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How to find affordable auto insurance rates

If you’ve ever compared car insurance rates, you know how many options are available. Depending on a variety of individual rating factors, certain companies will price your insurance differently. You could end up paying more by choosing the wrong company or failing to compare enough companies. We’ve outlined the factors that go into your car insurance premiums, as well as some tips for how to find the best possible rates. Let’s get started.

Comparing car insurance rates: basics and info

  1. What goes into auto insurance prices
  2. How to shop for a car insurance policy
  3. Methodology

What goes into car insurance rates?

Your auto insurance rate depends on who you are as a driver, as well as your age, your credit, your vehicle, and your location. How insurance companies weigh these attributes is reflected in your premium. For example, having a limited driving history or a poor credit score can raise your rates dramatically. Our analysis of major rating factors shows how premiums shift from company to company.

 

  1. Your age
  2. Your driving history
  3. Your credit level
  4. Your vehicle
  5. Your location

Why is car insurance mandatory?

There are many reasons to insure your vehicle. The most basic reason is that it is required by law. Even if you own your vehicle, the law mandates that you carry at least liability insurance. If you’re leasing or financing your car, you may need to carry additional auto insurance — namely, comprehensive, collision, and sometimes gap insurance.

Car insurance is designed to financially protect drivers and their vehicles after damaging incidents. A car insurance company’s financial resources will compensate you for damages sustained by your vehicle — or others’ person or vehicles — if they are affected by a collision.

What is a car insurance premium?

An auto insurance premium is the rate you pay an insurance company for the protection it provides. Car insurance premiums can be paid on a monthly basis or paid in full at the initiation of the policy (up-front payment may land you a discount). How much your car insurance premiums cost comes down to a wide variety of factors, each of which is covered in detail on this page. If you want to compare car insurance quotes immediately, enter your email and access the auto warranty industries directly in your email.

Car insurance comparison: young adult drivers

The age of 25 is a big turning point for car insurance savings. But no matter how much you save, you’re probably still paying more than you’d like. In order to find the cheapest car insurance for 25-year-olds, we created a user profile and generated rates from eight popular auto insurance companies.

Comparing 6-month car insurance premiums for 25-year-olds

Insurance Provider 6-month Premium
Allstate $1,072
Farmers $877
GEICO $711
Liberty Mutual $873
Nationwide $753
Progressive $865
State Farm $784
USAA $562

USAA is the cheapest car insurance company for 25-year-old drivers, with GEICO a bit more expensive. Although Liberty Mutual and State Farm are the most expensive options for older drivers, they could end up being affordable options for drivers with violations on their records (read on for more info).

 

If you’re looking for more information on how to get car insurance as a young driver, see our additional articles:

 

  • Car insurance rates for 25-year-olds
  • Car insurance rates for young adults
  • Navigating car insurance with your roommates
  • Marriage and car insurance
  • Dating and car insurance

Car insurance for seniors

Between the ages of 30 and 60, car insurance rates don’t fluctuate much based only on age. As you get into your late 50s and 60s, your age becomes a more important determinant of your rate. For a profile of a married couple without children drivers, Geico and Progressive offer the cheapest rates, all other metrics constant.

6-month car insurance premiums for seniors

Insurance Provider 6-month Premium
Allstate $878
Farmers $651
GEICO $603
Liberty Mutual $661
Nationwide $576
Progressive $708
State Farm $589
USAA $432