Cheapest Car Insurance Companies

Farmers offers the cheapest car insurance nationwide for drivers aged 40-65, with minimum liability coverage starting at $56 monthly, 49% below the national average. Farmers also provides the lowest full coverage rates at $114 per month, making Farmers the top choice for drivers aged 40 to 65 seeking affordable comprehensive protection. 

GEICO ranks second with minimum coverage at $66 monthly and full coverage at $145, offering rates 37% below the national average. Progressive, Travelers, and State Farm provide competitive options, with minimum coverage costing between $86 and $90 monthly.

The table below ranks the most affordable car insurance companies nationwide for drivers aged 40 to 65. This broader age range indicates which companies offer the best rates for middle-aged and senior drivers.

*USAA is consistently the most inexpensive car insurance company for military members, veterans, and their families for most policies, but availability is limited to those who qualify for membership.

GEICO offers the cheapest full coverage car insurance in 49 out of 51 states, with monthly premiums ranging from $59 in Hawaii to $207 in the District of Columbia. GEICO delivers the best starting point for 40-year-old drivers comparing rates across nearly the entire country.

Progressive provides the most affordable rates in Nebraska at $113 per month. Nationwide leads only in Pennsylvania at $88 per month, offering the lowest rates in the nation.

Use the table below to find the most affordable car insurance company in your state:

*State rates reflect averages for a 40-year-old male driver with a clean driving record, fair credit, and a 2012 Toyota Camry.

GEICO offers the cheapest full coverage car insurance in 47 out of 51 states for 40-year-old drivers, with an average monthly premium of $149 or $1,785 annually. In states where it's the most affordable provider, GEICO saves drivers an average of 28%. 

State Farm and Travelers also offer competitive full coverage rates nationwide for drivers aged 40 to 64. State Farm averages $165 per month or $1,980 annually, saving 18% compared to the national average, while Travelers provides coverage at $178 per month or $2,136 annually, delivering 12% savings below typical rates.

Use the table below to find affordable full coverage auto insurance in your state.

*State rates reflect averages for a 40-year-old male driver with a clean driving record, fair credit, and a 2012 Toyota Camry.

In 49 of 51 states, GEICO offers the lowest minimum coverage rates. Drivers choosing GEICO in these states pay an average of $65 monthly or $780 per year, saving 30% compared to their state's average rates.

Beyond GEICO, nationwide options include Travelers and National General with competitive liability coverage prices. Monthly premiums from Travelers average $97 or $1,164 per year, representing 19% savings against the national average. National General's rates are $109 monthly or $1,308 annually, which is 13% below typical costs.

Check the table below for your state's most affordable minimum coverage option.

*State rates reflect averages for a 40-year-old male driver with a clean driving record, fair credit, and a 2012 Toyota Camry.

Since the most affordable auto insurance company can vary depending on your age group, we've analyzed rates across three key demographics to help you find the most affordable coverage for your specific situation. The data below shows which insurers offer the lowest premiums for minimum and full coverage at different ages, along with potential savings compared to more expensive auto insurance companies.

GEICO is the cheapest car insurance company for most teen drivers seeking minimum coverage, with rates dropping as teens gain experience. At 17 years old, drivers pay $237 monthly, while 18-year-olds see rates fall to $205 monthly, and 19-year-olds get even better deals. State Farm is the most cost-effective for 16-year-olds, saving policyholders 38% compared to the national average, with quotes averaging $271 monthly, making it the most affordable car insurance company for the youngest drivers just starting out.

Teen drivers pay higher rates for auto insurance coverage because this age group is three times more likely to get into an accident than older policyholders. Use the table below to see how much you could save insuring a teen age driver with the most budget-friendly auto insurers.

GEICO is the least expensive car insurance company for young adults for minimum and full coverage protection. Its rates for minimum coverage drop from $132 monthly at age 20 to $75 monthly by age 25, with potential savings increasing between age 22 and age 24 by 3%. For full coverage, GEICO's rates decline from $288 monthly at age 20 to $164 monthly by age 25, making it the most affordable car insurance company throughout the young adult years.

State Farm is the cheapest car insurance company for senior drivers looking for budget-friendly policies. Drivers choosing State Farm save 28% on average. Minimum coverage quotes start at $137 monthly, saving seniors $633 annually. Travelers is the second most affordable company, saving senior citizens $550 annually with rates as low as $144 monthly.

GEICO emerges as the clear winner for full coverage rates, providing the lowest car insurance rate for seniors at $124 monthly. Seniors who choose GEICO potentially save $506 per year over pricier companies. See the table below to compare the least expensive rates for seniors.

*The low-cost rates shown are for a full coverage policy with 100/300/100 limits and a $1,000 deductible for collision and comprehensive coverages. You can customize your deductibles, choosing different amounts for each coverage.

USAA stands alone as the most affordable car insurance company for military members, veterans, and their families, delivering unmatched rates that civilian companies simply can't compete with. With minimum coverage starting at just $335 annually and full coverage at $835, USAA's military-exclusive pricing creates savings of nearly $200 compared to the next low-cost company's premiums.

GEICO has the most affordable rates for those who do not qualify for USAA membership, with quotes as low as $514 for minimum coverage and $1,177 for full coverage.

State Farm offers the cheapest car insurance for high-risk drivers across all violation types, providing the lowest car insurance premiums for drivers with at-fault accidents, averaging $62 monthly. Drivers with a DUI violation usually pay rates of $72 monthly, and drivers with speeding tickets can expect premiums of around $56 monthly, but high-risk drivers can save between 30% and 38% on their premiums by selecting one of our recommended low-cost insurers. Use the table below to compare the most affordable car insurance companies for your high-risk situation and preferred coverage.

National General is the most budget friendly car insurance company for drivers with bad credit, with the lowest premiums at $72 monthly for minimum coverage. GEICO takes second place for credit-challenged drivers at $96 monthly, while Travelers rounds out the top three national budget-friendly car insurance companies at $117 monthly. Your credit score will impact your car insurance rates in most states, but the good news is that some companies are more forgiving than others. 

Compare low-rate auto insurance premiums for drivers with poor credit in the table below.

Programs like Progressive Snapshot, State Farm Drive Safe & Save, and GEICO DriveEasy offer pathways to the lowest car insurance rates for qualifying drivers. With discounts up to 40%, these providers are the best car insurance companies for safe drivers. Usage-based insurance monitors driving habits through smartphone apps or plug-in devices, rewarding safe drivers with discounts.

This coverage model works well for tech-savvy drivers, those with good driving habits and anyone willing to share driving data for potential savings. Below are some of the best usage-based programs available from national insurance companies:

Finding the low-cost auto insurance requires a systematic approach to ensure you get the lowest car insurance rates while maintaining adequate protection. Follow this guide to identify affordable car insurance options for your specific situation.

Securing affordable car insurance doesn't have to be complicated, but it does require strategy. We've identified five proven methods that consistently deliver the most competitive rates. These tactics work whether you need basic minimum coverage or comprehensive full coverage car insurance. Follow this approach to discover low-cost car insurance options that match your coverage needs without sacrificing financial protection.

While knowing the which car insurance companies offer the best value, these companies rates only provide a baseline, getting personalized quotes reveals your low-cost car insurance options based on your specific profile. The most affordable car insurance for your situation may differ from general rankings, making quotes essential for finding your lowest rates.

Finding affordable coverage makes sense for your budget, but the lowest price doesn't always provide the best value. Companies offering rates far below competitors might cut corners on important areas when you need to file a claim.

• Slow claims processing: Budget providers sometimes take weeks or months to handle claims, leaving you without transportation, while established companies generally process claims faster through larger networks of repair shops and adjusters.
• Limited customer service: Insurers offering rock-bottom rates may have smaller support teams, leading to longer hold times and less personalized assistance when you need help with your policy.
• Fewer coverage options: Many budget insurers provide basic liability policies without add-ons like roadside assistance or rental car reimbursement, which can protect you from costly out-of-pocket expenses after an accident.
• Financial risk with minimum coverage: Your policy covers damages only up to your limit, and you're responsible for anything beyond that amount in a serious accident.
• Hidden fraud costs: According to the FBI, insurance fraud costs the average family between $400 and $700 per year in premiums, meaning you're already paying for other people's fraudulent claims no matter which insurer you choose.

Car insurance scams target drivers through fake companies, staged accidents, and dishonest agents who collect premiums without providing real coverage. Fraudsters often lure victims with prices significantly below market rates, then disappear when it's time to pay claims. Protect yourself by verifying licenses, recognizing warning signs, and knowing where to report suspicious activity. Follow these steps to avoid falling victim to insurance fraud.

The most economical car insurance company varies by individual circumstances, but GEICO offers competitive rates across multiple driver profiles. Travelers provides excellent value for low-budget full coverage, while USAA is the most affordable for military families.

Below are answers to frequently asked questions about saving money on car insurance to help you find the cheapest policy:

To rank the cheapest car insurance companies, we analyzed insurance rates from state insurance departments and Quadrant Information Services, using driver profiles with varying ages, driving histories, credit scores and locations to identify the lowest rates for different needs.

Quote Data Depth

MoneyGeek reviewed 2,474,515 quotes from 607 companies across 3,523 ZIP codes to find the most affordable car insurance options for various driver profiles.

Driver Profiles

MoneyGeek's analysis used a standard driver profile with these characteristics:

• 40-year-old male
• Clean driving record
• 2012 Toyota Camry LE
• 12,000 miles driven annually

We adjusted this profile based on location, age, credit score and driving history, including ticket, DUI or accident scenarios. Family premiums were calculated by adding a 16-year-old to a family policy.

Defining Full Coverage Quotes

Unless stated otherwise, a full coverage policy includes specific coverage limits such as: 

• $100,000 in bodily injury liability coverage per person
• $300,000 in bodily injury liability coverage per accident
• $100,000 in property damage liability coverage per accident
• Comprehensive and collision coverage with a $1,000 deductible

Defining Minimum Coverage Quotes

Unless stated otherwise, a minimum coverage policy includes:

• $100,000 in bodily injury liability coverage per person
• $300,000 in bodily injury liability coverage per accident
• $100,000 in property damage liability coverage per accident

This excludes comprehensive and collision coverage. Note that minimum coverage differs from state minimum coverage requirements.

How We Ranked the Insurers for Affordability

MoneyGeek's analysis evaluated providers using data from AM Best, J.D. Power, the CRASH Network report card, Quadrant Information Services and state insurance departments. Insurers were scored out of 100 using these weighted factors:

• Financial stability: 5%
• Customer satisfaction: 25%
• Claims satisfaction: 20%
• Coverage offerings: 10%
• Affordability: 40%

Learn more about MoneyGeek's auto insurance methodology.