Let’s Drop Your Auto Insurance Rates Today! 2019-03-11T20:23:31+00:00

Let’s Drop Your Auto Insurance Rates Today!

 

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How to find affordable auto insurance rates

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If you’ve ever compared car insurance rates, you know how many options are available. Depending on a variety of individual rating factors, certain companies will price your insurance differently. You could end up paying more by choosing the wrong company or failing to compare enough companies. We’ve outlined the factors that go into your car insurance premiums, as well as some tips for how to find the best possible rates. Let’s get started.

What goes into car insurance rates

Your auto insurance rate depends on who you are as a driver,  as well as your age, your credit, your vehicle, and your location. How insurance companies weigh these attributes is reflected in your premium. For example, having a limited driving history or a poor credit score can raise your rates dramatically. Our analysis of major rating factors shows how premiums shift from company to company.

Car insurance comparison by age

Car insurance rates for teenage drivers

If you have teens or you’re a teen driver, you know it’s expensive. In many cases, adding a teen to your policy will nearly double your premium. Comparing five major car insurance companies across the US, Geico and Progressive are the cheapest companies for a teen driver.

Adding a teen driver to your car insurance policy

Company Premium
State Farm $2,999
Allstate $2,295
GEICO $987
Progressive $1,231
Liberty Mutual $1,676

Comparing car insurance for young adults

The age of 25 is a big turning point for car insurance savings. But no matter how much you save, you’re probably still paying more than you’d like.

Comparing 6-month car insurance premiums for 25-year-olds

Company Premium
State Farm $1,142
Allstate $1,107
GEICO $884
Progressive $807
Liberty Mutual $2,050

Progressive is the cheapest car insurance company for 25-year-old drivers, with GEICO a bit more expensive. Although Liberty Mutual and State Farm are the most expensive options for older drivers, they could end up being affordable options for drivers with violations on their records.

Car insurance for seniors

Between the ages of 30 and 60, car insurance rates don’t fluctuate much based only on age. As you get into your late 50s and 60s, your age becomes a more important determinant of your rate. For a profile of a married couple without children drivers, Geico and Progressive offer the cheapest rates, all other metrics constant.

6-month car insurance premiums for seniors

Company Premium
GEICO $493
Progressive $618
State Farm $1,048
Allstate $1,047
The Hartford $1,301

Car insurance comparison by driving history

Naturally, insurance companies use your driving past as an indicator of how you will drive in the future. It can be difficult to find affordable car insurance if you have a checkered driving history. While it’s very unlikely you will find an insurance company that won’t increase your premium after an at-fault accident or other violation, the degree of the rate increase will vary by company. Let’s compare rate increases for some common violations across major insurance companies.

At-fault accidents and car insurance rates:

On average, an at-fault property damage accident with a claims payout exceeding $2,000 will raise your premium by an average of $726 per year. Over three years, that adds up to $2,178! If you’re thinking of filing a claim, consider the overall cost of the claim versus what the claim would cost to pay out of pocket. Compare this $2,178 penalty — plus your deductible — to the out-of-pocket expense. While this is nice information to know before filing a claim, it won’t help if you’ve already filed a claim. If you have an at-fault accident on your insurance history, consider Nationwide or Farmers.

Annual premium with an at-fault accident

Company No Accident After At-Fault Accident
Allstate $1,559 $2,323
GEICO $1,521 $2,282
Farmers $1,434 $2,154
Liberty Mutual $1,513 $2,218
Nationwide $1,321 $1,986
Progressive $1,493 $2,240
State Farm $1,514 $2,234

DUI conviction

In most states, a DUI is the most costly violation you can receive. Moreover, in states like California, it will stay on your insurance record for 10 years! Based on our analysis of the most popular car insurance companies, this would set you back an average of $12,491 in insurance rate increases during that 10-year period. To limit your costs, do your due diligence and shop around: State Farm and Liberty Mutual are the cheapest insurance options after a DUI — so consider starting there.

Annual auto insurance comparison after DUI conviction

Company None Premium after DUI
Allstate $1,559 $2,742
Geico $1,521 $2,632
State Farm $1,514 $2,478
Liberty Mutual $1,513 $2,248
Progressive $1,493 $2,900
Farmers $1,493 $3,461
Nationwide $1,321 $2,679

Compare car insurance by credit score

Another major contributor to your car insurance rate is your credit score. While not directly related to your driving, car insurance companies believe your credit score says a lot about what kind of client you’ll be. Compare how car insurance companies factor credit score into their rates:

  • Very Poor: 300-579
  • Fair: 580-669
  • Good: 670-739
  • Very Good: 740-799
  • Great: 800-850

Annual car insurance premiums (very poor credit):

Company Credit Score: (300-579)
Farmers $2,044
Nationwide $2,411
Progressive $2,616
GEICO $2,720
State Farm $2,907
Liberty Mutual $2,911
Allstate $2,913

If you have very poor credit, the cheapest car insurance company is Farmers, where your premium will be more than $600 less than the group average. Still, if you compare to the highest credit level you can see you can see how impactful your premium is if your credit is poor. Compared to the “great” credit tier, there’s a difference of nearly $1,400 per year. Just another reason to keep your score up!

Annual car insurance costs for fair credit

Company Credit Score: (580-669)
Farmers $1,774
Nationwide $1,983
Progressive $2,157
GEICO $2,212
State Farm $2,359
Liberty Mutual $2,335
Allstate $2,403

With rates $400 less than the group average, Farmers offers the cheapest insurance for drivers with “fair” credit scores. Even so, a fair credit score will result in elevated rates. While the average premium for fair credit drivers is $2,189, that’s $900 more than those with “great” credit are paying, with all other metrics constant.

Annual premiums with good credit

Company Credit Score: (670-739)
Farmers $1,558
Nationwide $1,558
Progressive $1,802
GEICO $1,804
State Farm $1,916
Liberty Mutual $1,886
Allstate $1,984

As we get into the higher levels of credit score, the car insurance rates get a little more competitive. Although those with a credit score between 670-739 are still paying $531 more per year than the highest credit tier, you can cut this difference down to $277 if you select Farmers as your insurance company.

Annual auto insurance premiums with great credit

Company Credit Score: Great (800-850)
Farmers $1,265
Nationwide $1,130
Progressive $1,295
GEICO $1,246
State Farm $1,292
Liberty Mutual $1,281
Allstate $1,383

At the highest credit trier, Nationwide is the cheapest car insurance company. At $152 less per year than the group average, Nationwide will set you back $1,130 per year for insurance and about $565 for a standard 6-month policy.

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