Cheapest Car Insurance Companies 2020.
In today’s world, Car insurance is the need of an hour. There might be several reasons for having car insurance. Either your state guidelines might require you to carry insurance compulsorily, or your car leasing and financing company would probably require coverage. Car insurance is compulsory in several scenarios.
No one would ever want to give up all the savings to meet the vehicle repairs, medical costs, and property repairs in the happening of an accident. If you buy auto insurance, pay premiums, and in case of a claim, you get it all in return in the form of financial losses.
We often wonder, Who has the cheapest auto insurance? Grabbing a deal on Car insurance is all about finding a policy that fits your budget and covers all the significant aspects of financial losses. Therefore, to find the cheapest car insurance or one which fits the best, here are some of the budget-friendly options to consider while choosing a Car Insurance:
7 Cheapest Car Insurance Companies
One of the cheapest car insurances available in the market is Geico, with a study rate of about $1164 annually. It is relatively more expensive than that of USAA. However, according to an analysis, it is still about 17% cheaper than the national average.
Geico serves its customer with one of the most affordable study rates that every driver can opt for. While considering the profile of about 25-year-old drivers, it can be purely analyzed that Geico is far ahead of its competitors.
According to the analysis, USAA is the company that offers the cheapest car insurance rate in the country, with a low representative rate of about $885 per year. USAA offers the lowest premium rates that every driver across the country can afford.
Another cheapest car insurance company that tops the list is progressive, with a relatively less representative rate among all competitors. It has a study premium of about $1373. A driver profile that consists of DUI can consider Progressive as a good option. However, this is to be noted that it is one of the most expensive for such profiles that met an accident.
Another cheapest Car insurance company is State Farm, with an annual representative rate of about $1234. When compared with the national average, the state farm proves out to be relatively cheaper. The study rates of state farms are below the national average for such a profile met with an accident or speeding tickets.
This insurance company has a study premium of about $1391 and is the last insurance company with a representative rate that is even less than the national average. Like the progressive, the American family also remains around all the nine insurers to consider the driver’s profile. However, unlike the other insurers, American families remained towards the cheaper end for specific profiles with poor driving histories.
Another cheap car insurance on the list is Nationwide, with an annual study rate of about $1864. It is also even expensive than Farmer’s representative rate with a margin of about $200 and about $400 higher than the national average. Additionally, a point to consider Nationwide is twice more expensive as compared to USAA.
In simple words, Nationwide has one of the highest study rates of about $4000 per year or about $350 per month.
Among the cheapest car insurance companies, Travelers is the one that tops the list. However, it is still the striking difference between Geico and State Farm, with a representative premium of $1267 per year.
How to choose the best Car Insurance Company
The best insurance company is the one that fits our budget, along with offering the benefits. On the other hand, the cheapest car insurance includes several discounts, bundling with some other policy insurers, and even switching providers after the term.
Here are some of the tips that might help in choosing the best Car Insurance Company:
- Search for discounts
- Analyze the amount of coverage needed.
- Compare quotes
- Understand your state’s minimum requirements.
- Analyze your total driving time.
Car Insurance is the call of today’s time. However, a common question that comes to mind is, “Who has the cheapest auto insurance”? Indeed, the simple answer is that there are many insurance companies in the market. We need to understand what perfectly fits your need.
Therefore, it’s not just about finding the cheapest car insurance; instead, you
must find the one that serves your needs. Cheapest Car Insurance Companies.