If you have a car in Vermont, you might be wondering where you can get the best car insurance available. MoneyGeek ranked various companies to establish the cheapest car insurance providers in Vermont and help you find a premium that suits your needs. Factors such as driving record, location and age contribute to your premium cost. If you want to insure your car in this state, shop around for quotes from several providers. MoneyGeek's ratings reveal a potential savings of $1,044 when comparing car insurance costs from affordable companies in Vermont.
The Best Cheap Car Insurance in Vermont for 2021
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Cheapest Car Insurance Companies and Quotes in Vermont
Factors such as vehicle type, if you have a clean driving history and age play a significant role in establishing car insurance costs in Vermont. MoneyGeek ranked the most affordable carriers based on their average annual rates for comprehensive and collision coverage. By comparing quotes from different companies, you can determine your premium costs. Your expenses may vary from the average rates due to factors like driving record, credit score and coverage level.
Average Comprehensive and Collision Rates in Vermont
These costs approximate what an average driver needs to pay for car insurance in Vermont. Each insurer uses a similar set of factors, including the driver’s age, credit score and vehicle type, to derive their prices. However, different insurers weigh these factors differently. By shopping around, you can find the most affordable car insurance within Vermont.
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Cheapest Liability Car Insurance in Vermont
Liability-only car insurance covers third-party damages and medical expenses if you are at fault in a car accident. It can make sense to purchase comprehensive and collision coverage since liability insurance does not cover your costs after an accident. In most states, there is a mandatory minimum liability requirement. Most drivers will find Vermont Mutual to be the cheapest option in Vermont, both for the state minimum and a higher 50/100/50 coverage level.
Average Cost for Liability Coverage
- CompanyAnnuallyMonthly
- 1. USAA$160$13
- 2. Vermont Mutual$206$17
- 3. Allstate$242$20
- 4. State Farm$346$29
- 5. Concord Group$355$30
The Best Car Insurance Companies in Vermont for 2021
MoneyGeek used a unique scoring system that combines various factors to rank Vermont’s best car insurance companies. To determine each score, MoneyGeek utilized information from J.D. Power and AM Best, along with unique pricing data.
MoneyGeek weighed factors like affordability, claims reputation, financial strength and user satisfaction equally to obtain a score out of 100. By using these rankings, you can easily find the best auto insurance within the state.
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While USAA scores highly in many areas, this provider is only available to military members, veterans and their families.
Market Share by Company
According to NAIC’s report on insurance companies in the state, Progressive ranks as the largest company in Vermont with 17.72% of the market share. The table below shows the other largest companies in the state.
- CompanyMarket Share
- 1. Progressive17.7%
- 2. GEICO14.9%
- 9.0%
- 4. State Farm8.2%
- 5. Allstate5.8%
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What Is the Average Cost of Car Insurance in Vermont?
Car insurance premiums in Vermont rely on several factors. MoneyGeek acquired average rates for comprehensive and collision insurance for a 40-year-old driving a Toyota Camry with no history of accidents or tickets. Your insurance costs may be higher or lower than these Vermont rates depending on your location, age, driving history and coverage.
- Average Driver: $812
- DUI: $1,484
- Speeding Ticket: $963
- Poor Credit Score: $1,439
- Seniors: $802
- Students: $2,072
Cheapest Car Insurance for Drivers With a DUI in Vermont
A DUI can — and will — impact your insurance rates. In fact, a DUI could cause your rates to double overnight, so drivers with a DUI on record often don’t know how to begin the search for cheap car insurance. In Vermont, 1.8% of adult drivers admitted to driving after drinking too much in the past 30 days and 186 people died in alcohol-related accidents in Vermont from 2009-2018.
Average Car Insurance Rates With a DUI
- CompanyAnnuallyMonthly
- 1. USAA$758$63
- 2. State Farm$784$65
- 3. Allstate$878$73
- 4. Concord Group$1,096$91
- 5. Nationwide$1,341$112
A DUI will impact your car insurance rates for years, but comparing personalized quotes from multiple auto insurance companies will help you find the best rate. If you are unable to obtain insurance after a DUI, exploring state-sponsored auto insurance programs can provide a solution. These programs were created by the states to insure high-risk drivers while sharing the risk of insuring this type of driver between multiple providers.
Cheapest Car Insurance With Tickets in Vermont
According to the National Highway Traffic Safety Administration (NHTSA), distracted driving resulted in 60 crashes in the state of Vermont in 2018. If you find yourself searching for affordable car insurance after a distracted driving or speeding ticket, know that your rates will likely increase. Finding cheap insurance for drivers with a ticket can be done by comparing quotes with more than one of the top-rated auto insurance companies in Vermont. The following table illustrates estimates of what Vermont residents can expect to pay if they’re penalized for speeding or distracted driving.
Average Car Insurance Rates With a Ticket
- CompanyAnnuallyMonthly
- 1. USAA$440$37
- 2. Vermont Mutual$569$47
- 3. Allstate$742$62
- 4. Concord Group$752$63
- 5. State Farm$784$65
A traffic violation will impact your rates, especially if your distracted driving causes an accident, but for how long depends on your insurance provider and your driving record before the incident. A citation from distracted driving can make you a higher-risk driver, which will impact your monthly premiums. Compare car insurance quotes from multiple providers to find the best rates after a citation.
Cheapest Car Insurance Companies in Vermont for Drivers With Bad Credit
Many insurance companies believe that a driver’s credit score reflects the driver’s financial responsibility. Therefore, drivers with low credit scores will likely pay more for car insurance. Vermont ranks fourth in the country for the highest credit scores — the average score in the state is 726. However, drivers with a lower credit score can still find affordable car insurance in Vermont.
Average Car Insurance Rates for Drivers With Bad Credit
- CompanyAnnuallyMonthly
- 1. USAA$704$59
- 2. Allstate$953$79
- 3. Concord Group$953$79
- 4. Nationwide$1,063$89
- 5. GEICO$1,093$91
Your credit score shows insurers how financially responsible you are, so a lower score will likely lead an insurance provider to set a higher premium to protect themselves from any financial losses. Educate yourself on how to improve your credit score before shopping for the best and cheapest car insurance in Vermont.
Cheapest Car Insurance Companies in Vermont for Seniors
Finding cheap car insurance for seniors in Vermont can be impacted by a unique set of factors. Older drivers face physical limitations to driving, such as changes in eyesight and reaction time, which can cause insurance providers to see them as high-risk drivers. In 2017, seniors made up 17.2% of all traffic fatalities in Vermont, according to the NHTSA. In the hopes of protecting drivers of all ages, the DMV of Vermont conducts driver re-examination tests for mature drivers on a requested basis to assess the capabilities of older drivers. The following table provides some estimations of what seniors in Vermont can expect to pay for their auto insurance.
Average Car Insurance Rates for Seniors
Rates for seniors can vary based on age and driver history. Insurance companies tend to see senior drivers as a higher-risk group due to common physical obstacles that come with age (such as vision, reflexes and attention). It is important for older drivers to discuss these factors with insurance providers when requesting car insurance quotes.
Cheapest Car Insurance for Students in Vermont
For younger drivers, being insured for a sedan will be cheaper than being insured for a sports car. Parents may also be able to get a good student discount or a discount for having their young drivers take a defensive driving course. It’s a good idea to ask a prospective insurer about any discounts for young drivers when you’re getting your quote.
If you're a college student coming to Vermont, you have 60 days to register your vehicle and make sure your insurance meets the legal requirements for the state. Remember that responsible driving can result in lower insurance rates, including putting your phone away while you’re behind the wheel (60% of teen driver crashes involve distractions, according to AAA).
The following table demonstrates the approximate rates offered by insurance providers in Vermont. It’s important to understand that a variety of factors can impact your rates as a student driver, including your driving record, how long you’ve been a licensed driver and the type of car you drive.
Average Car Insurance Rates for Students
- CompanyAnnuallyMonthly
- 1. Allstate$1,564$130
- 2. State Farm$2,005$167
- 3. GEICO$2,111$176
- 4. Nationwide$2,318$193
- 5. Progressive$2,402$200
Insurance Rate Information for Military Drivers and Veterans
About 170 active-duty military personnel and over 48,000 veterans live in Vermont. If you're on active duty, Vermont may extend your driver's license four years past its normal expiration date.
Insurers operating in Vermont that give discounts to military personnel and veterans include GEICO and USAA. With GEICO specifically, you may see discounts of up to 15%.
Average Rates for Vermont service members
25 years$1,252
50 years$941
50 years$941
25 years$1,359
50 years$922
50 years$922
Car Insurance in Vermont: What You Need to Know
According to the Vermont Department of Motor Vehicles, if you register, drive or park a vehicle on the street in Vermont, you must insure it.
Proof of Insurance in Vermont
Vermont doesn't require proof of insurance when you register your car at the DMV. But if the police pull you over, you'll need to show proof of insurance or another document proving financial responsibility.
Minimum Liability Insurance Requirements in Vermont
Vermont requires that all drivers get liability insurance designed to cover third-party injuries and property damage. The mandatory coverage levels are:
- $25,000 for bodily injury or death per person
- $50,000 for bodily injury or death per accident
- $10,000 for property damage
Vermont also requires uninsured/underinsured motorist coverage in case you're involved in an accident with a driver who lacks sufficient insurance:
- $50,000 for bodily injury per accident
- $100,000 for multiple persons per accident
- $10,000 for property damage
However, insurance experts and consumer groups generally consider these limits to be insufficient. If you commit a traffic violation or drive without insurance, the state may require you to purchase Financial Responsibility Insurance.
High-Risk Auto Insurance Program in Vermont
High-risk drivers who can’t find standard insurance due to problems with their driving records can choose from several insurers providing high-risk coverage, including Esurance, GEICO, Hartford, State Farm and Travelers.
Alternatives to Insurance in Vermont
If you don’t want to purchase auto insurance, there is an alternative to make sure you can compensate others if you are involved in an accident. In the state of Vermont, drivers can pay a $115,000 bond or deposit to the state instead of car insurance.
How Much Coverage Do You Need in Vermont?
Even though Vermont requires several important types of car insurance, experts and consumer groups urge you to get liability coverage of $100,000 per bodily injury and $300,000 per accident.
Additionally, if you have a fairly new car, you may want to consider collision and comprehensive coverage. This will cover vehicle costs due to a traffic accident, theft or natural disaster.
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Expert Advice on Finding Cheap Car Insurance in Vermont
To help you find credible and accurate information on car insurance in Vermont, MoneyGeek received expert advice from established professionals. The perspectives and opinions expressed are those of the individual contributor.
- What are the key factors drivers in Vermont should look for when searching for the best auto insurance coverage?
- What steps can drivers in Vermont take to find affordable car insurance?
Steven PecsokAssistant Professor of Economics at Middlebury College
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sources
- AAA. "Keys to Drive - Insurance - Vermont." Accessed March 6, 2020.
- AAA. "Keys to Drive - Know the Risks." Accessed March 6, 2020.
- Centers for Disease Control and Prevention. "Sobering Facts: Alcohol-Impaired Driving State Fact Sheets." Accessed December 28, 2020.
- Department of Motor Vehicles, Vermont. "Mature Drivers." Accessed March 7, 2020.
- Experian. "2019 Consumer Credit Review." Accessed March 6, 2020.
- Governing: The Future of States and Localities. "Military Active-Duty Personnel, Civilians by State." Accessed March 7, 2020.
- National Association of Insurance Commissioners. "2018 Market Share Reports." Accessed March 7, 2020.
- National Highway Traffic Safety Administration. "FTP Access." Accessed March 7, 2020.
- National Highway Traffic Safety Administration. "Traffic Safety Facts." Accessed March 7, 2020.
- United States Census Bureau. "Vermont Veteran Statistics." Accessed March 7, 2020.