Car insurance rates have become a significant expense for many drivers, regardless of the type of vehicle they own. Some insurers have proven to offer more reasonable prices than others, with some even drastically undercutting the competition. MarketWatch’s recent insurance study highlighted some of the top cheapest car insurance companies in the United States, offering valuable insights for drivers looking to save on their insurance costs.
USAA: The Cheapest Option
USAA was identified as the cheapest among national and regional insurers, with an average annual rate of $1,106. However, it’s important to note that USAA has specific eligibility requirements, limiting the types of drivers they insure to active or retired military members and their immediate relatives.
Top 10 Cheapest Car Insurance Companies
Here is a list of the top 10 cheapest car insurance companies according to MarketWatch’s research:
- Central Insurance: $1,154
- Travelers: $1,191
- Auto-Owners: $1,203
- Country Financial: $1,270
- Erie Insurance: $1,274
- Geico: $1,307
- Nationwide: $1,470
- Progressive: $1,593
- State Farm: $1,703
Factors Affecting Insurance Costs
Drivers with multiple marks on their records, such as at-fault crashes and drug/alcohol-related offenses, tend to pay more for car insurance. Age can also be a determining factor, with those on the younger or older ends of the spectrum often facing higher insurance costs. However, the most significant factors impacting insurance rates are related to the driver’s behavior on the roads.
Tips for Keeping Insurance Costs Manageable
While insurance rates have been on the rise, there are steps drivers can take to help keep their costs at a reasonable level. One of the essential things to do is to review your driving habits and ensure you are following all traffic laws. Young drivers may benefit from combining policies with a parent or guardian to reduce rates. If you have a DUI or other serious traffic offense on your record, shopping around for different insurance options can potentially save you money.
Conclusion
Finding affordable car insurance can be a challenging task, but with the right information and strategy, drivers can minimize their costs. By exploring options from the top cheapest car insurance companies highlighted in MarketWatch’s study and making adjustments to driving habits and policy structures, drivers can save money and ensure they are properly covered on the road. Remember to compare quotes from multiple insurers and consider factors such as eligibility requirements and coverage limits when selecting an insurance provider.