Affordable Auto Insurance: Which Company Offers The Best Rates?

Finding affordable car insurance can be challenging, but it's not impossible. The best way to find cheap car insurance is to compare rates from multiple insurers. The cheapest car insurance company for you will depend on your age, driving history, and location, among other factors.

In Colorado, the average cost of full coverage car insurance is $2,333 per year, or $194 per month. The cheapest car insurance company in Colorado is American National, with an average rate of $1,123 per year, or $94 per month. Grange Insurance Association and Colorado Farm Bureau also offer cheap car insurance in Colorado.

If you want the cheapest policy possible, opt for minimum coverage. The average cost of minimum coverage in Colorado is $543 per year, or $45 per month. California Casualty offers the cheapest rates for minimum coverage car insurance in Colorado, with an average rate of $154 per year, or $13 per month.

Auto insurance prices are slowly declining in Colorado, but rates can vary based on factors such as age, driving record, and credit score. It's important to shop around and compare quotes from multiple companies to find the best rate for your needs.

Cheapest car insurance for 20-year-olds

Car insurance for 20-year-olds can be expensive, but there are ways to save money on premiums. Here are some of the cheapest options for young drivers.

Nationwide

Nationwide offers the cheapest car insurance option when added to a family policy, at an average monthly rate of $181 and an annual rate of $2,170. This is significantly cheaper than the average cost of car insurance for 20-year-olds, which is $2,419 per month or $202 per month when added to a family policy.

GEICO

GEICO is the second cheapest option for 20-year-olds, with a monthly rate of $188 and an annual rate of $2,253.

USAA

USAA is another affordable option for 20-year-olds, but it is only available to military members, veterans, and their families.

State Farm

State Farm is also worth considering for young drivers, as it offers a generous good student discount of up to 25%.

Erie Insurance

Erie Insurance is a good choice for 20-year-olds, with rates up to 40% cheaper than the national average. However, it is only available in Washington, D.C., and 12 other states.

Liberty Mutual

Liberty Mutual offers affordable rates and discounts for good students and students away at school.

Travelers

While not the cheapest option, Travelers is recommended as the best overall car insurance company for 20-year-olds, with a monthly premium of $195 and an annual premium of $2,346 when added to a family policy.

Tips for Saving Money on Car Insurance for 20-Year-Olds:

• Compare quotes from multiple companies.
• Take advantage of discounts, such as good student discounts, safe driving discounts, and discounts for completing a driver's education course.
• Choose a higher deductible to lower your premium.
• Consider the type of car you drive, as some cars are cheaper to insure than others.
• Shop for insurance at the same time as buying a car to find the best deal.
• Maintain a clean driving record.
• Improve your credit score, as this can impact your insurance rates.
• Stay on your parents' policy if possible, as this is usually cheaper than having your own policy.

Cheapest car insurance for 30-year-olds

The cost of car insurance varies depending on age, gender, location, driving history, and other factors. For 30-year-olds, the average cost of car insurance is $2,012 annually, but this can range from $1,626 to $2,448. The cheapest car insurance companies for 30-year-olds include:

• GEICO: GEICO is available in all 50 states and offers coverage for 37% less than the average for 30-year-olds. On average, their rates are $640 cheaper per year.
• USAA: USAA offers the cheapest rates for young drivers, but their policies are only available to active-duty and retired military service members and their families.
• Nationwide: Nationwide is the second most affordable insurer for 30-year-old female drivers and the overall cheapest for this demographic.
• Erie Insurance: Erie Insurance is the second cheapest insurer for 30-year-old male drivers.
• Auto-Owners: Auto-Owners offers competitive rates and is the 2024 Bankrate Award winner for Best Budget Auto Insurance Company.

To find the cheapest car insurance, it is recommended to compare quotes from multiple companies, as rates can vary significantly depending on individual circumstances. Additionally, bundling policies, maintaining a clean driving record, and taking advantage of discounts can help reduce premiums.

Cheapest car insurance for 40-year-olds

Age plays a significant role in determining your car insurance premium, with younger drivers facing higher premiums due to their increased likelihood of accidents. Luckily, car insurance for 40-year-olds is typically cheaper, with an average cost of $2,542 for full coverage and $740 for minimum coverage. Here are some of the cheapest options for 40-year-old drivers:

Auto-Owners Insurance

Auto-Owners Insurance offers the cheapest minimum coverage insurance for 40-year-old drivers, with an average annual premium of $376. They also provide gap and diminished value coverages, as well as a Personal Automobile Plus package that includes 10 coverages, such as smartphone replacement and vehicle re-keying. Auto-Owners Insurance is available in 26 states.

USAA Insurance

USAA Insurance offers the second-lowest average annual minimum coverage rate for 40-year-old drivers, but their policies are only available to active-duty military, veterans, and their eligible family members. USAA also offers coverage options like accident forgiveness and rideshare insurance, as well as a 60% discount for deployed members who store their vehicles. They have an A++ (Superior) financial strength rating from AM Best.

Geico Insurance

Geico Insurance is available in all 50 states and offers affordable rates for both minimum and full coverage. They have a highly-rated mobile app that allows policyholders to make changes, payments, and download digital ID cards. Geico also offers mechanical breakdown insurance for leased or new vehicles, which covers car repairs (except wear and tear) with a $250 deductible. Geico is rated A++ (Superior) by AM Best.

American Family Insurance

American Family Insurance received a Bankrate Score of 3.8 out of 5 and offers competitive premiums for both full and minimum coverage. They provide innovative features like KnowYourDrive, which rewards safe driving habits with potential discounts of up to 20%, and Diminishing Deductibles, which reduce deductibles for each year of safe driving. However, American Family Insurance is not available nationwide. They have an A (Excellent) financial strength rating from AM Best.

State Farm Insurance

State Farm Insurance is the largest car insurance company in the US and is available online or through a network of 19,000 local agents. They offer various coverage options, including homeowners and life insurance, as well as financial products and investor services. State Farm agents live in the communities they serve, allowing them to better understand the unique needs of their local customers. The company is rated A++ (Superior) by AM Best.

Cheapest car insurance for 50-year-olds

According to MarketWatch, the average annual cost of a full-coverage car insurance policy for 50-year-old drivers is $1,658. The cheapest car insurance companies for 50-year-olds include USAA, Erie, Geico, State Farm, and The Hartford.

USAA offers the cheapest car insurance for 50-year-olds, with an average rate of $85 per month or $125 per year for a full-coverage car insurance policy. However, USAA is only available to current and former members of the military and their families.

The second cheapest option is Erie, with an average annual rate of $98 per month, but its coverage is only available in 13 states.

Geico is the cheapest insurer that is widely available, with an average annual rate of $1,707. Geico also stands out for its competitive premiums and long list of discounts, including affiliate and membership discounts, safe driver discounts, and a new vehicle discount.

State Farm is another widely available option, with a good reputation for customer service. However, it has one of the highest average full-coverage premiums.

The Hartford offers discounted car insurance to AARP members who are 50 years of age or older. While their average rates are slightly higher than the market average, AARP members get a 10% discount.

To find the cheapest car insurance for your specific needs, it is recommended to shop around and compare quotes from multiple insurance companies, as rates can vary significantly depending on personal factors such as driving history, location, and vehicle type.

Cheapest car insurance for 60-year-olds

Car insurance rates for 60-year-olds are, on average, lower than for younger drivers. This is because drivers in their 60s have been on the road for decades and are seen as presenting a lower risk of car accidents than other demographic groups.

According to Bankrate's analysis, the average cost of a full-coverage car insurance policy for a 60-year-old driver is $2,097 per year, while minimum coverage averages $600. However, age is not a rating factor used to price premiums in Hawaii and Massachusetts due to state law.

The cost of car insurance for 60-year-olds also varies by state and gender. Florida, Michigan and New York are among the most expensive places for car insurance, partly because they're no-fault states. In these states, drivers must buy PIP insurance, and there are also more litigated claims.

Car insurance for 60-year-old women is generally lower than for men of the same age. This is because women tend to practice safer driving habits and are involved in fewer accidents.

Cheapest car insurance companies for 60-year-olds

• Auto-Owners Insurance: Auto-Owners has some of the cheapest rates for minimum and full coverage for 60-year-olds. However, it is only available in 26 states.
• USAA Insurance: USAA offers low average rates and unique military-focused benefits, but it is only available to former and current military personnel and their families.
• Geico Insurance: Geico has the most advertised discounts of all the insurance carriers. It also has its Prime Time contract, which is only available to drivers over 50.
• Erie Insurance: Erie is one of the cheapest options for full coverage, but it is only available in 12 states and Washington, D.C. It also has strong customer satisfaction scores.
• Amica Insurance: Amica sells car insurance in prebuilt coverage packages, which can be convenient. Its Platinum Choice Auto package includes free credit monitoring, new car replacement coverage and rental reimbursement with no daily limit.

Frequently asked questions