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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