Top 10 Cheapest Car Insurance Companies
Top 10 Cheapest Car Insurance Companies
The national average for a full coverage car insurance policy is $2,014 per year, and minimum coverage averages $622 per year. However, depending on your rating factors, you could pay more or less than that. Since it is commonly known that drivers who are shopping for the best deal on car insurance frequently choose minimum coverage, so focused the research on finding cheap average minimum coverage prices.
The team of editors for insurance, however, was careful not to skimp on quality. Despite having some of the lowest minimum coverage rates, the businesses listed below also excel in terms of customer support, digital tools, and promotional offers, which is why it has been included on its list of the top low-cost auto insurance providers.
With hundreds of car insurance options to choose from, it has been studied the cheapest car insurance companies to help you find the insurer that best fits your budget. According to the analysis, the cheapest annual rates on average are offered by USAA, Geico, and State Farm.
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Top 10 Cheapest Car Insurance Companies
The rate of analysis found that the average cost of a car insurance policy in the U.S. is $1,547 per year. Most insurers in this study have sample annual rates below the national average. USAA auto insurance is available only to the military, veterans and their families.
Geico:
- Widely recognized for its catchy commercials and mascot, Geico offers competitive rates without sacrificing comprehensive coverage. Their multi-policy discounts and safe driver incentives can save customers even more.
Progressive:
- Boasting its “Name Your Price” tool, Progressive enables customers to find a plan that suits their budget. This transparency and flexibility make it a favourite among budget-conscious drivers.
State Farm:
- With its vast network of agents across the country, State Farm offers personalized service. They offer various discounts, including those for safe drivers and students, making their policies more affordable.
Allstate:
- While it might be on the pricier side compared to others on this list, Allstate’s bundle deals and safe driving rewards can significantly reduce premiums for eligible drivers.
USAA:
- Exclusively serving military members and their families, USAA offers some of the lowest rates on the market. Their unparalleled customer service and comprehensive policies make them a top choice for those who qualify.
Nationwide:
- Offering a range of customizable policies, Nationwide stands out with its “Vanishing Deductible” feature, which reduces your deductible for every year you’re accident-free.
Liberty Mutual:
- With its comprehensive coverage and numerous discount opportunities, Liberty Mutual tailors its policies to meet individual needs, ensuring you only pay for what you need.
Farmers:
- Known for its customizable policies, Farmers Insurance offers various discounts, from multi-car policies to those for hybrid/electric vehicles.
Travelers:
- Combining old-school trustworthiness with modern-day savings, Travelers Insurance offers a host of discounts for safe drivers, hybrid cars, and more.
Esurance (an Allstate company) :
- A digital-first company, Esurance makes the process seamless with its online tools and offers competitive rates, especially for tech-savvy drivers.
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Top 10 Cheapest Car Insurance Companies And Their Average Premiums
Below are the average premiums of some insurance in the USA:
- USAA: Has a yearly premium of $1,022
- Geico: Has a yearly premium of $1,250
- State Farm: Has a yearly premium of $1,279
- Travellers: Has a yearly premium of $1,355
- American Family: Has a yearly premium of $1,383
- Nationwide: Has a yearly premium of $1,473
- Progressive: Has a yearly premium of $1,540
- AAA: Has a yearly premium of $1,958
- Farmers: Has a yearly premium of $2,083
- Allstate: Has a yearly premium of $2,135
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 families. Taking this into consideration, Geico offers the cheapest average minimum coverage car insurance in most states of the providers we assessed.
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