Progressive and Geico have the cheapest car insurance rates in 2023.
CarInsurance.com compared more than 30 auto insurance providers across the United States to find the insurers offering cheap car insurance in 2022. In addition to Progressive and Geico, major insurers Travelers, Farmers, Erie, State Farm, Nationwide, Allstate and USAA also offer some of the lowest auto insurance prices.
Shopping around and comparing quotes for cheap coverage from different car insurance companies is the best way to find affordable car insurance without compromising on quality.
But does everyone do so?
Not necessarily, says William Shughart, professor in public choice at the Jon M. Huntsman School of Business at Utah State University.
William ShughartProfessor in public choice at the Jon M. Huntsman School of Business at Utah State University
“Car insurance buyers, like voters in political elections, are time- and attention-constrained and therefore do not devote much energy to searching for information about the alternatives available to them,” says Shughart.
“Theories of consumer searches conclude that it is optimal to stop when the costs of gathering one more piece of information (value of other uses of time forgone) equal the perceived benefits of continued search (lower price or improved quality).”
But we can help. This article provides all the information and tips you need to find cheap car insurance no matter your driving habits.
- Cheapest car insurance company overall
- Cheapest car insurance company for you
- Cheap car insurance from major auto insurance companies by driver profile
- Cheap car insurance for drivers with poor credit
- Cheapest car insurance after a speeding ticket
- Cheap car insurance after an accident
- Cheapest car insurance for teens
- Cheapest car insurance for seniors
- Cheap car insurance quotes for low-mileage drivers
- Cheapest car insurance rates by coverage type
- How to get the cheapest car insurance rates
- Cheapest car insurance companies by state
- Cheap car insurance companies, by city
- The bottom line on cheap car insurance in 2023
Cheapest car insurance company overall
Progressive is the cheapest major car insurance company for full coverage policies, providing savings of $850 compared to the national average. Progressive is the cheapest insurance company for liability and state minimum coverage levels.
Geico is the second-cheapest car insurance company overall and has the cheapest rates for drivers with speeding tickets, accidents or bad credit. Readers should note that Liberty Mutual, one of the biggest auto insurers in the U.S., is not included in the list of cheap car insurance companies because of a lack of public rate information from the company.
Please note: The data in this report is from our analysis of various driver profiles from dozens of major carriers. The rates reported here are averages that give you an idea of coverage costs for different scenarios.
However, exactly what you pay will depend on your own personal circumstances. Car insurance quotes vary based on your age, location, driving record, credit-based insurance score, driving habits and the type of vehicle you drive.
Cheapest car insurance company for you
Progressive$75 per month; $895 a year
Progressive$28 per month; $333 a year
Progressive$26 per month; $315 a year
Geico$118 per month; $1,419 year
Geico$175 per month; $2,094 a year
Progressive$134 per month; $1,606 a year
Liberty Mutual$174 per month; $2,082 a year
Progressive$60 per month; $724 a year
Geico$241 per month; $2,886 a year
Farmers$75 per month: $899 a year
Geico$132 per month: $1,578 a year
Cheap car insurance from major auto insurance companies by driver profile
Cheap car insurance for drivers with poor credit
Geico has the lowest rate for drivers with poor credit among the auto insurance carriers surveyed. If you’re looking for cheap car insurance with poor credit, you’ll see in the table below how companies compare. Note that though other companies have a lower percentage increase for poor credit, Geico has the lowest price.
Cheapest car insurance after a speeding ticket
Geico has the lowest insurance cost after a speeding ticket (exceeding the limit by 11 to 15 mph), according to a 2022 CarInsurance.com data analysis. Tickets for moving violations affect how much you pay for car insurance, so part of keeping your cost low is maintaining a clean driving record.
Insurance companies check your driving history upon renewal or when you get quotes for a new policy and use that information for rate pricing. You’ll pay higher rates if you’ve had a recent moving violation, such as a speeding ticket.
However, each company assesses risk differently, so even if you have driving infractions on your record, you’ll save if you compare car insurance companies. Below is a breakdown of average increases for speeding tickets by company.
Cheap car insurance after an accident
Drivers likely will see their car insurance premiums increase after an at-fault accident, but drivers can still shop around to get the best rates. Again, according to our rate analysis, you’ll see Geico has a high percentage increase for drivers with a recent accident claim but has the lowest car insurance rate for those who have had a wreck. The data below is for a claim of property damage above $2,000.
Cheapest car insurance for teens
Geico is the cheapest car insurance company for teen drivers, among those surveyed in our study of rates for a 17-year-old driver buying their own full coverage policy. However, teenagers can’t buy their own policies without having a parent/guardian co-sign until they’ve reached the age of majority in their state.
Car insurance companies consider teens to be high-risk drivers due to their lack of experience behind the wheel, so car insurance for teens is pricey in general. However, you can still save by comparing car insurance rates, regardless of your age.
Below you’ll see which companies have cheap car insurance for teen drivers, based on our rate analysis.
USAA is among the cheapest companies with a rate of $2,476 per year but is only available to military members, veterans and their immediate family. Also, Liberty Mutual, one of the biggest auto insurers in the U.S., is not included in the list of insurers offering cheap car insurance because of a lack of public rate information from the company.
Cheapest car insurance for seniors
Progressive has the cheapest auto insurance rates for senior drivers among the insurance companies in our study, about $400 less than Geico and $1,000 less than other major carriers.
USAA is among the cheapest companies with a rate of $903 a year but is only available to military members, veterans and their immediate families. Also, Liberty Mutual, one of the biggest auto insurers in the U.S., is not included in the list of insurers offering cheap car insurance because of a lack of public rate information from the company.
Cheap car insurance quotes for low-mileage drivers
You could qualify for cheaper auto insurance if you’re a driver who logs less than 12,000 miles a year. Driving less means you have a smaller chance of getting into an accident, so insurance rates for a low-mileage driver will generally be lower than for a driver who is on the road more, all else being equal. Farmers is the cheapest auto insurance company for low-mileage drivers.
Cheapest car insurance rates by coverage type
Progressive is the cheapest car insurance company for full coverage policies among those surveyed by CarInsurance.com’s editorial team. Full coverage includes liability insurance, which is required by state law, and comprehensive and collision coverage.
Full coverage: 100/300/100 with comprehensive and collision with a $500 deductible
USAA is among the top cheapest companies with a rate of $1,111 a year but is only available to military members, veterans and their immediate families. Also, Liberty Mutual, one of the biggest auto insurers in the U.S., is not included in the list of insurers offering cheap car insurance because of a lack of public rate information from the company.
Cheapest small companies for full coverage insurance
|North Carolina Farm Bureau||$1,141|
|Texas Farm Bureau||$1,465|
|New Jersey Manufacturers Insurance||$1,660|
|Mississippi Farm Bureau||$1,701|
|New York Central||$2,123|
|Kentucky Farm Bureau||$2,193|
|Louisiana Farm Bureau||$2,329|
Full Coverage: 100/300/100 with Comprehensive and Collision, $500 deductible
Liability insurance pays for damage you cause to other vehicles and property. It does not cover damage to your car. The table below shows rates for a policy that provides more protection than most state minimums: Bodily injury liability of up to $50,000 for injuries per person, up to $100,000 per accident and up to $50,000 for property damage liability.
Liability only: 50/100/50
USAA is among the top cheapest companies with a rate of $473 a year but is only available to military members, veterans and their immediate families. Also, Liberty Mutual, one of the biggest auto insurers in the U.S., is not included in the list of insurers offering cheap car insurance because of a lack of public rate information from the company.
Cheap rates from smaller companies for liability only
|North Carolina Farm Bureau||$374|
|Mississippi Farm Bureau||$420|
|Texas Farm Bureau||$458|
|Kentucky Farm Bureau||$469|
|New Jersey Manufacturers Insurance||$785|
|New York Central||$843|
|Louisiana Farm Bureau||$901|
Liability Only: 50/100/50
If you’re looking for an auto policy with bare-bones coverage, Progressive and Geico are the auto insurance companies with the lowest car insurance premiums.
The cheapest car insurance you can get among coverage options is a policy that meets your state’s minimum liability limit requirements. Since a state minimum liability policy is the least coverage you can get, the car insurance premium will be low, as seen in the table below.
State minimum: Lowest liability limits
USAA is among the top cheapest companies with a rate of $358 a year but is only available to military members, veterans and their immediate families. Also, Liberty Mutual, one of the biggest auto insurers in the U.S., is not included in the list of insurers offering cheap car insurance because of a lack of public rate information from the company.
Cheapest smaller companies for state minimum
|North Carolina Farm Bureau||$332|
|Mississippi Farm Bureau||$376|
|Texas Farm Bureau||$414|
|Kentucky Farm Bureau||$422|
|New Jersey Manufacturers Insurance||$660|
|Louisiana Farm Bureau||$698|
|New York Central||$757|
State Minimum: Lowest Liability Limits
How to get the cheapest car insurance rates
Comparing car insurance quotes can help you save hundreds of dollars because each car insurance company uses its own formula to calculate your rate. So, the same policy can have different prices among different insurance companies.
Here are a few tips to help you save money on car insurance:
- Ask about discounts: Common car insurance discounts include those for safe drivers and students, paying in full, paying online, bundling auto and home, insuring a new vehicle, and installing safety features on your car.
- Increase your deductible: If you increase your deductible, make sure you have cash on hand to pay out the deductible if you file a claim.
- Comparison shop for insurance: Compare car insurance quotes upon the renewal of your policy – and if you buy a new car, add or remove drivers, add a teen driver, move, buy a house, get married or divorced, have a change in your credit score or get into an accident. Get a car insurance quote from at least three companies.
- Check safety ratings and buy a safer vehicle: Safer cars have fewer accidents and typically are cheaper to insure.
- Consider low-mileage or usage-based auto insurance plans: If you don’t drive much – 10,000 miles or so a year – you can save money by purchasing a low-mileage plan from a company like MetroMile.
Cheapest car insurance companies by state
Geico is the cheapest car insurance company in 33 states among insurers surveyed.
The table below shows how companies rank in your state, from cheapest to most expensive for car insurance premiums.
Cheapest car insurance companies by state
|State||Company Name||Full Coverage|
|Washington, D.C.||State Farm||$1,921|
|Kentucky||Kentucky Farm Bur Mut Ins Co||$2,193|
|Louisiana||Louisiana Farm Bureau||$2,329|
|Mississippi||Mississippi Farm Bureau||$1,701|
|North Carolina||North Carolina Farm Bureau||$1,141|
|North Carolina||State Farm||$1,269|
|North Dakota||State Farm||$1,259|
|North Dakota||Mid Century||$1,503|
|New Hampshire||State Farm||$905|
|New Jersey||New Jersey Manufacturers||$1,660|
|New Jersey||State Farm||$2,018|
|New Mexico||State Farm||$1,241|
|New York||New York Central||$2,123|
|New York||State Farm||$2,130|
|Oklahoma||Oklahoma Farm Bureau||$2,369|
|Rhode Island||State Farm||$1,146|
|South Carolina||State Farm||$1,491|
|South Carolina||Travelers Prop Cas Ins Co||$1,498|
|South Dakota||State Farm||$1,323|
|South Dakota||Mid Century||$1,557|
|Texas||Texas Farm Bureau||$1,465|
|Wisconsin||Artisan & Truckers||$1,429|
|West Virginia||State Farm||$1,286|
Driver profile is male, age 30 for 100/300/100, comprehensive and collision with $500 deductible.
- Alaska (AK)
- Alabama (AL)
- Arizona (AZ)
- Arkansas (AR)
- California (CA)
- Colorado (CO)
- Connecticut (CT)
- Delaware (DE)
- Florida (FL)
- Georgia (GA)
- Hawaii (HI)
- Idaho (ID)
- Illinois (IL)
- Indiana (IN)
- Iowa (IA)
- Kansas (KS)
- Kentucky (KY)
- Louisiana (LA)
- Maine (ME)
- Maryland (MD)
- Massachusetts (MA)
- Michigan (MI)
- Minnesota (MN)
- Mississippi (MS)
- Missouri (MO)
- Montana (MT)
- Nebraska (NE)
- Nevada (NV)
- New Hampshire (NH)
- New Mexico (NM)
- New York (NY)
- New Jersey (NJ)
- North Carolina (NC)
- North Dakota (ND)
- Ohio (OH)
- Oklahoma (OK)
- Oregon (OR)
- Pennsylvania (PA)
- Rhode Island (RI)
- South Carolina (SC)
- South Dakota (SD)
- Tennessee (TN)
- Texas (TX)
- Utah (UT)
- Vermont (VT)
- Virginia (VA)
- Washington (WA)
- Washington D.C. (DC)
- West Virginia (WV)
- Wisconsin (WI)
- Wyoming (WY)
Cheap car insurance companies, by city
Car insurance rates don’t just differ from state to state. They vary – sometimes greatly – from city to city and even by ZIP code. That’s because your location is important in how insurers calculate rates. But you can find cheap rates in your city by using CarInsurance.com’s car insurance ZIP code calculator.
The bottom line on cheap car insurance in 2023
Given that car insurance rates are expected to keep climbing, remember that comparison shopping for the cheapest car insurance is the most effective way to save money on coverage.
Why you can trust us: Our editorial team is dedicated to providing insurance shoppers with the most accurate and most current information about insurance trends, insurance products and insurance rates. We adhere to the strictest standards of professional journalism. Our reporting is unbiased and free of any influence. The sole mission of our editorial experts is to give you trusted, accurate, informative content to help you make important insurance decisions.
– Michelle Megna contributed to this story.