Top Ten Cheapest Insurance Companies

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The best auto insurance companies are State Farm, USAA, Geico, Erie and Travelers based on price, coverage, reputation, availability and service.

Top Ten Cheapest Insurance Companies

Top Ten Cheapest Insurance Companies

Choosing the best auto insurance provider can be intimidating. That’s why we at Auto Guides Team have done the work for you. In this article, we narrow down the top 10 auto insurance companies in the industry and provide detailed reviews of the top five auto insurance providers.

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Why our team is trusted Our team The Auto Guides team is committed to providing reliable information to help you make the best decision about your car insurance. Our researchers, writers and editors are dedicated to researching providers and analyzing customer feedback and information so you can choose with confidence.

After researching the auto insurance market and reviewing each company’s name, availability, coverage options, discounts and customer experience, 10 companies stood out from the competition as the best auto insurance providers.

When rating these insurance companies, our team considered state availability, coverage, rates and satisfaction scores from experts like J.D. Power.

We also considered AM Best’s financial strength ratio and complaint volume as reported by the National Association of Insurance Commissioners (NAIC). Each carrier is rated on a 10-point scale.

The Cheapest Car Insurance Companies For Every Type Of Driver

Our top five choices for the best car insurance are State Farm, USAA, Geico, Erie and Travelers. In the sections below we provide a more detailed review of these providers:

Benefits Wide selection of coverage options Offers discounts for many types of drivers Average full coverage is about 14% cheaper than the national average. Rated 4.2 out of 5.0 for overall satisfaction with our car insurance in customer reviews Cons Mixed customer reviews at BBB

Our cost estimates show that good drivers pay an average of $1,481 a year for comprehensive insurance with State Farm. This makes State Farm among the nation’s cheapest providers.

Top Ten Cheapest Insurance Companies

State Farm is another solid choice when it comes to finding the best auto insurance in the industry. Our January 2022 insurance survey found the insurance company to be the most popular provider among 1,000 survey respondents, with 13% saying they bought State Farm insurance.

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As the nation’s largest auto insurance company, State Farm is known for its commitment to satisfaction – the company has an A++ financial strength rating from AM Best. According to the NAIC, State Farm accounted for 16.01% of the auto insurance market share in 2021. State Farm also had fewer complaints than the industry average in 2020, although customer reviews on the BBB were mixed.

We chose State Farm as one of the best auto insurance companies in the country in part because of the usage-based driving discounts and safety it offers young drivers. There are two discount programs available through the mobile app:

Other State Farm auto insurance discounts include good grades, safe driving, defensive driving, vehicle safety features and completing a driving course. The company does not offer a military discount.

Advantages Affordable rates High performance on customer surveys J.D. Mobile app Valuable Power Financial rating A++ Cons Not available for everyone SafePilot is only available in 25 states Not the cheapest option after a DUI.

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USAA is known for its affordability. It offers the cheapest car insurance on average compared to any other provider we researched. Our average rates show good drivers pay about $1,054 a year on average for full auto insurance through USAA. The company also offers discounts based on driver safety, multiple policies, safety features like airbags and more.

USAA is our second-best auto insurance choice in the country. He regularly leads J.D. auto insurance courses. Power as one of the leading suppliers in terms of customer satisfaction and value. The company is well known for its high customer ratings and affordable coverage options, including accident forgiveness. However, it has strict eligibility requirements and not everyone is eligible for coverage.

USAA auto insurance is only available to members of the military, veterans and their families, which limits the number of people who can purchase coverage. If you qualify for USAA insurance, this is one of the best options available. In addition to the standard types of car insurance, USAA offers the following options:

Top Ten Cheapest Insurance Companies

USAA received an A++ financial strength rating from AM Best and an A+ rating from the Better Business Bureau (BBB). According to NAIC, the auto insurance company will have 6.04% of the market share in 2021. Although not a major auto insurance company, USAA still has a reputation for financial strength. In 2021, the company wrote $15.73 billion in private car insurance premiums.

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Although USAA does not have many brick-and-mortar locations, shareholders are still impressed by the company’s customer service. USAA scored high on SM J.D. Auto Insurance Study. Power 2022 in every state of the United States, although it is not rated due to its eligibility criteria. And in our January 2022 auto insurance survey, nearly 65% ​​of the 107 respondents surveyed by USAA said they were very satisfied with USAA insurance, the highest of any provider.

USAA is also known for its affordability. It offers the cheapest car insurance on average compared to any other provider we researched. Our average rates show good drivers pay about $1,054 a year on average for full auto insurance through USAA. The company also offers discounts based on driver safety, multiple policies, safety features like airbags and more.

Pros A++ Financial strength rating from AM Best and an A+ rating from BBB Low rates for most drivers High policy limits for use insurance discount Discount Cons Power claims rating J.D. rating It’s not always cheap for people with bad credit or recent accidents. There are fewer local agents than other companies

Geico rates are some of the most affordable we’ve seen. Our average estimates show that drivers pay about $1,308 a year on average for comprehensive auto insurance at Geico. These rates apply to 35 year olds with good credit and a good driving record. Our ratings place Geico in the top three for affordability compared to other national providers.

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If you don’t qualify for USAA coverage, Geico is worth considering as your top choice. This company offers reputable service, a wide selection of insurance and cheap car insurance rates, according to our rating.

Geico received an A++ (Superior) rating from AM Best, which means the company has the financial support to pay its customers’ insurance claims. A large auto insurance company like Geico comes with more financial stability compared to a small local company.

Geico also has a good reputation for customer service. According to J.D. Auto Insurance Study. Energy, Geico performed better than average in all regions except the Mid-Atlantic, the Southwest and Texas. The survey assesses customers on their satisfaction with claims, charges, rates, policies and more. Additionally, our January 2022 insurance survey of 1,000 respondents found nearly 12% chose Geico as their insurance provider.

Top Ten Cheapest Insurance Companies

As for the price, Geico’s prices are some of the cheapest we’ve seen. Our average estimates show that drivers pay about $1,308 a year on average for comprehensive auto insurance at Geico. These rates apply to 35 year olds with good credit and a good driving record. Our ratings place Geico in the top three for affordability compared to other national providers.

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In addition, the insurance company offers many ways to save money, including a driver discount voucher (up to 26% discount), a student discount voucher (up to 15% discount) and a multi-vehicle discount (up to 25). % discount).

Pros Strong industry ratings Wide selection of car insurance options Multiple car insurance discounts available Cons Not available in all states No usage-based insurance options

According to our research, Erie offers the cheapest average annual premiums in the country, costing $1,238 a year for an all-inclusive policy. The insurance company offers many discounts in addition to having a better than average car insurance rate, including savings for school-going drivers, drivers with multiple vehicles and drivers who do not experience accidents.

Erie offers a strong option for new drivers (age 21 or younger) and drivers with different types of vehicles. The insurance company offers the following in addition to standard car insurance:

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Erie has AM’s best rating of A+ for its ability to pay insurance claims. The insurance company’s customer service is also highly regarded, as evidenced by its 3.3 customer rating on TrustPilot. In 2022 J.D. The power of the U.S. In the Insurance Shopping Survey, Erie scored 878 out of a possible 1,000 points. This ranks second among insurance companies.

Pros A++ Financial strength rating and BBB A Rating Multiple discount opportunities for drivers Offers risk-free coverage Cons Outdated mobile app

According to our research, the cost of travelers insurance is slightly cheaper than the national average, costing $1,669 per year for an average full coverage policy. The car insurance company offers many discounts, including savings for homeowners, student vouchers and accident-free drivers.

Top Ten Cheapest Insurance Companies

Travelers can be nice

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