Cheapest Car Insurance Companies

What is the Cheapest Car Insurance Company?

After our analysis of 2,700 cities and 128 companies, we found that Erie was the most affordable major insurer in the country with an average yearly rate of $1,052 based on our sample driver – about 31% cheaper than the national average across every insurer. The very largest of the five is GEICO, the second largest auto insurer in the U.S. by market share.

In the table below, you can see how the average annual rates for the 15 most affordable large auto insurers in the country compared based on quotes we obtained for an example 30 year old driver.

Rank Company Annual Rate
1 Erie $1,052
2 GEICO $1,067
3 American Family $1,099
4 Auto Owners $1,201
5 Progressive $1,241
6 Farmers $1,249
7 State Farm $1,372
8 State Auto $1,397
9 Nationwide $1,404
10 Allied $1,470
11 Allstate $1,718
12 Safe Auto $1,855
13 MetLife $1,957
14 Victoria $2,057
15 Encompass $2,129

*Premiums based on our sample driver

The Three Cheapest Car Insurance Companies

  • Erie

    Erie is the United States’ 13th largest insurer despite being found in only nine states. Overall, it was frequently the cheapest insurer for drivers in its market, beating state averages by 28%. In states like Virginia and Pennsylvania, drivers could find Erie for 40% less than the state average.

  • GEICO

    The nation’s second largest insurer is the second least expensive one as well. Though found in every state, drivers in New York and Utah can save up to 50% by going with GEICO. On average, GEICO beat state averages by 28%.

  • American Family

    Though not the most well known brand of auto insurance, we still found American Family in nearly 1,000 cities nationwide where it beat state averages by 14%. Drivers in Washington and Colorado can even reap premiums 32% and 29% under their state averages.

https://www.valuepenguin.com/best-cheap-car-insurance#cheapest