Car insurance is a necessity for many Americans, but it can also be expensive, with the average car owner spending just over $2,299 per year for a comprehensive policy, or $637 for a minimum policy in 2024, according to Bankrate.
Premiums can vary greatly by state, as each has other requirements for the amount of policy needed. In most states, auto insurance is required, but it can also offer valuable monetary protection in a variety of situations. Depending on the policy you choose to get, car insurance can help protect your wallet from damage if you have a fender flare problem or if your car is stolen.
Your car insurance prices can vary depending on several other factors, adding your credit history, age, and driving history. If you’re looking for affordable coverage, CNBC Select has rounded up some of the cheapest auto insurance companies.
The way to estimate your prices is to request a quote.
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Geico’s auto policy is available in all 50 states and the District of Columbia. It offers 16 discounts and a variety of optional add-ons, such as emergency roadside assistance, rental car reimbursement, and mechanical breakdown insurance.
Conditions apply.
Read our Geico insurance review.
Geico is a firm bet both in terms of visitor service and competitive pricing. It stands out for its high visitor satisfaction rates and a wide variety of monetary products to package car insurance and save. It also provides some of the maximum average annual premiums for the entire auto insurance policy of the corporations we reviewed. The company offers 16 other discounts, from savings for military and students to a smart driver discount of up to 22 percent for those with five years without an accident.
Average annual premium for coverage: $465
Average annual premium for full coverage: $1,782
The way to estimate your prices is to request a quote.
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Nationwide offers nearly nationwide availability and personalized services, like On Your Side® Review, a free annual insurance evaluation to make sure you’re doing well and taking advantage of all available discounts.
Conditions apply.
According to the data we analyzed, Nationwide is one of the cheapest features for comprehensive coverage. It offers fate forgiveness in some states, which can help you avoid a fare increase after a fate twist. There are also discounts for packages, to stay at Giro del Destino, for seniors taking a defensive driving course, and for students with a B average or higher.
In addition, Nationwide offers SmartRide, a usage-based telematics auto insurance program that adjusts your rate based on braking, mileage, acceleration and driving frequency in the middle of the night. For seniors, workers who run from home or anyone who drives lightly, Nationwide offers its mileage-consistent auto insurance plan that charges a base rate and charges by miles.
Average annual premium for coverage: $698
Average annual premium for full coverage: $1,564
The way to estimate your prices is to request a quote.
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Auto-Owners offers affordable premiums with the best visitor satisfaction rates. There are 12 other types of discounts, as well as other types of insurance in addition to car insurance.
Conditions apply.
Auto-Owners offers affordable auto insurance for those looking for a minimum policy — the lowest average premium of the corporations we’ve reviewed. Although not available in every state, car owners insurance is highly rated through AM Best for its monetary strength. . CNBC Select also settled on homeowners and auto insurance as one of the most sensible options possible for young adult drivers and seniors.
Average annual coverage premium: $415
Average annual premium for full coverage: $1,631
The way to estimate your prices is to request a quote.
Amica offers a variety of auto insurance policies to meet your policy needs. The company also offers a total of 18 discounts, adding bundle and student discounts.
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Amica was ranked #1 by J. D. Power, with a score of 903 out of 1,000 possible points. It also offers lower rates than the maximum of the other corporations we have considered. In addition to package discounts, it offers family discounts on how you drive, what you drive, and how you pay.
Average annual premium for coverage: $673
Average annual premium for full coverage: $2,662
The way to estimate your prices is to request a quote.
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USAA auto insurance is available to military members, veterans and their families in all 50 states and Washington D. C. In addition to low rates, USAA offers discounts if you are deployed or purchase your vehicle on base.
Conditions apply.
Read our USAA car insurance review
USAA’s high visitor satisfaction ratings and low rates have earned it the most prominent spots on many of our most sensible auto insurance lists. However, only a few are eligible: The USAA limits eligibility to current and former members of the military, as well as their spouses and children. For those who are eligible, the USAA offers competitive average car insurance rates.
Average annual premium for coverage: $435
Average annual premium for full coverage: $1,709
Here’s a look at average auto insurance prices across the state. Premiums may vary between states due to other regulations and requirements.
You’ll need to shop around to get reasonable car insurance.
Each car insurance company views your data differently, adding things like your driving history and the car you insure, among other factors.
When shopping for food for car insurance, it is critical to get quotes from insurers, making sure that in each quote there is the same amount and types of policy. Once you have several quotes on hand, compare the premium or value you pay for the policy. to locate the one that offers the maximum policy for your money.
There are many points that influence the value of your car insurance, some of which you can replace and some that are out of your control. That said, there are a few things you can do to make your car insurance more affordable, including:
The type of car you plan to insure will also depend on the amount you pay for coverage. In general, luxury cars and sports cars are more expensive to insure because they have higher repair costs. Some of the cheapest car insurance rates are for small sport utility vehicles.
Whether you insure a high-end sports car or a sedan, compare car insurance prices to get the best deal for your car.
According to our review of dozens of auto insurance companies, Amica, Auto-Owners, USAA, and Geico offer the cheapest rates and maximum visitor satisfaction.
Car insurance can be expensive, but it doesn’t have to be. Researching the policy by getting quotes and comparing them can help you get the best deal for you.
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At CNBC Select, our goal is to provide our readers with high-quality journalism and comprehensive customer recommendations so they can make informed decisions with their money. Each auto insurance review is based on rigorous reports written by our team of trained and experienced writers. wisdom of insurance products. While CNBC Select obtains a commitment from our partner partners on many offers and links, we create all of our content without the involvement of our sales team or outside third parties, and we are proud of our journalistic standards and ethics. Check out our guide for more information on how we decide which car insurance is the cheapest.
For the most productive reasonable auto insurance companies, CNBC Select analyzed many US auto insurance companies that offer competitive prices.
When deciding on the best reasonable auto insurance companies, we focus on the average cost of full-policy auto insurance policies and minimum-policy auto insurance policies. We then tested AM Best’s policy types, policy availability, and visitor satisfaction insights, rankings from J. D. ‘s Auto Claims Satisfaction Study. Power and knowledge of Bankrate. com’s auto insurance premiums.
The average annual premium knowledge is for a 40-year-old driver with a 2022 Toyota Camry, a clean driving record and smart credit, and the following limits:
After reviewing the points above, we discuss our recommendations overall, for minimum coverage, for visitor satisfaction, and for military and veterans.
Please note that advertised premiums and policy structures for motor insurance companies are subject to variation depending on corporate policies.
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