Top 5 Cheapest Car Insurance Companies
Looking for cheap car insurance? You’ve come to the right place. we
analyzed auto insurance rates from companies nationwide to find the cheapest
car insurance for a variety of drivers. Since the cheapest option will likely
be your state’s minimum car insurance requirements, we focused our analysis on
those minimums. In many states, this is liability-only car insurance, which
pays for property damage and others’ medical bills from accidents you cause.
If you want the best of the cheapest, check out our
roundup of the best cheap car insurance companies.If you’re looking to put some
money back into your wallet (and maybe offset gas prices) your car insurance
bill might be one place to look. We evaluated rates nationwide to find the best
cheap car insurance among large companies.
We analysis of 5
large insurers found the cheapest car insurance at USAA and Geico. USAA’s
average annual rate for good drivers of $1,141 per year is 27% cheaper than the
national average of all companies evaluated. Geico’s average yearly rate for
good drivers was also pretty cheap, coming in at $1,182. That is 25% lower than
the national average of $1,569.
While USAA often has the cheapest car insurance for a variety of
driver types, eligibility is limited to military members, veterans and their
families.
The cheapest car insurance company: Geico
Geico is the cheapest major auto insurance company in the nation,
according to NerdWallet’s most recent analysis of minimum coverage rates.
Geico’s average annual rate was $354, or about $29 per month. The company also
earned a 4.5-star rating from NerdWallet, and you can read our Geico auto
insurance review to learn why.
Why you can trust our picks: Our writers and editors follow strict editorial guidelines
to ensure fairness and accuracy in our writing and data analyses. You can trust
the prices we show you because our data analysts take rigorous measures to
eliminate outliers and inaccuracies in pricing data, which include rates from
every ZIP code in the country where coverage is offered and data is available.
When comparing rates for different coverage amounts, ages and backgrounds, we
change only one variable at a time, so you can easily see how each factor
affects pricing.
Cheap auto insurance from the largest companies
No |
Company |
Average annual rate |
Average Monthly rate |
1 |
Geico |
$354 |
$29 |
2 |
State Farm |
$452 |
$38 |
3 |
Progressive |
$619 |
$52 |
4 |
Farmers |
$620 |
$52 |
5 |
Allstate |
$666 |
$55 |
|
|
|
|
Cheap auto
insurance from smaller companies
Finding
affordable car insurance doesn’t mean you have to stick with large insurance
companies. Central Insurance, MMG and Secura, smaller insurers that offer
coverage in multiple states, have even cheaper car insurance rates than Geico.
While
availability can be limited, regional and small insurers may beat the cheapest
auto insurance prices from larger carriers. Plus, they often have great
customer service.
No |
Company |
Average annual rate |
Average Monthly rate |
1 |
Central
Insurance |
$257 |
$21 |
2 |
MMG |
$287 |
$24 |
3 |
Secura |
$319 |
$27 |
4 |
Hastings Mutual |
$428 |
$36 |
5 |
Mutual of
Enumclaw |
$499 |
$42 |
|
|
|
|
We chose these
companies because of their low rates and availability in multiple states. But
there may be more affordable auto insurance options where you live. For
example, many Farm Bureau insurance companies are available only in a single
state, but they were often among the cheapest in our analysis.
How we found the cheapest companies
Base on NerdWallet’s
editorial team analyzed minimum coverage car insurance rates from pricing
analytics company Quadrant Information Services. Our analysis looked at
40-year-old drivers in all ZIP codes across the 50 U.S. states and Washington,
D.C., with a variety of driving and credit histories. All drivers had a 2019
Toyota Camry L.
Another
alternative is full coverage, but it can cost over $1,000 more a year on
average than an annual minimum policy. That’s because it comes with additional
coverage like uninsured/underinsured motorist protection and comprehensive and
collision insurance.
If you have a
car loan or lease, your lender will likely require you to buy comprehensive and
collision coverage. These coverage types pay out if your car is stolen or
damaged in an accident you cause, among other scenarios.
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