Finding The Cheapest Auto Insurance

Auto insurance premiums are expected to rise even more this year than last. According to ValuePenguin, rates are expected to increase by 12.6% across the U.S. in 2024, due to rising repair costs and frequent severe weather.  The increase is larger than the 11.2% increase in 2023, according ValuePenguin's State of Auto Insurance in 2024 report.  The report cites the average cost of full coverage car insurance across the U.S. going into 2024 as $1,984 annually, which equates to roughly $165 per month.

That said you may be looking for ways to lower your rising premiums. AutoInsurance.org. has compiled a list of the cheapest auto insurance companies in 2024, and the list names Geico, State Farm, and Travelers as the companies with the cheapest auto insurance on average.

Of course, keep in mind that car insurance varies on a number of factors — location, driving history, credit score, and more — so some insurance companies may be cheaper for certain drivers than others.

Here are some other things to keep in mind:

• Most states require that all drivers carry a minimum amount of auto insurance coverage, typically a combination of bodily injury and property damage liability coverage. Meeting this legal minimum is often the cheapest coverage you can get.  Find out the Minimum Auto Insurance Requirements by State by clicking here. 
• Also, many insurance providers offer discounts to drivers for various things like being a safe driver, insuring multiple vehicles, or even being a good student. Some companies also offer telematics-based policies that track driving habits that could lower your insurance rate.  So always ask about any potential discounts when applying for a policy.

Here are some numbers compiled by AutoInsurance.org:   

• Cheapest Auto Insurance Overall:    Geico – $30/month
• Cheapest Auto Insurance for Drivers with a Traffic Ticket:    State Farm – $37/month
• Cheapest Auto Insurance After a Car Accident:    State Farm – $40/month
• Cheapest Auto Insurance After a DUI:    State Farm – $45/month
• Cheapest Auto Insurance for Teen Drivers:   Geico – $107/month
• Cheapest Auto Insurance for Senior Drivers:    Geico – $30/month

To see the full report in more detail, click here.

Photo Credit: New Africa/Shutterstock.com.