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Written by Shannon Martin
Edited by Mariah Posey
Reviewed by Mark Friedlander
Edited by Mariah Posey
Reviewed by Mark Friedlander
Updated Mar 15, 2024
Geico, Amica and Progressive are among the best car insurance companies in 2024, according to Bankrate’s research.
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The best car insurance company will be different for each person. Every driver will have their own preferences when it comes to their car insurance company, and some insurers will be better able to meet those preferences than others. For instance, some drivers may prefer to choose an insurer with a robust network of agents around the country, while others may prefer to manage their policy online or through an app. Budget, location, discounts and other factors can also help narrow down which insurance provider best suits your needs. Price can be one of the first factors that comes to mind when looking for the best car insurance company, but cheaper doesn't always mean better. The goal is to find an insurance company that fits your budget and balances coverage, customer service and other needs that matter most to you.
Based on our research, the best car insurance companies are:
- Amica and Geico: Best overall
- Progressive: Best for high-risk drivers
- Safeco: Best for added perks
- Auto-Owners: Best budget company
- Travelers: Best for personalized coverage
- State Farm: Best for local agents
- USAA: Best for military-focused coverage
- New Jersey Manufacturers (NJM): Best for coverage on a budget
- Liberty Mutual: Best for bundling numerous products
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On This Page
- Top rated car insurance companies
- The best auto insurance companies by state
- What are the different types of car insurance?
- What factors impact the cost of car insurance?
- How to find the best rates on car insurance
- Car insurance industry trends
- Frequently asked questions
- Methodology
The best car insurance companies in 2024
The best car insurance companies offer rates, coverage options, discounts and digital tools that fit your individual needs. Our research revealed that these 10 insurers are some of the top car insurance companies available. We’ve highlighted standout features from each company to help you decide which insurer fits your specific needs. Your car insurance needs are unique to your situation, so understanding those needs before you compare auto insurance companies is an important step to finding the best rates and coverage.
Insurance company | Best for | Bankrate Score | |
---|---|---|---|
Best overall | 4.6 Rating: 4.6 stars out of 5 | ||
Best overall | 4.4 Rating: 4.4 stars out of 5 | ||
Best for digital policy management | 4.4 Rating: 4.4 stars out of 5 | ||
Best for added perks | 4.3 Rating: 4.3 stars out of 5 | ||
Best for discounts | 4.3 Rating: 4.3 stars out of 5 | ||
Best for local agencies | 4.3 Rating: 4.3 stars out of 5 | ||
Best for personalized coverage | 4.2 Rating: 4.2 stars out of 5 | ||
Best for military-focused coverage | 4.2 Rating: 4.2 stars out of 5 | ||
Best for coverage on a budget | 4.0 Rating: 4 stars out of 5 | ||
Best for bundling numerous discounts | 3.8 Rating: 3.8 stars out of 5 |
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Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Feb 2024
Read our full methodology
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Amica
Best auto insurance company overall (tie)
4.6
4.6
Rating: 4.6 stars out of 5 Bankrate score
Avg. full coverage premium
$211/mo
Avg. full coverage premium
$2,530/yr
Customer satisfaction
903/1,000
Why this company made our list: Amica’s exceptional claims service and customer-centric business model make it a standout choice for drivers seeking a top auto insurance company that will be there when you need it most, based on Bankrate’s analysis. In fact, Amica tied with Geico for the Best Auto Insurance Company Overall in the 2024 Bankrate Awards. You can learn more about Amica and obtain a quote at amica.com or by calling 1-800-242-6422.
Availability: Available in all states except Hawaii.Pros
- Top-tier customer service
- Consistently lower-than-average complaint index with the NAIC
- Customizable policy options and discount variety
- Can earn dividends on your policy
Cons
- No ridesharing coverage available
Online quotes not available in Louisiana
Ranked below-average in the 2023 J.D. Power Digital Experience Study in the shopping category
Home and auto bundle is not available in Alaska, Florida or Hawaii
Exceptional 2023 claims handling satisfaction according to J.D. Power
Loyalty discount available if you’ve maintained a policy for at least two years
Robust online claim center
Dividend policies available
Platinum Choice Auto policy offers several perks
Of all the carriers on our list, Amica earned the highest Bankrate Score of the pack. This is due not only to its industry-leading customer satisfaction, but also its competitive average rates for full coverage policies and near-nationwide availability.
Geico
Best auto insurance company overall (tie)
4.4
4.4
Rating: 4.4 stars out of 5 Bankrate score
Avg. full coverage premium
$145/mo
Avg. full coverage premium
$1,735/yr
Customer satisfaction
874/1,000
Why this company made our list:Geico's long history as a trusted, household-name auto insurer is reflected in its high Bankrate Score. Coverage is available for virtually every type of driver, making its car insurance coverage generally accessible, even for consumers with blemished driving histories. Geico’s winning combination of metrics helped it tie for the Best Auto Insurance Company Overall in our 2024 Bankrate Awards. The insurer also won in the Best Budget Auto Insurance Company and Best for Young Drivers categories.
Availability: Available in all 50 states
Pros
- May be available to high-risk drivers
- Robust digital app and mobile tools
- Offers an array of discounts
- User-friendly self-service tools
- Offers a telematics program called DriveEasy
Cons
- Customer service scores vary by region
- Fewer coverage options than most competitors
- Not as many in-person local agents than other car insurance companies
- Limited additional products offered when compared to other carriers
- Additional products are underwritten by third parties
Robust digital tools
Long list of potential discounts
Nationwide availability
DriveEasy telematics program
Offers coverage to drive in Mexico
Geico stood out as a top option in several 2024 Bankrate Awards categories, earning awards for its service, affordability and low average rates for young drivers. National service coupled with SR-22 availability make it a viable option for various driver profiles.
Progressive
Best car insurance company for high-risk drivers
4.4
4.4
Rating: 4.4 stars out of 5 Bankrate score
Avg. full coverage premium
$170/mo
Avg. full coverage premium
$2,044/yr
Customer satisfaction
861/1,000
Why this company made our list: Progressive is the second-largest auto insurance company in the country, dominating just over 14 percent of the market. Its nationwide availability and extensive list of coverage options make it a great choice for all types of drivers, even those who have a DUI conviction and need their insurer to file an SR-22 or FR-44 on their behalf. For that reason, we chose Progressive as the Best Auto Insurance Company for High-Risk Drivers in the 2024 Bankrate Awards.
Availability: Available in all 50 states.
Pros
- Strong digital tools
- Coverage options for numerous types of vehicles
- Several discount opportunities available
- May have options for high-risk drivers
- SR-22 and FR-44 filings are available
Cons
- Few add-on coverage options
- Customer satisfaction scores vary by region
- Rates may vary between online and agency quotes
- Snapshot telematics program can raise rates for less-safe drivers
Snapshot telematics program
Name Your Price shopping tool
AutoQuote Explorer lets you compare rates from multiple companies
Online quote and sign online discounts
Offers numerous other insurance products
Having multiple speeding tickets, accidents, DUIs and other infractions make it more difficult to obtain car insurance. When Progressive opened its doors in 1956, it did so with the intention of agreeing to offer policies to drivers that may be considered high-risk with other insurers. To this day, customers with less-than-perfect motor vehicle records may find the coverage they need with a policy from Progressive. Not only does Progressive offer SR-22 and FR-44 filings, but it may even offer competitive rates for drivers with flawed records.
Safeco
Best for added perks
4.3
4.3
Rating: 4.3 stars out of 5 Bankrate score
Avg. full coverage premium
Not available
Avg. full coverage premium
Not available
Customer satisfaction
865/1,000
Why this company made our list:Our industry experience has taught us that the best car insurance company offers more than just the cheapest rates. Instead, some drivers may want to consider the overall value their company can provide. Although average rates aren’t available for Safeco, the company offers numerous perks that may pique your interest. From its extensive list of unique add-on coverage options, like its claims-free cash back and diminishing deductible offerings, to its networks of local agents, you may want to consider Safeco if you value a breadth of coverage options.
Availability: Available in all states except Alaska, Delaware and Hawaii.
Pros
- Numerous add-on coverages available
- Strong network of local agents
- RightTrack telematics program could help save up to 30 percent
- Claims Free Cash Back program allows policyholders to get up 2.5 percent of their premium back
Cons
- Rates are not available
- Below-average digital shopping tools
- Fewer discount opportunities than other providers
- Lower AM Best rating compared to other major carriers
Claims Free Cash Back program
Guaranteed Repair Network
Diminishing Deductible
RightTrack telematics program
Of the companies we studied, Safeco offers an above-average value to consumers with options like its Claims Free Cash Back program, which could pay you back a portion of your premium if you are claims-free for six months. The company also offers a Guaranteed Repair Network for auto claims in most states. If you get your vehicle repaired at a Safeco-approved shop after a covered loss, your repairs will be guaranteed for as long as you own the vehicle.
Auto-Owners
Best budget auto insurance company (tie)
4.3
4.3
Rating: 4.3 stars out of 5 Bankrate score
Avg. full coverage premium
$137/mo
Avg. full coverage premium
$1,646/yr
Customer satisfaction
865/1,000
Why this company made our list: If you live in one of the 26 states where Auto-Owners writes car insurance policies, you might want to include it on your list. Not only does Auto-Owners have a low NAIC complaint index, but it also received a top AM Best rating for financial strength. Young drivers and teens may want to pay special attention to Auto-Owners: it offers three different student discounts and fairly competitive rates for drivers 25 and under. But drivers older than 25 can likely find good deals with Auto-Owners, as well. Auto-Owners also tied with Geico for Best Budget Auto Insurance Company.
Availability:Available in 26 states.
Pros
- Several discounts available
- Superior AM Best financial strength rating
- Numerous endorsements available
- Can get an auto discount for bundling a life insurance policy
Cons
- Only available in 26 states
- No online quoting or claims filing
- Lower-than-average claims satisfaction score from J.D. Power
- Lower-than-average digital service score from J.D. Power
Offers diminished value coverage
Three discounts geared toward young drivers
Superior AM Best financial strength rating
Offers an auto insurance discount for having a qualifying life insurance policy
Auto-Owners offers an impressive menu of more than a dozen discount opportunities, which is even more noteworthy for a regional insurer. Drivers could save by getting a quote ahead of their current policy’s expiration or by opting for paperless billing and payment options.
State Farm
Best for local agents
4.3
4.3
Rating: 4.3 stars out of 5 Bankrate score
Avg. full coverage premium
$187/mo
Avg. full coverage premium
$2,248/yr
Customer satisfaction
882/1,000
Why this company made our list:As thelargest national auto insurer based on market share, State Farm's reach and reputation make it one of the best auto insurance companies for drivers in most states. Its extensive local agent network showcases its customer-first approach to providing consumers with various personal and commercial insurance products.
Availability: Available in all states except MA and RI.
Pros
- Large network of exclusive local agents
- Superior financial strength
- Steer Clear teen driver program could help young drivers save
- Offers a telematics program called Drive Safe & Save
- Above-average J.D. Power claims satisfaction score
Cons
- Customer service is not available 24/7
- Higher-than-average overall NAIC Complaint Index
- Not sold in all 50 states
- Accident forgiveness must be “earned”; cannot be purchased
- Auto policies are generally six-month terms, meaning rates could increase twice a year
Knowledgeable, local agents available in most communities
Two safe driving programs — Drive Safe & Save and Steer Clear
Numerous discounts offered
Sells many other kinds of insurance
Also offers banking and investment products
State Farm has over 19,000 licensed insurance professionals, available in communities across the U.S., who can offer guidance to those who value expert insight when discussing their policy. Digital management options allow for an on-the-go approach, including a mobile app where you can file auto claims and contact your agent.
Travelers
Best for personalized coverage
4.2
4.2
Rating: 4.2 stars out of 5 Bankrate score
Avg. full coverage premium
$147/mo
Avg. full coverage premium
$1,761/yr
Customer satisfaction
854/1,000
Why this company made our list: Travelers has over 150 years of experience in the auto insurance industry. Its vast independent agent network, numerous endorsement options, robust savings opportunities and proven financial track record make it a worthwhile option for drivers nationwide.
Availability: Available in 42 states and Washington D.C.Pros
- National independent agent network
- Competitive discounts
- Numerous policy options
- Superior AM Best financial strength rating
- Lower-than-average private passengerNAIC Complaint Index
Cons
- Lower-than-average J.D. Power claims satisfaction score in 2022
- Ridesharing coverage is only available in Colorado and Illinois
- Below-average digital shopping and service scores from J.D. Power
- Only available in 42 states and Washington, D.C.
- Higher-than-average overall NAIC complaint index
Sells many other types of coverage, including event and travel insurance
Travelers Affinity offers special rates if you are affiliated with certain groups
Hybrid/electric car discount
New car replacement endorsement
Online quotes available
Travelers offers many ways to personalize coverage to your specific needs. In addition to standard liability, collision, comprehensive, uninsured/underinsured motorist, personal injury protection (PIP) and medical payments coverage, Travelers advertises a solid selection of car insurance add-ons to round out your policy. These include gap coverage, rental coverage, new car replacement, roadside assistance and accident forgiveness.
USAA
Best for military-focused coverage
4.2
4.2
Rating: 4.2 stars out of 5 Bankrate score
Avg. full coverage premium
$140/mo
Avg. full coverage premium
$1,683/yr
Customer satisfaction
890/1,000
Why this company made our list:USAA cannot officially qualify for J.D. Power rankings because of its strict eligibility requirements; the company is only available to active-duty military, veterans and their eligible family members. However, it is still included in J.D. Power’s customer satisfaction and claims satisfaction studies — and is a frequent top scorer. Additionally, USAA has impressive financial strength ratings fromMoody's,S&Pand AM Best. Our analysis shows that this company could be the best for military-focused benefits, including a discount of up to 60 percent for qualifying military members who put their vehicles in storage while deployed.
Availability: Available in all 50 states.
Pros
- Excellent J.D. Power customer service scores
- Superior AM Best financial strength rating
- Low average rates
- Military-focused coverage options
- Offers a telematics program called SafePilot
Cons
- Member eligibility restrictions
- Fewer coverage options to create robust policies
- Only digital and over-the-phone access for policy and claims management
- SafePilot is not available in all states
- Doesn’t offer 24/7 customer support
- Lower-than-averagedigital shopping score from J.D. Power
USAA Perks offers savings on a variety of brands and experiences
Military on-base discount
MyUSAA Legacy discount
Also offers banking and investment products
SafePilot telematics program
USAA earns top marks from all major third-party rating agencies for customer service and financial strength. Coupled with having a lower-than-average full coverage premium, USAA is a powerhouse. The company offers several common car insurance discounts, as well as military-focused ones such as savings for on-base military members.
NJM
Best for coverage on a budget
4
4
Rating: 4 stars out of 5 Bankrate score
Avg. full coverage premium
$113/mo
Avg. full coverage premium
$1,358/yr
Customer satisfaction
896/1,000
Why this company made our list: Although it’s only available in five states (Connecticut, Maryland, New Jersey, Ohio and Pennsylvania), New Jersey Manufacturers (also called NJM) is an impressive insurer. In fact, a regional insurer might even be a boon to some drivers since, hypothetically, agents who specialize in a region should be more familiar with the needs of the drivers they serve. The company earned the third-highest official ranking for claims satisfaction from J.D. Power in 2023, offers low average rates and has local agents available for its customers.
Availability: Available in Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania.Pros
- Low average rates
- Long list of discounts
- Sold by local agents
- Below-average private passenger NAIC Complaint Index
Cons
- Only available in five states
- Digital tools are limited
- No mobile app
- No 24/7 customer support
- Discount availability varies by state
Quotes offered online, by phone or in a local agency
Has insurance options for classic and collector cars
Offers limited pet coverage for pet injuries sustained in auto accidents
Transportation Network Companies (ridesharing) endorsement is extensive
Offers specialized coverage for trailer and camper bodies
Depending on your driving profile, your rate with NJM may be significantly below the national average cost of car insurance. Additionally, the company offers an impressive list of discounts, many of which are tailored to the individual states it serves. NJM even offers a discount for full coverage car insurance policies, which means you may get more coverage for a lower price than you would elsewhere.
Liberty Mutual
Best for bundling numerous products
3.8
3.8
Rating: 3.8 stars out of 5 Bankrate score
Avg. full coverage premium
Not available
Avg. full coverage premium
Not available
Customer satisfaction
870/1,000
Why this company made our list: Liberty Mutual auto insurance can be a great option for those who want the convenience of housing multiple policies with one insurer. Not only is bundling a practical choice, but it can also help save. Liberty Mutual advertises that drivers who switch and bundle their home and auto policies together can save up to $950 annually. Liberty Mutual’s average car insurance rates are not available, so you must contact a Liberty Mutual agent for a quote.
Availability: Available in all 50 states.Pros
- Offers numerous insurance products
- Strong digital tools
- Local agencies available
- Numerous discounts
- Extensive list of endorsements
Cons
- Below-average J.D. Power claims satisfaction score in 2023
- Poor digital service scores from J.D. Power
- J.D. Power customer satisfaction scores are low in most regions
- Above-average private passengerNAIC Complaint Index
- Doesn’t offer 24/7 customer support
Local agencies available
Offers a military discount
Sells coverage to drive in Mexico
Sells multiple insurance products
Offers specialized coverage for teachers
Liberty Mutual offers a long list of insurance products, including auto, home, umbrella, life, pet, small business and identity theft. If you like to keep your insurance products in one place for ease of management, Liberty Mutual might be a good fit.
How Bankrate picked the best auto insurance companies
We used our car insurance expertise and extensive data to assess the insurance industry's landscape and provide an easy-to-use shopping and comparison tool for consumers. Along with reviewing each company’s coverage options, discount opportunities, digital features and third-party scores, we obtained up-to-date average rate information for both full and minimum coverage from Quadrant Information Services. We combined this information into a Bankrate Score out of 5.0 total points. The higher a company’s Bankrate Score, the more competitively that company ranked in each scoring category. Our picks highlight auto insurers that:
- Generate a 3.5 or higher Bankrate Score
- Earn a J.D. Power claims satisfaction score within 20 points of the industry average or higher in the 2023 U.S. Auto Claims Satisfaction Study
- Carry an “Excellent” or “Superior” financial strength rating from AM Best
- Have a strong digital presence with a consumer-friendly mobile app or digital policy management features
- Are deemed by Bankrate’s insurance review to be the best in a particular market category
Why you can trust Bankrate
To help you find the best car insurance company, Bankrate’s insurance editorial team reviewed some of the largest insurers by market share. We based our picks on a well-rounded analysis of several metrics related to each company. Our review also highlights standout discounts to help drivers understand how to optimize their insurance rates. Keep in mind, though, that discount amounts and eligibility requirements vary based on state regulations, driver profiles and the company you choose.
46
years of industry expertise
122
carriers reviewed
20.7K
ZIP codes examined
1.2M
quotes analyzed
The best auto insurance companies by state
While we stand by our picks for the top car insurance companies on a national level, it is important to know that the best insurers will vary by state. To determine the best auto insurance company in your state, you’ll want to look at more than just each carrier’s average cost of car insurance.
Although average price is important, third-party customer satisfaction scores can vary widely between regions. This means that one company might shine in one part of the country but not fare as well in another. To help you find the best car insurance in your state, Bankrate conducted extensive research into the car insurance markets in all 50 states and Washington, D.C. and evaluated the largest carriers by market share using our proprietary Bankrate Score method.
Car insurance rates by state
To assist our readers no matter where they live, we’ve created the interactive map below of car insurance rates by state. With a gist of what car insurance costs in your state, you can better understand what’s considered a normal price range for your policy.
State | Avg. annual full coverage premium | Avg. annual min. coverage premium |
---|---|---|
Avg. annual full coverage premium $2,207 | Avg. annual min. coverage premium $541 | |
Avg. annual full coverage premium $2,330 | Avg. annual min. coverage premium $498 | |
Avg. annual full coverage premium $2,515 | Avg. annual min. coverage premium $795 | |
Avg. annual full coverage premium $2,193 | Avg. annual min. coverage premium $457 | |
Avg. annual full coverage premium $2,692 | Avg. annual min. coverage premium $653 | |
Avg. annual full coverage premium $3,200 | Avg. annual min. coverage premium $650 | |
Avg. annual full coverage premium $2,187 | Avg. annual min. coverage premium $826 | |
Avg. annual full coverage premium $2,636 | Avg. annual min. coverage premium $998 | |
Avg. annual full coverage premium $3,950 | Avg. annual min. coverage premium $1,308 | |
Avg. annual full coverage premium $2,610 | Avg. annual min. coverage premium $813 | |
Avg. annual full coverage premium $1,652 | Avg. annual min. coverage premium $415 | |
Avg. annual full coverage premium $1,425 | Avg. annual min. coverage premium $343 | |
Avg. annual full coverage premium $2,316 | Avg. annual min. coverage premium $682 | |
Avg. annual full coverage premium $1,639 | Avg. annual min. coverage premium $424 | |
Avg. annual full coverage premium $1,683 | Avg. annual min. coverage premium $317 | |
Avg. annual full coverage premium $2,630 | Avg. annual min. coverage premium $631 | |
Avg. annual full coverage premium $2,558 | Avg. annual min. coverage premium $771 | |
Avg. annual full coverage premium $3,626 | Avg. annual min. coverage premium $953 | |
Avg. annual full coverage premium $1,517 | Avg. annual min. coverage premium $398 | |
Avg. annual full coverage premium $2,496 | Avg. annual min. coverage premium $984 | |
Avg. annual full coverage premium $1,646 | Avg. annual min. coverage premium $416 | |
Avg. annual full coverage premium $3,375 | Avg. annual min. coverage premium $1,210 | |
Avg. annual full coverage premium $2,044 | Avg. annual min. coverage premium $650 | |
Avg. annual full coverage premium $2,061 | Avg. annual min. coverage premium $514 | |
Avg. annual full coverage premium $2,437 | Avg. annual min. coverage premium $610 | |
Avg. annual full coverage premium $2,228 | Avg. annual min. coverage premium $380 | |
Avg. annual full coverage premium $1,994 | Avg. annual min. coverage premium $516 | |
Avg. annual full coverage premium $3,564 | Avg. annual min. coverage premium $1,142 | |
Avg. annual full coverage premium $1,646 | Avg. annual min. coverage premium $419 | |
Avg. annual full coverage premium $2,563 | Avg. annual min. coverage premium $1,030 | |
Avg. annual full coverage premium $2,216 | Avg. annual min. coverage premium $523 | |
Avg. annual full coverage premium $3,848 | Avg. annual min. coverage premium $1,661 | |
Avg. annual full coverage premium $1,702 | Avg. annual min. coverage premium $491 | |
Avg. annual full coverage premium $1,655 | Avg. annual min. coverage premium $362 | |
Avg. annual full coverage premium $1,530 | Avg. annual min. coverage premium $404 | |
Avg. annual full coverage premium $2,560 | Avg. annual min. coverage premium $510 | |
Avg. annual full coverage premium $1,956 | Avg. annual min. coverage premium $789 | |
Avg. annual full coverage premium $2,791 | Avg. annual min. coverage premium $522 | |
Avg. annual full coverage premium $2,683 | Avg. annual min. coverage premium $800 | |
Avg. annual full coverage premium $1,886 | Avg. annual min. coverage premium $657 | |
Avg. annual full coverage premium $1,939 | Avg. annual min. coverage premium $334 | |
Avg. annual full coverage premium $1,807 | Avg. annual min. coverage premium $459 | |
Avg. annual full coverage premium $2,627 | Avg. annual min. coverage premium $697 | |
Avg. annual full coverage premium $1,942 | Avg. annual min. coverage premium $700 | |
Avg. annual full coverage premium $1,359 | Avg. annual min. coverage premium $311 | |
Avg. annual full coverage premium $1,990 | Avg. annual min. coverage premium $677 | |
Avg. annual full coverage premium $1,674 | Avg. annual min. coverage premium $563 | |
Avg. annual full coverage premium $1,904 | Avg. annual min. coverage premium $488 | |
Avg. annual full coverage premium $1,739 | Avg. annual min. coverage premium $425 | |
Avg. annual full coverage premium $1,581 | Avg. annual min. coverage premium $270 | |
Avg. annual full coverage premium $2,437 | Avg. annual min. coverage premium $762 |
Average auto insurance premiums based on a 40-year-old driver with a clean driving record and good credit.
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Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Feb 2024
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What are the different types of car insurance?
One of the first steps to finding the best auto insurance for you is to understand your needs. That starts with learning about the key coverage options available and how these options work together to provide financial protection.
- Bodily injury liability coverage can help pay for costs related to the other party’s injuries if you are found at fault for an accident. Most states mandate that you carry a certain amount of bodily injury liability per person and per accident.
- Property damage liability coverage helps pay for damage you cause to someone else’s vehicle or property if you are found at fault for an accident. Property may include fences, poles, buildings and more.
- Uninsured and underinsured motorist coverage pay for your injuries (and, in some states, your property damage) if it was caused by a driver who either lacks sufficient coverage or any coverage at all.
- Personal injury protection (PIP), also known as no-fault insurance and only available in certain states, pays for medical expenses you and your passengers incur following an accident, regardless of fault. It also accounts for non-medical expenses incurred as a result of an accident, such as lost wages or the cost of childcare.
- Medical payments coverage is similar to PIP insurance coverage but includes only payments for medical expenses. It is required in some states and optional in others.
- Comprehensive coverage is for a broad range of non-collision-related damage. This can include vehicle theft, fire, weather damage and more. Comprehensive coverage can also help if you hit an animal.
- Collision coverage helps cover damage to your vehicle if you’re involved in a collision, whether you hit another vehicle, a stationary object or a pedestrian.
While the main types of car insurance coverage are listed above, every carrier is different and may offer unique or specialized coverage options. For instance, if you purchase a brand-new vehicle, you may be interested in new car replacement coverage. Or, if the roads near you are full of potholes that could pop your tire, roadside assistance might be worth looking into. Speaking with your agent and reviewing your options online can help you find coverage tailored to your needs.
Minimum vs. full coverage car insurance
Minimum and full coverage insurance are terms commonly used to describe an auto insurance policy. Understanding the vast distinction between the two is paramount when searching for the right levels of financial protection.
Minimal coverage refers to a bare-bones policy that carries only the state-mandated insurance limits. Typically, this includes only bodily injury and property damage liability at the lowest limits allowed, but depending on state coverage requirements can also include other coverage types, such as personal injury protection. This option covers damage to others up to the policy limit but does not pay for damage to your vehicle if you are at fault for an accident, which is one reason it is usually the cheapest available option.
A policy with liability limits higher than the state requires but without physical damage coverage, would be considered a liability-only policy instead of a minimal coverage policy.
Full coverage insurance includes liability coverage plus comprehensive and collision coverage. The limit of liability can range from state minimums up to the highest option available by the insurance provider, but the key difference is that a full coverage policy provides financial protection for your vehicle whether you are at fault for an accident, a victim of theft or vandalism, or experience weather damage.
Since there isn't an industry-standard definition of full coverage, some insurance providers may add roadside assistance, gap insurance and rental reimbursement to your policy if you request full coverage, so work closely with your agent and read your paperwork carefully to avoid paying for more coverage than you need.
Should you get minimum or full coverage car insurance?
The right coverage amount for you will strike a balance between how much you can reasonably afford for your policy and how much financial risk you’re willing to assume. If you're mostly concerned with getting a cheap premium, then a minimum coverage car insurance policy might work best for you: it meets your state’s legal insurance requirements and almost always costs less than full coverage. Plus, minimum coverage could be the best insurance for older cars or ones near the end of their driveable years. However, with minimum coverage, you could wind up with significantly higher out-of-pocket costs after an accident. This kind of car insurance only helps pay for the damage you cause in an accident. If you’re at fault for an accident and there’s damage done to your vehicle, you would be left footing the bill on your own.
A full coverage car insurance policy will increase your premium, but it comes with broader protection for your vehicle and finances. Vehicle repairs and medical expenses after an accident can get expensive fast, and purchasing more car insurance coverage can act as a valuable financial safety net. Bankrate found that only 44 percent of U.S. adults are able to spend $1,000 or more from their emergency savings. With that in mind, many insurance experts suggest opting for full coverage or at least purchasing higher liability limits than the state minimums.
What factors impact the cost of car insurance?
The coverage you choose is not the only thing that influences the cost of your policy. Insurance providers use unique underwriting algorithms to determine how much of a risk you are to insure and the likelihood that you will file a claim. Not all carriers weigh each factor the same, and they may not be able to take certain factors into account depending on your state’s laws.
- Driving record: If you have a history of at-fault accidents, tickets or DUI convictions, you may find fewer companies to choose from since high-risk drivers are not eligible for coverage from every carrier.
- Age and driving experience: Younger drivers have less experience on the road, leading to a higher accident frequency. This can often lead to higher car insurance rates. Unless you’re in Hawaii or Massachusetts, which ban age as a rating factor, the best company for drivers insuring young drivers may be ones that offer student or telematics discounts to offset premium increases.
- State and city: States have different insurance laws, accident statistics, crime rates and living costs. Because of this, insurance companies may not be available in certain states or even in some cities or ZIP codes.
- Vehicle make and model: The best insurance for cars with easy-to-source replacement parts may be cheaper than ones for more high-end vehicles. Driving a vehicle that comes equipped with safety features may also help you save on insurance.
- Credit-based insurance score: Unless you live in California, Hawaii, Massachusetts or Michigan, your credit history will factor into your insurance premium. Drivers with poor credit generally pay more, while drivers with good or excellent credit tend to pay less.
- Insurance lapse history: If you’ve allowed your car insurance coverage to lapse, your insurer may charge more for your policy. A lapse in coverage could signal that you are a higher-risk driver and therefore more likely to file a costly claim.
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Factors that impact your cost of car insurance
Knowing the factors that impact your cost of car insurance may help when comparing auto insurance quotes and reviewing policy renewals.
How much does car insurance cost?
Proprietary data from Quadrant Information Services indicate that the national average cost of car insurance currently sits at $2,545 per year for a full coverage policy and $741 for minimum coverage. However, these figures are just a baseline. Car insurance is highly individualized, and rates vary based on numerous personal factors.
Location is just one of those factors. In general, states that pose higher risks for filing claims (whether that is due to elevated levels of vehicle theft, extreme weather, traffic congestion, poor highway infrastructure or something else) will likely see higher average car insurance rates.
Driving incidents can also affect the total cost of your car insurance. Drivers with speeding tickets could see their premiums costing more compared to drivers with clean records. Your state’s laws and your age, gender and credit history can also determine how much you pay for car insurance. For a more specific overview, you might want to research the average insurance cost in your state.
Insurance company | Annual full coverage premium | Monthly full coverage premium |
---|---|---|
$1,735 | $145 | |
$2,530 | $211 | |
$1,683 | $140 | |
$1,646 | $137 | |
$2,248 | $187 | |
$2,044 | $170 | |
$1,358 | $113 | |
$1,761 | $147 |
Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Feb 2024
Read our full methodology
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Insurance Disclosure
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Insurance company | Annual min coverage premium | Monthly min coverage premium |
---|---|---|
$464 | $39 | |
$647 | $54 | |
$435 | $36 | |
$377 | $31 | |
$668 | $56 | |
$592 | $49 | |
$631 | $53 | |
$522 | $43 |
Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Feb 2024
Read our full methodology
Powered by Coverage.com (NPN: 19966249)
Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Why is car insurance so expensive?
There’s no single answer for the cost of car insurance. Inflation does factor into it, but it’s not the only thing making car insurance more expensive. For the past several years, insurance companies have been facing high loss ratios, meaning they are paying out more money in claims than they intake in premiums. To stay in the green, insurance companies are all but forced to raise rates — even for drivers without claims or coverage changes.
High levels of vehicle theft have also made car insurance more expensive in recent years. 2022 saw one million vehicle thefts, the highest recorded number since 2008. Because the risk of vehicle theft is higher than usual, insurers usually raise comprehensive coverage costs to account for it. Repair costs are another element; as vehicles become more high-tech, they also become more expensive to fix after an accident. By the end of 2022, the average cost of vehicle repairs was up 12 percent.
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How to save on car insurance
Knowing the factors that impact your cost of car insurance may help when comparing auto insurance quotes and reviewing policy renewals.
How to find the best rates on car insurance
Although you can’t control some of the factors that are used to determine the cost of your car insurance, there are a few things you can do to help secure a competitive rate:
- Shop around: Car insurance companies use unique rating algorithms to determine your premium, so you’ll get a different rate with each carrier. You may wind up paying a lower premium if you take a little extra time to compare auto insurance companies.
- Shop early: Shopping up to a month ahead of your renewal date can be helpful, as it allows you time to gather quotes and make a decision. Most companies require at least a month’s down payment, so make sure you account for that in your budget.
- Utilize discounts: Most carriers, from the top auto insurance companies to local agencies, offer their customers a selection of discounts. Exact offerings and eligibility will vary among providers.
- Participate in a telematics program: A telematics device tracks your driving habits. If you drive safely and obey traffic laws, your insurer might reward you with a discount.
- Keep a clean driving record: At-fault accidents and tickets are signs that you may engage in risky driving behaviors and can significantly increase your rates.
- Consider your vehicle: While not the most practical step for everyone, you could consider shopping for a different vehicle if you need to lower your rates drastically.
- Set realistic expectations: Not all drivers will be able to score an amazing deal on their insurance. For example, if you have a DUI conviction on your record, data show that average rates for a full coverage policy can be up to 86 percent more.
Types of car insurance discounts
When navigating the world of insurance, being aware of discount opportunities can help you find the best auto insurance and significantly reduce your overall premium. When comparing auto insurance companies, keep in mind that not every discount is available in every state and eligibility requirements change depending on your provider.
Here are some of the best car insurance discounts to ask your insurance agent about:
Some insurance providers offer discounts and premium reductions for policyholders associated with qualifying clubs, employers or professions.
Eco-friendly cars may earn a discount with some providers.
The less you drive the lower the risk is of being in a car accident. Many insurance companies have discounts for carpooling and farm use, which are low mileage behaviors and offer lower rates to drivers with low annual mileage.
Car and home insurance bundles are just one kind of multi-line discount. Some providers offer savings for bundling auto policies with other insurance products like boat, RV and renters insurance.
Policyholders who opt for digital documents over paper mail may receive a discount.
Policyholders who can pay their insurance premiums in full at the time of sale and renewal may receive a discount and save money by avoiding the service fees included in each billing cycle.
Along with being placed in a preferred risk group, drivers who stay incident-free may qualify for extra savings.
There are several discount options geared toward teen drivers with many carriers, such as a good student discount or driver training discount.
Car insurance industry trends: Premium increases likely to continue
Between 2023 and 2024, the cost of car insurance increased. Bankrate’s proprietary rate data indicates that the average cost of full coverage car insurance rose from $2,014 per year in January 2023 to $2,545 per year in February 2024. This is 26 percent more, and rates are expected to continue rising into 2024. Insurance rates are reactionary — claims get more expensive, and companies increase premiums in response.
As premiums continue to rise, it’s important to understand how car insurance costs are affected. The cost of car parts has increased over the past few years due to ongoing shortages and shipping delays. Along with higher labor costs, this makes the overall cost of claims higher. Paired with poor post-pandemic driving habits, the result is higher car insurance premiums for policyholders. Finding the best coverage for your needs and budget is crucial. Ensuring you have proper coverage could help reduce the financial risk of being underinsured. Bankrate’s editorial team continues to monitor the insurance industry and speak to industry experts.
Bankrate talked to three experts in the car insurance industry to get their takes on the current environment.
Our industry experts weigh in
Mark Friedlander
Director of corporate communications, Insurance Information Institute
“Car insurance rates are expected to continue to increase in 2024 due to more costly repairs, driven by parts shortages and higher costs of labor, as well as low inventories of vehicles, which generates higher costs of replacing totaled cars. From 2020 through 2023, replacement costs increased an average of 45 percent cumulatively, whereas inflation for the overall U.S. economy increased 15 percent within the same timeframe. Triple-I forecasts the U.S. personal auto insurance industry to post a substantial underwriting loss in 2023 with a 110.5 combined ratio, meaning auto insurers are paying out more than $1.10 for every dollar collected in premium. This is a slight improvement over the industry’s 112.2 combined ratio in 2022. A key factor in determining underwriting profit is accident severity. Since the pandemic began in 2020, loss costs for accidents have been outpacing premiums charged, resulting in many insurers raising rates multiple times to offset losses. We are starting to see premiums catching up with loss costs. Unless replacement cost begins to decrease materially — which is not currently forecast — we expect the personal auto insurance line to remain at an underwriting loss through 2025."
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze the latest rates in February 2024 for ZIP codes and carriers in all 50 states and Washington, D.C. Rates include the most recent approved rate changes filed by insurance companies that affect our profile. These revised rates are then weighted based on the population density in each geographic region so that policyholders can see the impact rates have in their areas. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
46
years of industry expertise
122
carriers reviewed
20.7K
ZIP codes examined
1.2M
quotes analyzed
Bankrate Scores methodology
Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlight where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, February 2024 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Compare rates and save on auto insurance today!
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Written by
Shannon Martin
Writer, Insurance
Shannon Martin is a licensed insurance agent and Bankrate analyst with over 15 years of experience in the industry. She enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.
Edited by Mariah Posey
Reviewed by Mark Friedlander