Cheapest Full Coverage Car Insurance (December 2023)
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By
, Content DirectorBy
, Director, Corporate Communications, Insurance Information InstituteNationwide offers the cheapest widely-available full coverage car insurance for the average adult driver, including, those with a speeding ticket on their driving record.
State Farm provides the cheapest full coverage rate for teens, seniors and drivers with an at-fault accident or a DUI on their driving record.
GEICO is the most affordable option for young drivers ages 20–25. Meanwhile, drivers who have a military background may find the cheapest full coverage car insurance through USAA.
Cheapest Car Insurance in December 2023





Cheapest Full Coverage Car Insurance: Nationwide
Nationwide offers the cheapest full coverage car insurance for most drivers, with an average annual premium of $985 per year and $82 a month.
The cheapest full coverage car insurance company may vary depending on certain factors, including age, motor vehicle record, claims history, coverage amount and deductible. MoneyGeek analyzed the largest auto insurance companies across the country to find the most affordable full coverage policy.

For most drivers, the cheapest widely available insurance company for a 100/300/100 full coverage policy and a $1,000 deductible is Nationwide.
Average Annual Rate: $985
Aside from having cheap full coverage car insurance, Nationwide offers a range of add-on car insurance coverages to enhance your policy. These include roadside assistance, rental car reimbursement, gap insurance, towing and labor, accident forgiveness, vanishing deductible, and total loss deductible waiver. Each add-on is designed to provide additional protection and peace of mind for policyholders. Qualified policyholders can get lower rates with the help of various discounts, including daytime running lights, new vehicle and bundling.
A car insurance policy provides financial protection in the event of an accident. Generally, you’re only required to have insurance that meets the state minimum coverage requirements. But depending on your needs and circumstances, you can choose higher coverage levels and add optional coverages.
The coverage limits and deductible you choose will affect the cost of your premium. Having a higher deductible can lead to lower car insurance rates. A 100/300/100 policy provides coverage of up to $100,000 for bodily injury per person, $300,000 for bodily injuries per accident and $100,000 for property damage liability per accident. Deductible refers to the amount the policyholder pays out of pocket when making a claim.
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Cheapest Full Coverage Car Insurance by State
Location is an important factor when looking for cheap full coverage car insurance. The cheapest provider on a national level may not be the cheapest in your state. Companies tend to charge differently by state, city and ZIP code depending on state law.
Rates in California and Michigan are determined by city, while other states allow rates to be determined by ZIP code. There are some smaller insurers that serve only a few states but may still offer the cheapest full coverage car insurance in the locations they serve.
Use the table below to find the cheapest provider and average rate for you. Select your state and age range for a more accurate estimate.
The rates shown in the table above are for a 100/300/100 full coverage policy with a $1,000 deductible.
Cheap Full Coverage Car Insurance by Age
Age is a common factor insurers use to determine the cost of car insurance. Teens and young drivers tend to be the most expensive to insure, and senior drivers typically pay slightly higher premiums than middle-aged adults. However, the states of Hawaii and Massachusetts do not allow age to be used as a rating factor.
The most common cheapest providers based on age range across the U.S. are:
- Teens (ages 16–19): State Farm
- Young drivers (ages 20–25): GEICO
- Adults (ages 30–50): GEICO
- Seniors (ages 60+): State Farm
Companies tend to charge higher premiums to teens and young drivers as they are seen to be riskier to insure. According to the National Safety Council, the 15–24 age group recorded the highest death rate in collision accidents involving a fixed object. There were 6.3 deaths per 100,000 population. In comparison, the average across all age groups is only 3.6.
The table above shows the cheapest full coverage car insurance for a 100/300/100 policy with a $1,000 deductible. Note that these premiums are for individual policies only. Teens may find lower rates by being added to a family policy.
Without a parent or guardian to co-sign, most teens under 18 can't legally purchase their own auto insurance policy. Typically, if a teenage driver needs car insurance, it's best to add them to a family policy.
— Mark Friedlander, Director, Corporate Communications, Insurance Information Institute
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Cheapest Car Insurance for Teens and Young Drivers by State
Usually, the cheapest way to insure a teen or young driver is to add them to a family policy. However, there are certain requirements you need to submit. These may vary per insurance provider, so it’s best to check with your agent.
Compare rates in your state to see the cost difference between the cheapest car insurance for teens and young drivers on a family policy vs. the cost of an individual policy with the same provider. To learn more about cheap car insurance for drivers ages 16–25, select your age and sex; you can then click on your state to learn more about car insurance where you live.
The rates shown in the table are for a 100/300/100 policy with a $1,000 deductible.
There are various factors to consider when determining the best and cheapest car insurance policies. MoneyGeek has resources to help teens and young drivers better understand their insurance options and learn how to lower rates.
- Find the cheapest and best companies in 2023 for teens and young drivers.
- Compare car insurance rates for individual and family policies by age, gender and state.
- MoneyGeek ranks the best car insurance providers for young drivers in 2023.
- Check the most affordable car insurance for students.
- Learn about car insurance discounts for students and how to get them.
Cheapest Full Coverage Car Insurance for Seniors by State
The cheapest full coverage car insurance for most seniors is from State Farm. It has an average annual premium of $819 or $68 per month.
Insurance providers typically charge higher premiums for senior drivers than middle-aged adults because of their vulnerability to injury due to a crash. Crash death rates among older adults have also increased.
Find the cheapest rates for a senior driver in your area by selecting your state in the table below.
The rates shown above are for a 65-year-old driver with a 100/300/100 policy and a $1,000 deductible.
There are various resources you can use to get more information about car insurance policies for senior drivers. MoneyGeek analyzed the best and cheapest car insurance rates for seniors. Policyholders seeking ways to lower rates may find discount options specific to seniors, including seniors who own a home, military veterans or those who don’t often drive or drive long distances.
Compare Auto Insurance Rates
Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.
Cheapest Full Coverage With a Ticket
Car insurance rates typically go higher after you have gotten a ticket. It may also be harder to find cheap car insurance after a ticket because insurers deem the driver much riskier to insure.
Nationwide is the cheapest car insurance company for drivers with a ticket for all age groups:
- 22–29 years old: $1,486 per year or $124 per month
- 30–59 years old: $1,238 per year or $103 per month
- 60+ years old: $1,149 per year or $96 per month
Drivers with a ticket on their driving record can lower the cost of their car insurance by utilizing discounts, choosing lower coverage limits or having a higher deductible. Exploring other options and comparing rates based on how much car insurance you need can also help you find the most affordable policies. Use the table below to review premiums by coverage and deductible.