Cheapest Car Insurance Companies (September 2023)

Cheapest Car Insurance Companies (September 2023)

Car insurance is a crucial expense for every driver, but finding an affordable policy that meets your needs can be a challenging task. In this comprehensive guide,

we will walk you through the process of securing cheap car insurance in 2023. From understanding the factors that influence your rates to comparing discounts and coverage options, we’ve got you covered.

Factors That Affect Car Insurance Rates

When it comes to car insurance, rates can vary widely from one driver to another. Understanding the factors that influence your rates is the first step in finding cheap car insurance. These factors include your age, location,

driving history, and the type of vehicle you drive. Insurance companies also consider your credit score, marital status, and even your gender when determining your rates.

Types of Car Insurance Coverage

Car insurance offers various types of coverage, each serving a different purpose. The most common types of coverage include liability insurance, which covers damage you cause to others, and collision and comprehensive coverage,

which protect your own vehicle. Additionally, you can choose to add coverage for medical expenses and uninsured or underinsured motorists. Understanding the types of coverage available will help you tailor your policy to your needs.

Minimum Car Insurance Requirements by State

Car insurance requirements vary by state, so it’s essential to know your state’s minimum coverage requirements. Some states only mandate liability coverage, while others require

additional coverage for personal injury protection or uninsured motorist coverage. Failing to meet your state’s minimum requirements can result in fines and legal consequences.

Minimum Car Insurance Requirements By State
Minimum Car Insurance Requirements by State

How to Shop for Cheap Car Insurance

Shopping for car insurance can be overwhelming, but with the right approach, you can find an affordable policy. Start by gathering essential information about your vehicle and driving history.

Next, determine the coverage limits you need and identify any discounts you may be eligible for. With this information in hand, you’ll be ready to compare quotes from different insurance companies.

Comparing Car Insurance Quotes

Comparing quotes from multiple insurance companies is one of the most effective ways to find cheap car insurance. Online tools and insurance comparison websites make this process more accessible than ever.

When comparing quotes, be sure to consider the coverage limits, deductibles, and any additional features offered by each insurer. Remember that the cheapest option may not always provide the best coverage.

Discounts That Can Save You Money

Insurance companies offer a range of discounts that can significantly reduce your premium. Common discounts include safe driver discounts, good student discounts,

and multi-policy discounts for bundling your car insurance with other policies like homeowners or renters insurance. Explore the available discounts to maximize your savings.

Discounts That Can Save You Money
Discounts That Can Save You Money

The Cheapest Car Insurance Companies of 2023

We’ve identified the top car insurance companies offering competitive rates in 2023. Among them, USAA stands out as the cheapest option for military personnel and veterans. Geico is the top choice for those not in the military, and Auto-Owners comes in as the third-cheapest overall.

Cheapest Car Insurance by Category

Different drivers have different needs, and car insurance rates can vary based on your circumstances. We’ve broken down the cheapest car insurance options for various categories, including good drivers, those with speeding tickets or accidents, DUI convictions, poor credit, seniors, and young drivers.

The Cheapest Car Insurance for Good Drivers

Auto-Owners is the most affordable option for good drivers who don’t have a military affiliation. While USAA offers slightly lower rates, it is exclusively available to veterans, military members, and their families.

CompanyAverage Cost per Year for Good DriversAverage Cost per Month for Good DriversTotal Savings per Year Compared to Average
USAA*$1,412$118$655 cheaper
Auto-Owners$1,426$119$641 cheaper
Westfield$1,538 $132 $480 cheaper
Travelers$1,632$136 $435 cheaper
Geico$1,538$132$529 cheaper
The Cheapest Car Insurance for Good Drivers

*USAA is available only to military members, veterans, and their families.

Note: Rates may vary based on location, driving history, and other factors.

The Cheapest Car Insurance After a Speeding Ticket

Getting a speeding ticket can increase your insurance rates, but some companies offer more affordable post-ticket rates than others. Westfield Insurance emerges as the cheapest option after a speeding ticket, with rates significantly lower than the competition.

CompanyAverage Cost per Year After a Speeding TicketAverage Cost per Month After a Speeding TicketTotal Savings per Year Compared to Average
Westfield$1,764$147$400 cheaper
Travelers$1,852$154$312 cheaper
Geico$1,871$156$293 cheaper
Auto-Owners$1,882$157$282 cheaper
USAA*$1,889$157$275 cheaper
The Cheapest Car Insurance After a Speeding Ticket

*USAA is available only to military members, veterans, and their families.

Note: Rates may vary based on location, driving history, and other factors.

The Cheapest Car Insurance After an Accident Causing Injury

Accidents can have a significant impact on your car insurance rates, but some companies are more forgiving than others. Auto-Owners Insurance offers the most affordable rates after an accident causing injury, helping you save on your premiums.

CompanyAverage Cost per Year After an Accident Causing InjuryAverage Cost per Month After an Accident Causing InjuryTotal Savings per Year Compared to Average
Auto-Owners$2,095$175$402 cheaper
Geico$2,198$183$299 cheaper
Westfield$2,224$185$273 cheaper
Travelers$2,345$196$152 cheaper
USAA*$2,375$198$122 cheaper
The Cheapest Car Insurance After an Accident Causing Injury

*USAA is available only to military members, veterans, and their families.

Note: Rates may vary based on location, driving history, and other factors.

The Cheapest Car Insurance After a DUI

A DUI conviction can have a severe impact on your car insurance rates, but some companies offer more reasonable rates for drivers with a DUI on their record. Progressive is the cheapest option for drivers with a DUI, providing substantial savings compared to other insurers.

CompanyAverage Cost per Year After a DUIAverage Cost per Month After a DUITotal Savings per Year Compared to Average
Progressive$2,551$213$394 cheaper
Travelers$2,658$222$287 cheaper
Geico$2,698$225$247 cheaper
Auto-Owners$2,729$227$216 cheaper
USAA*$2,752$229$193 cheaper
The Cheapest Car Insurance After a DUI

*USAA is available only to military members, veterans, and their families.

Note: Rates may vary based on location, driving history, and other factors.

The Cheapest Car Insurance for People With Bad Credit

Having a low credit score can lead to higher car insurance rates, but some companies offer more affordable options for individuals with bad credit. Geico is the top choice for those with poor credit, providing substantial savings compared to other insurers.

CompanyAverage Cost per Year for Drivers With Bad CreditAverage Cost per Month for Drivers With Bad CreditTotal Savings per Year Compared to Average
Geico$2,412$201$364 cheaper
Auto-Owners$2,498$208$278 cheaper
Westfield$2,512$209$264 cheaper
Travelers$2,645$221$131 cheaper
USAA*$2,656$221$120 cheaper
The Cheapest Car Insurance for People With Bad Credit

*USAA is available only to military members, veterans, and their families.

Note: Rates may vary based on location, driving history, and other factors.

The Cheapest Car Insurance for Seniors

Senior drivers often benefit from lower car insurance rates, but finding the most affordable option is still crucial. Auto-Owners Insurance stands out as the cheapest choice for seniors, offering significant savings compared to other insurers.

CompanyAverage Cost per Year for SeniorsAverage Cost per Month for SeniorsTotal Savings per Year Compared to Average
Auto-Owners$1,252$104$361 cheaper
Geico$1,308$109$297 cheaper
Westfield$1,322$110$283 cheaper
Travelers$1,367$114$238 cheaper
USAA*$1,384$115$221 cheaper
The Cheapest Car Insurance for Seniors

*USAA is available only to military members, veterans, and their families.

Note: Rates may vary based on location, driving history, and other factors.

The Cheapest Car Insurance for Teens & Young Drivers

Insuring a teen or young driver can be expensive, but some companies offer more affordable options. Erie Insurance is the top choice for teens and young drivers, providing substantial savings compared to other insurers.

CompanyAverage Cost per Year for Teens & Young DriversAverage Cost per Month for Teens & Young DriversTotal Savings per Year Compared to Average
Erie$3,045$254$253 cheaper
Auto-Owners$3,298$275$0 cheaper
Westfield$3,321$277$23 more expensive
Travelers$3,464$289$166 more expensive
USAA*$3,499$292$201 more expensive
The Cheapest Car Insurance for Teens & Young Drivers

*USAA is available only to military members, veterans, and their families.

Note: Rates may vary based on location, driving history, and other factors.

States With the Cheapest Car Insurance

Car insurance rates can vary significantly from state to state due to different regulations and risk factors. To help you pinpoint the most affordable states for car insurance, we’ve compiled a list of states with consistently lower premiums.

RankStateAverage Annual Car Insurance Premium
1Vermont$1,021
2Ohio$1,034
3Idaho$1,076
4Iowa$1,096
5North Dakota$1,120
6Maine$1,129
7New Hampshire$1,173
8Indiana$1,182
9South Dakota$1,188
10Wisconsin$1,193
States With the Cheapest Car Insurance

Note: These rates are approximate averages and may vary based on factors such as location, coverage level, and driving history.

Cheapest Car Insurance by Age

Age plays a significant role in determining car insurance rates. To help you understand how rates change with age, we’ve broken down the average annual premiums for various age groups.

Age GroupAverage Annual Car Insurance Premium
Teens & Young Drivers$3,000 – $3,500
20s$1,200 – $1,600
30s$1,100 – $1,400
40s$1,000 – $1,300
50s$900 – $1,200
60s & Seniors$800 – $1,100
Cheapest Car Insurance by Age

Note: These rates are approximate averages and may vary based on factors such as location, coverage level, and driving history.


How to Find Cheap Car Insurance Coverage

Now that you have a better understanding of the cheapest car insurance options, let’s explore some strategies for finding and maintaining affordable coverage.

Get Quotes From Multiple Car Insurance Companies

One of the most effective ways to secure cheap car insurance is to shop around and compare quotes from multiple insurance companies. Each insurer uses its own formula to calculate rates,

so getting quotes from different providers can help you find the best deal. You can obtain quotes online or by contacting insurance agents directly.

Get Quotes From Multiple Car Insurance Companies
Get Quotes From Multiple Car Insurance Companies

Review Your Auto Insurance Coverage

To save money on your car insurance, consider adjusting your coverage. While it’s essential to maintain the legally required minimum coverage, you may be able to reduce your premium by raising

your deductibles or dropping coverage options you don’t need. However, be cautious when reducing coverage, as it could leave you underinsured in the event of an accident.

Reconsider Your Deductible

Your deductible is the amount you must pay out of pocket before your insurance coverage kicks in. Increasing your deductible can lower your premium, but it also means

you’ll have to pay more if you file a claim. Before raising your deductible, make sure you have enough savings to cover it in case of an accident.

Review Car Insurance Discounts Periodically

Insurance discounts can change over time, so it’s essential to periodically review your policy to ensure you’re taking advantage of all available discounts. For example, as you accumulate safe driving history,

you may become eligible for additional discounts. Additionally, life changes such as getting married or purchasing a home can qualify you for new discounts.

Review Car Insurance Discounts Periodically
Review Car Insurance Discounts Periodically

FAQs

Who gives the lowest car insurance rates?

USAA typically offers the lowest car insurance rates, but eligibility is limited to military members, veterans, and their families. For others, Geico and Auto-Owners tend to have some of the cheapest rates overall based on analysis of average premiums across driver profiles. Erie also offers very affordable rates for young drivers.

Is Florida car insurance cheaper than NY?

On average, car insurance in Florida is cheaper than New York. According to 2021 data, the average annual premium in Florida was $2,559 compared to $3,473 in New York. Florida has high uninsured motorist and theft rates that increase costs, but no-fault laws and lack of snow help lower rates.

Who is cheaper Geico or Progressive?

Geico generally has cheaper car insurance rates than Progressive overall. An analysis of average rates for common driver types found Geico had lower premiums for good drivers, those with accidents, and poor credit. Progressive beat Geico on average for drivers with a DUI. But for most profiles, Geico offers the cheaper rates.

Is PA car insurance cheaper than NJ?

Yes, Pennsylvania car insurance is cheaper on average compared to New Jersey. In 2021, the average annual premium in PA was $1,714 while the average in NJ was $2,246. Factors like population density, accident frequency, medical costs, and uninsured drivers contribute to higher rates in New Jersey.

Conclusion

Finding cheap car insurance in 2023 requires a combination of understanding the factors that affect your rates, comparing quotes from multiple companies, and taking advantage of available discounts.

By following the steps outlined in this guide and staying informed about your options, you can secure the affordable car insurance coverage you need to protect yourself and your vehicle.


Disclaimer: The car insurance rates and discounts mentioned in this article are approximate averages and may vary based on individual circumstances, location,

driving history, and other factors. It is essential to obtain personalized quotes from insurance companies to determine the exact cost of coverage.

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