Adam McCann, Financial Writer
@adam_mcan
GEICO typically has the cheapest car insurance, with an average minimum coverage premium of $462 per year and an average full coverage premium of $1,955 per year, according to WalletHub’s calculations. The next-cheapest insurers are USAA, Progressive, and Travelers.
Average Car Insurance Rates by Company
| Company | Average Minimum Coverage Premium | Average Maximum Coverage Premium |
| $462 per year | $1,955 per year | |
| $487 per year | $1,829 per year | |
| $549 per year | $2,271 per year | |
| $639 per year | $2,536 per year | |
| $689 per year | $2,600 per year | |
| $718 per year | $2,627 per year | |
| $781 per year | $2,438 per year | |
| $890 per year | $3,046 per year | |
| $1,044 per year | $3,295 per year | |
| $1,090 per year | $3,419 per year |
GEICO is also the cheapest car insurance company for a number of different categories, including:
- Full coverage
- Liability-only coverage
- Drivers who need SR-22 insurance
- Young drivers
- Senior drivers
- Residents of AL, AK, AZ, AR, CO, CT, DE, FL, IN, KS, KY, MD, NJ, NV, OR, UT and VA
Auto insurance companies that are cheaper tend to attract more customers, so it doesn’t come as too much of a surprise that most of the cheapest companies are also among the 10 companies with the highest market share. The companies with the highest market share have remained very similar for the past decade, according to data from the Insurance Information Institute, which suggests that they’ve historically had some of the best prices and best customer service.
It’s important to note that just because a company has a low average premium, it won’t necessarily always be the cheapest company for you personally. Plenty of factors, such as your location, age, driving history and credit score play a big role in how cheap or expensive your coverage is.
Types of Drivers Who Typically Have the Cheapest Car Insurance
- People who are older: 25-year-olds pay lower premiums than 18-year-olds. And 45-year-olds pay lower premiums than 25-year-olds. In other words, more experienced drivers pay less (up to a point, as senior drivers see their rates increase again).
- People with clean records: If you have no at-fault accidents and no speeding tickets on your record, you’ll pay less in premiums than people who do. That’s because the insurer will see you as less likely to make a claim.
- People with high credit scores: If you have good credit, your premiums will likely be significantly lower than if you had bad credit (unless your state bans using your credit score as a determining factor for your rates). The reason behind this is that statistically, people with lower credit scores have a higher likelihood of filing an auto insurance claim than people with higher credit scores.
- People who live in certain states: The top five cheapest states for car insurance are Iowa, Vermont, Nebraska, Wyoming and South Dakota.
Given all of the factors that go into determining your car insurance rates, it’s always important to compare rates from multiple companies before deciding to take out a policy. That will ensure that you get the cheapest insurance possible.
People also ask
Is Progressive cheaper than GEICO?
No, Progressive is not cheaper than GEICO for car insurance. A minimum-coverage car insurance policy with Progressive costs $1,033 per year, on average, while a minimum-coverage policy with GEICO costs an average of $796 per year. Full coverage from GEICO costs less than Progressive's coverage, too.
Average Annual Cost of Car Insurance From Progressive vs. GEICO
Age Range | Coverage Level | Progressive | GEICO |
16-35 | Minimum | $1,161 per year | $888 per year |
16-35 | Full | $5,767 per year | ... |
Is Allstate cheaper than GEICO?
No, Allstate is not cheaper than GEICO for car insurance. A minimum-coverage car insurance policy with Allstate costs $1,262 per year, on average, while a minimum-coverage policy with GEICO costs an average of $796 per year. Full coverage from GEICO costs less than Allstate's coverage, too.
Average Annual Cost of Car Insurance From Allstate vs. GEICO
Age Range | Coverage Level | Allstate | GEICO |
16-35 | Minimum | $1,391 per year | $888 per year |
16-35 | Full | $4,943 per year | ... |
How can I get a low car insurance quote?
The best way to get a low car insurance quote is to shop around and factor in any discounts you may be eligible for. Every auto insurance company calculates quotes differently, so you might receive significantly different prices from different insurers for the exact same coverage. Most insurers also offer a variety of discounts that can help make coverage much more affordable.
How to Get Lower Car Insurance Quotes
- Compare multiple quotes...
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