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How to find affordable auto insurance rates
What goes into car insurance rates
Car insurance comparison by age
Car insurance rates for teenage drivers
If you have teens or you’re a teen driver, you know it’s expensive. In many cases, adding a teen to your policy will nearly double your premium. Comparing five major car insurance companies across the US, Geico and Progressive are the cheapest companies for a teen driver.
Adding a teen driver to your car insurance policy
| Company | Premium |
|---|---|
| State Farm | $2,999 |
| Allstate | $2,295 |
| GEICO | $987 |
| Progressive | $1,231 |
| Liberty Mutual | $1,676 |
Comparing car insurance for young adults
The age of 25 is a big turning point for car insurance savings. But no matter how much you save, you’re probably still paying more than you’d like.
Comparing 6-month car insurance premiums for 25-year-olds
| Company | Premium |
|---|---|
| State Farm | $1,142 |
| Allstate | $1,107 |
| GEICO | $884 |
| Progressive | $807 |
| Liberty Mutual | $2,050 |
Progressive is the cheapest car insurance company for 25-year-old drivers, with GEICO a bit more expensive. Although Liberty Mutual and State Farm are the most expensive options for older drivers, they could end up being affordable options for drivers with violations on their records.
Car insurance for seniors
Between the ages of 30 and 60, car insurance rates don’t fluctuate much based only on age. As you get into your late 50s and 60s, your age becomes a more important determinant of your rate. For a profile of a married couple without children drivers, Geico and Progressive offer the cheapest rates, all other metrics constant.
6-month car insurance premiums for seniors
| Company | Premium |
|---|---|
| GEICO | $493 |
| Progressive | $618 |
| State Farm | $1,048 |
| Allstate | $1,047 |
| The Hartford | $1,301 |
Car insurance comparison by driving history
Naturally, insurance companies use your driving past as an indicator of how you will drive in the future. It can be difficult to find affordable car insurance if you have a checkered driving history. While it’s very unlikely you will find an insurance company that won’t increase your premium after an at-fault accident or other violation, the degree of the rate increase will vary by company. Let’s compare rate increases for some common violations across major insurance companies.
At-fault accidents and car insurance rates:
On average, an at-fault property damage accident with a claims payout exceeding $2,000 will raise your premium by an average of $726 per year. Over three years, that adds up to $2,178! If you’re thinking of filing a claim, consider the overall cost of the claim versus what the claim would cost to pay out of pocket. Compare this $2,178 penalty — plus your deductible — to the out-of-pocket expense. While this is nice information to know before filing a claim, it won’t help if you’ve already filed a claim. If you have an at-fault accident on your insurance history, consider Nationwide or Farmers.
Annual premium with an at-fault accident
| Company | No Accident | After At-Fault Accident |
|---|---|---|
| Allstate | $1,559 | $2,323 |
| GEICO | $1,521 | $2,282 |
| Farmers | $1,434 | $2,154 |
| Liberty Mutual | $1,513 | $2,218 |
| Nationwide | $1,321 | $1,986 |
| Progressive | $1,493 | $2,240 |
| State Farm | $1,514 | $2,234 |
DUI conviction
In most states, a DUI is the most costly violation you can receive. Moreover, in states like California, it will stay on your insurance record for 10 years! Based on our analysis of the most popular car insurance companies, this would set you back an average of $12,491 in insurance rate increases during that 10-year period. To limit your costs, do your due diligence and shop around: State Farm and Liberty Mutual are the cheapest insurance options after a DUI — so consider starting there.
Annual auto insurance comparison after DUI conviction
| Company | None | Premium after DUI |
|---|---|---|
| Allstate | $1,559 | $2,742 |
| Geico | $1,521 | $2,632 |
| State Farm | $1,514 | $2,478 |
| Liberty Mutual | $1,513 | $2,248 |
| Progressive | $1,493 | $2,900 |
| Farmers | $1,493 | $3,461 |
| Nationwide | $1,321 | $2,679 |
Compare car insurance by credit score
Another major contributor to your car insurance rate is your credit score. While not directly related to your driving, car insurance companies believe your credit score says a lot about what kind of client you’ll be. Compare how car insurance companies factor credit score into their rates:
- Very Poor: 300-579
- Fair: 580-669
- Good: 670-739
- Very Good: 740-799
- Great: 800-850
Annual car insurance premiums (very poor credit):
| Company | Credit Score: (300-579) |
|---|---|
| Farmers | $2,044 |
| Nationwide | $2,411 |
| Progressive | $2,616 |
| GEICO | $2,720 |
| State Farm | $2,907 |
| Liberty Mutual | $2,911 |
| Allstate | $2,913 |
If you have very poor credit, the cheapest car insurance company is Farmers, where your premium will be more than $600 less than the group average. Still, if you compare to the highest credit level you can see you can see how impactful your premium is if your credit is poor. Compared to the “great” credit tier, there’s a difference of nearly $1,400 per year. Just another reason to keep your score up!
Annual car insurance costs for fair credit
| Company | Credit Score: (580-669) |
|---|---|
| Farmers | $1,774 |
| Nationwide | $1,983 |
| Progressive | $2,157 |
| GEICO | $2,212 |
| State Farm | $2,359 |
| Liberty Mutual | $2,335 |
| Allstate | $2,403 |
With rates $400 less than the group average, Farmers offers the cheapest insurance for drivers with “fair” credit scores. Even so, a fair credit score will result in elevated rates. While the average premium for fair credit drivers is $2,189, that’s $900 more than those with “great” credit are paying, with all other metrics constant.
Annual premiums with good credit
| Company | Credit Score: (670-739) |
|---|---|
| Farmers | $1,558 |
| Nationwide | $1,558 |
| Progressive | $1,802 |
| GEICO | $1,804 |
| State Farm | $1,916 |
| Liberty Mutual | $1,886 |
| Allstate | $1,984 |
As we get into the higher levels of credit score, the car insurance rates get a little more competitive. Although those with a credit score between 670-739 are still paying $531 more per year than the highest credit tier, you can cut this difference down to $277 if you select Farmers as your insurance company.
Annual auto insurance premiums with great credit
| Company | Credit Score: Great (800-850) |
|---|---|
| Farmers | $1,265 |
| Nationwide | $1,130 |
| Progressive | $1,295 |
| GEICO | $1,246 |
| State Farm | $1,292 |
| Liberty Mutual | $1,281 |
| Allstate | $1,383 |
At the highest credit trier, Nationwide is the cheapest car insurance company. At $152 less per year than the group average, Nationwide will set you back $1,130 per year for insurance and about $565 for a standard 6-month policy.
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