Best Cheap Car Insurance Companies (2024)
If you are looking to save on your car insurance policy, make sure you are shopping at cheap car insurance companies. Some of the cheapest companies for car insurance are Geico, Safeco, USAA, and State Farm. For example, Geico.full coverage is an average of $129/mo for drivers with clean records.
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Automatio...
Insurance Operations Specialist
UPDATED: Dec 22, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance provider and cannot guarantee quotes from any single provider.
Our car insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different car insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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UPDATED: Dec 22, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance provider and cannot guarantee quotes from any single provider.
Our car insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different car insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- USAA has the most affordable car insurance in America
- Car insurance rates are determined by several factors, such as age and driving record
- Liability car insurance is 53% cheaper than full coverage
Locating cheap insurance isn’t as complicated as it seems, as comparing quotes from cheap car insurance companies has made it much easier for you to find affordable car insurance. Our article covers which car insurance companies are the best and most affordable in the United States.
If you want to find cheap auto insurance right now, enter your ZIP code in the free online tool above to compare quotes from multiple car insurance companies near you.
What are the best cheap car insurance companies in America?
The best car insurance companies in the nation have the highest market share in the car insurance industry. But which companies have the highest market share in 2022?
Let’s look at the top 10 companies by market share.
A.M. Best Financial Strength Ratings for the Top Car Insurance Companies in the U.S.
Auto Insurance Company | A.M. Best Ratings | Direct Premiums Written (in Billions) | Market Shares (in Percent) | Loss Ratios (in Percent) |
---|---|---|---|---|
State Farm | A++ (Superior) | $40.3 (↓) | 16.20 (↓) | 63 (↓) |
Geico | A++ (Superior) | $33.9 (↑) | 13.60 (↑) | 71 (~) |
Progressive | A+ (Superior) | $33.1 (↑) | 13.30 (↑) | 62 (~) |
Allstate | A+ (Superior) | $25.8 (↑) | 10.40 (↑) | 56 (↓) |
USAA (Military & Family Members) | A++ (Superior) | $15.7 (↑) | 6.30 (↑) | 77 (~) |
Liberty Mutual | A (Excellent) | $11.8 (~) | 4.70 (↓) | 62 (~) |
Farmers | A (Excellent) | $9.9 (↓) | 4.00 (↓) | 61 (~) |
Nationwide | A+ (Superior) | $5.7 (↓) | 2.30 (↓) | 58 (↓) |
American Family | A (Excellent) | $5.1 (↑) | 2.10 (↑) | 69 (~) |
Travelers | A++ (Superior) | $4.8 (↑) | 2.00 (↑) | 60 (~) |
These companies are considered the best because of their earnings, their place among the A.M. Best ratings, and their stable loss ratio.
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State Farm has been one of the top earners in the last few years, but USAA and Geico have cheaper insurance rates. And in some parts of the United States, State Farm is rated lower than companies like Travelers and Allstate.
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Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Which insurance company is the cheapest by age?
Age is a significant factor that can lead you to cheap auto insurance. Drivers 25 and older often pay less for car insurance, but drivers younger than 25 pay significantly more.
Check out the table below to see which company is cheapest by age group.
Average Monthly Car Insurance Rates Based on Age, Gender, and Marital Status by Company
Companies | Monthly Car Insurance Rates of a Single 17-Year-Old Female | Monthly Car Insurance Rates of a Single 17-Year-Old Male | Monthly Car Insurance Rates of a Single 25-Year-Old Female | Monthly Car Insurance Rates of a Single 25-Year-Old Male | Monthly Car Insurance Rates of a Married 35-Year-Old Female | Monthly Car Insurance Rates of a Married 35-Year-Old Male | Monthly Car Insurance Rates of a Married 60-Year-Old Female | Monthly Car Insurance Rates of a Married 60-Year-Old Male |
---|---|---|---|---|---|---|---|---|
USAA | $401 | $449 | $166 | $177 | $129 | $128 | $121 | $121 |
State Farm | $496 | $610 | $195 | $213 | $173 | $173 | $156 | $156 |
Travelers | $776 | $1,071 | $194 | $208 | $182 | $183 | $171 | $173 |
American Family | $500 | $678 | $191 | $225 | $184 | $185 | $166 | $168 |
Progressive | $724 | $802 | $225 | $230 | $191 | $181 | $166 | $171 |
Geico | $471 | $523 | $198 | $189 | $192 | $193 | $187 | $190 |
Nationwide | $480 | $598 | $224 | $241 | $197 | $199 | $178 | $185 |
Farmers | $710 | $762 | $246 | $253 | $213 | $213 | $195 | $204 |
Allstate | $774 | $887 | $285 | $298 | $263 | $260 | $243 | $249 |
Liberty Mutual | $968 | $1,143 | $330 | $375 | $317 | $321 | $287 | $307 |
USAA is the cheapest company, but each company fights for second place in each age group. Geico is the second-cheapest company for 17-year-old females, but State Farm is the most affordable for 60-year-old females.
Not everyone can get a USAA insurance policy because it’s an insurance company that serves only veterans and their immediate families.
Teen drivers pay nearly double the average rate that a 35-year-old driver pays. Meanwhile, senior drivers pay the least for insurance. And if you’re married, you can secure affordable auto insurance.
Which car insurance company is the most affordable by credit history?
People who have good credit have access to the cheapest auto insurance on the market. Insurance companies correlate good credit with a low risk of filing car insurance claims, but drivers with bad credit have the opposite effect.
Therefore, bad credit can lead to more expensive insurance rates. Here’s an example of how poor credit can affect cheap insurance.
Average Monthly Car Insurance Rates Based on Credit History by Company
Companies | Monthly Car Insurance Rates Based on Good Credit Scores | Monthly Car Insurance Rates Based on Fair Credit Scores | Monthly Car Insurance Rates Based on Poor Credit Scores |
---|---|---|---|
USAA | $152 | $185 | $308 |
State Farm | $181 | $238 | $413 |
Geico | $203 | $249 | $355 |
American Family | $224 | $264 | $372 |
Nationwide | $244 | $271 | $340 |
Progressive | $302 | $330 | $395 |
Farmers | $306 | $325 | $405 |
Allstate | $322 | $382 | $541 |
Travelers | $338 | $362 | $430 |
Liberty Mutual | $366 | $467 | $734 |
Besides USAA, State Farm and Geico are the most affordable companies for drivers with good and fair credit. However, Nationwide is the cheapest car insurance company for drivers with poor credit.
Fair and poor credit drives up auto insurance rates, but you can offset high-cost insurance with other factors that determine car insurance cost. If your credit improves during your policy, let the insurance company know.
Which insurance company is the cheapest by driving record?
Your driving record is one of the best roads to take to get cheap insurance. A clean driving record produces affordable car insurance rates, but multiple driving infractions can raise your rates.
Let’s look at the table below to see how different traffic violations and accidents affect your insurance rates.
Average Monthly Car Insurance Rates Based on Driving Record by Company
Companies | Monthly Car Insurance Rates Based on a Clean Driving Record | Monthly Car Insurance Rates With One Speeding Ticket | Monthly Car Insurance Rates With One Accident | Monthly Car Insurance Rates With One DUI |
---|---|---|---|---|
USAA | $161 | $183 | $210 | $292 |
Geico | $179 | $220 | $266 | $406 |
American Family | $224 | $252 | $310 | $361 |
Nationwide | $229 | $259 | $283 | $379 |
State Farm | $235 | $266 | $283 | $303 |
Progressive | $283 | $334 | $398 | $331 |
Travelers | $287 | $355 | $357 | $478 |
Farmers | $288 | $340 | $377 | $393 |
Allstate | $318 | $374 | $416 | $522 |
Liberty Mutual | $398 | $475 | $517 | $634 |
You could spend less money at Geico, American Family, and Nationwide with a clean driving record. Although State Farm earns the most money, it was bumped to fifth place for drivers with clean driving records.
DUIs and accidents have the biggest impact on your car insurance rates per month. And traffic infractions can last for three years or longer. As long as you have those violations on your driving record, you’ll always pay expensive car insurance rates.
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Is liability insurance cheaper than full coverage?
Liability car insurance provides the bare minimum. In other words, liability insurance is the lowest possible coverage you can buy to drive legally. There’s nothing wrong with that, but you won’t have the extensive reach of full coverage.
Full coverage auto insurance comes with several coverages, but it costs more. According to the National Association of Insurance Commissioners (NAIC), full coverage is 53% more expensive than liability coverage.
We’ve seen the average car insurance rates of the best companies. What would their liability-only rates look like? Let’s use NAIC’s percentage to estimate liability-only rates at the top insurance companies.
Comparing Full Coverage vs. Liability-Only Car Insurance Rates by Company
Companies | Monthly Full Coverage Car Insurance Rates | Monthly Liability-Only Coverage Car Insurance Rates |
---|---|---|
Allstate | $318 | $162 |
American Family | $224 | $114 |
Farmers | $288 | $147 |
Geico | $179 | $91 |
Liberty Mutual | $398 | $203 |
Nationwide | $229 | $117 |
Progressive | $283 | $144 |
State Farm | $235 | $120 |
Travelers | $287 | $147 |
USAA | $161 | $82 |
**Average** | $260 | $133 |
Liability auto insurance cuts cost more than half. So, if you’re looking for the cheapest car insurance, you should buy liability-only insurance.
But keep in mind, drivers who are still making payments on their vehicle through financing are required to have full coverage insurance.
How do you get cheap car insurance rates?
You can get cheap full coverage insurance, but you’ll need to qualify for multiple car insurance discounts. When you stack car insurance deals, you can save hundreds of dollars per year.
But how much are discounts worth at the best companies in America? Let’s examine a list of available deals you can add to your policy at the most significant companies in the United States.
Car Insurance Discounts
Car Insurance Discounts | Allstate (%) | American Family (%) | Farmers (%) | Geico (%) | Liberty Mutual (%) | Nationwide (%) | Progressive (%) | State Farm (%) | Travelers (%) | USAA (%) |
---|---|---|---|---|---|---|---|---|---|---|
Adaptive Cruise Control | N/A | N/A | N/A | N/A | 5 | x | x | N/A | N/A | N/A |
Adaptive Headlights | N/A | N/A | x | N/A | 5 | x | x | N/A | N/A | N/A |
Anti-lock Brakes | x | x | x | 5 | 5 | 5 | x | 5 | x | x |
Anti-Theft | x | x | x | 25 | 20 | 25 | x | 15 | x | x |
Claim Free | x | x | x | 26 | x | 10 | x | 15 | 23 | 12 |
Continuous Coverage | x | x | x | x | N/A | N/A | x | N/A | 15 | N/A |
Daytime Running Lights | x | x | x | 1 | 5 | 5 | x | N/A | x | x |
Defensive Driver | x | x | x | x | 10 | 5 | 10 | 5 | 10 | 3 |
Distant Student | x | x | x | x | N/A | 10 | x | x | 7 | x |
Driver's Ed | x | x | x | x | 10 | N/A | 10 | 15 | 8 | 3 |
Driving Device/App | x | x | N/A | x | 30 | 40 | 20 | 50 | 30 | 5 |
Early Signing | x | x | x | x | N/A | 8 | x | N/A | 10 | 12 |
Electronic Stability Control | x | x | x | N/A | 5 | x | x | N/A | N/A | N/A |
Emergency Deployment | N/A | N/A | N/A | 25 | N/A | N/A | N/A | N/A | N/A | N/A |
Engaged Couple | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Family Legacy | N/A | x | N/A | x | N/A | N/A | x | N/A | N/A | 10 |
Family Plan | N/A | x | x | N/A | N/A | 25 | N/A | N/A | N/A | N/A |
Farm Vehicle | x | N/A | x | x | N/A | N/A | N/A | N/A | N/A | N/A |
Fast 5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Federal Employee | N/A | N/A | x | 8 | 10 | N/A | N/A | N/A | N/A | N/A |
Forward Collision Warning | N/A | N/A | N/A | N/A | 5 | x | x | N/A | N/A | N/A |
Full Payment | N/A | x | x | x | $5 | N/A | x | N/A | 7.5 | N/A |
Further Education | N/A | N/A | N/A | x | 10 | 15 | N/A | N/A | x | N/A |
Garaging/Storing | N/A | N/A | x | N/A | N/A | N/A | N/A | N/A | x | 90 |
Good Credit | x | x | N/A | N/A | N/A | x | x | x | N/A | N/A |
Good Student | x | x | x | 15 | 22.5 | 10 | x | 25 | 8 | 3 |
Green Vehicle | x | N/A | 5 | N/A | 10 | N/A | N/A | N/A | 10 | N/A |
Homeowner | N/A | N/A | x | x | x | 5 | x | 3 | 5 | N/A |
Lane Departure Warning | N/A | N/A | N/A | N/A | x | x | x | N/A | N/A | N/A |
Life Insurance | x | N/A | N/A | N/A | N/A | x | N/A | N/A | N/A | N/A |
Low Mileage | x | x | x | x | x | x | x | 30 | x | x |
Loyalty | N/A | x | N/A | x | N/A | 5 | x | N/A | N/A | x |
Married | N/A | N/A | N/A | N/A | x | x | x | x | N/A | x |
Membership/Group | N/A | N/A | N/A | x | 10 | 7 | N/A | N/A | x | N/A |
Military | x | N/A | x | 15 | 4 | N/A | N/A | x | N/A | x |
Military Garaging | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 15 |
Multiple Drivers | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Multiple Policies | 10 | 29 | x | 10 | 20 | 10 | 12 | 17 | 13 | x |
Multiple Vehicles | x | x | x | 25 | 10 | 20 | 10 | 20 | 8 | x |
New Address | N/A | N/A | N/A | N/A | 5 | N/A | N/A | N/A | N/A | N/A |
New Customer/New Plan | N/A | N/A | N/A | N/A | x | N/A | N/A | N/A | N/A | N/A |
New Graduate | N/A | N/A | N/A | N/A | 5 | N/A | N/A | N/A | N/A | N/A |
Newer Vehicle | x | N/A | x | x | N/A | x | x | 40 | 10 | 12 |
Newly Licensed | N/A | N/A | N/A | N/A | 5 | N/A | N/A | N/A | N/A | N/A |
Newlyweds | N/A | N/A | N/A | N/A | 5 | N/A | N/A | N/A | N/A | N/A |
Non-Smoker/Non-Drinker | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Occasional Operator | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | x |
Occupation | x | N/A | x | x | 10 | 15 | N/A | N/A | x | N/A |
On-Time Payments | x | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 15 | N/A |
Online Shopper | N/A | N/A | N/A | N/A | N/A | N/A | 7 | N/A | N/A | N/A |
Paperless Documents | x | x | x | N/A | N/A | 5 | $50 | N/A | N/A | N/A |
Paperless/Auto Billing | x | x | x | N/A | x | $30 | x | $2 | 3 | 3 |
Passive Restraint | x | x | x | 40 | x | 20 | x | 40 | x | x |
Recent Retirees | N/A | N/A | N/A | N/A | 4 | N/A | N/A | N/A | N/A | N/A |
Renter | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Roadside Assistance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Safe Driver | N/A | N/A | x | 15 | N/A | 35 | 31 | 15 | 23 | 12 |
Seat Belt Use | N/A | N/A | N/A | 15 | N/A | N/A | N/A | N/A | N/A | N/A |
Senior Driver | x | N/A | x | N/A | N/A | N/A | N/A | N/A | N/A | x |
Stable Residence | N/A | N/A | N/A | N/A | N/A | x | x | N/A | N/A | N/A |
Students & Alumni | N/A | x | N/A | x | 10 | 7 | N/A | N/A | N/A | N/A |
Switching Provider | N/A | x | x | N/A | 10 | N/A | x | N/A | N/A | N/A |
Utility Vehicle | x | N/A | x | x | N/A | N/A | N/A | N/A | N/A | N/A |
Vehicle Recovery | x | x | x | 15 | 35 | 25 | x | 5 | x | x |
VIN Etching | N/A | N/A | x | N/A | 5 | x | x | N/A | x | x |
Volunteer | N/A | x | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Young Driver | N/A | N/A | N/A | N/A | x | N/A | x | N/A | N/A | $75 |
The truth is that you won’t get all the discounts you see. But you could save money even if you’re eligible for only three insurance deals.
Can you save money through usage-based insurance?
Yes, you can. Usage-based insurance can save you more money by using your driving habits and how much you drive to determine savings. Here are a few usage-based insurance programs from the best insurance companies.
Usage-Based Car Insurance Savings by Company
Car Insurance Company Usage-Based Insurance Program | Car Insurance Savings |
---|---|
Allstate Drivewise | Get 10 to 25% Off |
Esurance DriveSense | Varies |
Geico DriveEasy | Varies |
Liberty Mutual RightTrack | Savings are between 5% and 30% |
Metromile Car Insurance | Varies |
Nationwide SmartRide | 40% Savings |
Progressive SnapShot | Save Up to $130 |
Root Car Insurance | Varies |
State Farm Drive Safe & Save | Get Up to 15% Off |
Nationwide provides the most savings through SmartRide, but you’ll have to qualify for those savings through good driving habits. Usage-based insurance discounts are not guaranteed, so you’ll have to maintain a good driving performance to get cheaper rates.
Case Studies: Best Cheap Car Insurance Companies
Case Study 1: USAA
John, a military service member, was looking for affordable car insurance. After comparing quotes from various insurance companies, he found that USAA offered the best rates. With their competitive pricing and excellent customer service, John was able to secure cheap car insurance coverage that met his needs.
Case Study 2: Geico
Sarah, a young driver with a clean driving record, wanted to find the most affordable car insurance option. After researching different insurance companies, she discovered that Geico consistently provided low-cost insurance for drivers in her age group. By choosing Geico, Sarah was able to save money on her car insurance premiums while still receiving quality coverage.
Case Study 3: American Family
Emily, a homeowner, wanted to find an insurance company that offered both home and car insurance at an affordable price. After comparing quotes from various providers, she found that American Family offered competitive rates for bundled policies. By choosing American Family for her insurance needs, Emily was able to enjoy cost savings and convenient coverage options.
Case Study 4: Nationwide
Mark, a driver with a less-than-perfect credit history, was concerned about finding affordable car insurance. After researching different insurance companies, he discovered that Nationwide specialized in providing coverage for drivers with poor credit. By selecting Nationwide, Mark was able to obtain affordable car insurance rates despite his credit history.
Case Study 5: State Farm
Lisa, a driver with a clean driving record, wanted to find a reputable insurance company with a strong financial standing. After reviewing different options, she found that State Farm had consistently high ratings and a stable loss ratio. Although State Farm’s rates were slightly higher than some other companies, Lisa valued their financial stability and opted for their reliable coverage.
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Best Cheap Car Insurance Companies: The Bottom Line
You can get affordable auto insurance by shopping around. Don’t go with the first car insurance quote you see until you’ve compared it to another.
USAA is one of the best insurance companies in America, but you can’t get a policy with them unless you’re in the military or in the immediate family of someone in the U.S. Armed Forces. But the other car insurance companies are just as good.
If you want to see if you can secure cheap car insurance in your area, use our free online quote tool to compare insurance companies now.
Frequently Asked Questions
Are all drivers in the same household covered under my car insurance?
Not necessarily. It depends on the specific policy and the insurance company. Some policies may include coverage for all licensed drivers in the household, while others may require you to specifically list each driver and pay an additional premium for each. It’s important to review your policy and speak with your insurance agent to fully understand who is covered under your car insurance.
Who normally has the cheapest car insurance?
Companies that usually have cheaper car insurance rates are Geico, State Farm, and Safeco. USAA is the cheapest company on average, but it only sells insurance to military and veterans.
What is the cheapest full coverage car insurance?
Companies that usually have cheap full coverage car insurance are Geico, USAA, and State Farm.
Who is cheaper, Progressive or Geico?
Geico is usually the cheapest car insurance company out of the two.
Why is Geico so cheap?
Geico offers discounts on its car insurance, which helps keep rates low.
Is Allstate cheaper than Geico?
No, Geico is usually always cheaper on average than Allstate.
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Automatio...
Insurance Operations Specialist
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