fourth behind State Farm.
State Farm is the four-cheapest car insurance company in our analysis, with a study rate of $1,260. That’s well below the average among the nine major car insurance companies on our list.
Progressive's car insurance representative rates are the fifth lowest of the companies on this list and come to $1,308 per year based on the driver profiles used in the study. Progressive’s rates in our study for some profiles, such as the 60-year-olds, are quite competitive.
American Family has the sixth-cheapest car insurance rates in our study, at $1,326 per year based on the driver profiles we used. Notably, American Family's representative rate is the first one to be higher than the national average of $1,323 – though not by much.
Nationwide is the seventh-cheapest car insurance company, according to our analysis. There's quite a jump in the study rates between American Family and Nationwide (about $200), with this company's study rate clocking in at $1,530. Though it’s more expensive than most rivals overall, we found that Nationwide charges among the cheapest study rates for driver profiles with poor credit.
Farmers car insurance rates in our analysis are quite a bit above average, at $1,538. That makes Farmers the second-most expensive insurance company, according to our study.
Allstate had rates in our study coming to $1,778 per year based on our driver profiles. That's about $450 higher than the national average rate in our analysis, and almost $900 higher than the representative rates from the cheapest company in our study, USAA.
It's important to note that not all of these companies are available nationwide. In fact, only USAA, Geico, State Farm, and Allstate are available in all 50 states and the District of Columbia. American Family and Travelers are only available in 19 and 24 states, respectively. Farmers is available in 31 states, Nationwide is available in 43, and Progressive in 48.
How We Found the Cheapest Car Insurance Companies
At U.S. News, we’re all about helping people make life’s important decisions. Our college rankings, launched in 1983, set the standard in educational rankings. Our ranking in other fields, like healthcare, civic areas, and the automotive sphere, help people and thought leaders make choices that make lives better. Now we’re continuing to empower you with the information you need to make the right choices for your life with our Cheapest Car Insurance Rankings.
Our Study Rates
For this study, U.S. News worked with Quadrant Information Services to provide a report of average insurance rates in all 50 states from the 10 largest national car insurance companies. Quadrant obtained rate data provided by car insurers to state regulators, based on profiles for both male and female drivers aged 25, 35, and 60. Vehicles used include the 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford-F-150, with annual mileage of 6,000 and 12,000. Three car insurance coverage levels were used, as were credit tiers of good, fair, and poor. Clean driving records and records with one accident, one speeding violation, and one DUI were also used in the calculations.
To get the study rates shown here, we computed a simple average of all driver profiles and profile combinations for a given company or risk pool. The rates shown here are for comparative purposes only and should not be considered “average” rates available by individual insurers. Individual rates will differ.
How Much Is Car Insurance?
Car insurance rates vary depending on your situation, but the average annual representative rate from the nine companies in our study was $1,323. We got this rate by creating baseline driver profiles for all the insurers. These profiles covered men and women aged 25, 35, and 60 years old, with a good credit score, a clean driving record, a medium level of insurance coverage, and 12,000 miles of driving each year. The vehicles used include the 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford-F-150.
Though the average study rate for all the baseline driver profiles and all the companies in our study was $1,323, driver profiles with different ages will pay different rates. The average annual rate for 25-year-old driver profiles in our study was $1,508 per year – that’s $185 more than the average for the baseline driver profiles. On the other hand, the 60-year-old married driver profiles in our study had an average annual representative rate of $1,171, which is $152 less than the average for the baseline driver profiles.
MoneyIronHeart / Getty Images
Your driving record influences your car insurance rates. In our study, driver profiles with a clean driving record have a simple average representative rate of $1,323 per year in car insurance premiums. Driver profiles with one speeding ticket have an average of $1,619, and driver profiles with one accident have a study rate of $1,927 based on the data and simple averages used in our study. Driver profiles with one DUI conviction in our study had a simple average rate $2,362 per year for car insurance. It pays to drive safely.
Credit scores also play a role in your car insurance rates. According to the data, driver profiles with good credit scores have a simple average representative rate of $1,306 per year for car insurance, while having a fair credit score drives the study rate up to $1,557. Driver profiles with poor credit scores have annual car insurance representative rates of $2,318 based on the data and methods of our study.
The kind of car insurance coverage you choose affects your rates as well. Driver profiles with bare-bones, low car insurance coverage saw study rates of $1,249 per year on average, while driver profiles with medium coverage had study rates of $1,323. Driver profiles with high coverage had study rates $1,387 on average. While it may be tempting to save some money on your car insurance premiums by opting for lower coverage, not having enough coverage for your situation can be a costly mistake if you have to make a claim. Read How Much Car Insurance Do I Need? to find the right car insurance coverage for your situation.
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Cheapest Car Insurance Companies
USAA is the cheapest car insurance company on our list, with a study rate of $895. USAA presents the cheapest auto insurance study rates for various demographic profiles used in our study, ranging from 25-year-old men to 60-year-old women.
Geico is the second-cheapest auto insurance company based on a study rate of $1,063. Geico’s representative rates for our 25-year-old driver profiles in our study are significantly lower than much of the competition, as are their study rates for driver profiles with one accident on their record.
Travelers comes in third in our ranking of the cheapest car insurance companies, with a representative rate of $1,212. For most of our driver profiles, Travelers stays firmly as the third-cheapest option, though in a few instances, it drops to fourth behind State Farm.
State Farm is the four-cheapest car insurance company in our analysis, with a study rate of $1,260. That’s well below the average among the nine major car insurance companies on our list.
Progressive's car insurance representative rates are the fifth lowest of the companies on this list and come to $1,308 per year based on the driver profiles used in the study. Progressive’s rates in our study for some profiles, such as the 60-year-olds, are quite competitive.
American Family has the sixth-cheapest car insurance rates in our study, at $1,326 per year based on the driver profiles we used. Notably, American Family's representative rate is the first one to be higher than the national average of $1,323 – though not by much.
Nationwide is the seventh-cheapest car insurance company, according to our analysis. There's quite a jump in the study rates between American Family and Nationwide (about $200), with this company's study rate clocking in at $1,530. Though it’s more expensive than most rivals overall, we found that Nationwide charges among the cheapest study rates for driver profiles with poor credit.
Farmers car insurance rates in our analysis are quite a bit above average, at $1,538. That makes Farmers the second-most expensive insurance company, according to our study.
Allstate had rates in our study coming to $1,778 per year based on our driver profiles. That's about $450 higher than the national average rate in our analysis, and almost $900 higher than the representative rates from the cheapest company in our study, USAA.
It's important to note that not all of these companies are available nationwide. In fact, only USAA, Geico, State Farm, and Allstate are available in all 50 states and the District of Columbia. American Family and Travelers are only available in 19 and 24 states, respectively. Farmers is available in 31 states, Nationwide is available in 43, and Progressive in 48.
How We Found the Cheapest Car Insurance Companies
At U.S. News, we’re all about helping people make life’s important decisions. Our college rankings, launched in 1983, set the standard in educational rankings. Our ranking in other fields, like healthcare, civic areas, and the automotive sphere, help people and thought leaders make choices that make lives better. Now we’re continuing to empower you with the information you need to make the right choices for your life with our Cheapest Car Insurance Rankings.
Our Study Rates
For this study, U.S. News worked with Quadrant Information Services to provide a report of average insurance rates in all 50 states from the 10 largest national car insurance companies. Quadrant obtained rate data provided by car insurers to state regulators, based on profiles for both male and female drivers aged 25, 35, and 60. Vehicles used include the 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford-F-150, with annual mileage of 6,000 and 12,000. Three car insurance coverage levels were used, as were credit tiers of good, fair, and poor. Clean driving records and records with one accident, one speeding violation, and one DUI were also used in the calculations.
To get the study rates shown here, we computed a simple average of all driver profiles and profile combinations for a given company or risk pool. The rates shown here are for comparative purposes only and should not be considered “average” rates available by individual insurers. Individual rates will differ.
How Much Is Car Insurance?
Car insurance rates vary depending on your situation, but the average annual representative rate from the nine companies in our study was $1,323. We got this rate by creating baseline driver profiles for all the insurers. These profiles covered men and women aged 25, 35, and 60 years old, with a good credit score, a clean driving record, a medium level of insurance coverage, and 12,000 miles of driving each year. The vehicles used include the 2015 Honda Civic, 2015 Toyota RAV4, and 2015 Ford-F-150.
Though the average study rate for all the baseline driver profiles and all the companies in our study was $1,323, driver profiles with different ages will pay different rates. The average annual rate for 25-year-old driver profiles in our study was $1,508 per year – that’s $185 more than the average for the baseline driver profiles. On the other hand, the 60-year-old married driver profiles in our study had an average annual representative rate of $1,171, which is $152 less than the average for the baseline driver profiles.
MoneyIronHeart / Getty Images
Your driving record influences your car insurance rates. In our study, driver profiles with a clean driving record have a simple average representative rate of $1,323 per year in car insurance premiums. Driver profiles with one speeding ticket have an average of $1,619, and driver profiles with one accident have a study rate of $1,927 based on the data and simple averages used in our study. Driver profiles with one DUI conviction in our study had a simple average rate $2,362 per year for car insurance. It pays to drive safely.
Credit scores also play a role in your car insurance rates. According to the data, driver profiles with good credit scores have a simple average representative rate of $1,306 per year for car insurance, while having a fair credit score drives the study rate up to $1,557. Driver profiles with poor credit scores have annual car insurance representative rates of $2,318 based on the data and methods of our study.
The kind of car insurance coverage you choose affects your rates as well. Driver profiles with bare-bones, low car insurance coverage saw study rates of $1,249 per year on average, while driver profiles with medium coverage had study rates of $1,323. Driver profiles with high coverage had study rates $1,387 on average. While it may be tempting to save some money on your car insurance premiums by opting for lower coverage, not having enough coverage for your situation can be a costly mistake if you have to make a claim. Read How Much Car Insurance Do I Need? to find the right car insurance coverage for your situation.
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