The Cheapest Car Insurance in 2024 (and how to save more)
Discover the most and least expensive car insurance companies of 2024. Farmers is the most costly, while Geico offers the cheapest rates. Learn why USAA is affordable for military families and how bundling policies can save you money.
Cheapest Insurance Deals for 2024
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With car insurance, the cost can vary significantly between providers and coverage options. This makes researching your options even more important. Below, we’ll cover the least and most expensive auto insurance providers, along with some tips for saving on your insurance policies.
Comprehensive Insurance Rates Comparison
Here is a detailed comparison of average car insurance rates for full coverage and minimum coverage from some of the leading insurance companies in 2024. Click on the company name for more details:
| Insurance Company | Average Full Coverage Insurance | Average Minimum Coverage Insurance | National Average Annual Rate |
|---|---|---|---|
| Allstate | $5,448 | $1,120 | $3,284 |
| American Family | $2,598 | $984 | $1,791 |
| Farmers | $6,067 | $2,008 | $4,037 |
| Geico | $2,447 | $683 | $1,565 |
| Nationwide | $4,352 | $1,790 | $3,071 |
| Progressive | $3,419 | $950 | $2,184 |
| State Farm | $4,474 | $1,172 | $2,823 |
| Travelers | $3,287 | $861 | $2,074 |
| USAA | $2,563 | $635 | $1,599 |
According to data from NerdWallet.
Most and Least Expensive Car Insurance Companies
Overall, the most expensive car insurance company is Farmers, with an average annual cost of $4,037. On the flip side, Geico earned its spot as the cheapest car insurance company, with an average annual rate of $1,565.
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Comprehensive Insurance Rates Comparison
Here is a detailed comparison of average car insurance rates for full coverage, minimum coverage, and overall costs from some of the leading insurance companies in 2024. Click on the company name for more details:
| Most to Least Expensive for Full Coverage | Average Annual Cost | Most to Least Expensive for Minimum Coverage | Average Annual Cost | Most to Least Expensive Overall | Average Annual Cost |
|---|---|---|---|---|---|
| Farmers | $6,067 | Farmers | $2,008 | Farmers | $4,037 |
| Allstate | $5,448 | Nationwide | $1,790 | Allstate | $3,284 |
| State Farm | $4,474 | State Farm | $1,172 | Nationwide | $3,071 |
| Nationwide | $4,352 | Allstate | $1,120 | State Farm | $2,823 |
| Progressive | $3,419 | American Family | $984 | Progressive | $2,184 |
| Travelers | $3,287 | Progressive | $950 | Travelers | $2,074 |
| American Family | $2,598 | Travelers | $861 | American Family | $1,791 |
| USAA | $2,563 | Geico | $683 | USAA | $1,599 |
| Geico | $2,447 | USAA | $635 | Geico | $1,565 |
According to data from NerdWallet.
Farmers Car Insurance: Why Is It So Expensive?
Farmers car insurance is the most expensive car insurance company on the market. This is because Farmers makes the majority of its sales through independent agents who receive commission on policies they sell. To cover the commissions, your premium may be higher.
USAA Car Insurance: Why It Is So Cheap?
USAA is the primary insurance provider for military members and their families. This allows them to offer more competitive rates, simply due to the number of people that qualify. According to USAA, members save an average of $725 per year when they switch to USAA auto insurance.
Is Geico Car Insurance Good?
Geico is the cheapest car insurance provider overall, which might make you think—Can it really be that good if it’s that cheap? The answer is, it depends.
As with all car insurance companies, Geico has mixed reviews. While some customers claim switching to Geico saved them hundreds of dollars and offered better customer service than their previous company, others say the opposite.
Car Insurance Companies with the Best Ratings
While grabbing the cheapest option might make sense for small purchases, don’t jump straight to the cheapest option when it comes to car insurance. Consider the ratings of the company before purchasing a policy.
Cheapest Insurance Deals for 2024
Explore and compare rates from over 50 top insurance companies, including Progressive, Travelers, AAA, and Nationwide, to find the best car insurance deals.
Get Your Free Quote- No lengthy forms
- No spam or unwanted calls
- Quotes from trusted insurance providers
Comprehensive Insurance Rates Comparison
Here is a detailed comparison of average annual car insurance costs and ConsumerAffairs ratings from some of the leading insurance companies in 2024. Click on the company name for more details:
| Most to Least Expensive Overall | Average Annual Cost | ConsumerAffairs Rating (out of 5) |
|---|---|---|
| Farmers | $4,037 | 3.8 |
| Allstate | $3,284 | 2.7 |
| Nationwide | $3,071 | 3.7 |
| State Farm | $2,823 | 2.7 |
| Progressive | $2,184 | 2.3 |
| Travelers | $2,074 | 3.9 |
| American Family | $1,791 | 1.2 |
| USAA | $1,599 | 2.7 |
| Geico | $1,565 | 1.8 |
According to data from NerdWallet.
Based on ConsumerAffairs ratings, which come from real customers, Travelers and Farmers receive the highest ratings. American Family and Geico receive the lowest ratings. That said, ratings on other sites say otherwise, with American Family earning 4.7 stars on TrustPilot.
When dissecting reviews, it’s important to remember that most customers leave reviews for highly negative or positive experiences—not much when the experience is just okay. This may skew ratings, making them appear lower than the true opinions of all customers. Do your own research, speak with the insurance company directly, and use your own discernment when deciding which company works best for you.
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Minimum Versus Full Coverage Car Insurance
Before ruling out a car insurance company because of their overall cost ranking, consider the level of coverage you want. For example, while Progressive’s average full coverage rate is quite high, their minimum coverage rate isn’t so bad.
There are a few types of coverage lumped into these plans:
- Bodily Injury Liability: Covers medical expenses and lost wages for those injured in an accident you cause
- Property Damage Liability: Covers the cost to repair damaged vehicles and property in an accident you cause
- Collision Coverage: Covers the cost to repair your car if you hit another vehicle or object, regardless of whether you caused the accidentComprehensive Coverage: Covers the cost to repair your vehicle after damage caused by non-collision events, like theft, vandalism, or weather-related incidents
For full coverage car insurance, Geico and USAA are the cheapest options. However, USAA is only available to current and former military, their spouses, and children of USAA members. If you don’t qualify, consider American Family, which is the next cheapest option.
For minimum coverage car insurance, the cheapest options are also Geico and USAA. If you don’t qualify for USAA, Travelers is the next cheapest option.
How to Save on Your Car Insurance
One of the simplest ways to save on auto insurance is to bundle it with another insurance policy, like home or renters insurance. Rather than having separate insurance policies at different providers, bundling involves opening policies under one insurance company.
Given the added business this provides insurance companies, many offer significant discounts for bundling. Here are a few insurance companies and the bundling discounts they offer for bundling home and auto policies.
For full coverage car insurance, Geico and USAA are the cheapest options. However, USAA is only available to current and former military, their spouses, and children of USAA members. If you don’t qualify, consider American Family, which is the next cheapest option.
For minimum coverage car insurance, the cheapest options are also Geico and USAA. If you don’t qualify for USAA, Travelers is the next cheapest option.
One of the simplest ways to save on auto insurance is to bundle it with another insurance policy, like home or renters insurance. Rather than having separate insurance policies at different providers, bundling involves opening policies under one insurance company.
Given the added business this provides insurance companies, many offer significant discounts for bundling. Here are a few insurance companies and the bundling discounts they offer for bundling home and auto policies:
| Insurance Company | Bundling/Multi-Policy Discount |
|---|---|
| Farmers | Average 20% savings |
| Allstate | Up to 25% |
| Nationwide | Up to 20% |
| State Farm | Up to $1,273 per year in savings |
| Progressive | Average 5-7% savings |
| Travelers | Up to 15% |
| American Family | Up to 25% |
| USAA | Up to 10% |
| Geico | Up to 25% |
According to data from NerdWallet.
Final Verdict: What’s the Best Car Insurance Company?
If you’re in search of the most affordable car insurance, USAA, Geico, and American Family are the best options. For a balance between cost and customer service, Travelers is a great happy medium.
Cheapest Insurance Deals for 2024
Explore and compare rates from over 50 top insurance companies, including Progressive, Travelers, AAA, and Nationwide, to find the best car insurance deals.
Get Your Free Quote- No lengthy forms
- No spam or unwanted calls
- Quotes from trusted insurance providers
Frequently Asked Questions
Who Typically Has the Cheapest Car Insurance?
Geico and USAA have the cheapest car insurance policies.
What is the Most Affordable Full Coverage Car Insurance?
Geico, USAA, and American Family have the cheapest full coverage car insurance policies.
What Type of Car Insurance is Cheapest?
Minimum coverage policies are the cheapest car insurance option. This is because they only cover what’s required by your state.
