State Farm #1 for Affordability: Lowest Car Insurance Rates in 29 States

News provided by

Nov 29, 2023, 10:41 ET

TAMPA, Fla., Nov. 29, 2023 /PRNewswire/ -- Clearsurance.com recently published a report on the cheapest car insurance companies in the U.S. State Farm received the designation of cheapest insurance provider overall.

State Farm is the largest insurance provider, writing insurance policies in every state. Other insurance providers may be cheaper in some states, but none come close to being the most affordable in 29 states, like State Farm.

Cheapest Insurance Providers for Customer Groups

While State Farm earned the title, these other providers offer competitively priced policies that may be best for specific demographics.

Erie – Cheapest for drivers with tickets
Geico – Cheapest discounts available for drivers
Auto-Owners – Cheapest for families
Metromile – Cheapest for drivers with safe records
Farm Bureau – Cheapest for drivers with poor credit
USAA – Cheapest option for military families

Following a speeding ticket, Erie Insurance raises rates an average of 7% while the industry average is 22%. Erie Insurance is an excellent option for drivers with a record of accidents and violations.

Since Metromile is an insurance company with a usage-based approach, drivers who put on less than 10,000 miles a year can expect to fit best into Metromile's target demographic.

Melanie Musson, a nationally recognized insurance expert with Clearsurance.com, explains, "The best insurance provider depends on each individual's needs and demographics. There is no one-size-fits-all best company."

Cheapest Insurance Providers for Full Coverage

Full coverage auto insurance provides first-party coverage for the policyholder's insured vehicles. It's typically more expensive than liability-only coverage.

Clearsurance.com places the major insurance providers in this order with their average monthly rates for full coverage.

Geico – $154
USAA – $189
State Farm – $200
Allstate – $248
Esurance – $251

Full coverage is a combination of collision and comprehensive coverage. It pays for repair or replacement following damage from crashes, weather events, vandalism, and more.

Car Insurance Rate Factors

Just because a company ranks cheapest overall or for a specific category doesn't mean it will be most affordable for everyone.

Many factors are calculated into insurance premiums, including the policyholder's age, gender, driving history, and credit score.

Information about the car insured will also factor into insurance premiums. Generally, the more expensive the car, the higher the insurance premiums for full coverage.

Read Clearsurance.com's full report here: The Best and Cheapest Car Insurance Companies of 2023.

SOURCE Clearsurance.com