2019 Cheap Car Insurance Study
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The best way to get cheap car insurance is to compare quotes from different car insurance companies. In order to help drivers nationwide find the cheapest car insurance rates for their needs and circumstances, WalletHub collected 2,800 quotes from 20 auto insurance companies across 47 states.
Read on for the full results of WalletHub’s car insurance comparison, along with a detailed description of our methodology and additional insight from a panel of experts.
Best States for Cheap Car Insurance
For a more in-depth look at the car insurance landscape in each state, follow the links below.
Cheapest Car Insurance Companies
|Overall Rank*||Company Name|
Cheap Car Insurance Survey
To better understand consumers’ attitudes toward car insurance, particularly related to cost, WalletHub conducted a nationally representative survey. We asked about issues ranging from how people prioritize cost versus coverage to whether it’s fair for car insurance companies to use gender, age or geography in policy pricing.
You can find the complete results of WalletHub’s 2019 Car Insurance Survey in the following infographic.
Tips for How to Get Cheap Car Insurance
- Get a car that’s cheap to cover. Certain car models cost more to insure than others. Cars that are safer and cost less, like minivans and SUVs, are cheaper to insure than expensive, fast sports cars.
- Be on your best behavior. Safe drivers with no history of accidents, tickets or arrests can look forward to cheaper rates than people who haven’t been as responsible. Convicted felons will also often have to pay more, even if their record isn’t related to driving.
- Take advantage of discounts. You may be able to get discounts if you are a veteran, get paperless statements, have a good driving record, bundle policies, are a student or have an anti-theft system, to name a few.
- Build good credit. Your credit score will often factor into your auto insurance rates – people with no credit pay 67% more than people with excellent credit on average. Insurers know that financial responsibility often correlates with responsibility in other areas of life. People with poor credit are more likely to file an insurance claim. To boost your credit score, always pay you credit bills on time and try to use less than 30% of your available credit.
- Look locally. There are several big-name nationwide auto insurers with lots of satisfied customers, but you don’t necessarily have to get coverage from a company that takes clients from all across the country. Plenty of car insurance companies only cater to customers in certain regions or states. These local insurers may provide lower rates but are often overlooked. Make sure to include them in your comparison, at least.
- Choose a higher deductible. An insurer may lower your monthly rates in return for a lower deductible - the amount you personally have to pay when you make a claim. That can save you money if you never have an accident. This approach makes the most sense for people who are very infrequent drivers.
- Select less comprehensive coverage. There are many types of car insurance. You will usually need liability coverage, to pay for the other person’s damages if you’re at fault in an accident. But you may not need collision damage (pays your repairs) or comprehensive coverage (pays for non-accident-related damages). Both pay out based on your car’s current value. If your car is older and will cost more to fix than to buy a new vehicle, it may not be worth it.
- Consider pay-per-mile plans. You don’t always have to pay a set amount per month. There are also plans based on how much you drive. If you have a car but rarely use it or only drive very locally, a pay-per-mile plan may be best for you. The insurance company will place a device in your car that tracks your mileage. It may also track things like your speed and braking, which could affect your rates positively if you’re a safe driver and negatively if not.
Car insurance is a necessary expense if you’re a driver, but trying to find the cheapest rates can be a time-consuming process. To gain more insight about getting cheap car insurance while still having quality coverage, WalletHub posed the following questions to a panel of experts. Click on the experts below to view their bios and answers.
- Why do car insurance rates (and even providers) vary so much from state to state?
- Is it riskier to drive in some cities and states than others?
- Is there anything that state and local governments do to promote cheap car insurance rates for their constituents?
- Why do you think credit history has more of an impact on car insurance rates in some states than others?
WalletHub collected quotes from all major auto insurers for at least 6 cities in 47 states. In order for an insurance company to be included in the national ranking, the company had to be active in at least 20 states.
WalletHub pulled quotes directly from the insurers’ websites. Below are the general categories we considered and the metrics for each.
U.S. Driver Profiles
|Age||30 years old|
|Driving Record||No violations|
|Miles Driven Per Year||~15,000 miles|
|Car||2010 Toyota Corolla|
In terms of the amount of insurance coverage, WalletHub selected the closest available option to the amounts below.
Coverage Limits Assumed:
|Coverage Type||Coverage Amount|
|Bodily Liability Coverage||$25,000 per person and $50,000 per accident|
|Uninsured Motorist Bodily Injury Coverage||$25,000 per person and $50,000 per accident|
|Property Damage Liability Coverage||$25,000 per accident|
|Personal Injury Protection||State minimum|
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