Question

Who has the cheapest car insurance?

Travelers offers the cheapest car insurance for individuals in the U.S.

Based on the research conducted by Way.com, Travelers has the cheapest car insurance in the U.S.

Meanwhile, considering the overall rates, USAA is the cheapest insurer. However, the provider offers the cheapest insurance for car owners with a military background, their spouses, and children.

Though these are the carriers who typically have the cheapest car insurance, the rates vary according to age, gender, and state.

Full Coverage

Travelers offers the cheapest insurance rate for full coverage. The average annual rate with the carrier is $1,402. While this is the cheapest rate, it can change based on age and location.

Minimum Coverage

Similar to the full coverage, Travelers also offers the cheapest minimum coverage. The average annual rate for the minimum or liability-only coverage at Travelers is $536.

Age

Carriers offer rates based on the claims history for different age groups. Based on this study, teenage drivers are considered high-risk drivers. Hence, the insurance rates are highest for this age group. At the same time, the drivers in their 50s receive the cheapest car insurance rates of all driver ages.

The average annual insurance rates for drivers in their 50s are $1,562. State Farm is the cheapest car insurance provider for drivers in this age group. The monthly average rates offered by the carriers across the nation are $100. Considering the experience and claims history, drivers in this age group are less likely to be involved in road rash or show aggression on the road. Hence, they have the cheapest insurance rates compared to other age groups.

Gender

Considering the gender parameter, female drivers gets cheaper car insurance compared to male drivers with a similar profile. The average insurance rate for a female driver across the US costs $1,402 per year.