Introduction
Done This Three Years In A Row And It’s Time To Disclose The Companies That I Think Are The Cheapest Rates In Insurance Across The Board. A Lot Of Things Have Changed. You’re Watching All Over This Channel Where Allstate Raised Their Rates And Geico Is Raising Their Rates And Progressive May Do It As Well. And There’s A Ton Of Different Companies That Are Having These Rate Increases. There’s Actually A Few Of Them That Are Having Rate Decreases So That’s Something You Want To Stay Tuned To The Channel For Because We’re Going To Announce Some Of That Information Which Is Super Helpful Because Some Of These Great Companies Out There Are Actually Not Hurting As Bad Like I Said In Several Videos.
Warning And Data Resources
Going Forward Let’s Talk About The 5 To 10. It’s Kind Of A Mixture Of Companies That Are Giving The Cheapest Rate. Keep In Mind It’s Not Necessarily The Best Company Or Fit For Each Individual But On Average Across The Board These Are The Companies That You Should Be Looking At. You May See Me Look Over The Side Because I’ve Got My Monitor Over Here Because I’ve Pulled Up Four Different Companies. We’ve Got Wallet Hub, We’ve Got Bank Rate, We’ve Got Policy Genius And We Have Market Watch. So I’m Taking Some Of The Collective Data.
The Issue That You’re Going To See Is You Got To Be Very Careful When You Start Searching This. If You Were To Go To Google And Type In The Cheapest Insurance You Got To Look At The Details. Most Of These Companies Don’t Have The Information Yet And A Lot Of Them What They’re Doing Is Because JD Power Which Is A Big Resource That Gives A Lot Of The Data Out Or At Least Organizes It. They Usually Put Out The Cheapest Prices. Well So Far They’ve Only Given Out The Information For The Claims Service So What A Lot Of These Companies Are Doing These Are The Main Ones That I Found That Are Mixing The Claims Service With A Whole Bunch Of Other Metrics.
I Think One Of Them Was That They Put Together A Thousand Surveyed Plus People, 2500 Data Points, 43 Different Companies Reviewed. So When We’re Looking At This Information You Got To See How New The Data Is. Most Of It’s From 2021 And 2020. Some Of Them Are So Just Be Careful If You’re Gonna Research That.
Recommendation For Savings
By The Way If You Are Shopping For New Insurance I’ll Put A Link In The Description Below To A Company That I Would Recommend. It’s One Of The Companies That I’ve Been Working With That Does Shopping Up To 30 Companies. If You Want An Easy Low Hassle Way To Get A Free Quote Then You Might As Well Check That Company Against Several Of Them. Most Of The Companies That We’re Talking About Today Or At Least Several Of The Companies Are In That Specific Company.
So If You’re Interested In It Go Ahead And Check It Out Below Otherwise Let’s Dive Right In.
Cheapest Car Insurance Company Overall
According To Wallet Hub Geico Is Number One At 700 But They Were Only Rated At 2.7 Out Of Five So Not So Great As Far As The Service Handling And Overall. You Guys In This Channel Have Chimed In And I Get More Negative Comments About Geico Than I Get Positive But The Prices Are There So They’re Definitely Winning That Battle.
USAA It’s A Little Tougher To Get Into Because You Have To Be Part Of The Military Or Have A Family Member Of The Military In Order To Join Them. They’re About 898 According To Wallet Hub.
State Farm, Chub And Allstate Those Are The Next In Order. That’s From Wallet Hub.
From The Bank Rate You’re Looking At Auto Owners, USAA, Geico, Amica And Erie And We’ll Go Over And I’ll Kind Of Break This Apart.
With Policy Genius Theirs Is A Little Bit More In Depth. They Had Up To 10 Companies Which Some Of Them I’m Going To Talk About A Little Bit More In Depth But We Have Auto Owners, Westfield Got In The Mix. The Small Issue Is They’re Not In Most States So You’re Not Going To Likely Have That Opportunity. USAA, Erie, Geico, State Farm, Farm Bureau, Cincinnati, Countrywide And Then Grange Also Decent Company.
With Market Watch We’ve Got USAA, Ear Insurance, State Farm, Geico And Progressive.
Cheapest In General
That Being Said We Have To Dive Into The Typical Person. The Average In These Cases Are Based On The Average Person. However One Thing I’ve Noticed That In Most Of These Researches They Lowered The Coverage Which Was Weird Because When You Look At My Past Videos The Typical Person Had Average Credit Which Is Pretty Normal. They Had A Hundred Three Hundred For The Coverage And Then A Two Thousand Whatever On Newer Vehicles.
This One Bumped Down To Fifty And A Hundred Thousand For Bodily Injury So Everything That We’re Talking About Cost Wise I Would Give It A Leeway Of About 10 To 15 Percent That It Could Be More Expensive If You’re Expecting These Prices. Obviously It Depends On The State And The Driver And All Of That Stuff.
So Let’s Dive In And Talk About The Age Ranges That It Matters, The People That Have Tickets, The People That Have DUI’s. What Are Your Costs Looking Like And Which Is Going To Be The Best Company To Go With.
The Number One Company USAA In The Main Category They’re A Great Company. They Have Fallen Quite A Bit From Their Pedestal In The Last I Would Say Three Years. A Lot Of Reviews Are From Clients That Have Been With Them From X Amount Of Years Plus.
I’ll Actually Link Up A Video Where I Talked About The USAA Smart Ride System And The Actual Review Of Them And It Wasn’t So Great. The Company In General Is Losing A Lot Of Their Long-Term Clients Because They’re Getting Tighter. They’re Getting A Little Bit More Specific On Things.
The Cool Part Is If You’re On A Military Base You Get A Discount Where You Actually Don’t Pay The Extra Cost For Having That There. There’s Like Discounts For Situations Like That Although All Of The People Don’t Have To Renew Their License That’s In The Military. So Your License Might Expire But You Can Still Keep The Insurance.
Outside Of That You Can’t Really Buy Insurance Without The License Sort Of In Most Cases. It’s Just A Hassle. It’s A Hard Thing To Get.
Then You’ve Got Ear Insurance Which Is Another Review That We Did. They’re Just A Bare Bones. There’s Nothing Special About Them As Far As The Review That I Did At The Time. I Don’t Really Love Them As An Option. They’re Okay. They’re Just Kind Of Like One Of Those.
If You Want A Good Deal And It’s A Decent Company And The Reviews In Your Area Aren’t Bad Then Sure Why Not.
State Farm Also Did A Review On Them. They Were A Good Company Overall. I Think They’re Probably The Best Fit In General For A Little Bit Of The Younger Crowd Where You Have Students That Are Kind Of Hitting That 25 Year Old Range.
If You Had Some DUI’s For Some Reason They’re Fairly Competitive Although Even Though Progressive We’ll Get Back To That They Seem To Kick In A Little Bit Better In That Situation.
And Then You’ve Got Geico We Talked About Just A Minute Ago So I Won’t Go Over That. We’ve Got Progressive Which A Year Ago Or Two Years Ago I Touted I Think They’re One Of The Best Companies Out There And I Still Think They’re Really Powerful. They’re One Of The Leading Companies In The Independent Space.
Cheapest States For Car Insurance
It’s Always Fun To Say Top Five Cheapest And Most Expensive. So According To This The Top Cheapest States, The Top Five We’ve Got Ohio At 939 On Average. We’ve Got Wisconsin Which Is About 970 On Average. And Then We’ve Got Maine 1013. Those Are Your Top Three As Far As The States That Are The Cheapest.
We’ve Got Vermont At 1029. Indiana 1106 According To Market Watch.
Highest States For Car Insurance
The Top Most Expensive Although It’s Switched This Is Kind Of Like Once Again This Is Showing Some Of The Data Isn’t 100 Accurate Because Some Of It’s Been Updated.
Michigan’s List Is Number One Forty Four Hundred And Thirty Dollars. Not True Anymore. Michigan Had A PIP Reform Where Our Average Has Gone Down About Six Or Seven Hundred Dollars.
But I Believe Louisiana Has Passed Michigan As Well And Then Florida Is Creeping Up Or Jumping Up There As Well Because Of The Home Market. Then We’ve Got Nevada Which There’s A Few Companies That Are Really Competitive In There.
Cheapest Car Insurance Companies For State Minimum Coverage
Now That’s The Average Customer. What About Those People That Want The State Minimum So You Want Just More Just The Basic Bare Bones Policy.
That Person We’re Looking At Geico Is Listed As Number One According To Policy Genius. We’ve Got State Farm Second Which They’re Fairly Okay. I Don’t Know If I Would Put Them Second Honestly.
I Would Put Nationwide Who’s Third Ahead Of State Farm. American Family I Would Probably Also Put Ahead Of State Farm As Well Just Because I Know That They’re Fairly Competitive With The More The State Minimums Which Is Usually Your Younger Drivers, Higher Risk Type People Or Your Average Person Could Just Want Just The Basic Coverages.
Travelers I Would Put After State Farm. Progressive I Would Throw There Anywhere In The Mix. I Would Always Throw Them In The Mix Because They’re Competitive In Those Medium Risks Market And Not Necessarily The High Risk.
Cheapest Car Insurance By Age
According To Bankrate The Cheapest Insurance By Age Is Nationwide In The Number One Spot. They Said That 16 And 17 Year Olds Are About 1100 A Year And Then Your Geico Starts To Kick In When You’re 18, 19 All The Way Up To 24 Where Nationwide Kicks Back In At 25 And Then It’s Kind Of Like A Battle Back And Forth.
One Of The Things That Nationwide Does Really Well Is If You’re A New Driver And You’re Just Starting Off Where You Haven’t Had A Car They Don’t Have A Penalty For Those That Are Just Purchasing A Vehicle.
Travelers Peeked In A Little Bit When You’re In Your Forties. Then Nationwide Kicked Back In And Just Said In General We Want To Be Competitive.
Cheapest Car Insurance By Credit Score
Every Person Has What I Call A Profile. Your Credit Plays A Factor. For Example With Wallet Hub If You Have A Poor Credit Score Or Credit In The World That’s An Insurance Score Which Is A Little Bit Different But It’s Pretty Close.
Geico Is Going To Pop Up And Be Very Competitive With The Credit Score. USAA Is Decent With Poor Credit But On My Review It’s Kind Of A 50 50.
State Farm Is Kind Of A Flat Across The Board. I Would Say They’re Probably The Most Average Company When It Comes To Credit Score.
Allstate Is Decent With Poor Credit. They Actually Came In Fourth There And Then Kemper Which Oddly Showed Up. Something I Haven’t Researched A Whole Lot But I Know They’re A Fairly Large Company That Have Been Growing.
Cheapest Car Insurance With A DUI
Let’s Talk About The DUI’s. If You Have More Of A Driving While Under The Influence For The Cheapest Car Insurance Then You’re Going To Be Looking At State Farm.
Progressive Was Second Place In This Portion. USAA Was Third Which I Don’t Think Is Very Accurate Because I Don’t Think USAA Is Very Good Fit In General If You Have A DUI.
Geico Was 281 Which I’m Not Gonna Put Geico In There. Geico Is Not A Good Fit In Most States In Most Cases.
Nationwide Is Fairly Competitive But They Surcharge. Allstate Is Kind Of Like State Farm Where They’re Kind Of Up And Down.
Cheapest Car Insurance Summary – My Picks
There You Have It. Those Are The Top Five To Ten Cheapest Insurance Companies In The United States. The Ones That If I Were To Rank Them To Summarize This I Would Always Put Progressive In There Almost Every Time.
You’ve Got Geico If You’re A Young Driver. Those Are Probably Your Better Fits If You Have A Little Bit Higher Risk, Want Lower Coverages Or You Have An Accident.
State Farm We’re Checking In Probably Half Of The States. If You’re In Texas, Alabama Or Louisiana Those States Are Pretty Decent For State Farm.
Nationwide Once Again That’s Like The Next Step With Progressive. Those Are The Head-To-Heads In My Opinion That Are Very Similar To Each Other.
Those Are The Routes That I Would Take. Those Are The Companies That I’m Looking At. That’s The Stats That We’re Getting From Multiple Sources And That’s The Pieces That I’ve Personally Organized For You Guys.
Hopefully This Was Helpful. Let Me Know What State You’re In And What You Found To Be A Good Fit. It’s Always Helpful If You’ve Found A Good State And A Really Good Fit For Your Scenario.
The Thumbs Up Helps The Most. Otherwise I’m Mark With Think Insurance. I’ll See You In The Next One.