Car insurance costs are on the rise as we approach summer. Finding the right car insurance company that offers the lowest prices for your needs can be a challenging task. To help you out, we have analyzed various factors such as age, claims history, and driving record to determine the cheapest car insurance companies nationwide. Here are the results of our analysis:
Cheapest Car Insurance Rates
How much you’ll pay for car insurance can vary depending on several factors, including your age, claims history, and driving record. The company that offers the cheapest car insurance for you will depend on the class of driver you fall into.
The Cheapest Car Insurance for Good Drivers: Nationwide
For good drivers without a military connection, Nationwide is the cheapest car insurance company available to the general public. We found that the national average for good drivers is $2,026 a year, and Nationwide offers rates hundreds of dollars below that.
The Cheapest Car Insurance After a Speeding Ticket: Nationwide
If you’ve received a speeding ticket, Nationwide offers the cheapest car insurance rates for you. Erie, Travelers, and Geico also provide competitive rates in this category. It’s worth noting that having a speeding ticket on your driving record leads to an average insurance increase of 26%.
The Cheapest Car Insurance After an Accident Causing Injury: Erie
Erie and Travelers have the cheapest rates if you’ve caused an accident that injured someone else. Erie, a regional insurer serving 12 states in the East and Midwest, offers competitive rates in this category. Nationwide also provides good options for drivers with accident records. Nationally, the average increase after an accident is 49% compared to a driver with a clean record.
The Cheapest Car Insurance After a DUI: Progressive
If you have a DUI conviction on your record, Progressive offers the cheapest rates among the companies we analyzed. USAA is also a good option for military members and veterans who qualify. A DUI conviction leads to an average insurance increase of 71%.
The Cheapest Car Insurance for People With Bad Credit: Nationwide
For drivers with bad credit, Nationwide and Geico offer relatively cheap car insurance rates. USAA is also a good bet for military members and veterans. It’s important to note that poor credit can cause higher auto insurance rates than having a DUI or at-fault accident on your record. On average, auto insurance costs increase by 94% for drivers with poor credit compared to those with good credit.
The Cheapest Car Insurance for Seniors: Nationwide
For senior drivers ages 65 and 80, Nationwide offers the best rates according to our analysis. The best car insurance for seniors will vary based on where you live and your personal details, such as your driving record. On average, senior drivers see an increase of 6% from age 60 to 70, and by age 80, rates may have increased by 23% above the rate at age 70 and 31% more than the cost at age 60.
The Cheapest Car Insurance for Young Drivers: Erie
For young drivers buying their own policies, Erie, Travelers, Geico, and Nationwide are the cheapest car insurance companies. USAA is also a top choice if you qualify. It’s usually cheaper for young new drivers to remain on a parent’s policy if they’re still living at home, whether they’re 18 or 25 years old.
The Cheapest Car Insurance After Adding a Teen Driver: Nationwide
If you’re looking to add a teen driver to a parent’s policy, Nationwide has the lowest rates. Other affordable options include Erie, Progressive, and Geico. Adding a teenage driver to a parent’s policy typically costs $4,362 a year on average. While adding a teen driver usually doubles the parent’s auto insurance bill, it’s usually less expensive than having the teen driver buy their own policy.
States With the Cheapest Car Insurance
Car insurance rates vary by state due to different risks and claims made. The cheapest state for auto insurance for good drivers is Vermont. Idaho, Maine, Hawaii, and New Hampshire round out the top five states with the lowest car insurance rates.
Cheapest Car Insurance by Age
Erie offers the lowest-cost insurance for drivers aged 16, 18, and 20, based on our analysis of auto insurance rates by age. Nationwide is the cheapest option for drivers of many other ages.
The Cheapest Car Insurance Companies of 2024
Our analysis for June 2024 finds that the cheapest auto insurance companies are:
- USAA: $114 a month
- Nationwide: $120 a month
- Travelers: $127 a month
- Erie: $137 a month
- Geico: $133 a month
- Progressive: $152 a month
USAA
USAA offers cheap car insurance for many driver profiles, including good drivers and those with spotty driving records. However, it is only available to military members, veterans, and their families. USAA has excellent rates, earning 5 stars in our analysis.
Nationwide
Nationwide has some of the cheapest rates for most driver types, from those with a pristine driving record to those with a ticket or accident, and for various ages. While USAA may have better rates in some instances, eligibility for USAA requires a military connection. Nationwide earned 4.9 stars in our analysis.
Travelers
Travelers offers competitive rates for many types of drivers and consistently ranks among the top three to five cheapest companies. Travelers also has a low number of complaints reported to state insurance departments, earning it 4.8 stars.
With these findings, you can make more informed decisions when choosing the cheapest car insurance company that suits your needs.
FAQs
Stay tuned for answers to frequently asked questions about car insurance and finding the best rates.
Conclusion
Finding the cheapest car insurance can save you hundreds of dollars annually. By considering factors such as your driving record, age, and specific circumstances, you can find an insurance company that offers the best rates for your needs. Remember to compare quotes from different providers and take advantage of available discounts to get the most affordable coverage.
