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Finding the Cheapest Car Insurance Companies

Finding the Cheapest Car Insurance Companies

Having great car insurance is a necessity. In fact, in the US, it’s the law! 

Even if it wasn’t, having care insurance is just the smart financial thing to do. You don’t want to be on the hook for expenses for auto body repairs, medical bills and more after an accident. 

That said, it is no secret that some auto insurance policies can get expensive. 

The good news is that there are a lot of car insurance companies that offer a number of different policies. Finding the cheapest car insurance companies is possible, all you need to do is a little bit of research.

Below, you will find a list of some of the most popular insurance companies, and their six-month rate for auto insurance in at least twenty different states.

Finding the Cheapest Car Insurance Companies

The rates below were collected by the excellent folks out the ValuePenguin website. You can check them out here.

  1. USAA – $215 
  2. Farm Bureau Mutual (IA Group) – $218
  3. Erie – $226
  4. Auto-Owners Insurance – $324
  5. State Farm – $356
  6. American Family – $405
  7. Geico – $409
  8. Progressive – $462
  9. Metropolitan – $486
  10. Nationwide – $502
  11. Allstate – $695 
  12. Travelers – $706

Some smaller insurance companies that offer affordable car insurance rates:

  1. Erie – $195
  2. Farm Bureau – $251
  3. National Average – $360
  4. American Family – $387
  5. MetLife – $453
  6. Auto-Owners – $513

Factors That Affect Auto Insurance Rates

Keep in mind that these rates are just an average. The actual price of your premiums will depend on a variety of factors. The factors include your age, your driving history, what kind of vehicle you drive, your credit score or financial profile, and where you live.

Tips To Save Money on Car Insurance

With that said, here are some tips to help you save money on car insurance.

Explore your options

When you’re out shopping, you don’t usually just go for one thing and immediately buy it. The smart move would be to explore your options, and find the best one that suits your needs, and your budget. The same goes for auto insurance.

As you can see, each insurance company has their own prices, so it’s always worth it to look around. Get at least a few quotes from different types of insurance companies, and different insurance companies. 

It also pays to get quotes from an insurance company’s own agents, independent agents, and those that sell directly to consumers. Another good move would be to ask for recommendations from friends and relatives.

Another smart move would be to read reviews from current and previous customers. This will give you a broad idea on each policy. While you’re asking around for recommendations, it’s also the best time to list down any questions you might have for the insurance agents. These steps will help you write down and ask informed questions.

If you’re buying a new vehicle, it’s also better if you compare the insurance quotes first for every vehicle model before you buy. 

Most auto insurance rates are partly based on your car’s price. More factors include the cost to repair your vehicle, and its overall safety record. 

You can also raise your deductible when you can. Choosing a higher deductible means lower premium costs. 

It also helps to review your auto insurance policies and remove any coverage that you no longer need. And you can also save a lot of money by bundling your insurance with the same company.

A good credit history will also help you get a great discount on your auto insurance premiums, so always keep that in mind. 

If you’re a senior, check out this article for advice on how to save on insurance.