Looking at the number of road accidents that happen every year in the US makes buying car insurance a very sensible and smart decision. But getting great car insurance at a cheap price seems almost impossible. That is why we went ahead to find the best car insurance company that offers great coverage at an even greater price. We looked at the most popular insurance companies, both national and local, and compared the best case use.
Do note that cheaper here does not mean compromising on the coverage or features. We have compared the insurance policies and in what scenario or for what group of people the insurance would be the most beneficial. So let’s take a look at the cheapest auto insurance companies in the U.S.
Cheapest car insurance company for First-Time Buyers – Geico
There is no denying that Geico is one of the largest and most popular insurance companies in the US. But here’s something you might not know; It is also one of the cheapest and most recommended car insurance in the country. The average annual rate for Geico is just $354 and the average monthly rate is just $29, making it perhaps the cheapest national insurance company. It offers the lowest average annual rate in 21 states!
Not just that, but Geico also comes with great discounts. It offers around 20 different types of discounts including student discounts, veteran discounts, etc. It is one of the highest numbers of discounts given by an insurance company in the entire country. The Gecko not only is great for first-time buyers, but also for teenagers and senior citizens as multiple surveys have shown it to be way cheaper than competitors.
In conclusion, we’d say that Geico is perhaps our strongest recommendation as it excels not only in price but convenience and coverage as well.
Cheapest Car insurance for veterans and military community: USAA
There is no other option to consider if you are a vet or belong to the military community. USAA insurance is one of the best policies you can get, with rock-bottom prices and excellent coverage, offering collision, comprehensive, liability, and underinsured insurance policies. In many states and surveys, USAA offers the cheapest average annual and monthly rates, even cheaper than Geico.
But as we know, it is not available to the general public and you can avail it yourself only if you are in the military or have a family member in the military. But if you do, then this is the insurance policy to choose.
Cheapest car insurance for bad drivers: State Farm
State Farm is very popular car insurance in itself. The company’s average annual rates, as well as monthly rates, are just slightly above Geico and USAA, which makes it a great option if you prefer State Farm’s coverage and benefits. But that’s not why it is here on this list. State Farm is perfect for people who tend to dry a little…ahem…rough. If you have a driving record that cannot be considered the cleanest, then State Farm would be the best option for you.
Any kind of violation can and will increase the cost of premiums and insurance. While it is unavoidable, the best way to deal with it is to choose insurance where this increment is the lowest. For example, State Farm’s hike in insurance price is the lowest for a speeding ticket. Other companies increase the cost to more than double what State Farm does.
Speeding tickets are very minor, but even when it comes to some pretty big violations such as DUI or even an accident, State Farm’s price hikes are always lower than the national average. So choosing this company would result in better savings.
Erie is also a great option to go for if you have a bad driving record. It offers very minor price hikes and is great for teenagers with a bad driving record as well. The reason we did not put it in a separate category is that Erie is only available in just 12 states at the time of writing this article.
Cheapest local car insurance company: Central insurance
Not all people want to get these large companies’ insurance policies. Many people prefer local companies and their pricing. For that, you can choose Central Insurance. With an average annual rate of just $257 and an average monthly rate of $21, Central Insurance is the cheapest local insurance company in the US. The only downside here is that it might not be available in your state.
Honorable Mentions
These were the cheapest and most reliable insurance companies in the US. However, some other great companies offer great coverage at a great price. So here are some of the honorable mentions:
Farmers: Farmers might not be the cheapest on the list, but it comes with the most discounts.
Metromile: One of the cheapest and best options for people who do not drive too much as Metromile charges you on a pay-per-mile basis.
Farm Bureau: If you have a bad credit score and are having trouble getting cheap car insurance, then Farm Bureau is the best option. This company offers great prices to people with poor credit scores.
That was all about the cheapest car insurance companies in the US. It must be noted that this article shows general average data. The price that any insurance company will charge you depends on a lot of factors. But this data shows a ballpark figure that will help you get an idea. It is always better to compare insurance plans yourself and check the best one that suits your needs.
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