The Cheapest Full Coverage Car Insurance (February 2023)
The cheapest full coverage car insurance is GEICO, at $941 per year and $78 per month. Some insurers may charge as much as $800 more per year than others. Comparison shopping is the best way to find the most affordable policy for you.
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Cheapest Full Coverage Car Insurance
Which Companies Have the Cheapest Full Coverage Car Insurance?
Full coverage car insurance costs an average of $1,270 per year. We analyzed the largest auto insurance companies across all 50 states to find the nine companies with the cheapest full coverage car insurance rates. The three cheapest companies are:
- GEICO: $941 per year.
- State Farm: $1,114 per year.
- USAA: $817 per year, but only available to drivers with a military background.
Discover more details about the top three cheapest full coverage car insurance providers below.
The Cheapest Widely-Available Insurer: GEICO
- The annual premium for the average driver is $941 with GEICO
- Customers could save $329 per year compared to the average cost of full coverage auto insurance
- Offers almost all major car insurance discounts including bundling, safe driving, multi-vehicle and car safety features
Cheapest Runner-Up: State Farm
- State Farm customers pay an average of $1,114 per year for full coverage auto insurance
- Drivers insured by State Farm could pay $156 less per year than the average cost of comprehensive and collision coverage from other companies.
- State Farm also offers most major discounts offered by competitors
Cheapest Full Coverage for Military: USAA
- With an average premium of $817 per year, USAA offers the most affordable rates for comprehensive and collision
- Drivers who are insured by USAA could save $453 per year compared to the average cost of full coverage auto insurance
- USAA only provides policies to military members, veterans and military families
Each of these companies offers auto insurance coverage in at least 30 states across the U.S. While these rates are averages, they may not reflect the actual rate each customer will receive. It’s best to compare auto quotes from different insurance companies using your personalized factors to determine which offers the best cheap full coverage car insurance.
Cheapest Full Coverage Car Insurance Rates
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Compare Auto Insurance Rates
Ensure you are getting the best rate for your car insurance. Compare quotes from the top insurance companies.
How Much is Full Coverage Car Insurance in Your State?
Car insurance is regulated by the states, so the cheapest companies for full coverage at a national level might not necessarily be the cheapest company in your state. MoneyGeek found that GEICO, the cheapest company for full coverage nationally, is also most likely to be the cheapest on average in your state. It had the lowest rates in 24 of the 50 states plus Washington D.C.
State Farm is the cheapest for full coverage in nine states, while both Nationwide and Erie — the cheapest option in three states each — round out the top four.
However, If your military background makes you eligible, USAA could be your cheapest choice. It was the most affordable for our sample driver in 38 states.
Browse to your state below to learn more about the cheapest full coverage policies where you live.
Cheapest Full Coverage Car Insurance Rates by State (Excluding USAA)
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Cheapest Full Coverage Car Insurance for Young Drivers
MoneyGeek found that nationally, the most common cheapest full coverage car insurance company for young adult drivers is Geico, though the cheapest option for high school-aged teens is State Farm. These rates were discovered using a profile with the sample driver on their own policy (not bundled with a parent's policy), using $1,000 deductible and 100/300/25 coverage limits.
To discover the cheapest and best car insurance for young drivers, you will need to consider not only your age, but the state you live in, your deductible and coverage limits, and what discount programs you may be eligible for.
GEICO is widely available and most commonly offers the cheapest full coverage car insurance for young drivers. To make your policy even more affordable, GEICO offers a variety of discount programs, including student discounts for those with good grades. GEICO also offers easy digital accessibility and utilizes a mobile app that allows you to quickly manage your insurance, pay your bill, make and track the progress of a claim, and more.
CHEAPEST FULL COVERAGE FOR DRIVERS AGES 16 THROUGH 25
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- AgeCompanyAnnual Premium
- 16State Farm$5,347
- 17State Farm$4,741
- 18State Farm$4,267
Cheapest Full Coverage Car Insurance for Seniors
The national average cost of full coverage car insurance for senior drivers is $1,334. MoneyGeek data found that the cheapest full coverage car insurance company for seniors is State Farm, with an annual premium of $1,145. GEICO is a close runner-up with an annual premium of $1,151.
USAA was found to be the cheapest full coverage provider overall, but coverage is only available to active and retired military members and their families.
State Farm is widely available with an above-average customer satisfaction rating and generally affordable rates. To further decrease the cost of your full coverage policy, take advantage of their discount programs by bundling, installing an anti-theft system and airbags, and taking a defensive driving class.
Average annual rates for a 70-year-old senior with 100/300/100 limit
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The cost of full coverage car insurance as a senior will depend on a few individual factors including age, driving history, credit history, and the state you live in. Review the best cheap car insurance companies for seniors by state and compare different quotes from multiple insurance companies to find the most affordable full coverage rate for you.
Cheapest Full Coverage Car Insurance After Getting a Ticket
MoneyGeek found that GEICO is also the cheapest widely-available insurer for full coverage after a ticket at an average cost of $1,265 per year. Accidents and tickets on your driving record could increase the cost of full coverage car insurance in your state, reducing your chances of getting cheap auto insurance rates. When comparing the average annual premium for full coverage insurance, the cost increase with a ticket is $759 per year.
GEICO's average full coverage rate of $1,265 after a speeding ticket is the most affordable for most drivers when compared to other companies. GEICO policyholders with a clean driving record can expect to pay $324 less per year on comprehensive and collision coverage than those with a ticket.
Drivers with GEICO who have a history of violations can get even more savings with its discounts for seat belt use, air bags and credit for completing a defensive driving course.
Cheapest Full Coverage Car Insurance Rates With a Ticket
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USAA came in as the lowest-cost company for these coverages, costing an average of $939 per year. This is $122 more expensive per year than not having a ticket. However, USAA is only available to military members, veterans and their families.
Rates will vary widely based on the state you live in, the type of ticket received and other personalized factors. Getting an individual quote for these auto coverages will help determine which company is best for cheap car insurance after a speeding ticket.
Cheapest Full Coverage Car Insurance Rates After an Accident
MoneyGeek found that State Farm has the cheapest rates if you're at fault for an accident, costing an average of $1,434 per year.
If you are involved in an accident, it could affect your chances of getting cheap full coverage car insurance rates. While not all accidents and claims will raise your rates, you should expect rates to adjust if you are involved in an accident. When comparing rates for the same 50 companies, we found that the average rate increase is $1,130 more per year.
With an average premium of $1,434 after an accident, State Farm provides some of the lowest full coverage auto insurance rates for most drivers. With an accident on their record, drivers insured by State Farm can expect to pay an average of $320 more for full coverage insurance than if they had a clean driving record.
Get even more savings from State Farm by taking advantage of discounts for air bags, anti-theft devices or completing a defensive driving course.
Average Annual Insurance Rates With an Accident
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For those who are eligible, USAA once again had the lowest rates for this type of driver. After an at-fault accident, USAA policyholders pay an average of $1,236 per year.
Being labeled as a high-risk driver can be costly, but you can and should still get multiple quotes to ensure you get the best car insurance rates for which you qualify.
Cheapest Full Coverage Car Insurance With Increased Coverage Amounts
Most rates on this page are for a 50/100/50 policy described in our methodology, but if you increase your liability limits to 100/300/100, we found that GEICO is the cheapest option, with rates averaging out to $1,047 per year.
Increasing liability coverage limits from 50/100/50 to 100/300/100 may cost more, but it also provides broader protection if you cause injuries or property damage in an accident. These higher limits include $50,000 more per injured person, $200,000 more in total injuries per accident and $50,000 more property damage coverage.
GEICO customers pay an average of $1,047 per year for 100/300/100 coverage , $126 more than for 50/100/50 coverage. In many cases, increasing your liability coverage is relatively affordable and could cover you for thousands of dollars in costs if you cause an accident.
Average Annual Rates for 100/300/100 Liability Coverage
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Expect to pay an average of 37% more for increasing liability coverage to 100/300/100 from 50/100/50. USAA remains the cheapest option though only current and former military families will be eligible to buy it.
How much rates change when altering liability limits will vary from company to company. Even if you're trying to save, on your insurance bill, you should still buy an appropriate amount of liability insurance. Try to determine how much liability car insurance you need before shopping so that you can protect yourself in the event of an accident.
The Best Full Coverage Car Insurance Company
You should consider more than just rates when buying a full coverage car insurance policy. You’ll want a company that combines savings with excellent customer service and claims processes. And you’ll want it to be financially stable so that you know your claims will be paid. MoneyGeek ranked GEICO as the best car insurance company.
GEICO ranks as the best car insurance company for full coverage policies. It combines cheap rates with a strong customer service reputation and rock-solid financial stability. And if you're looking to cover your new car against typical wear and tear, GEICO offers Mechanical Breakdown Insurance, a warranty program that few other insurers can match.
What Is Full Coverage Auto Insurance?
There is no single definition for full coverage car insurance, but it typically includes liability protection and comprehensive and collision coverage.
- Liability coverage protects you against the cost of property damage or injury to others if you're at fault
- Comprehensive and collision coverages insurance covers repairs to your vehicle if it's damaged on or off the road; from an at-fault accident or collision with another vehicle or object, animal damage and fire or weather-related incident, as well as vandalism and theft.
Other coverages that may be included in full coverage auto insurance, depending on your policy:
- Personal Injury Protection (PIP)
- Medical Payments
- Uninsured/Underinsured Motorist
- Guaranteed Asset Protection Insurance (GAP)
- Rental Car Coverage
- Roadside Assistance
These additional coverages are considered optional and can be included in a quote for cost-comparison purposes.
What Full Coverage Doesn't Cover
Unless you opt for additional insurances such as PIP, GAP, uninsured/underinsured coverage, and other optional coverages listed above, these options are commonly not included in full coverage insurance. In addition, commercial use of your vehicle is typically not covered. This includes ridesharing drivers who work for services such as Uber, Lyft, and DoorDash. Some supplemental coverages may or may not include vehicle customization or accessories, and some may not cover pet injuries unless you purchase a separate pet injury rider.
When choosing a policy it's critical to ask your policy provider about the details of your coverage and if you need supplemental policies to ensure you are protected.
How to Determine if Full Coverage Car Insurance is Right for You
Full coverage car insurance is not a common legal requirement if you own your car, but can contribute to your peace of mind and ensure that you are protected when you need it most. If you drive a financed or leased vehicle, you will likely be required by your lender to purchase full coverage to protect their investment.
The greatest value of full coverage car insurance is the financial protection of you, and your vehicle as an asset. When determining if full coverage car insurance is a practical investment to protect your vehicle, you'll need to consider the actual cash value of your vehicle, your deductible, and how ready and prepared you are to cover the cost of repairs or medical bills.
- Actual cash value (ACV): The most current and evaluated value of your vehicle for replacement cost. You can determine the ACV of your vehicle by looking up the year, make, model, and trim level of your vehicle online. Then, reduce the value by any wear and tear on the vehicle as well as any claims and unrepaired damage.
Use this simple equation for insight into how many years of full coverage you would need to pay to replace your car: (A-B/C)
- A: The actual cash value of your vehicle
- B: The cost of your deductible
- C: Annual full coverage car insurance cost
- If your car was worth $4,000, your deductible was $500, and your annual full coverage car insurance cost was $941, it would take 3.7 years of full coverage to replace your vehicle.
- If your car was worth $15,000, your deductible was $500, and your annual full coverage car insurance cost was $941, it would take 15.4 years of full coverage to replace your vehicle.
Additional considerations using the above example:
- If you have an older car worth $4,000 that you plan on replacing in the next few years, rather than investing in full coverage car insurance, your best option might be to save and set money aside for the next 3.7 years to replace your vehicle.
- However, if you drive a newer or more expensive car, a full coverage car insurance option is a great way to protect your financial investment. If your $15,000 car was totaled, your policy would cover its replacement, which otherwise would take you 15.4 years of saving on your policy cost to purchase a new car.
Full coverage car insurance decreases in value as an investment as your vehicle ages, increases miles, and decreases in worth. Experts recommend that if your annual full coverage payment is lower than 10% of the value of your car, a full coverage policy may be a worthy investment.
If your policy payment is exceeds 10% of the actual cash value of your car, you may consider not getting full coverage car insurance or dropping your policy.
How to Shop for the Cheapest Full Coverage Policy
One of the best ways to get cheap full coverage auto insurance is by shopping with several car insurance companies. Getting multiple personalized quotes to compare coverages doesn’t have to be difficult. You can get quotes almost instantly, and MoneyGeek can help. By comparing auto insurance rates and coverages, consumers can save up to 47%, even high-risk drivers.
To make the process easier, have the right information available when getting full coverage car insurance quotes. Here are some steps to take to get accurate auto quotes while shopping for car insurance:
Gather your information
To get an accurate quote, you'll typically need to enter your name, date of birth, address and driver’s license information for all household drivers, including yourself. You'll also need to know the year, make, model and VIN for each vehicle to be insured. Knowing your current coverages can help you find the best deal for full coverage.
Quote the same coverages
Whether you're comparing two or five different auto insurance companies, be consistent with the coverages you're using to compare. Use the same liability limits and comprehensive and collision deductibles to make an accurate comparison to find the best cheap full coverage car insurance.
Consider optional coverages
Add-ons can mean higher premiums, but they may be worth it to you. Accident forgiveness, gap insurance and rental car coverage are just a few of the options available. Optional coverages vary by company and may not be available to all customers.
MoneyGeek has analyzed rates across the board to help you find the best and cheapest full coverage car insurance in your state. The types of coverage offered by insurance providers vary, and that’s why it’s crucial to compare your own costs by getting customized quotes. Your individual situation and personalized needs are the best determining factors of how much you’ll pay for full coverage auto insurance. These tips and steps can give you a big head start in finding your best option.
Common Questions About Full Coverage Car Insurance
The following are some of the most frequent questions drivers have about buying full coverage car insurance.
Expert Advice: Understanding Full Coverage Car Insurance
- Why should shoppers consider full coverage auto insurance over liability-only auto insurance?
- What coverage amounts do you recommend for most drivers?
- What strategies can buyers use to find affordable full coverage insurance from a reputable provider?
Economics Professor at the University of Mary Hardin-Baylor
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Managing Director of Brantley Risk and Insurance Center, IIANC Distinguished Professor of Insurance at Appalachian State University
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