Which Car Insurance Company is Cheapest?
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UPDATED: Nov 14, 2019
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Everyone wants to know which car insurance is cheapest, so we are going to break down a lot of information and help you find the cheapest coverage for you.
First, let’s talk a little bit about how car insurance companies set their prices.
In a nutshell, companies pay actuaries a lot of money to develop complex formulas so they don’t lose money. They take all kinds of things into consideration like:
- Your age and how long you’ve been driving
- If you’re married or own your home
- How well you maintain your credit and your financial responsibility
- If you have any tickets on your motor vehicle report
- If you have any at-fault accidents show up on a CLUE report
- The perfomance level and safety features of the vehicle you are insuring
- The company you are currently with and if you have any coverage lapses
- Plus a lot more…
All these factors contribute to determining how much you pay for insurance. Every company uses these factors in slightly different ways, and apply different “weights” to them. So company A might cut you a break for having one speeding ticket, but company B wants a squeaky clean driving record. That’s why finding the cheapest car insurance company is not exactly easy.
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Cheapest Car Insurance Companies in the U.S.
Now that you have some idea of what determines car insurance rates, let’s take a look at the top five cheapest car insurance companies in all 50 states.
As we mentioned at the start of this article, car insurance rates depend on a lot of different factors. So the companies shown in the charts above may not necessarily be the cheapest for you. You need to get quotes based on YOUR specific personal profile that includes all the factors we mentioned earlier, plus the level of coverage that you’re comfortable with.
How to Compare Car Insurance Rates
Not everyone needs the same liability limits, and not everyone can afford to have full coverage or high physical damage deductibles. An individualized rate quote is the best way to compare the cheapest rates from companies, and be sure to use apples-to-apples information on every quote. If you use different coverage limits or deductibles on every quote, you will not have a level playing field on which to make a comparison.
Hopefully, the top five cheapest car insurance companies in your state above helps give you a good place to start in finding lower rates. Another great place to start is by using our multi-company quote system, which can match you with some of the most affordable companies in your area. To get started, simply click the button below!
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