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To find the cheapest car insurance available where you live, you’ll need to do a bit of research. To aid in your search, MoneyGeek analyzed dozens of insurance companies across hundreds of cities to determine which companies offer the lowest premiums. In addition, we examined data by driver type to help determine which company may be the best fit for your needs. For our study, the companies represented here are available in at least 29 states. While they may not offer the cheapest car insurance rates for everyone, they will offer the best deal for many drivers.

In researching affordable car insurance, it’s essential to get a personalized car insurance quote for the most accurate rates. That’s because car insurance quotes are based on factors such as location, age, driving record and type of vehicle. We recommend getting at least three quotes for a fair comparison of rates.

Insurance Rates

Compare Auto Insurance Rates

Ensure you are getting the best rate for your car insurance. Compare quotes from the top insurance companies.

The Cheapest Car Insurance Quotes for Most Drivers

During our research, MoneyGeek found that the average driver — defined as a 40-year-old male with no driving violations and 100/300/100 comprehensive/collision coverage with a $1,000 deductible — can save up to 26.5% on car insurance when comparing car insurance quotes.

MoneyGeek’s study found that USAA* was the cheapest car insurance company for average drivers; however, USAA is available only to military families. For non-military drivers, the cheapest car insurance company is Geico. The annual Geico premium for the average driver is $1,047, which is more than $300 less than the national average of $1,379.

GEICO

Offering a full range of car insurance coverage plus a variety of discounts to keep rates low, GEICO is 37.9% less than MetLife, which as the most expensive car insurance company, has an average annual premium of $1,686. GEICO customers can enjoy the convenience of obtaining and maintaining their car insurance policy online or in the GEICO mobile app.

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Company
Amountper year
1. USAA
In 2021, USAA ranked #1 in US for the cheapest car insurance for the average driver.
$883
2. GEICO
In 2021, GEICO ranked #2 in US for the cheapest car insurance for the average driver.
$1,047
3. State Farm
In 2021, State Farm ranked #3 in US for the cheapest car insurance for the average driver.
$1,235
4. Nationwide
In 2021, Nationwide ranked #4 in US for the cheapest car insurance for the average driver.
$1,341
5. Allstate
In 2021, Allstate ranked #5 in US for the cheapest car insurance for the average driver.
$1,351
6. Progressive
In 2021, Progressive ranked #6 in US for the cheapest car insurance for the average driver.
$1,381
7. Travelers
In 2021, Travelers ranked #7 in US for the cheapest car insurance for the average driver.
$1,525
8. Farmers
In 2021, Farmers ranked #8 in US for the cheapest car insurance for the average driver.
$1,578
9. MetLife
In 2021, MetLife ranked #9 in US for the cheapest car insurance for the average driver.
$1,686

*Although USAA provided the cheapest rates in MoneyGeek's study, the provider is only available to military members, veterans and their families, so GEICO was ranked as the most affordable for most drivers.

All quotes were determined by selecting an average driver profile for insurance companies throughout the country in hundreds of cities and every state. All companies listed here are available in a minimum of 29 states.

Cheapest Car Insurance for Drivers With Tickets or Accidents

Drivers with moving violations or accidents on their driving record may discover they have higher car insurance rates than drivers with clean driving records. Car insurance companies see these drivers as a higher risk to insure, and your rates will reflect that risk. One way to keep rates low in the event of an accident is by purchasing accident forgiveness coverage with your car insurance. This option can help you avoid a rate increase in the event of an accident when you are at fault. Companies such as Allstate, Nationwide and Geico offer this option.

Cheapest for Drivers With a Ticket

When comparing drivers with tickets or accidents to the average driver with a clean driving record, drivers with a ticket can expect to pay 22.4% more on average, while drivers with an accident could see increases of 36.3% on average.

GEICO

Car insurance typically costs more with a ticket or accident on your record. Drivers with GEICO can expect to pay an average of 34.4% more if they have a speeding ticket than drivers without a ticket. However, GEICO* has the best rates for most drivers with a ticket.

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Company
Amountper year
1. USAA
$1,015
2. GEICO
$1,407
3. State Farm
$1,503
4. Nationwide
$1,561
5. Allstate
$1,652
6. Progressive
$1,964
7. Farmers
$2,058
8. MetLife
$2,084
9. Travelers
$2,167

*In MoneyGeek's study, USAA provided the lowest rates with an average premium of $1,015 per year. However, USAA is available only to military families, veterans and their families, so GEICO is the most affordable option for most drivers.

Cheapest for Drivers With an Accident

Compared to the average driver, drivers with an accident on their record can expect to pay an average of $813 more than those without an accident on their record.

State Farm

State Farm* offers affordable car insurance policies. At $1,583, State Farm’s annual premium is 28.1% lower than the average cost to insure a driver with an accident on their record.

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Company
Amountper year
1. USAA
$1,337
2. State Farm
$1,583
3. GEICO
$1,660
4. Nationwide
$1,950
5. Allstate
$2,034
6. Farmers
$2,364
7. Travelers
$2,373
8. Progressive
$2,452
9. MetLife
$3,114

*In MoneyGeek's analysis, USAA offered the lowest rates for drivers with an accident on their record, with an average annual premium of $1,337. However, because USAA is only available to military members, veterans and their families, State Farm is the most affordable option for most drivers.

Cheapest Car Insurance by Coverage Type

Car insurance is available with a range of options, but most states require all drivers to have liability insurance. Liability insurance covers the injuries of others and their property when you are at fault in an accident. The maximum monetary amount of coverage is expressed in three numbers, such as 50/100/50. This equates to $50,000 for injuries to one individual, $100,000 for all injuries sustained in an accident and $50,000 for property damage.

Liability-Only Insurance

Because liability insurance covers the other vehicle if you are at fault in an accident, it is usually the most affordable option for coverage. Depending on your assets, income, and ability to cover vehicle damages or injury costs, you may wish to increase your insurance.

GEICO

For most drivers, GEICO* is the cheapest car insurance company for 50/100/50 liability coverage, with an average annual premium of $628. That’s almost half of the annual premium for MetLife, the most expensive company in this category. GEICO customers can use the mobile app to manage and update their car insurance coverage as needed.

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Company
Amountper year
1. USAA
$490
2. GEICO
$628
3. Nationwide
$798
4. State Farm
$800
5. Allstate
$868
6. Progressive
$888
7. Travelers
$960
8. Farmers
$995
9. MetLife
$1,143

*In MoneyGeek's study, USAA had the lowest annual rates for liability policies. However because USAA is available for military members, veterans and their families only, GEICO is the most affordable choice for most drivers.

Full Coverage Insurance

While not required by states, some lenders or lease companies may require you to have full coverage that includes liability, collision and comprehensive insurance. This is additional coverage that covers damage to your car, even if it is stolen or damaged due to weather. The average annual premium for the average driver for a 50/100/50 liability policy is $898, while the price for a 100/300/100 full coverage policy is $1,424.

GEICO

GEICO* is the cheapest car insurance option for 100/300/100 full coverage with comprehensive and collision. The average annual premium is $941, which is 28.3% less than the average premium cost for this category and 41.7% less than MetLife, the most expensive company.

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Company
Amountper year
1. USAA
In 2021, USAA ranked #1 in US for the cheapest car insurance for the average driver.
$883
2. GEICO
In 2021, GEICO ranked #2 in US for the cheapest car insurance for the average driver.
$1,047
3. State Farm
In 2021, State Farm ranked #3 in US for the cheapest car insurance for the average driver.
$1,235
4. Nationwide
In 2021, Nationwide ranked #4 in US for the cheapest car insurance for the average driver.
$1,341
5. Allstate
In 2021, Allstate ranked #5 in US for the cheapest car insurance for the average driver.
$1,351
6. Progressive
In 2021, Progressive ranked #6 in US for the cheapest car insurance for the average driver.
$1,381
7. Travelers
In 2021, Travelers ranked #7 in US for the cheapest car insurance for the average driver.
$1,525
8. Farmers
In 2021, Farmers ranked #8 in US for the cheapest car insurance for the average driver.
$1,578
9. MetLife
In 2021, MetLife ranked #9 in US for the cheapest car insurance for the average driver.
$1,686

*According to MoneyGeek's study, USAA provides the lowest rates for full coverage car insurance, with an average annual premium of $883. However, because USAA is only available to military members, veterans and their families, GEICO is the typically the cheapest option for most drivers.

Cheapest Car Insurance for Drivers With Bad Credit

One of the personalized factors car insurance companies consider when determining your car insurance rates is your credit score. In general, those with higher credit scores file fewer claims than those with lower credit scores. According to the National Association of Insurance Commissioners (NAIC), car insurance companies may offer higher rates to drivers with lower credit scores to compensate for this elevated risk. However, California, Massachusetts and Hawaii prohibit car insurance companies from using credit scores to evaluate drivers. In MoneyGeek’s study, the average premium for drivers with poor credit is $2,670, while the average premium for average drivers with good credit is $1,424.

GEICO

For most drivers, GEICO* is the cheapest car insurance company if you have bad credit. The average annual premium of $1,681 is nearly $1,000 less than the average annual premium for the category.

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Company
Amountper year
1. USAA
In 2021, USAA ranked #1 in US for the cheapest car insurance for the average driver.
$1,460
2. GEICO
In 2021, GEICO ranked #2 in US for the cheapest car insurance for the average driver.
$1,681
3. Nationwide
In 2021, Nationwide ranked #3 in US for the cheapest car insurance for the average driver.
$1,781
4. Allstate
In 2021, Allstate ranked #4 in US for the cheapest car insurance for the average driver.
$2,254
5. Travelers
In 2021, Travelers ranked #5 in US for the cheapest car insurance for the average driver.
$2,490
6. State Farm
In 2021, State Farm ranked #6 in US for the cheapest car insurance for the average driver.
$2,527
7. Progressive
In 2021, Progressive ranked #7 in US for the cheapest car insurance for the average driver.
$2,475
8. Farmers
In 2021, Farmers ranked #8 in US for the cheapest car insurance for the average driver.
$3,281
9. MetLife
In 2021, MetLife ranked #9 in US for the cheapest car insurance for the average driver.
$4,248

*Although USAA provided the lowest average rate of $1,460 for drivers with poor credit in MoneyGeek's study, this provider is only available to military members, veterans and their families. Therefore, GEICO is the most affordable option for most drivers.

Cheapest Car Insurance for Students

Because they are new to driving, students often are seen as high-risk drivers, which is reflected in higher car insurance rates for teen drivers. To keep these rates low, students should be added to an existing family policy rather than having a separate policy of their own. In fact, you should shop around to find the best rates for a family policy with a student as rates vary from car insurance company to company. The average annual premium for policies with students added is $3,332 compared to $1,424 for the average driver.

Allstate

Allstate is the cheapest car insurance for students with an average annual premium of $2,980 when added to a family policy, which is almost $650 less than Nationwide, the most expensive option for students on average. Allstate offers its policyholders teenSMART, a training program providing on driving skills to help reduce collision risk. The company’s Drivewise program also monitors drivers’ driving habits that can result in extra savings.

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Company
Amountper year
1. Allstate
In 2021, Allstate ranked #1 in US for the cheapest car insurance for the average driver.
$2,980
2. State Farm
In 2021, State Farm ranked #2 in US for the cheapest car insurance for the average driver.
$3,083
3. GEICO
In 2021, GEICO ranked #3 in US for the cheapest car insurance for the average driver.
$3,164
4. Progressive
In 2021, Progressive ranked #4 in US for the cheapest car insurance for the average driver.
$3,171
5. Nationwide
In 2021, Nationwide ranked #5 in US for the cheapest car insurance for the average driver.
$3,629

Cheapest Car Insurance for Military Members

USAA

Many car insurance companies offer special rates to current and retired military members, so it’s essential to shop for policies explicitly geared to military members. USAA is geared toward military families and generally has the cheapest car insurance rates for active military members and veterans. However, GEICO often has good rates as well, thanks to its 15% military discount. To make sure you get the best rates, get personalized quotes from at least three car insurance companies.

Cheapest Car Insurance Companies by State

Where you live is another personalized factor that car insurance companies consider when evaluating your risk as a driver. Companies look at a location for the number of speeding tickets issued and how many car accidents occur to determine how risky it is for drivers. In addition, some states require more insurance coverage, while others require less. Every state except Florida and New Hampshire requires a minimum amount of liability insurance for bodily injury and personal property. Alaska and Maine have the highest minimum coverage requirement amounts (50/100/25), while California, New Jersey and Pennsylvania have the lowest required coverage amounts (15/30/5).

Some states, such as Delaware and Montana, require additional special coverage, including underinsured motorist and personal injury protection. Underinsured motorist coverage provides coverage when the at-fault driver’s insurance is inadequate to cover all costs and damages. Personal injury protection provides coverage for medical payments.

The two most expensive states where USAA car insurance is available are New York and Louisiana. When USAA, which is available only to military families and veterans, is removed from the evaluation, the two most expensive states are Michigan and New York. The two least expensive states for car insurance with USAA rates factored into the analysis are Idaho and Maine. Without USAA insurance, the two least expensive states are Maine and Iowa.

Find Cheap Car Insurance by State

AlabamaGEICO is the cheapest in ALBirmingham

AlaskaGEICO is the cheapest in AKAnchorage

ArizonaGEICO is the cheapest in AZPhoenix, Tucson, Mesa, Chandler, Scottsdale, Glendale, Gilbert

ArkansasSouthern Farm Bureau is the cheapest in ARLittle Rock

ColoradoGEICO is the cheapest in CODenver, Colorado Springs, Aurora

ConnecticutGEICO is the cheapest in CTBridgeport

DelawareState Farm is the cheapest in DEWilmington

District Of ColumbiaGEICO is the cheapest in DC

GeorgiaNationwide is the cheapest in GAAtlanta

HawaiiGEICO is the cheapest in HIHonolulu

IdahoState Farm is the cheapest in IDBoise

IllinoisGEICO is the cheapest in ILChicago

IndianaErie is the cheapest in INIndianapolis, Fort Wayne

IowaGEICO is the cheapest in IADes Moines

KansasAmerican Family is the cheapest in KSWichita
KentuckyState Farm is the cheapest in KYLouisville, Lexington

LouisianaSouthern Farm Bureau is the cheapest in LANew Orleans, Baton Rouge

MaineGEICO is the cheapest in MEPortland

MarylandErie is the cheapest in MDBaltimore

MassachusettsSafety Group is the cheapest in MABoston

MichiganGEICO is the cheapest in MIDetroit

MinnesotaFarmers is the cheapest in MNMinneapolis, St. Paul

MississippiTravelers is the cheapest in MSJackson

MissouriAllstate is the cheapest in MOKansas City, St. Louis

MontanaState Farm is the cheapest in MTBillings

NebraskaGEICO is the cheapest in NEOmaha, Lincoln

NevadaGEICO is the cheapest in NVLas Vegas, Henderson, Reno, North Las Vegas

New HampshireProgressive is the cheapest in NHManchester

New JerseyGEICO is the cheapest in NJNewark, Jersey City

New MexicoMetLife is the cheapest in NMAlbuquerque

New YorkGEICO is the cheapest in NYBuffalo, New York

North DakotaNodak Mutual is the cheapest in NDFargo
OhioGEICO is the cheapest in OHColumbus, Cleveland, Cincinnati, Toledo

OklahomaGEICO is the cheapest in OKOklahoma City, Tulsa

OregonGEICO is the cheapest in ORPortland

PennsylvaniaErie is the cheapest in PAPhiladelphia, Pittsburgh

Rhode IslandState Farm is the cheapest in RIProvidence

South CarolinaGEICO is the cheapest in SCCharleston

South DakotaState Farm is the cheapest in SDSioux Falls

TennesseeGEICO is the cheapest in TNNashville, Memphis

UtahGEICO is the cheapest in UTSalt Lake City

VermontVermont Mutual is the cheapest in VTBurlington

VirginiaProgressive is the cheapest in VAVirginia Beach, Norfolk, Chesapeake, Richmond

WashingtonPEMCO is the cheapest in WASeattle, Spokane, Tacoma

West VirginiaErie is the cheapest in WVCharleston

WisconsinGEICO is the cheapest in WIMilwaukee, Madison

WyomingState Farm is the cheapest in WYCheyenne
AlabamaGEICO is the cheapest in ALBirmingham

AlaskaGEICO is the cheapest in AKAnchorage

ArizonaGEICO is the cheapest in AZPhoenix, Tucson, Mesa, Chandler, Scottsdale, Glendale, Gilbert

ArkansasSouthern Farm Bureau is the cheapest in ARLittle Rock

ColoradoGEICO is the cheapest in CODenver, Colorado Springs, Aurora

ConnecticutGEICO is the cheapest in CTBridgeport

DelawareState Farm is the cheapest in DEWilmington

District Of ColumbiaGEICO is the cheapest in DC

GeorgiaNationwide is the cheapest in GAAtlanta

HawaiiGEICO is the cheapest in HIHonolulu

IdahoState Farm is the cheapest in IDBoise

IllinoisGEICO is the cheapest in ILChicago

IndianaErie is the cheapest in INIndianapolis, Fort Wayne

IowaGEICO is the cheapest in IADes Moines

KansasAmerican Family is the cheapest in KSWichita

KentuckyState Farm is the cheapest in KYLouisville, Lexington

LouisianaSouthern Farm Bureau is the cheapest in LANew Orleans, Baton Rouge

MaineGEICO is the cheapest in MEPortland

MarylandErie is the cheapest in MDBaltimore

MassachusettsSafety Group is the cheapest in MABoston

MichiganGEICO is the cheapest in MIDetroit

MinnesotaFarmers is the cheapest in MNMinneapolis, St. Paul

MississippiTravelers is the cheapest in MSJackson

MissouriAllstate is the cheapest in MOKansas City, St. Louis
MontanaState Farm is the cheapest in MTBillings

NebraskaGEICO is the cheapest in NEOmaha, Lincoln

NevadaGEICO is the cheapest in NVLas Vegas, Henderson, Reno, North Las Vegas

New HampshireProgressive is the cheapest in NHManchester

New JerseyGEICO is the cheapest in NJNewark, Jersey City

New MexicoMetLife is the cheapest in NMAlbuquerque

New YorkGEICO is the cheapest in NYBuffalo, New York

North DakotaNodak Mutual is the cheapest in NDFargo

OhioGEICO is the cheapest in OHColumbus, Cleveland, Cincinnati, Toledo

OklahomaGEICO is the cheapest in OKOklahoma City, Tulsa

OregonGEICO is the cheapest in ORPortland

PennsylvaniaErie is the cheapest in PAPhiladelphia, Pittsburgh

Rhode IslandState Farm is the cheapest in RIProvidence

South CarolinaGEICO is the cheapest in SCCharleston

South DakotaState Farm is the cheapest in SDSioux Falls

TennesseeGEICO is the cheapest in TNNashville, Memphis

UtahGEICO is the cheapest in UTSalt Lake City

VermontVermont Mutual is the cheapest in VTBurlington

VirginiaProgressive is the cheapest in VAVirginia Beach, Norfolk, Chesapeake, Richmond

WashingtonPEMCO is the cheapest in WASeattle, Spokane, Tacoma

West VirginiaErie is the cheapest in WVCharleston

WisconsinGEICO is the cheapest in WIMilwaukee, Madison

WyomingState Farm is the cheapest in WYCheyenne
AlabamaGEICO is the cheapest in ALBirmingham

AlaskaGEICO is the cheapest in AKAnchorage

ArizonaGEICO is the cheapest in AZPhoenix, Tucson, Mesa, Chandler, Scottsdale, Glendale, Gilbert

ArkansasSouthern Farm Bureau is the cheapest in ARLittle Rock

ColoradoGEICO is the cheapest in CODenver, Colorado Springs, Aurora

ConnecticutGEICO is the cheapest in CTBridgeport

DelawareState Farm is the cheapest in DEWilmington

District Of ColumbiaGEICO is the cheapest in DC

How to Get the Cheapest Car Insurance Quotes for You

Finding the cheapest car insurance can be simple when you compare the best car insurance companies and request personal quotes for your needs. Every car insurance company looks at several personalized factors for each driver. Furthermore, they evaluate these factors differently from company to company, which means rates will vary from company to company as well. Car insurance companies also offer a variety of discounts — some the same, some not — that will further affect rates.

Insurance Rates

Compare Auto Insurance Rates

Ensure you are getting the best rate for your car insurance. Compare quotes from the top insurance companies.

Shop Around to Get Multiple Quotes

Before purchasing any car insurance policy, you should get personalized quotes from at least three car insurance companies. Make sure you provide the same information to each company and ask for the quotes on the same day to ensure a fair comparison. Car insurance rates frequently fluctuate, so requesting quotes on the same day with the same information gives you the best picture of what’s available to you as the cheapest car insurance quotes.

Improve Your Driving Record

Drivers with speeding tickets or car accidents on their driving record are seen as a higher risk to car insurance companies, resulting in higher rates. Therefore, maintain good driving habits to keep your driving record clean. To help you with this, many car insurance companies now offer monitoring programs to track and provide feedback on your driving habits. As your driving habits improve, you could see additional savings on your car insurance rates.

Improve Your Credit

Although your credit score may not reflect your driving skills, car insurance companies still use credit scores to evaluate risk when compiling car insurance quotes. Therefore, by maintaining good credit and a high credit score, you can help keep your car insurance rates down. Review your credit report regularly to ensure it is accurate and doesn’t contain incorrect or false information that could bring your credit score down.

Drive a Less Expensive Vehicle

Another factor car insurance companies consider when deciding rates is the type of vehicle you drive. This includes a review of the vehicle’s safety record, how much it would cost to repair and its reputation for theft. For instance, driving a vehicle with a high safety rating that is not routinely stolen will equate to lower car insurance rates, while a sports car that is highly desired by thieves will result in higher car insurance quotes.

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MONEYGEEK EXPERT TIP

Teens are typically more expensive to insure than adult drivers, but adding your teen to a family policy could mean big savings. Teen who are added to a family policy could save more than $1,800 on average per year compared to teens with their own policy.

Find Savings for Younger Drivers

As new drivers on the road, teen drivers inherently come with a higher risk than more experienced drivers. That higher risk is reflected in more expensive car insurance rates. To keep rates down, parents should add teen drivers to their existing family policy. In addition, shop around for good student discounts for teens with specific grade-point averages as well as college student discounts attending school a minimum distance away from home.

Raise Your Deductible

As a general practice throughout the insurance industry, it’s common for those paying a higher deductible to receive a lower premium. However, this is only a good move if you have the funds to pay a higher deductible should you have to file a claim. Otherwise, you may find yourself in a tough spot following an accident. If you choose to go with the lower premium and higher deductible, consider putting some savings in a specific account to draw upon if you have to file a claim.

Combine Home and Auto Policies

One of the most common discounts offered by car insurance companies is bundled coverage combining insurance on two or more items together under one policy. Often, this means bundling homeowners insurance with car insurance. Some companies also offer multi-policy discounts if you insure two or more vehicles—motorcycle, RV, boat, etc.—on the same policy. Shop around to find the best rates and discounts to ensure you get the cheapest car insurance.

Choose Lower Coverage Levels or Liability Only

In some instances, lowering your car insurance coverage or choosing only liability coverage can result in more affordable car insurance. For example, if you have an older car with a depreciated value, carrying full coverage may not provide much benefit. If your car’s value is less than 10 times your annual premium for collision and comprehensive coverage, liability only is the better choice. However, keep in mind that if your car is leased or financed, the lender likely requires full coverage car insurance.

Expert Advice: Steps to Find Cheap Auto Insurance

  1. Can low-cost car insurance mean drivers are sacrificing quality?

    The best answer to this question is that it depends. There are lower cost, highly rated companies. Many times these companies are not well known names to consumers, mostly because these companies do not market to the mainstream population. These lesser known companies can offer excellent customer service and rapid payment of claims. Often an independent insurance agent (one who offers the products of many companies) deals with many of these lesser known companies. There are also low cost companies that advertise heavily in local markets. If a premium seems exceptionally low, that very well might be a red flag. When it comes to insurance the lower cost should not be the only consideration. Do your homework and research the company.

    Low-cost car insurances usually come with limited coverages as well as high deductibles. Drivers are not “sacrificing” quality if they are aware of the drawbacks and have a fair expectation. If drivers are blindsided by the inaccurate information or deliberately blurred language in the advertisement, however, opting in low-cost auto insurance may bite them in the back later.

    The key factors that drive rates are unrelated to the quality of coverage. These include the insured’s driving record, age, geographic location, type of car, length of commute, as well as the amount of coverage, the amount of deductible, and whether collision is excluded.

    It is conceivable that there are firms that reduce rates by cutting corners and claim disputes often occur. A company could reduce its rates by incentivizing claims adjustors to exclude legitimate accidents. Such shenanigans will encourage litigation, which might raise the company’s costs.

    In the long run, the biggest and best insurance companies are also the cheapest. This is consistent with the concept of total quality management: Firms that operate efficiently and produce the best products also have the lowest costs. Consumer Reports ranks insurance companies along the dimensions of premiums, claims, service, and policy review. The firms with the best ratings for premiums are also rated well in other respects.

    Before buying insurance, consumers should verify that insurance companies are legitimate by checking licensing information with the state insurance department.

    Shopping for car insurance is one of life’s great challenges. It’s tempting to think of car insurance as similar to buying the car itself: the lower the price, the more likely you’ll be hitchhiking by the time you hit the next intersection. However, this isn’t necessarily the case.

    During the last several decades, we’ve seen an expansion in industry competition and the services they provide for consumers. Different car insurance providers have different actuarial formulas for determining premiums; some might put a premium on geographic locations, others for factors like driving history, credit score, or data on crime or litigation costs. These factors are responsible for some of the differences you get when shopping around for car insurance.

    Competition in the industry has also fostered other factors to help consumers rate quality: customer service, particularly when filing a claim, has become incredibly important. High volumes and a diverse base of customers has helped many market leaders provide customizable policies, high customer service, and low prices. At the same time, car insurance premiums have risen about 6% annually since 2011, as greater incurred losses by insurers are passed on to policyholders.

    Low-cost insurances are marketed which meets state minimum liability limits. Each driver must evaluate their own risk factors, economic conditions as well as driving needs before purchasing auto insurance. Product price is matched with the services provided by the insurance company. The quality will depend on what the driver is looking for.

    No, not necessarily. There are many variables that go into the pricing of car insurance. Given the right mix of variables, a driver may have low-cost insurance that provides the appropriate level of coverage that is wanted and needed. Some of the variables include a driver's age, gender, driving history to include accidents and traffic violations, the age and shape of the vehicle, the locations the vehicle travels to and where it is parked, annual mileage put on the vehicle, and driver credit score. The combination of outcomes for these variables will dictate the cost. Drivers who are classified as risky based upon the combination of outcomes will pay a higher premium than those who are deemed less risky.

    Absolutely. There is no shortage of cut-rate insurance carriers out there offering low premium rates for coverage that, while meeting the minimum requirements, can leave the insured wishing for more. Essentially, there are two major pitfalls where going with the cheapest insurance plan can backfire. The first is receiving inadequate coverage and ending up in an unfortunate situation where a particular incident is not covered, so the insurance plan does not issue a payout. The second is having an unpleasant experience filing a claim, interacting with the insurance carrier, receiving timely feedback, etc. The first issue often comes up because cut-rate insurance plans may not include uninsured and underinsured driver coverage or rental car coverage. If you are a victim of a hit-and-run incident or even if the other driver – who is at fault – doesn’t leave the scene of the accident, but doesn’t have insurance, you may be out of luck. Similarly, if your vehicle is damaged and needs repair, and your plan doesn’t include a rental car provision, you may be having to come up with other transportation solutions on your own. The second issue can arise when it’s time to contact your carrier to file a claim following an accident. One way that many basic carriers are able to offer lower rates is the savings they realize by not having a wide network of agents, staff to answer phones 24 hours a day, sophisticated websites and mobile apps that you can use to get in touch. What this means is that you may experience delays, have to spend more time on the phone, etc. – all of which can be very unpleasant if you have just had a car accident.

    Not true. It depends on how the cost savings come about. Higher deductibles and low operation cost by the insurer could help reduce the rate drastically. For those buying a new car and like the added services of “human” agents, they have to pay higher rates.

    Like with anything else, consumers usually get what they pay for. So, by buying low-cost car insurance drivers are possibly sacrificing quality in case they get in an accident. Substandard quality may manifest as unreasonably denying a claim, unfairly accepting to cover some items, or unjustly misclassifying the claim in order to lower the amount the insurance company will cover. The bottom line, drivers must do their due diligence and check both their insurance agency and the insurance companies that offer them quotes.

    In order to sell insurance, companies need to meet certain standards. Consumers can verify if an insurance company or agent is legitimate by checking with the National Association of Insurance Commissioners (NAIC). Once you verify if a company is legitimate, you can then start comparing insurance companies. You can also check consumer satisfaction surveys related to auto insurance on the J.D. Power website.

    Because premium cost can vary widely between companies, a consumer needs to compare “apples” to “apples”. When comparing, make sure you are verifying that you are looking at policies that have the same deductible and coverage.

    The lowest-cost car insurance providers are not necessarily the lowest-quality insurers. However, one has to be aware that costs that are too low may mean fewer and slower services when claims are made. There could also be a greater potential inability to pay claims due to inadequate reserves associated with rates that may be too low. Firms periodically rank the best car insurance companies based on such factors as pricing and discounts, ease of filing a claim, website transparency, and complaint data.

    Most likely, yes. The economics of insurance explains this. When you buy insurance, you are buying a right to a payment if something happens. The expected cost of the payout influences the price of the policy. You can get the expected cost down by being a good risk: if you have a history of not getting an accident, then perhaps the probability of your getting into an accident will be low -- insurance companies like this type of person. Another way to reduce the expected cost to the insurance company is by driving an older car with a lower market value. Finally, you can buy insurance of "low quality" that doesn't provide you with a lot of coverage. If there isn't a lot of coverage, the expected cost of an accident will be lower than if you have more coverage. What would happen if "high quality" insurance had a low price? Everyone would want it and the actual costs due to insurance payouts would outstrip the premiums collected and the company that offered the policy would go bankrupt!

    Not necessarily! Even a quick Internet search for low-cost car insurance shows that many companies advertise for low cost auto insurance that still maintains quality. Of course, “quality” is a word that means different things to different people. The idea is to balance cost and quality. First, establish your parameters in terms of what you are willing to pay and also what you are willing to accept in terms of quality. That is, what do you need and want your insurance to do for you? The reality is that sometimes people do not know what they need (even if they think they do) or see some of the holes that might be they are and cause them potential problems in the future. A good and ethical insurance agent will be able to help with each person’s individual circumstances and needs. You can also ask opinions from others about their insurance coverage, which is a good way to get a consumer opinion, though their needs do not necessarily match your own.

    Also, another way to help ensure quality while keeping the cost low is to shop around. It is something that seems obvious but sometimes is difficult for whatever reason to put into practice. Another advantage of the Internet (and I certainly remember the world before the Internet was so ubiquitous!) is that you can do your homework ahead of time. It is often easy to get a general idea of what kind of coverage is available from different companies. Of course, an Internet estimate is not a quote, so be sure you know exactly what is being given – an estimate or a firm quote.

    Not necessarily. It depends on the coverage and the customer service provided by the insurance company. The auto-insurance market is very competitive and easy to shop around. Providing a bad experience would mean the customer hopping onto a different insurance company. Accordingly, most insurance firms provide good customer service.

    Not necessarily. While it is important for drivers to be aware of the exact terms of their policy, higher premiums do not automatically translate into better coverage. One of the most important determinants of the costs of car insurance is whether the insurance company views the policyholder as a safe driver.

    The answer to this depends on the definition of quality and how one arrives at a low cost. First and foremost, you should get what you pay for. If by low quality, one means that the company fails to honor its agreements, then no, low-cost car insurance should not mean drivers are sacrificing quality. If one’s auto insurance does fail to live up to its agreements then one should consider legal action. Someone may purchase “low-cost insurance” by sacrificing a great deal of coverage, e.g. a policy with high deductibles and low limits. While this may feel like low quality, it is exactly what one agreed to pay for. In that instance, such a policy may be insufficient, but still of high quality. If, however, one defines low quality as receiving fewer perks, perhaps a slightly longer delay in payment, restrictions on mechanic choice, less accommodating customer service, and generally lower coverage options, then that is possible. When comparing auto insurance amongst the largest providers (GEICO, Allstate, StateFarm, Progressive, etc.), potential customers should compare quotes across similar coverage levels and choose the cheapest option. Customers should feel generally comfortable that they are not sacrificing quality – competition amongst those companies is so fierce that quality is not likely to be sacrificed.

    The short answer is not necessarily. “Good” insurance doesn't necessarily mean expensive insurance. As with any insurance product, the size of the risk that the buyer is trying to transfer must first be determined. The younger driver with few assets to protect from a lawsuit may reasonably have lower liability limits and thus lower premiums while still having good, or at least adequate insurance.

    Not necessarily. Some drivers’ past and present behaviors contribute greatly to lower costs. However, one must know what you are paying for. The old economic principle of “You get what you pay for” is certainly true in this case. However, this does not mean you necessarily need all the bells and whistles.

    It depends on the coverage limits. If low cost means lower liability limits, then the lower costs are leading to a lower quality product. If an agent recommends lowering your liability coverage to reduce costs then find another agent. Drivers need adequate liability limits to protect their resources and also other people they may accidentally harm in an accident.

    When a consumer purchases insurance they are getting a combination of products and services. The products are generally pretty universal. For example, pursuant to the California Insurance Code §11580, every California licensed driver must maintain $15,000 for injury/death to one person, $30,000 for injury/death to more than one person, and $5,000 for property damage. The consumer should also know, there are numerous sanctions, such as jail, fines, and restrictive recovery, if you do not maintain at least the state minimums. Although the price for this basic coverage varies depending upon your age, your driving history, where the vehicle is garaged, and your insurance history, similarly situated people should pay about the same for the same coverage. Generally, the big distinction lies in the quality of service. How quickly does the insurer, through its representative, address your claim, where do they suggest you have the car repaired (in CA you have the right to have your car repaired at the facility of your choice but the insurer might argue about LNP or OEM parts), how generous are they regarding the valuation of the damage and/or repairs, and are they generally helpful or adversarial. In regards to the valuation, often an insurer will contract out to an “independent” appraiser to value your car. More often than not, this valuation is low. The appraiser justifies the value on used car prices in newspapers. The insured should carefully analyze the sources. A Ford in Victorville or Pacoima is going to be valued less than the same car in Manhattan Beach. The insured should make sure they understand the criteria for the evaluation. The other aspect of service is when you are the offensive driver. In other words, you caused an accident. How quickly does your insurer, through their representative, step in to provide service? Do they immediately try to get your vehicle repaired and assure you they will handle the claim or do they deny the claim? When the representative takes your statement do they sound like they are cross-examining you rather than just trying to get information? When all is said and done, often the difference between insurers boils down to the level of service they provide when you need them. Although cost is not the defining factor, more often than not, procuring insurance through low-cost brokers will generally result in less satisfactory service.

    Like most things in life, you get what you pay for and car insurance is no different. Consumers should not simply get the cheapest insurance. Rather, they should figure out what insurance they need and then look for the cheapest quote for that “exact” insurance. Like the ad says, “only pay for what you need”.

    Yes, low cost insurance can cause quality coverage issues in two ways. Should you need coverage, it is usually basic coverage that might leave you vulnerable. Coverage A is personal liability which covers you against property damage and bodily injury to others if you are found to be at fault. Low cost insurance usually provides basic minimum coverage for your state and the cheaper premium is not worth the trade-off of low limits. The low limits can leave one vulnerable to lawsuits if coverage is not enough to pay the damages for which you may be liable. The second way it may not be worth it is if the service level of the low cost company is poor relative to another insurance company. This usually comes in the form of a company that is hard to contact or has poor responsiveness such as when you need an adjuster to view the damage before payment of a claim.

    Most insurance companies sell a variation of the standard personal auto policy (PAP), so the terms, coverages, exclusions, etc. are very much the same across firms. Thus, as long as a coverage policy part is “standard” you pretty much know what is going to be covered and excluded. This does not excuse the buyer from reading the policy. One “low-cost” option is to buy the minimum liability coverage required by one’s state financial responsibility law. This is really not “low-cost” because the state minimum liability coverage is nowhere near adequate liability coverage. The big thing to be aware (beware) of is the insurer’s history and reputation for claims settlement. Low-cost is not worth it for a firm with a poor reputation for claims settlement.

    It is difficult to measure the quality of insurance. This is because on paper, the amounts of coverage are stated and typically, most policies include similar, if not identical policy language. That said, the adage is that “there is no such thing as a free lunch!". If lower cost premiums are charged, then it is quite possible that the level of service provided to those policyholders will also be lower. There are auto insurance companies that emphasize lower cost premiums. But arguably, the preferred path is to research the level of service provided by an insurance company to its policyholders, e.g. what is the ratio of complaints about service in relation to the number of claims received and processed by a particular insurer?

    As with most things, you get what you pay for. A low-cost car insurance product may save you money in the short term, but you may be leaving yourself open to additional risk. If you were to get into a major accident, the insurance coverage you purchased may not adequately cover you for the damages incurred. In this case, you could be sued for the remainder of the damages. Also, if you are trying to save money, one very common tool used is to increase the deductible. Once again, while this may save you money for the premium, if you are in an accident, you must have the deductible money on hand to repair your vehicle.

    Not necessarily. If the insurance cost to you as the driver is low, it is likely due to some factor in your control such as driving record, deductibles, the car you drive, your credit history and more. Further, there are state minimums as to what you need to have for coverage. In Kansas, specifically, drivers need $25,000 of bodily injury per person, $50,000 of bodily injury per accident, $25,000 property damage liability per accident, $25,000 uninsured/underinsured motorist coverage per person, $50,000 uninsured/underinsured motorist coverage per accident, and personal injury protection including $4,500 in medical expenses. So, assuming the driver is following the rules, they likely have some coverage. However, state minimums are probably not going to go far. These types of policies are not comprehensive and are minimum coverage amounts and will often be the cheapest. However, in severe accidents, these amounts can easily add up, particularly the bodily injury and property damage. Even in an accident with just one other car and you're at fault, if the vehicle of the other driver is brand new, the property damage will likely be exhausted with just the other driver's car. In terms of quality of service, that simply requires the driver to shop policies and learn about the companies offering policies to them.

    Everyone wants to save money on auto insurance, but as with everything else—buyer beware. Price is just one of many considerations consumers need to bear in mind when shopping for auto insurance. Other key considerations are a company’s reputation when it comes to paying claims, customer service and financial strength.

    Low cost car insurance often means that drivers are sacrificing coverage. However, within the same coverage, there are remarkable variations as to what insurers charge.

    Yes. Having car insurance with firms rated low in customer service and quality means you might be paying a lower premium, but you may not get the support you need when you are in an accident or need a tow. It is strongly recommended that customers choose car insurance companies with a good reputation and high customer satisfaction scores. Consumer Reports and J.D. Power rate auto insurance companies, and such ratings can help customers make informed choices. BBB also has ratings on auto insurance companies

    The insurance industry collects premiums from their customers (drivers) and pools that money to offset claims when drivers have accidents. At the root of this business is the ability to collect enough money from drivers to cover the costs of accidents and have enough remaining to run the business (pay insurance company employees, etc.). The costs for car insurance can include a number of possible categories including collision coverage (to pay for physical damages to the car), liability (to pay for bodily injury or property damage), comprehensive coverage (for hail damage, etc.), uninsured/underinsured motorist coverage (to cover costs incurred if you’re hit by an uninsured/underinsured motorist), medical coverage (to cover medical costs incurred by an accident), and personal injury protection (similar to medical coverage but might include child care cost and other costs related to being injured).

    Low-cost car insurance usually includes only some of these coverages since each category costs more for the insured motorist. Many low-cost insurance policies will only have liability coverage, for instance, so any damage to the physical car may not be covered (without the collision coverage). Other low-cost policies may include liability and collision coverage, but will have high deductible amounts so that the driver would be responsible for a significant dollar amount before the insurance company would pay. In this regard, the industry has developed a wide range of insurance coverage options so that consumers can (within limits imposed by various states) pick and choose how much and what kind of coverage they desire.

    The notion of quality in the industry can also have many dimensions. We might measure quality as the speed of paying claims, as the responsiveness to claims, as the service received, as the actual payment of claims compared to the expected payment, or many other dimensions. For certain, however, drivers should understand their low-cost policy for what types of coverage are included and what out-of-pocket expenses might be expected should an adverse event or accident happen.

    Ask a simple question about a proposed policy: why is this insurance less expensive? Auto policy rates vary across companies based on three broad factors: policy coverage, driver risk, and quality of service. Policy coverage is described very carefully according to state regulations, with different categories of coverage defined by the state, and with rates for each category that must be clearly disclosed. Make sure you are comparing policies that have the same coverage. Driver risk affects insurance premiums based on measurable risk factors associated with the individual driver. Some risk factors are related to demographics; insurance data shows that some groups of people are more expensive to insure than others. Your individual driving history is also used as evidence of higher or lower risk. Insurance companies have their own algorithms for establishing these rate differences by risk category. Because they are not standardized across companies, shopping around to different insurers is particularly important for drivers in very high-risk or very low-risk categories. The hardest difference to understand among insurers is the quality of customer service. Search for comparisons of customer satisfaction across insurance companies. Do the results of your search make you concerned that a particular insurer will fight to avoid paying your claims? A lower price might not serve you well in those circumstances. Ultimately, the quality of service depends on whether or not your insurer will pay claims without a lot of fuss, protests, and formal disputes. If your insurance policy is cheap because your insurer has a history of higher-than-average claims denial and a higher rate of disputed claims, then a cheap policy sacrifices quality at exactly the wrong time.

    In addition to the three factors described above, please consider why you have insurance. The purpose of all insurance is to protect your finances from events in your life. Auto insurance protects your finances from financial liabilities associated with driving. Your liability coverage should be high enough to protect your assets from legal claims. If it is too low, an accident might result in your insurance company paying out the policy maximum while you are liable for the remainder of the damages. A multiple vehicle accident or an accident with multiple injuries can rapidly max out your policy limits. Uninsured driver coverage protects you from other drivers who have no insurance or not enough insurance to cover their responsibilities to you, and is fairly inexpensive. These are two good examples where a small increase in your premiums can create a significant amount of financial protection.

    Auto insurance premiums are actuarially fair, representing the average risk of drivers. A low-cost insurance premium typically indicates that the driver's group is low risk for the provider or there are less coverage limits.

    I think unfortunately, yes. While the most expensive isn’t always the best—depending on an individual’s needs and risk tolerance—low-cost policies will most likely cover very little and/or have high deductibles.

    Yes, it can: lower cost can mean lower coverage or quality of service after an incident. The default contracts offered by insurers might have different limits on coverage. Make a fair comparison by obtaining quotes with the same coverage limits.

    You might realize different quality in the service and expenses covered after an incident. Is there a 24-hour claims hotline? Will your insurance agent handle the paperwork? Will they provide a rental vehicle? You have to decide how much you value these services when choosing an insurance provider.

    Some low-cost insurance may cost you more after an accident. Not all insurers have the same standards for loss estimates. Some might negotiate with the repair facility to reduce costs. For example, you may have to pay more for original-equipment replacement parts. For an older car that is paid off, this might be a good way to save money. Think twice if you are still making payments on a vehicle that is expensive to replace.

    Not necessarily. It could mean a few things-better risk management on behalf of the insurance company or low profit margins. Insurance companies might offer simpler products with no frills and charge lower premium too.

    Absolutely it could. There are reasons that car insurance is low cost. Most of what I hear is lack of service and lack of paying on claims or taking an extended amount of time to pay claims. In addition, many of the low cost insurers have been known to go “belly up” especially when a disaster strikes. This is not the time that you want to find out that your company does not have the financial strength to take care of your needs. We also see this in life insurance as well. Many life insurance companies have had to take bailout money from the government and others have just shut down completely.

    Not necessarily. Insurance companies are regulated by each state to make sure that they have sufficient assets to pay claims. Many states also investigate complaints against insurance companies and post lists of valid complaints. So if you are concerned about the quality of a particular insurance company, there are ways of checking.

    Price is important for most purchases you make, including car insurance. You first need to ensure that you are considering only reputable companies so you need to do some market research. Then, you can decide on the coverage for your needs and utilize several search engines to compare which company can give you the best rate for the same coverage.

    Oftentimes we see marketplace prices that seem to be too good to be true, and more than likely, they are! If the company is highly rated and the coverage is clearly stated, then you can focus on which has the lowest cost. The price and coverage you need can vary from state to state, but most companies offer discounts that vary, and you may be able to get a lower price based on your situation (e.g., if you are an educator, a federal employee, a veteran or currently serve in the military). Try to find which company best fits your situation and stick with it since most offer loyalty discounts.

    Not necessarily, some companies give discounts for good credit and other positive behaviors. Drivers will get the coverage for which they pay. It is most important to use an insurance company that has a high rating by AM Best.

    There is a mental shortcut that consumers commonly use called the “price-quality heuristic,” wherein people assume the quality of an offering is positively related to price. In other words, we typically assume that the higher the price, the higher the quality. While this can be the case in some industries and for some products, there is no “hard and fast” rule about the price-quality relationship. With auto insurance, it need not be the case that lower cost means diminished quality (e.g., for the same amount of coverage). So, don’t assume that paying more necessarily gets you more/better/higher quality coverage. As with any relatively risky and expensive purchase, do your homework upfront to make sure you understand what you can expect should you have a future driving record blemish.

    Unfortunately, with insurance, you never know how good the product is until you file a claim – and that’s too late. Low-cost insurance can simply mean an insurance company that doesn’t make it easy to file claims and also contests legitimate claims. If they’re not paying out claims, then obviously they can charge lower premiums. Hence it’s important to ensure that the company has a good reputation. Word-of-mouth is often a good way of checking quality, but consumer forums or publications such as Consumer Reports are also useful.

    Yes, definitely. This is quite apparent from Progressive's Name Your Own Price Tool. One specifies a price, and then Progressive determines how much coverage they can provide at the specified price. Of course, a lower price means less coverage, e.g. lower coverage limits, higher deductibles, worse customer service, etc. This may save money in the short term but leaves one exposed to large bills later if accident costs exceed coverage limits.

  2. What steps can drivers take to lower their car insurance costs?

    Shop for insurance companies that offer safe driver incentives or discounts, like diminishing deductibles. If you have teenage drivers, many companies offer a discount, if the teen completes an online “safe driver program”. Many companies offer discounts if you are willing to put a monitoring device in your car. If you can afford a higher out of pocket cost in the event of an accident, choosing a higher deductible can lower rates. Lastly, if your budget allows, pay your policy in full to avoid multiple payment service charges.

    Having a good driving record certainly helps because the insurance cost is tied with the expected indemnities paid to the drivers upon accidents. However, the costs of auto insurance may go beyond the fairly expected loss due to the adverse selection problem that arises from the asymmetric information between the insurance companies and the customers. Thus, it is important for drivers to disclose accurate information such as driving habit, uses of vehicle, etc. to insurance companies when purchasing a policy. Another way to mitigate the information asymmetry problem is to join the safe driving award programs provided by the insurance companies such as the Drivewise from Allstate and Snapshot from Progressive.

    Insurance companies interpret statistical data differently, so it pays to shop for the best rate among reputable insurers. As with health insurance, personal habits and plan design affect costs. Having a good credit record, avoiding moving violations, and avoiding long commutes are ways to reduce auto insurance costs. Substituting mass transit for a long commute will help. Buying an expensive, difficult-to-repair sports car will raise your premium, while a 17-year-old Camry is cheaper to insure.

    Anti-lock brakes, airbags, daytime running lights, anti-theft devices, and electronic stability control can reduce costs. Geographic location affects rates. Rates are lower in some states than in others, and rates are lower in lower-density than in urban environments. As well, most insurers in most states offer a discount for a defensive driving course.

    Plan design will also affect costs. These include deductibles and limits. Dropping collision or comprehensive coverage on older cars will also reduce premiums. If your aim is to minimize costs, consider driving a used rather than a new car. In their classic book The Millionaire Next Door, Thomas Stanley and William Danko point out that self-made millionaires tend to drive big, used cars. This likely helps them keep their insurance rates low.

    If you pay your premium monthly, consider paying in a lump sum when the bill first arrives.

    Car insurance carriers use a lot of information to determine your premium, from factors within your control (such as driving history) to facts that are more difficult to change (like geographic location). When you’re looking to lower your car insurance costs, the most obvious goal is to keep your driving history under control. Do your best to avoid speeding tickets, moving violations, and accidents, which can increase your premium for years to come.

    Nathaniel Hawthorne wrote, “Time flies over us, but leaves its shadow behind.” With car insurance, you do carry your driving history with you (citations usually last for anywhere between three and seven years). However, time works to your advantage: higher incident rates among younger drivers mean their premiums are often far higher than older adults. Maintaining a good credit score will also help.

    As complex as actuarial formulas behind your car insurance premium might be, the underlying factors can be easily understood. Always ask yourself, “what can I do to reduce the risk to my vehicle?”. You’ll pay lower premiums for driving a less expensive, safer car; for parking your car in a garage rather than outside and driving fewer miles. Insurance firms often ‘package’ car insurance with other products (like home insurance) to provide discounts.

    Cost is one of the main considerations when drivers are evaluating their insurance needs. The following are some of the suggestions to lower car insurance costs:

    • Evaluate personal and/or family driving needs. Match the needs with the cost, risk factors, and safety steps one can take to make sure they are compliant with the state insurance requirements and quality of insurance they are looking for.
    • Periodically take driver safety classes by contacting local driving clubs, community colleges and their own auto insurance companies.
    • Eliminate or reduce all impediments while driving like cell phones, audio/video communications, drinking/eating, communications with the passengers and maintain your focus on driving.
    • If driving to a new destination, review the map, familiarize yourself with the directions as well as road conditions.
    • Always maintain a safe driving speed, follow road conditions, rules, regulations as well as pay attention to work area conditions.
    • When purchasing or driving a new vehicle, familiarize yourself before getting into the vehicle. If purchasing a vehicle, evaluate safety features and get as many as one can afford.
    • Shop around and compare what competing auto insurance companies are offering.
    • Bundling multiple insurance policies can save money. For example, if one can bundle a homeowner's insurance policy or renter's insurance policy with a personal umbrella policy and an auto insurance policy all with the same insurance provider, they may receive a discount.
    • Ask the insurance provider what discounts may be available, such as safe driver discounts, good student discounts, military discounts, and occupational discounts.
    • Having safety features on the vehicle, such as antilock brakes, airbags, daytime running lights, and sensors that alert when the vehicle veers out of lane or to signal a potential collision can provide for discounts.
    • If there are multiple drivers on one policy, removing the poor driver(s) from the policy can reduce rates.

    The best thing you can do is shop around for auto insurance at least once per year. It costs nothing to get quotes from multiple carriers – all it takes is a few minutes on the phone. Staying with the same insurance provider for many years can sometimes yield some modest benefits; for example, some firms provide a small “loyalty” discount for repeatedly renewing your plan with them. But they also have little to no incentive to pass on any new savings to you at renewal, and it may be the case that your circumstances have changed enough to warrant a new rate. For example, you may have reached an age where rates can be lower, your marital or family status may have changed, you may have relocated to a new zip code with fewer traffic incidents or bought a house with a garage, and so on. What shopping around does is force an insurance provider to actually “re-price” your coverage, taking into account your current characteristics and criteria. Additionally, there are some things you can do as a driver. First, it goes without saying that being a safe driver can help you save on insurance: that means keeping a clean driving record, avoiding at-fault accidents and traffic citations. Second, keep in mind that newer, exotic and more expensive cars are – surprise – more expensive to insure; conversely, insurance coverage on an older (but still safe) car is more affordable. Third, it never hurts to complete a defensive driving course every couple of years. If you have a moving violation that is eligible for it, taking a course can help you have the citation resolved without it affecting your driving record. But even if you don’t have a traffic ticket, submitting the completion certificate from a safe driving course to your insurance provider can get you a 5-10 percent discount, and it is usually good for two years. Lastly, most if not all insurance providers that sell other types of coverage – home, rental, etc. – will give discounts to have multiple policies with them, so make sure that whenever you switch carriers, to switch other policies over as well, or at the very least inquire about quoting those other plans and make the decision with this information in hand.

    Insurance companies charge a premium based on a set of criteria to determine the risk of losses. The age of the driver is about the only thing that cannot be changed. Practice driving safe, going to a safe-driving program, take a higher deductible, and don't buy vehicles that are high risk - all could reduce your insurance premium.

    Aside from the common sense measures (using mass transit, insurance shopping, increasing deductibles, installing an anti-theft device) other ways to lower car insurance premiums include bundling car and home insurance, getting a good student discount (whenever a child is in the policy), switching to a vehicle which, unlike sports cars or SUVs, are less expensive to insure. In addition, some employers have negotiated discounts with some insurers. Such an employee benefit could save money for some drivers without sacrificing quality.

    Many things are factored in when calculating the cost of car insurance premiums, which include driving history, age, gender, and credit history. Some of these items you don’t have any control over, like your age. However, avoiding accidents and keeping a good credit history can help save you money every month on your insurance costs. There are other ways like attending driving courses, or if you are a young driver, getting good grades. Some insurance companies will also provide discounts if you bundle multiple policies together. Finally, if you are willing to accept higher risk in the form of a higher deductible, you can decrease premium payments. But, you need to make sure you can afford to pay that higher deductible if something were to happen.

    One more strategy is that if your vehicle is paid off, you can change to liability coverage. It is important to note that if something happens to your vehicle, it will then not be covered under the insurance plan, so you must be willing to accept the risk.

    Drivers should always shop around and compare quotes to get the best rates for the car insurance sought. They should also check for multi-car discounts and savings when bundling car and home insurance. Today, drivers should make use of the free information that is available online about car insurance costs for various plans.

    If you're driving an older car, consider eliminating collision and comprehensive insurance coverage on the car once the premium exceeds 50% of the car's value. If you are a homeowner, consider not bundling your auto and home insurance together; bundling discourages shopping around for better deals and if you are complacent, insurance companies might incrementally raise your rates bit by bit over time hoping you won't leave them. You should drive safely to lower your riskiness to the insurance companies. Also, try not to get traffic tickets! If you are caught speeding, the insurance companies will infer that you are a bad risk and raise your rates.

    Insurance companies often offer ways to lower costs. One way is to have longevity with the company, and that also relates to another method, which is bundling. There is a certain company whose ads you have probably seen on television that seems to specialize in bundling, but you can get bundles from a variety of companies. In short, if you have multiple belongings insured with the same company, such as a renter’s or homeowner’s policy, multiple vehicles, etc., they can lower your premium.

    Another way to lower car insurance costs is not to get involved in too many auto accidents – especially if they are deemed to be your fault. Of course, that factor will vary based on whether you are in a so-called “no-fault” state in which responsibility is shared between each driver’s insurance company, regardless of fault in the accident.

    Along those same lines, there are often safe driving discounts. Some companies have tracking mechanisms, for example, that let the company track your driving, how much you drive, how fast you drive relative to the speed limit, etc. If they feel that you are a safe driver, it is not difficult to see why they are willing to give you a discount.

    All of the above are good ways to help get insurance at a lower cost and keep it down while simultaneously maintaining quality.

    There are several steps one could take to lower car insurance costs. It starts with the type of car. One could purchase smaller cars, as insurance on SUVs, larger trucks, and expensive cars cost more. One could also purchase cars that have safety features, as well as anti-theft devices. One should shop around for better premiums, bundle with home insurance, and if possible take advantage of multi-car discounts. Following traffic laws while driving will help, and some insurance companies may even provide a discount for taking a defensive driving course. One could also increase the deductible but should be careful about this issue. You don't want the deductible to be so high to render the insurance almost useless. Having a good credit score may also help in reducing car insurance costs.

    While shopping around for competitive rates never hurts, the surest path towards permanently lowering your premium is through building a reputation of being a safe driver. This takes time, but it pays off in the long run. Nothing helps you lower your auto insurance costs more than years of a clean driving record.

    One can always sacrifice coverage for a lower cost: one could choose a liability-only policy, choose higher deductibles, skip roadside assistance coverage, lower their bodily injury/medical/property damage coverage, and forego comprehensive insurance. There is a gradient of reasonableness in these instances. Sacrificing almost all coverage to save on costs generates extreme levels of risk. To be clear, auto insurance should not be viewed as simply a box one must check to be allowed to legally drive. The purpose of auto insurance is to ensure that the necessary financial resources are in place to protect the driver, the driver’s passengers, and any third party who is negatively impacted by the accident. Failing to provide for these financial resources completely defeats the purpose of insurance. At the same time, overprotection is simply a wasted expense – one must choose the right balance. Auto insurance companies generally have a recommended level of coverage and drivers should seriously consider these levels. The most appropriate steps that all drivers should take to lower their auto insurance costs are to strive to be safe, low-risk, drivers who do not speed, stop at all stop signs, etc. Driving under the influence should never happen. Bundling is also a great way to save money. Inquire with each auto insurance provider to see which discounts may be available. Lastly, staying with a company for a longer amount of time may result in a discount, but at the same time such a discount may not be high enough to avoid switching – it is a situational basis.

    There are several factors that go into determining a premium on automobile insurance. Type of car, use of the car, the area where the car is garaged, how safe the driver of the car is, what size physical damage deductible is requested, the age and gender of the driver, and the liability limits chosen are some of the items that go into calculating a premium. For example, a late-model Lexus, personal use only, located in Crossville TN, the driver of the car having no speeding tickets, with $1,000 deductible comprehensive and collision coverage, the driver being Female age 25 with a single limit of liability of $500,000 can expect to have a lower premium than another Lexus owner, using it for business, in Nashville, TN, with one speeding ticket, with a $500 Comprehensive and Collision deductible, the driver being male 22 years old, with a single limit of liability of $1,000,000.

    Generally speaking, driving less means there is a smaller chance of getting into an accident. However, one may have to drive due to a longer commute to work, taking care of a family who is far away, etc. Thus, when one does drive, it is important to follow all laws carefully, including speed limits. One should attempt to drive no higher than the speed limit, especially due to inclement weather. Perhaps considering driving in the right lane more often and at a slower speed than the limit by five miles per hour. This not only reduces the chances of getting pulled over but is financially wise for the environment and the care of your vehicle. You may also want to consider usage-based insurance. If you are comfortable with the insurance company using your data, you can install an app or device in your car that tracks what you do and this can significantly lower your premiums and perhaps even give you cashback for safe driving. Last, using insurance companies for all of your vehicles and perhaps other needs can give you a multiple policy discount.

    First, lower your risk by driving responsibly and avoiding distractions. When you purchase a car, buy one that is rated highly by the Insurance Institute for Highway Safety. Safer vehicles save everyone money in the long run. If you have young drivers, consider buying an older, lower-valued vehicle and dropping Comprehensive and Collision coverage (but be sure it has a good safety rating). Lastly, improving your credit score can lower your premiums. It may seem strange, but most insurers will factor in your creditworthiness into their premium calculation.

    To paraphrase a popular advertisement, pay for only what you need. The first step is for the consumer to consider what level of risk they're willing to take. If they are judgment proof, then they don’t need anything more than the state limits. If they only have $5000 in property damage and a broadside a brand new Lexus, it is clear the $5000 is not going to cover the full extent of the damage. On the other hand, what's the Lexus owner going to do? Are they going to take an indigent to court, get a judgment, spent time and resources, only to find out there is nothing to get from the defendant? It is doubtful. Insurance companies are required to provide a defense and indemnity. This means they will pay for your attorney in the event you are sued and they will pay for a judgment up to the limits of the insurance policy. Allow me to give an example. If the insured were so unfortunate to run into a brand new Lexus injuring both parties in the car and all they had was the state minimum's, they would only have $30,000 for multiple party injuries and $5,000 property damage for a maximum of $35,000 of insurance to pay for the accident. Everything above the $35,000 would come out of their personal assets. Let’s assume there was $20,000 damage to the Lexus and each one of the occupants incurred $60,000 in medical care. That’s $140,000. Subtracting the $35,000 the insurer pays, it leaves the insured with a bill of $105,000. This could be perfected by a court as a judgment. The judgment would earn compounded interest, can be renewed every 10 years, and the creditor can execute writs, attachments and garnish wages. If you have a house, other assets, or you are in college with the hopes of having a successful career, are you willing to take the risk of driving around a “target rich” area like California with state minimum's, hoping you won’t get into an accident, with this kind of threat over your career and lifestyle? Besides looking at the amount of limits, you can pick and choose what kind of products you want to add to the policy. Going back to the risk analysis, what kind of deductible are you willing to live with? The higher the deductible the lower your premium. This also means, in the event you have an accident, the first $500, $1000, or $2000 (depending upon the amount of deductible you choose) will come out of your pocket. Insurers generally offer many different services or products in their policy. This could include, but not be limited to, medical payments, automobile towing, loss of use, rental car, and a number of other packages depending upon the insurer. You should consider whether you need those things. For example, if you have AAA you generally already have a towing package. Do you need to have this service with your insurer too?

    The first thing that all car insurance consumers should do is educate themselves on the three different types of car insurance. Only then can they make intelligent decisions about what they truly need.

    • Liability – property damage and bodily harm to others from an accident caused by you.
    • Comprehensive – repairs to your car that did not come from a collision. (tree fell on your car, hail storm, window smashed from a break-in)
    • Collision – covers the cost of repairs to your car from an accident, no matter who is at fault. However, if the other driver caused the accident then their Liability will cover the cost of repairs to your car unless they have insufficient Liability coverage.

    Once you understand the 3 types of insurance, you can then make an informed decision about how much insurance you need for each category.

    • Liability – this coverage is relatively cheap so don’t scrimp here, especially if you have substantial assets such as a home or Sole Proprietor business.
    • Comprehensive – it all depends on how valuable your car is. If you own a 10 year old car with 100,000 miles, and it’s not worth more than a few thousand bucks, it probably doesn’t make sense to spend a lot for Comprehensive, especially for something close to worthless.
    • Collision – pretty much the same story here as well, unless you are leasing the car or don’t fully own it yet because it was purchased with a car loan. The lenders here are going to insist that you have Collision insurance in order to protect their asset. Remember, it’s not yours until you fully pay for it.

    There are a few steps one can take to try to obtain quality coverage for a reasonable cost. The first would be to try to bundle coverage. If you have your auto insurance with the same carrier as other insurance (ie: homeowners, renters, etc.) you may be able to get a discount from the insurer on combined coverage. Take advantage of all discounts one may be eligible for. There are often discounts for certain accident avoidance equipment on cars, auto alarms or limited use vehicles. A second way is to raise deductible limits. Deductibles are paid by the insured before the insurance company pays anything. The higher the deductible, the cheaper the insurance. In general, something like a $1,000 deductible is a higher limit which may save money on premiums. This would often have no impact on the insured, as one most likely would not put in a claim for minor damage. Insurance is more for circumstances, not to recover every dollar lost. Finally, being a safe driver, obeying speed limits and not using an automobile under the influence will continue to keep insurance low. One can also sign up for defensive driving courses which will not only reinforce good driving habits but possibly save up to 10% on the cost of liability and collision for 3 years.

    There are many things that drivers can do. Drive a less-expensive car; take a defensive driving course; drive more carefully and more slowly—avoid tickets and thus points on the record; take actions to improve your credit score; stay married; buy only the coverages you need; buy your car and home insurance together as a “bundle” from the same agent/firm; shop around maybe every three years or so; get quotes from an independent agent who represents multiple companies.

    A driver can research their own driving record and if blemished, make all attempts to “clean up” their record in order to obtain lower car insurance costs. An increase in policy deductibles for collision and comprehensive “physical damage” coverage can result in lower premiums. Researching the varying premium costs for certain locales in which to reside and work can be useful. However, reductions in coverage, especially liability insurance policy limits, are not recommended.

    There are quite a few ways to help lower your car insurance costs. Some of the options that provide more significant savings include:

    1. Bundling can save a significant amount. This means purchasing multiple lines of coverage (i.e. home & auto), as well as covering more than one vehicle.

    2. Better driving will save money over time. One way to speed up the savings is to agree to have a tracking device provided by the insurance company installed in your vehicle. For older cars, this will primarily track the basics, heavy accelerating and braking. For newer, more technologically enabled cars, this goes way beyond the basics. It can provide additional information to the insurance company, including lane departure, emergency braking, and blind-spot monitoring activation.

    3. Reducing coverage on cars with little value or that are not driven often, could also help lower car insurance costs.

    4. Increasing your deductible is always an option but, make sure you have the emergency funds available to cover the larger deductible if something should occur.

    5. Reviewing your insurance needs on an annual basis can also save money. Most people insure their cars when they are first purchased and rarely adjust the coverage until they purchase a new vehicle. You could be paying more than what is necessary.

    Costs of car insurance are often based upon one's driving record, how much they use their car and for what purposes, where the driver resides, one's age, gender, type of car, and credit history. Further, one thing we often recommend to clients is to bump up their deductible and see what the savings in premiums are. Further, there's often a discount for paying annually instead of semi-annually or monthly. Additionally, working with an insurance agent broker that can shop multiple insurance companies on your behalf tends to be a good idea that pays dividends in the sense that they'll help you do this annually. They help you get the "best bang for your buck" by getting you the lowest quotes. Further, they're often very experienced and know the recommended coverage amounts for your area, based on the data they have.

    Take a larger deductible—Increasing your deductible from $500 to $1,000 or more can save you a lot of money. Of course, you’ll want to make sure you can afford a deductible of that size before making the change.

    Take advantage of all available discounts—Auto insurers offer many discounts. These include discounts for insuring both your vehicle and home with them, good student discounts for young drivers with good grades, discounts for people who may work from home and drive relatively little and many more. Make sure to ask your insurer or agent about all discounts that may apply to you.

    Drop unnecessary coverages—When your car is new, you want to make sure that if it is damaged or destroyed, your insurance would pay to fully repair or replace the vehicle. But if your car is older (10 years or so is a good cutoff) and there’s no loan on the vehicle, you might consider dropping collision and comprehensive coverage. At that point, the cost of the coverage may outweigh the benefit given that vehicles that old aren’t worth very much.

    Shop Around—Auto insurance is a very competitive business. If you’re a good driver, there’s a good chance you could save money by switching to another quality insurer.

    One of the most effective things that drivers can do is to SHOP, SHOP, SHOP! Another important step is to raise collision/comprehensive deductibles or cancel collision/comprehensive coverage altogether. Drivers should be aware that these are often the most expensive coverages on your policy. These coverages are optional and therefore, are not required. If you have a leased vehicle, the lease agreement may require collision/comprehensive coverage. If you have a new and expensive car, you may want the comfort of collision/comprehensive coverage.

    First, don't sacrifice quality for price. Maintain a good driving record with no speeding tickets or accidents. These violations can have a significant impact on your auto insurance prices. Combining home and auto insurance with the same company can typically save you money. Some companies have a tie-up with banks, so if you have a checking account with that bank, you get a discount. Membership in organizations like AAA also provides discounts.

    Owning a car or truck for personal transportation is a necessity for most people, and purchasing adequate insurance is an important part of being a good owner. Because vehicle insurance can be expensive enough to constitute a significant part of a household’s budget, the insurance purchase decision is one that always deserves careful thought. One of the best ways to keep insurance costs low is to have a good driving record—meaning no at-fault accidents and no tickets for driving violations. How much premiums go up for an accident or ticket depends on the insurer, but for an at-fault accident causing property damage of more than $2,000 (a small accident), premiums could increase by 30% or more for as long as three to five years. For a second such accident, premiums could more than double. In other words, it pays to be a safe driver.

    A common mistake many consumers make is failing to check the cost of insuring a vehicle before one makes the decision to buy or lease it. Different vehicles have different insurance costs based on a vehicle’s safety features, cost of repair, and the probability of theft. It may be that when considering two or three different vehicles to purchase or lease, the lower costs of insuring one of them may make that particular vehicle the most attractive one. Also, note that when you lease a vehicle or finance the purchase with a loan, your lease contract or loan agreement will require you to insure the value of the vehicle. If you own a vehicle outright, you have flexibility with respect to your decisions on the property coverages.

    Premiums vary from company to company, so it is wise to shop around. When you shop, be sure to give each broker, agent, or company the same information about yourself and then ask for quotes on the same limits of coverage. Otherwise, you’re comparing apples and oranges.

    Most insurers use a policyholder’s credit history to help calculate the auto insurance rate. The practice is controversial, and it is limited or prohibited in some states—but not Missouri. The “credit score” used by insurers is not the same as the three-digit credit score most consumers are familiar with, but this insurance score is derived from credit history. So, one way to reduce auto insurance costs is maintaining as strong a credit history as possible, Also, check the accuracy of one’s credit history periodically through the processes available at the three largest credit bureaus (Equifax; Experian; and Trans Union Corporation), so that you do not pay more in premiums because of an inaccurate credit report.

    The first thing drivers can do is to drive safely and defensively to minimize the chances that they need to file an insurance claim. In fact, insurance companies price policies based on how probable a driver might have an accident. For instance, young men, who have been shown to have more accidents, typically pay more for insurance than other drivers. If drivers can establish a history of safe driving with no accidents, some insurers will explicitly recognize safe driving with discounts on insurance. Likewise, young student drivers can often qualify for “good student” discounts on insurance, with the notion that this characteristic is associated with fewer accidents as well.

    Likewise, drivers should consider bundling car insurance coverage with home insurance with the same carrier since some firms offer discounts for these bundles. Similarly, families should also consider which drivers are assigned to different cars. Within a family, high mileage drivers with long commutes should consider driving lower-cost cars to minimize insurance costs. Drivers can also take safe driving courses which may also qualify the driver for car insurance discounts. Moreover, some insurance companies will also offer discounts for drivers who have low annual mileage, so it may be financially fruitful for low-milage drivers to seek out these discounts as well. Drivers should also note that car insurance costs are also directly related to the car they drive. Comprehensive and collision coverage will be more expensive for high-value cars since accidents and hail storms can cause more costly damage to high-value vehicles.

    Given that car insurance costs can be related to the various forms of coverage, all drivers can take the time to carefully choose the components of insurance they purchase. If a driver has an old car that is worth very little, it may be beneficial to avoid collision insurance since an accident (while damaging the car) may not destroy much in terms of value. Likewise, older, less valuable cars might not need comprehensive coverage since a hailstorm (which could damage the car) may not destroy much in terms of value either. In addition, personal injury protection and medical payments coverage may add significantly to car insurance costs but might only be useful in rare instances. Drivers who want to economize on car insurance costs should carefully assess whether these rare instances merit the added costs.

    To state the obvious, drive carefully. If you cost them money, they raise your rates. Anything that puts you in a higher risk category (see above) may result in a rate increase, even if it does not cost them money right away, because they expect to pay out more claims in the future.

    Your auto purchase decision is a major component of your auto insurance decision. Don’t ignore insurance when shopping for a car. A vehicle that is expensive to repair is expensive to insure, as is a vehicle that is built to be driven aggressively. Auto loans generally require comprehensive insurance for the duration of the loan. That can mean six or seven years of high insurance premiums. A less-expensive auto purchased with cash or on a shorter-term loan allows the owner more options to carry liability coverage only or to carry comprehensive insurance for a shorter period of time before switching to liability. A dependable used car can be far less expensive over time than a new vehicle that requires more insurance. Are you looking for transportation or a lifestyle statement? You must decide if the lifestyle statement is worth the added long-term cost.

    Spend some time with your agent or insurance company representative. Ask about strategies to lower your premium. Signaling is an economics term for showing a company you are the type of customer they want. If they see many signals that suggest you are a safe driver, you should experience lower rates. Your agent should know what programs are available to lower your rates, such as credits for good grades, safe driving classes, monitoring devices, among others. This is particularly true for those with moving violations or who are in high-risk categories. This time with the agent also helps you learn about the quality of customer service you are likely to receive when a claim is filed.

    Periodically re-evaluate your policy options with your insurance agent. It is easy to forget that insurance needs change as you and your vehicle age. You need liability insurance to protect others from your actions, but once the value of your vehicle falls as it ages, it may no longer be worth carrying coverage to pay for damage you do to your own vehicle.

    Consider the effects of moving violations on your insurance premiums. A speeding ticket may not cost your insurance company money, but it tells them that you are more likely to cause an accident and cost them money in the future. Because of this, a higher-level moving violation such as reckless driving might be better handled by an attorney who specializes in those cases. A good attorney will be candid about what they are likely to accomplish so you can evaluate the price of the attorney compared to the potential insurance savings.

    Bundle your insurance. If you need homeowner’s insurance, life insurance, auto insurance, etc., most insurance companies will give bundling discounts for those who have multiple policies. The logic is simple: if you have many insurance and financial products with the same company, they don’t need to make as much money from each product.

    Avoid at-fault accidents and speeding. Either can cause a dramatic increase in premium costs. Avoid texting while driving. Older used cars also feature a lot lower comprehensive premium than new vehicles.

    First, something we rarely think of, ask for a better price! Reps often have the ability to offer deals to customers who indicate they may move to a competitor. If they don’t, ask to speak to a supervisor and see what can be done. The worst that can happen is a “no”!

    Second, comparison shop, which you can do online quite easily. Compare rates and coverage from national, regional, and local providers.

    Third, consider per-mile coverage. It won’t work for everyone, but depending on your travel patterns, it could save you money.

    Fourth, check for club/organization/employer rates. Large associations, like the bar, or alumni groups, often negotiate special deals for their members. The same is true for some large employers as well. For example, the University of Florida employees can take advantage of “Gator Perks,” discounts UF has from a number of businesses.

    Finally, work on your credit score. Right or wrong, insurance companies consider creditworthiness when they calculate premiums.

    You can’t change who you are, but you can change what you do to be an appealing customer. The first way is to be a better driver. Reduce the risk that insurers take on when they give you a policy: drive carefully, avoid tickets and accidents. But you knew that.

    It is another matter to provide evidence that you are a careful driver. Maintain good credit, choose a high deductible, and take advantage of “discounts”. A high deductible benefits in two ways: it lowers the insurer’s expected payoff and signals that you are not as likely to need coverage. Usage-based coverage, if you are comfortable with that, gives the insurer clear information about your driving habits. “Discounts” work similarly: It may be nice of them to give you a deal, but the insurers pay you for extra information. Your home insurance record might show a clean history without claims. Your memberships might signal lower risk—have you ever heard of an insurance discount for a skydiving club? The more they know about you, the better they can judge your risk level and offer you a better price.

    Exploit the variability in pricing between insurers: shop around. Insurers each have different ways of measuring risk, and one might have had a better experience with customers similar to you.

    Look for savings over time: as you gain experience, as your needs change, and as the insurance market changes. Maybe your driving habits have changed, e.g. a new job with a shorter commute. You can reduce coverage after your loan is paid: when your car is old, collision coverage is not as important. The insurance market also alternates between what are called “hard” and “soft” markets. In a hard market, such as after heavy losses, insurers are reluctant to take on new policies. In a soft market, insurers loosen their standards and compete with lower prices.

    To take advantage of these strategies, maintain continuous coverage. Insurers reward continuous coverage. You can obtain lower prices after even six months of coverage. Shop around at this checkpoint and again every anniversary of claim-free driving. This also keeps you in a position with bargaining power and open options. You can always stay where you are and wait for a better deal.

    The most important thing is to drive safely and defensively! Insurance companies are quick to increase premiums if you have an accident, and if you have enough accidents (or claims), they may cancel your policy. A good way to nudge yourself to drive safely (and also lower your insurance costs) is to enroll in a usage-based auto insurance program. This works by having the insurance company install a device on your car that measures speed, mileage, hard braking and cornering, and time of day (driving late at night is more dangerous). Allstate, Nationwide, and Progressive are some companies offering these policies, and General Motors just announced that they will offer usage-based insurance for owners of their vehicles.

    Bundle home/auto if the insurance company offers both; avoid speeding tickets and other offenses; if one has a young driver in the household, shop around for discounts based on driver education courses, leadership activities and grades. Discounts are available if the insured vehicle is equipped with factory-installed, four-wheel antilock brakes, additional airbags, and an automated driving system or electronic vehicle collision avoidance technology.

    The most important thing is to make sure you drive well. Don’t be aggressive, follow traffic rules and be relaxed. If you can achieve this, then you can increase your deductibles, since the probability of an accident will now be lower. Policies with lower deductibles have lower premiums. Shopping around is, of course, necessary. Groups that you belong to might be able to get cheaper insurance policies for their members, but this can be a two-edged sword if the organization is using you to get a cut from the insurance company.

  3. What is the best way for drivers to fit auto insurance expenses into their budget?

    It depends on a person’s financial situation. If a consumer can afford it, they should take advantage of a policy that offers a reduced rate if the premium is paid in full at the beginning of the policy period. After paying the premium for the first year, you can place 1/12 of your insurance premium in a savings account monthly, for an annual policy, to ensure you have the funds when the bill comes due. You could follow a similar process for policies that have a 6-month term.

    To avoid “surprises” from auto insurance renewal expenses, I would recommend drivers to choose the premium payment frequency that matches their paychecks. In cases where drivers are not given the options to pay at the desired frequency, they may utilize the installment payment services provided by credit card companies to smooth the cash flows over a longer period.

    Treat your car insurance just as a mortgage company forces you to treat homeowners’ insurance. Deposit one-twelfth of the premium in a short-term bond fund each month so that you have the total premium ready when the premium comes due.

    With premiums rising around 6% annually, insurance expenses are becoming a bigger part of the budget. That said, the best way for consumers to ensure they’re getting the best deal is to shop around – look at premiums across a number of different firms. Moving to cities or towns with lower auto theft and incident rates might be an option, but reducing the size of your car and improving your credit rating are under your control. Consider investing in a theft-prevention device, like a car alarm, which can lower your monthly premium.

    Coverage questions also become an issue: on one hand, it’s always ‘easiest’ to cut costs by reducing costs or increasing your deductible. We don’t know when our next accident will happen, so if you increase your deductible, be sure you have enough money in savings to cover losses during an accident. Also, be mindful of the minimum requirements for insurance set by your state, and reduce coverage only after you’ve explored other offers.

    One’s budget and economic conditions continually change. This makes it imperative that one evaluates their own driving needs, risk factors, and state requirements and match it with their budget. One should take advantage of the various discounts offered by insurance companies. Additionally, when purchasing an automobile make sure you know what safety features it has. Safety features provide an additional discount.

    Drivers should budget their insurance expenses along with their monthly car payment even if they pay auto insurance semiannually or annually. Setting aside a pro rata portion for insurance out of every paycheck will reinforce its importance. Driving is a privilege and it is illegal to drive without insurance in most states. Given the potential harm that can be sustained in an auto accident, regardless of fault, auto insurance should never be an afterthought. If an individual cannot afford auto insurance, then they should refrain from driving until they can and use an alternate mode of transportation in the meantime.

    Think of auto insurance premium as your cellphone bill or your internet bill – you have to have the service, so set up an auto-payment plan through your bank and forget about it. Unlike an internet plan or your phone bill, this is one payment you do not want to forget and miss or even be late on: lapses in auto coverage do translate into higher premiums later.

    Check the insurance premium before buying that 'dream’ car! Don’t let that dream car be your nightmare. A common mistake people make is they tend to be less careful if they know they have “good insurance”. Don’t submit claims just because you can. That always leads to a higher insurance premium in the future.

    If the company offers monthly or quarterly premiums, drivers could spread out the insurance cost throughout the year. However, drivers must be on the lookout for insurers who demand an excessive fee to allow for such a payment scheme.

    Paying a monthly premium instead of semi-annually may be the easiest way to make sure you have budgeted for your auto insurance expense. It is easier to fit fixed expenses into a budget than occasional expenses. Most insurance companies will charge a small fee if you choose to pay your premium monthly, but it is typically only a few dollars a month.

    Typically, the largest budget items are mortgage or rent and car loan or lease payments. One should consider the portion of income going to these two items, and realize that an auto insurance expense is going to be a percentage of the car price. This expense may range from 5 to 12 percent, depending on the extent of coverage, so drivers should take into account what percentage is affordable.

    Insurance payments are recurring payments -- just like your cell phone bill but paid more infrequently. If your budget is tight, it's best to simply put aside an amount each month to be able to cover the future insurance bill. In other words, consider your insurance premium as outside of your disposable income and then live your life!

    When I give budget advice in general, I usually recommend prioritizing. That means also balancing the long term with the short term. Food and shelter generally top the list as essential items in the budget for obvious reasons. Automobile related expenses are generally in the top category as well if it is necessary for getting to work since the car plays a vital role in earning income for the current and future periods. Letting auto insurance lapse can create a multi-period problem from which it can be difficult to recover. So, if we take food, shelter, and auto insurance as top-ranked items in the budget, my next advice usually is to try to find areas in which one can economize. Often there are areas in which alternatives can be found to reduce costs. It does not always have to be a case of giving up one thing to get something else. Sometimes tough choices have to be made. And sometimes something can be given up in one month in favor of auto insurance, but be added back in during future months. In any case, if income is more or less at a constant level, then the best way to help ensure that there is money for food, shelter, and auto insurance is to find clever ways to cut costs.

    Budgeting for auto insurance expenses is similar to budgeting any other expenses, but specifically budgeting just for auto insurance, it should start around the time the car is purchased. The insurance policy premium needs to be made each year the car is owned even if the auto was paid for outright. Part of the budgeting for auto also requires budgeting for registration fees and fuel costs. The overarching perspective budgeting here is that only a fraction, say around 20%, of the take-home pay should go towards the auto budget.

    Insurance companies love safe drivers and they vie for their business. Avoid tickets, especially for more serious traffic offenses such as DUIs. Driving too fast might save you a few minutes at the time, but it exposes you to not only legal trouble but also higher insurance premiums for many years ahead. You can keep auto insurance affordable simply by driving responsibly.

    Firstly, drivers simply must budget for such expenses. Too many individuals fail to include insurance costs into their budget – so the best way for drivers to fit auto insurance expenses into their budgets is to fit auto insurance into their budgets. Specifically, there are two general ways to pay for auto insurance: periodically and lump-sum. I encourage lump-sum if possible because it typically does save on costs. However, it generally feels like a higher cost because it happens all at once. In a perfect world, drivers would contribute a monthly amount to a car insurance savings fund and then use that money every six months to pay for the insurance lump-sum. This saves on costs and also takes away a bit of payment hassle. Of course, this may not be possible for many drivers. In which case, auto insurance should be treated as if it is a required expense that takes high priority in one’s budget and funds should be immediately taken from each paycheck to either pay the insurance bill or be shifted into an untouchable savings fund specifically set up for pay such bills. Automation is a great way to accomplish this – have it automatically paid/deducted or automatically shifted to another account.

    Most insurance companies have a direct withdrawal from a checking account monthly payment plan with little or no interest being charged. If interest charges are applicable, they must be balanced against the convenience of having the premiums automatically taken out of the driver’s checking account.

    There are two basic principles here. Treat it as a fixed, necessary expense like your utilities, food, etc. This is because, in Washington State, liability insurance is required. Think critically about how much insurance you need. You can do this by answering the question of how much risk are you willing to bear. Individuals who are willing to accept paying a higher deductible before insurance claims kick in will pay a lower insurance premium. Not only will only large claims be filed (which insurance companies like), this demonstrates financial savvy on your part. Perhaps keep enough put away in a savings account that equals your maximum deductible to use for those emergencies only.

    Nearly every state requires drivers to purchase a minimum amount of liability insurance, so this is a necessary expense. If it can't be fit in the budget, then they will need to use public transportation or a ride-sharing service.

    I cannot definitively answer this question because it's so heavily dependent upon the individual’s situation. Generally, Insurance companies offer monthly, quarterly, semiannually, and annual payment schedules. Generally, they also add a surcharge depending upon the payment schedule. If you choose a monthly payment schedule and add up the total of the 12 payments, it will total a higher amount than if you made an annual payment. Your ability to make an annual payment and the cost of the surcharge will be factors in your determination whether or not you're going to choose one payment schedule over the other.

    There are several ways to reduce the burden of car insurance within a budget. However, paying monthly rather than semi-annual to lower the hit to our budgets is a mistake. It may seem less burdensome, but that strategy will lead to higher payments due to foregoing the discount insurance companies offer to those who pay upfront. Better to pay upfront and then budget a pro-rated monthly amount so that you won’t feel like you’re paying the whole thing at once. Assuming of course that you can afford to pay the whole amount that very first time.

    The best way to fit insurance coverage into a budget is to plan as if it were a monthly expense like many other bills such as utility, phone and car payments. By doing this you are setting aside the money for when the insurance comes due semi-annually or annually.

    Many insurers offer a monthly premium payment plan. Some of these insurers will charge a small “add-on” for this feature, but for someone who does not have the spending discipline to save for a semi-annual or annual payment, this might be appropriate.

    Given the importance of driving with sufficient auto insurance coverage, when the driver is mapping out his or her monthly budget, auto insurance costs must be at or near the top of the consumer’s budget. Costs should be considered along with rent/mortgage, food and health care, taking priority before entertainment, recreation and similar expenses, although priorities for all of these expenses are very subjective and specific for each consumer.

    One of the best ways to fit auto insurance expenses into their budget begins before you own a particular car. If you have decided to get a new or used vehicle, you should check with your auto insurance carrier to determine costs for the vehicles you are considering. Many of the mainstream sedans and trucks frequently make the lists of most stolen vehicles. They have much greater street value for their parts. This will undoubtedly lead to higher premiums for all future owners for those particular makes and models.

    If you pay for it annually, you're likely going to get a lower premium as there is often a "surcharge" for more payments. So, take that annual payment and divide by 12. Save that amount into a "non-monthly payment fund" (if you haven't already, set up a savings account and designate it as such and make sure it is separate from your emergency fund account!) so that after 12 months of contributions, you have the premium ready to go. For example, if your auto insurance is $600/year, save $50 each month (or $25 from each paycheck, assuming you're paid semi-monthly) and then when your premium is due, you already have the premium ready. Sure, it might go up from year-to-year, so maybe you add 5-10% to last year's premium and then divide by 12 (e.g., $600 * 1.10 (which is 10% increase) = $660/12 = $55/mo) to get a new monthly savings amount, so it's not a surprise next year when premiums rise.

    Drivers should investigate the cost of auto insurance before they purchase their vehicle. This will ensure no surprises after you’ve driven the car off the lot. Drivers can also opt to pay their premium monthly or semi-annually rather than in one lump sum to spread the premiums over time, but be aware that you will pay more overall for exercising this option.

    Cars are very expensive to own and operate. In addition to the cost of the vehicle itself, insurance costs vary usually in direct proportion to the cost of the vehicle. Damage to newer/more expensive vehicles will cost more to repair. Cars these days are essentially computers on wheels. So, again, collision/comprehensive coverages are costly. There is wisdom in buying older/less expensive cars and in canceling collision/comprehensive coverage.

    I would caution drivers to have enough coverage. If some unfortunate accident happens, you can lose your house or end up paying a considerable amount for not having enough coverage. Apart from that, making monthly payments can make the costs manageable. However, some companies give a discount if payment is made upfront.

    If you purchase collision and/or comprehensive coverage on your vehicle, consider a higher deductible. Deductibles are what you pay for the first “layer” of loss before the insurer begins to pay. The higher the deductible (and thus the higher your out-of-pocket loss in the event of damage), the lower the premium. Suppose, for example, you increase your deductible from $100 to $500 per accident and thereby cause your annual premium to decline by $200 per year. Imagine putting the first two years savings in a jar (or better yet, an interest-bearing investment); at the beginning of year 3, you have in your possession the money to pay the higher deductible should you suffer a loss, and then every year after year 3 is pure savings. Just remember that after a loss, you must start the money-in-the-jar process over. But don’t set the deductible so high that you would have trouble coming up with the money in the event of a loss, or if you are uncomfortable with the risk of possibly having to make such a large out-of-pocket payment.

    Also, consider dropping the collision and/or comprehensive coverage entirely if you have an older vehicle. Many rules of thumb exist for determining when to drop the coverage, such as doing so when the premium is more than 1/10th of the value of the car, or the car has been driven over 100,000 miles, or the car is more than six years old. These rules won’t work in all cases; a very expensive vehicle might be worth insuring even though it is an older model with high mileage. Essentially, the question is whether you are comfortable knowing that you might have to pay for loss or damage out-of-pocket, or you would prefer to pay an annual premium for the purpose of eliminating the risk of having to make this out-of-pocket payment (but do remember that you will still have to pay the deductible, and you do need to think about what the size of deductible you are comfortable paying and can afford).

    Car insurance is often a hidden cost of owning and driving a car. Some insurance companies will allow consumers to pay on a monthly basis, so that drivers can include these payments in any monthly budget. However, many insurance companies bill for car insurance on a 6-month basis, so it is essential for drivers to budget each month so as to not find themselves short at the time when the insurance bill is due. A smart way to budget appropriately is to keep an emergency fund separate from accounts that are normally used for monthly purchases. Drivers may find it useful to set aside funds each month in a separate account to be able to make car insurance payments less painful. Keeping the money separate from monthly bills helps to psychologically separate the money from more daily and weekly expenses.

    Drivers should recognize how their monthly budgets are structured. Transportation is one of the four largest categories in the household budget. Auto insurance is a major component of transportation that should be dealt with as part of the overall cost of transportation. Beyond the minimum insurance required by state law, consider how additional insurance fits into the household financial plan. You might feel the need to get additional insurance at the expense of other household purchases. Consider how you might want to balance car insurance with other optional insurance products that protect your finances from other events.

    Car insurance in a must, especially in Florida, where about 25% of drivers don’t have insurance. So if you do get in a wreck, chances are significant that they will not have coverage. This means you need to treat auto insurance as a necessity and budget it as such. It’s a huge cost, especially in Florida, so I like the idea of putting aside a bit each paycheck. Another strategy is to use your tax refund to help cover the cost.

    Consider the whole cost of ownership. Shop around for insurance while you shop for a car. Postpone buying a car: you can get away with lower coverage for an older car. Owning a less-expensive car helps in two ways: lower insurance premiums and lower car payments that leave more room in your budget to pay for the insurance—and for other things in life.

    Auto insurance is required for every driver. So one has to have a provision for it, but drivers can do some research to find good companies that offer reasonable prices. Also, one doesn't have to have very high coverages for everything. The level of coverage and sometimes the types of coverage that are not required could raise prices. So, try to keep the level and types of coverage low that fits your need.

    The first thing to do is to understand what you need. You don’t want to be paying for something you don’t need. For example, if you have several cars at home, you might not want to purchase the car rental coverage. If you are involved in an accident, you could drive one of the other available cars instead of paying for this coverage every month. If you have a good insurance agent, they will be able to walk you through the process of determining what is right for you when determining the different coverages. However, you never want to let them just tell you what you need without asking any questions. This needs to be a two-way conversation.

    • Find a strong, reputable company
    • Find an agent that will spend the time with you to help you
    • Understand your specific needs
    • Pick the right coverages
    • Build a wall of protection around what you have built or what you are working towards

    Once you have done this, you will understand the true value of insurance and how it can protect your family’s way of life. At this point, it makes it easier to fit insurance into the budget because you see what is truly at stake.

    What I find is that the majority of people don’t understand insurance so the only reason they purchase it is because it is required. When they learn what it can do for them or what the lack of it can do to them, their attitude changes and it is normally not a problem to budget it in.

    As the saying goes, “It is better to have it and not need it, than to need it and not have it. “

    Once you know you have the right coverages and you trust your agent, you will see how your insurance can protect you in ways you never knew.

    Generally speaking, we find that cash-constrained consumers usually save more and spend less when they have fixed budgets that they adhere to and do not change very frequently. For an expense like car insurance, consumers can typically choose to pay all at once for 6 to 12 months of insurance, though some insurance companies offer monthly payments, often at slightly higher rates. While paying month-to-month on a 6 to 12 month policy may cost slightly more in the long-run, it may be preferable for consumers who like to adhere to monthly budgets to take this option. This is especially true if the payment can be automatically deducted from a bank account or credit card. Even though it costs less, making a lump-sum annual payment could break a consumer’s budget for the month or week in which the payment is made. In some of my research, I find that consumers who strongly adhere to budgets have problems saving and returning to good budgeting behavior once they break their budgets. Further, when paying annually, sometimes we can forget that the annual expense is coming up soon and then we don’t incorporate it properly into our plans. For people who have the means and don’t strictly adhere to weekly or monthly spending budgets, a one-time annual payment may actually be more preferable and is less likely to lead to cascading problems with their personal finances. The bottom-line is that everyone is different. When choosing how to pay for something like car insurance, consumers know themselves best. If you are a planner who likes to keep strict budgets in order to regulate spending, a monthly payment option may be for you. If a one-time lump sum payment doesn’t adversely affect your finances, perhaps that is your best option.

    Some insurance companies allow premiums to be paid monthly but check to make sure that there are no hidden “service charges” for this option. Aside from driving safely, the best way to lower insurance premiums is to choose higher deductibles. If you can organize your budget to make sure that the deductible amount is available in your emergency funds, then you will get a lower premium. Also, if you have a minor accident that costs less than the deductible, you can just pay for the repair and avoid making an insurance claim. The fewer claims on a policy, the lower the premium. Many insurers offer discounts if you get your automobile and homeowners (or renters) policy from the same company. This might save money, but be sure to shop around for the best rates for each type of insurance first.

    Nobody wants to pay for car insurance, and unless you live in Virginia or New Hampshire, you have no choice but to buy car insurance. Even if you do not have to buy car insurance, you need to budget for the event of a car accident – and at that time, you will be glad you had car insurance!

    You can certainly adjust your coverage levels (e.g., you may decide to eliminate collision coverage if you drive an old car or raise your deductible) and select what suits your situation. You should also shop around for various discounts that different companies offer. For example, certain groups may receive a discount (e.g., military personnel, veterans, federal employees, accident-free drivers, educators, etc.).

    Once you bring your total cost for car insurance to the right level for your needs, you can decide if you can pay in full or in monthly installments. Paying monthly may fit your budget but keep in mind that some companies add fees to this option. Companies may seem more expensive at first, but having options like accident forgiveness may end up saving you money in the end. Also, most companies offer loyalty discounts, owning a home, or starting a quote online. As with any purchase, do your research to get the best for your money!

    Determine what actions they can take to self-insure in addition to mitigating their risks. These include:

    • Getting a car alarm system
    • Parking in safe spots, locking doors and not having anything visible to encourage burglaries
    • Determine what risks they are willing to take and increase the deductibles, drop collision or reduce comprehensive coverage

    I think many consumers focus on auto payments (car loans) in isolation while overlooking the budgetary effects of car insurance and other costs (gas, maintenance, etc.). More expensive vehicles typically cost more to insure. As well some types of cars (e.g., sports cars) are more expensive to insure than others (e.g., minivans). Consumers need to take those considerations into account. In addition, I think consumers may also want to comparison shop for insurance prior to purchasing a vehicle, not afterward. This will give them an idea of their total “all in” car expense.

    Besides the issues already raised above, check to see if you can reduce the status of your car to “driving for pleasure” as opposed to a vehicle that you use to drive to work. If you have teenagers, restricting them to one car could help as well, since they raise auto insurance premiums if they are listed as drivers.

    Tradeoffs aside, there are some simple ways to get lower rates for the same coverage. A number of insurers offer Pay How You Drive (PHYD) insurance options (also called Usage Based Insurance (UBI)). In these programs, the insuree agrees to install a device in their vehicle (or use their cellphone) so the insurer can monitor their driving. If the insuree drives safer, then some of the insurer's expected savings are passed onto the insuree. In my research with Imke Reimers, we found drivers reduce their accident risk by about 50% on average while the insurer monitors them. It may not be as fun to drive carefully, but substantial savings are available to those who do while enrolled in one of these programs.

    Another trick is to choose vehicles wisely, as some vehicles cost less to insure. In other research (with Siqi Liu and Bhoomija Ranjan), we found some vehicles are much safer than others, even when restricting vehicles to top-rated vehicles. This doesn't tell the whole story --- the insurer cares a lot about the damage your vehicle can do to others (known as aggressivity) as well as how safe it keeps it's own occupants. When buying a vehicle, one can search the internet for which vehicles are the cheapest to insure: see article.

    Research Referenced: Are Coarse Ratings Fine? Applications to Crashworthiness Ratings

    The Impacts of Telematics on Competition and Consumer Behavior in Insurance


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    Jeffrey H. Harris
    Jeffrey H. HarrisGary Cohn Goldman Sachs Chair in Finance at American University
  • Richard McGrath
    Richard McGrathProfessor of Economics at Georgia Southern
    Kai  Ding
    Kai DingAssistant Professor Department of Economics at California State University - East Bay
    Dr. Amanda J. Phalin
    Dr. Amanda J. PhalinSenior Lecturer, Warrington College of Business at the University of Florida
    Lealand Morin
    Lealand MorinAssistant Professor of Economics at the University of Central Florida
    Dr. Arun Upadhyay
    Dr. Arun UpadhyayAssociate Professor - Department of Finance at Florida International University
    Kim Austin
    Kim AustinState Farm Insurance Agent/Owner
  • David Brownstone
    David BrownstoneEmeritus Professor of Economics at the University of California, Irvine
    Michael Tsiros
    Michael TsirosPatrick J. Cesarano Professor and Chair of Marketing at the University of Miami
    Deanne Butchey
    Deanne ButcheyUniversity Lecturer Department of Finance at the College of Business, Florida International University
    Mark Ratchford
    Mark RatchfordProfessor of Practice - Freeman School of Business at Tulane University
    PV Viswanath
    PV ViswanathGraduate Program Chair in the Department of Finance and Economics at Pace University
    Benjamin Shiller
    Benjamin ShillerAssistant Professor of Economics at Brandeis University
  • Robert H. Jerry, II
    Robert H. Jerry, IIFloyd R. Gibson Missouri Endowed Professor Emeritus of Law at The University of Missouri
    Nick Pretnar
    Nick PretnarPostdoctoral Scholar at The University of California, Santa Barbara
  • Jim Snooks
    Jim SnooksAssociate Professor of Business at Moraine Valley Community College
    Jie Ying
    Jie YingAssistant Professor of Finance at Southern Illinois University Edwardsville
    Mitchell Langbert
    Mitchell LangbertAssociate Professor of Business Management at Brooklyn College
    Reilly White
    Reilly WhiteAssociate Professor of Finance at the University of New Mexico
    Archish Maharaja
    Archish MaharajaProfessor of Business and Director of Graduate Programs at Point Park University
    Wendy Habegger
    Wendy HabeggerLecturer at James M. Hull College of Business at Augusta University
  • Dr. Mikhail Kouliavtsev
    Dr. Mikhail KouliavtsevDepartment Chair and Professor of Economics and Finance at Stephen F. Austin State University
    Dr. Leo Chan
    Dr. Leo ChanAssociate Professor of Finance Economics at Utah Valley University
    Eliezer Fich
    Eliezer FichProfessor of Finance at Drexel University’s LeBow College of Business
    Carrie L. Johnson
    Carrie L. JohnsonAssociate Professor and Extension Specialist at North Dakota State University
    Dr. James Barth
    Dr. James BarthLowder Eminent Scholar in Finance at Auburn University
    Malcolm Robinson
    Malcolm RobinsonProfessor of Economics at Thomas More University
  • Rutherford Johnson
    Rutherford JohnsonLecturer of Economics at the University of Minnesota Crookston & General Conference Chair of the West East Institute
    Amit Sinha
    Amit SinhaProfessor of Finance and Quantitative Methods at Bradley University
    Aron Tobias
    Aron TobiasAssistant Professor of Economics at Syracuse University
    Jonathan Handy
    Jonathan HandyAssistant Professor of Finance at Western Kentucky University
    Hank Bahr
    Hank BahrAdjunct Lecturer at Haslam College of Business at The University of Tennessee, Knoxville
    Randy Beavers
    Randy BeaversAssistant Professor of Finance at Seattle Pacific University
  • David Marlett
    David MarlettManaging Director of Brantley Risk and Insurance Center, IIANC Distinguished Professor of Insurance at Appalachian State University
    Michael Rainey
    Michael RaineyPractitioner Lecturer of Business Law at Pepperdine Graziadio Business School
    Angelo DeCandia
    Angelo DeCandiaProfessor of Business at Touro College
    Steven Gattuso
    Steven GattusoAssistant Professor of Economics & Finance at Canisius College
    Dr. James Philpot
    Dr. James PhilpotAssociate Professor and Director of the Financial Planning Program at Missouri State University
    Jeffrey Diamond
    Jeffrey DiamondAdjunct Professor, Atlanta's John Marshall Law School
  • Melissa M. Hart
    Melissa M. HartSenior Lecturer, Finance at North Carolina State University
    Derek Lawson
    Derek LawsonAssistant Professor, Ph.D., CFP at Kansas State University; Partner & CCO (Priority Financial Partners)
    Robert Hartwig
    Robert HartwigClinical Associate Professor, Finance Department and Director, Center for Risk and Uncertainty Management; Darla Moore School of Business; University of South Carolina
    Wayne Miller
    Wayne MillerAdjunct Professor - Wayne Law at Wayne State University and COO at Miller & Tischler P.C.
    Sampath Kumar
    Sampath KumarProfessor of Marketing for the Austin E. Cofrin School of Business at UW-Green Bay
    Jeffrey H. Harris
    Jeffrey H. HarrisGary Cohn Goldman Sachs Chair in Finance at American University
  • Richard McGrath
    Richard McGrathProfessor of Economics at Georgia Southern
    Kai  Ding
    Kai DingAssistant Professor Department of Economics at California State University - East Bay
    Dr. Amanda J. Phalin
    Dr. Amanda J. PhalinSenior Lecturer, Warrington College of Business at the University of Florida
    Lealand Morin
    Lealand MorinAssistant Professor of Economics at the University of Central Florida
    Dr. Arun Upadhyay
    Dr. Arun UpadhyayAssociate Professor - Department of Finance at Florida International University
    Kim Austin
    Kim AustinState Farm Insurance Agent/Owner
  • David Brownstone
    David BrownstoneEmeritus Professor of Economics at the University of California, Irvine
    Michael Tsiros
    Michael TsirosPatrick J. Cesarano Professor and Chair of Marketing at the University of Miami
    Deanne Butchey
    Deanne ButcheyUniversity Lecturer Department of Finance at the College of Business, Florida International University
    Mark Ratchford
    Mark RatchfordProfessor of Practice - Freeman School of Business at Tulane University
    PV Viswanath
    PV ViswanathGraduate Program Chair in the Department of Finance and Economics at Pace University
    Benjamin Shiller
    Benjamin ShillerAssistant Professor of Economics at Brandeis University
  • Robert H. Jerry, II
    Robert H. Jerry, IIFloyd R. Gibson Missouri Endowed Professor Emeritus of Law at The University of Missouri
    Nick Pretnar
    Nick PretnarPostdoctoral Scholar at The University of California, Santa Barbara
  • Jim Snooks
    Jim SnooksAssociate Professor of Business at Moraine Valley Community College
    Jie Ying
    Jie YingAssistant Professor of Finance at Southern Illinois University Edwardsville
    Mitchell Langbert
    Mitchell LangbertAssociate Professor of Business Management at Brooklyn College
    Reilly White
    Reilly WhiteAssociate Professor of Finance at the University of New Mexico
    Archish Maharaja
    Archish MaharajaProfessor of Business and Director of Graduate Programs at Point Park University
    Wendy Habegger
    Wendy HabeggerLecturer at James M. Hull College of Business at Augusta University
  • Dr. Mikhail Kouliavtsev
    Dr. Mikhail KouliavtsevDepartment Chair and Professor of Economics and Finance at Stephen F. Austin State University
    Dr. Leo Chan
    Dr. Leo ChanAssociate Professor of Finance Economics at Utah Valley University
    Eliezer Fich
    Eliezer FichProfessor of Finance at Drexel University’s LeBow College of Business
    Carrie L. Johnson
    Carrie L. JohnsonAssociate Professor and Extension Specialist at North Dakota State University
    Dr. James Barth
    Dr. James BarthLowder Eminent Scholar in Finance at Auburn University
    Malcolm Robinson
    Malcolm RobinsonProfessor of Economics at Thomas More University
  • Rutherford Johnson
    Rutherford JohnsonLecturer of Economics at the University of Minnesota Crookston & General Conference Chair of the West East Institute
    Amit Sinha
    Amit SinhaProfessor of Finance and Quantitative Methods at Bradley University
    Aron Tobias
    Aron TobiasAssistant Professor of Economics at Syracuse University
    Jonathan Handy
    Jonathan HandyAssistant Professor of Finance at Western Kentucky University
    Hank Bahr
    Hank BahrAdjunct Lecturer at Haslam College of Business at The University of Tennessee, Knoxville
    Randy Beavers
    Randy BeaversAssistant Professor of Finance at Seattle Pacific University
  • David Marlett
    David MarlettManaging Director of Brantley Risk and Insurance Center, IIANC Distinguished Professor of Insurance at Appalachian State University
    Michael Rainey
    Michael RaineyPractitioner Lecturer of Business Law at Pepperdine Graziadio Business School
    Angelo DeCandia
    Angelo DeCandiaProfessor of Business at Touro College
    Steven Gattuso
    Steven GattusoAssistant Professor of Economics & Finance at Canisius College
    Dr. James Philpot
    Dr. James PhilpotAssociate Professor and Director of the Financial Planning Program at Missouri State University
    Jeffrey Diamond
    Jeffrey DiamondAdjunct Professor, Atlanta's John Marshall Law School
  • Melissa M. Hart
    Melissa M. HartSenior Lecturer, Finance at North Carolina State University
    Derek Lawson
    Derek LawsonAssistant Professor, Ph.D., CFP at Kansas State University; Partner & CCO (Priority Financial Partners)
    Robert Hartwig
    Robert HartwigClinical Associate Professor, Finance Department and Director, Center for Risk and Uncertainty Management; Darla Moore School of Business; University of South Carolina
    Wayne Miller
    Wayne MillerAdjunct Professor - Wayne Law at Wayne State University and COO at Miller & Tischler P.C.
    Sampath Kumar
    Sampath KumarProfessor of Marketing for the Austin E. Cofrin School of Business at UW-Green Bay
    Jeffrey H. Harris
    Jeffrey H. HarrisGary Cohn Goldman Sachs Chair in Finance at American University
  • Richard McGrath
    Richard McGrathProfessor of Economics at Georgia Southern
    Kai  Ding
    Kai DingAssistant Professor Department of Economics at California State University - East Bay
    Dr. Amanda J. Phalin
    Dr. Amanda J. PhalinSenior Lecturer, Warrington College of Business at the University of Florida
    Lealand Morin
    Lealand MorinAssistant Professor of Economics at the University of Central Florida
    Dr. Arun Upadhyay
    Dr. Arun UpadhyayAssociate Professor - Department of Finance at Florida International University
    Kim Austin
    Kim AustinState Farm Insurance Agent/Owner
  • David Brownstone
    David BrownstoneEmeritus Professor of Economics at the University of California, Irvine
    Michael Tsiros
    Michael TsirosPatrick J. Cesarano Professor and Chair of Marketing at the University of Miami
    Deanne Butchey
    Deanne ButcheyUniversity Lecturer Department of Finance at the College of Business, Florida International University
    Mark Ratchford
    Mark RatchfordProfessor of Practice - Freeman School of Business at Tulane University
    PV Viswanath
    PV ViswanathGraduate Program Chair in the Department of Finance and Economics at Pace University
    Benjamin Shiller
    Benjamin ShillerAssistant Professor of Economics at Brandeis University
  • Robert H. Jerry, II
    Robert H. Jerry, IIFloyd R. Gibson Missouri Endowed Professor Emeritus of Law at The University of Missouri
    Nick Pretnar
    Nick PretnarPostdoctoral Scholar at The University of California, Santa Barbara
  • Jim Snooks
    Jim SnooksAssociate Professor of Business at Moraine Valley Community College
    Jie Ying
    Jie YingAssistant Professor of Finance at Southern Illinois University Edwardsville
    Mitchell Langbert
    Mitchell LangbertAssociate Professor of Business Management at Brooklyn College
    Reilly White
    Reilly WhiteAssociate Professor of Finance at the University of New Mexico
    Archish Maharaja
    Archish MaharajaProfessor of Business and Director of Graduate Programs at Point Park University
    Wendy Habegger
    Wendy HabeggerLecturer at James M. Hull College of Business at Augusta University
  • Dr. Mikhail Kouliavtsev
    Dr. Mikhail KouliavtsevDepartment Chair and Professor of Economics and Finance at Stephen F. Austin State University
    Dr. Leo Chan
    Dr. Leo ChanAssociate Professor of Finance Economics at Utah Valley University
    Eliezer Fich
    Eliezer FichProfessor of Finance at Drexel University’s LeBow College of Business
    Carrie L. Johnson
    Carrie L. JohnsonAssociate Professor and Extension Specialist at North Dakota State University
    Dr. James Barth
    Dr. James BarthLowder Eminent Scholar in Finance at Auburn University
    Malcolm Robinson
    Malcolm RobinsonProfessor of Economics at Thomas More University
  • Rutherford Johnson
    Rutherford JohnsonLecturer of Economics at the University of Minnesota Crookston & General Conference Chair of the West East Institute
    Amit Sinha
    Amit SinhaProfessor of Finance and Quantitative Methods at Bradley University
    Aron Tobias
    Aron TobiasAssistant Professor of Economics at Syracuse University
    Jonathan Handy
    Jonathan HandyAssistant Professor of Finance at Western Kentucky University
    Hank Bahr
    Hank BahrAdjunct Lecturer at Haslam College of Business at The University of Tennessee, Knoxville
    Randy Beavers
    Randy BeaversAssistant Professor of Finance at Seattle Pacific University
  • David Marlett
    David MarlettManaging Director of Brantley Risk and Insurance Center, IIANC Distinguished Professor of Insurance at Appalachian State University
    Michael Rainey
    Michael RaineyPractitioner Lecturer of Business Law at Pepperdine Graziadio Business School
    Angelo DeCandia
    Angelo DeCandiaProfessor of Business at Touro College
    Steven Gattuso
    Steven GattusoAssistant Professor of Economics & Finance at Canisius College
    Dr. James Philpot
    Dr. James PhilpotAssociate Professor and Director of the Financial Planning Program at Missouri State University
    Jeffrey Diamond
    Jeffrey DiamondAdjunct Professor, Atlanta's John Marshall Law School
  • Melissa M. Hart
    Melissa M. HartSenior Lecturer, Finance at North Carolina State University
    Derek Lawson
    Derek LawsonAssistant Professor, Ph.D., CFP at Kansas State University; Partner & CCO (Priority Financial Partners)
    Robert Hartwig
    Robert HartwigClinical Associate Professor, Finance Department and Director, Center for Risk and Uncertainty Management; Darla Moore School of Business; University of South Carolina
    Wayne Miller
    Wayne MillerAdjunct Professor - Wayne Law at Wayne State University and COO at Miller & Tischler P.C.
    Sampath Kumar
    Sampath KumarProfessor of Marketing for the Austin E. Cofrin School of Business at UW-Green Bay
    Jeffrey H. Harris
    Jeffrey H. HarrisGary Cohn Goldman Sachs Chair in Finance at American University
  • Richard McGrath
    Richard McGrathProfessor of Economics at Georgia Southern
    Kai  Ding
    Kai DingAssistant Professor Department of Economics at California State University - East Bay
    Dr. Amanda J. Phalin
    Dr. Amanda J. PhalinSenior Lecturer, Warrington College of Business at the University of Florida
    Lealand Morin
    Lealand MorinAssistant Professor of Economics at the University of Central Florida
    Dr. Arun Upadhyay
    Dr. Arun UpadhyayAssociate Professor - Department of Finance at Florida International University
    Kim Austin
    Kim AustinState Farm Insurance Agent/Owner
  • David Brownstone
    David BrownstoneEmeritus Professor of Economics at the University of California, Irvine
    Michael Tsiros
    Michael TsirosPatrick J. Cesarano Professor and Chair of Marketing at the University of Miami
    Deanne Butchey
    Deanne ButcheyUniversity Lecturer Department of Finance at the College of Business, Florida International University
    Mark Ratchford
    Mark RatchfordProfessor of Practice - Freeman School of Business at Tulane University
    PV Viswanath
    PV ViswanathGraduate Program Chair in the Department of Finance and Economics at Pace University
    Benjamin Shiller
    Benjamin ShillerAssistant Professor of Economics at Brandeis University
  • Robert H. Jerry, II
    Robert H. Jerry, IIFloyd R. Gibson Missouri Endowed Professor Emeritus of Law at The University of Missouri
    Nick Pretnar
    Nick PretnarPostdoctoral Scholar at The University of California, Santa Barbara

Methodology

All quotes were determined by selecting an average driver profile for insurance companies throughout the country in hundreds of cities and every state. All companies listed here are available in a minimum of 29 states. Learn more about MoneyGeek's methodology.

About the Author

Karon Warren is a freelance writer who has written for Lending Tree, Student Loan Hero, Magnify Money, Sapling and others.

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Sources