Compare 2021 car insurance rates by carrier
Fact-checked with HomeInsurance.com
Every insurance company prices auto insurance differently. With so many different factors that affect rates, each company makes their own determination as to what constitutes risk. To provide context for the varying rates among providers, this article explores the average rates for top carriers based on our data findings.
Our sample quote results indicate that the national average car insurance rate is $1,555 for full coverage policies; the average for minimum coverage coming in at $545. However, the exact amount by provider and factors specific to you and your personal circumstances. Although the averages presented in this article will help you gain an understanding of the varied cost of insurance by state, the only way to verify the lowest rate for you across insurers is to compare quotes and see which one is willing to offer you the most competitive price.
How to compare car insurance quotes
Since each provider does not disclose what specific factors it evaluates to determine your premium, the following are the steps we recommend to compare quotes across multiple providers and find the best rate for your needs:
Compile the necessary information
Before you begin requesting quotes, compile all the information insurers might ask for so it is easy to reference. This includes personal details about yourself and anyone else who will be included in the policy, such as date of birth, driver’s license number and expiration date and address of residence. You should also have existing insurance information, if applicable, for everyone who will be named on the policy.
Insurance companies will request details about the car(s) you plan to insure in order to provide you with an accurate quote. The easiest way to get this information is by providing the vehicle identification number (VIN), which insurers can use to look up make, model, accident report and other pertinent details related to the vehicle.
Decide how much coverage you need
Minimum insurance requirements vary by state, but depending on your personal financial situation, you might prefer to opt for significantly higher limits than what your state requires. One motivation for higher coverage limits is that if you’re at-fault in an accident, the other party could potentially hold you liable for any and all damages that exceed your policy limit. Because of this, a comprehensive liability limit would at least account for your net worth.
You should also decide which specific coverages you need. Most states require bodily injury and property damage liability insurance, but you may also want to consider personal injury protection and uninsured/underinsured motorist coverage in addition. This is a popular choice, according to the Insurance Information Institute, which notes the following:
“78 percent of insured drivers purchase comprehensive coverage in addition to liability insurance, and 74 percent buy collision coverage.”
If you financed one or more of your vehicles, the lender will likely require you to carry comprehensive insurance, which pays for damages not caused by an accident. Deciding on coverage types and limits will help you determine how much coverage is necessary for you.
Once you’ve approximated your required level of coverage, ask for equivalent quotes from multiple carriers based on your personal details. By gathering quotes for policies with the same coverage and terms, you’ll get a more accurate gauge of the most competitive rate among providers.
Compare car insurance quotes
It’s essential to compare rates among different auto insurance carriers because there’s no easy way to tell how each company weighs the various factors that go into calculating premiums. Most carriers use basic data like age, gender, and location in setting rates, but each will assign these data points a different level of importance. Since this makes it more difficult to determine rates on your own, comparing rates is the recommended practice.
Some insurance companies may use additional factors to determine policy prices that might be ignored entirely by others. For example, a driver’s credit score can be taken into consideration in most states, but it’s up to the carrier to decide whether to include this information in determining your rate. If you’re someone with an excellent credit score, you may want to shop around for an insurer that is willing to reward your good financial health with a more competitive rate.
Average car insurance rates by carrier
Data for average rates among car insurance carriers is based on the type of coverage in question. Rates among the top carriers listed in the tables below average $1,665 for full coverage and $670 for minimum coverage each year. However, those rates can differ by more than $1,000 depending on the insurer.
Full coverage car insurance rates by carrier
The Hanover is the most expensive auto insurer for full coverage at an annual rate of $2,492. The second priciest insurer, AAA, charges its drivers about $1,948 per year. MetLife is the third most expensive full coverage carrier, with annual premiums coming in at $1,923.
On the less-expensive end, Erie takes the spot as the most affordable full coverage option with annual premiums averaging $1,141, or just $95 a month. American Family is only slightly more expensive at $1,218, coming in just cheaper than GEICO (averaging $1,260 for full coverage).
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Minimum Coverage car insurance rates by carrier
Drivers simply looking for minimum coverage will find a slightly different picture. The Hanover still comes in at number one for most expensive, with average annual premiums of $1,592. MetLife is the second-highest at $873, followed by Progressive at $769.
For minimum coverage, Erie is also the most affordable insurer with an average premium of $372. Auto Owners takes second place at $398 per year and GEICO comes in third at $416.
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- Each car insurance carrier calculates premiums using different factors
- While some factors may be used by multiple insurers, each may assign weight to the risk factors differently.
- To make sure you’re getting the best rate based on your personal details and the amount of coverage you need, you should always shop around and compare quotes from multiple carriers.
Knowing the average car insurance rates by carriers can help provide context for finding an affordable policy that fits your insurance needs. But because of the many variables that affect your quote, it is essential to use this information simply as a reference in your own comparison shopping.
Whether you have an excellent driving history or want to get a better rate based on your recently improved credit score, you’ll need to shop around to find the most competitive deal. With a handful of quotes from different carriers, you can easily see which offers the best rates for the coverage you need.
Coverage Utilizes Quadrant Information Services to analyze quoted rates from thousands of zip codes across all 50 states. Quoted rates are based around the profiles of a 30 year male and female with a clean driving record, good credit and the following full coverage set up:
- $100k bodily injury liability per person
- $300k bodily injury liability coverage per crash
- $100k property damage liability coverage per crash
- $500 collision coverage deductible
- $500 comprehensive coverage deductible
Minimum coverages were applied to match state requirements. Both drivers used a new, financed 2018 Toyota Camry, commuting 5 days a week and driving 12,000 miles per year.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only – your own quotes may be different.