Looking after your car is not easy and it isn’t cheap either. From purchasing to maintaining your vehicle can cost you a lot, and adding a car insurance premium on top can at times burn a hole in your pocket. But don’t you worry there, since today we’ve got you some best cheap car insurance companies you’ve been missing all along.
Why do we need car insurance?
Before we begin with our top list of cheap car insurance companies, you must’ve wondered why we need car insurance? You might feel buying a car and taking a car of its depreciation is all you need to do, but one must realize that investing in car insurance also stands essential as a bit of investment might help a great deal in your desperate hour.
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Let’s talk about the most obvious answer out there. If your auto-vehicle has experienced some loss due to damage/robbery, that’s where your insurance company has got you covered. Sometimes, you might be held responsible for a, let’s say, car accident, then not only your insurer will provide you with the damage coverage, but it will also bear the expenses for the accident bearer and even provide the legal fees if a court hearing occurs.
Some states have mandated drivers to buy car insurance. Each state has set a minimum auto liability coverage that a driver has to acquire, a maximum limit covered by your insurance company on behalf of the law. The coverage claim can also be increased beyond the state’s minimum coverage if required. If you wish to lease a car, the lessor can ask you for minimum collision coverage or comprehensive coverage. These coverages ensure protection against damages for the vehicle for both the lessor and the lessee. So now that you know some crucial aspects of buying car insurance, let’s get you started.
The cheapest car insurance
In this section, we shall be covering both major and minor small companies which are rated based on comparative rate study, services provided by the companies etc. So, to begin with, significant companies, the study provided us with Geico, a major cheap car insurance company, with an average annual rate of $380 or an average monthly rate of $32, earning a five-star rating on various websites.
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Major car insurance companies provide cheap policies
| Company | Average Annual Rate | Average Annual Rate |
|
$380 | $32 |
|
$550 | $46 |
|
$577 | $48 |
|
$656 | $55 |
|
$759 | $63 |
| USAA* | $416 | $35 |
*USAA is only subjected to veterans, military and their families.
Now, do not feel limited with bargainable car insurances with only major companies as these minor yet rising companies are also carving their name in the market. Currently, these small companies offer coverage in seven states and provide lower prices than the major companies listed above. Even with their limited availability, these regional companies provide the lowest prices than significant auto insurance companies and give the best of their customer service.
Regional minor companies providing cheap car insurance
| Company | Average Annual Rate | Average Monthly |
|
$287 | $24 |
|
$309 | $26 |
|
$419 | $35 |
|
$469 | $39 |
|
$491 | $41 |
These companies are chosen for their low rates and availability in multiple states, but there might be many options available depending upon where you live.
The best cheap car insurance
From the study of finding the highest rated auto insurance companies which also offers cheap car insurance, we found Safety has the most affordable car insurances rates on average. However, it is only limited to three states. Geico, who provides the cheapest rates on average, is among the nation’s largest insurers.
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A website conducted studies to find affordable car insurance companies, where average rates were analyzed in every ZIP code. It should be noted that all these companies are available in each state. Liberty Mutual, one of the largest insurers in the country, couldn’t make it to the analysis because of its lack of rate data and USAA, often seen as one of the cheapest insurers, is limited to only military veterans and their families. So, the list concluded in the are as follows –
| Company | Average Annual Rate | Stars Awarded* |
|
$338 | 4.5 |
|
$378 | 4.5 |
|
$380 | 4.5 |
|
$458 | 5.0 |
|
$466 | 4.5 |
|
$489 | 4.5 |
|
$495 | 5.0 |
|
$526 | 5.0 |
|
$550 | 4.5 |
|
$577 | 4.5 |
| USAA** | $419 | 4.5 |
(* the ratings are subjected to the website used for reference)
(** USAA is only limited to the military, veterans and their families)
How to get car insurance cheaply?
Suppose you’ve just bought a car and you’re looking for affordable car insurance, or you’re switching up your plans for a cheaper yet quality policy. In that case, it is essential to compare quotes either online or consult with your insurance agent. Always make sure you pay attention to the road and follow all the traffic rules provided to you by the state law because precaution is always better than cure. In order to acquire more redemption of cost on your policy, you can get a bulk rate discount by bringing in more drivers and vehicles to a company where a single vehicle quote is significantly higher. Always look for discounts you might be missing. For example, if you work more from home and require your vehicle less, then make sure your insurer knows that so that they can work on getting you a low mileage discount.
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