You may be leaving hundreds, even thousands, of dollars on the table if you don’t regularly compare car insurance rates. Many factors affect your car insurance rates, and if any of them changed, it’s possible that the cheapest policy will come from a different insurer.

You should compare car insurance rates at these times, when your rates are likely to change significantly:

  • You bought a car
  • You added a teen driver to your policy
  • You got married or divorced
  • Your credit score changed
  • You bought a house or moved
  • You got cited for a DUI or major violation or caused an accident

Even if your status remains the same, you should do some car insurance shopping every six to 12 months. Insurance companies use different formulas to set your rates, so the price for the same policy can vary significantly even if you don’t have a life-changing event. That means you can wind up overpaying if you don’t compare insurance rates from several companies at least once a year.

So, Which Car Insurance Company Usually Provides the Best Rates?

According to a recent survey of about 1,700 drivers, Progressive provides the best auto insurance rates in the United States. Below is a table of average car insurance rates charged by top 10 companies.

Rank Auto Insurance Company Average Annual Rates ( Dollars )
1 Progressive 1134
2 Esurance 1224
3 Liberty Mutual 1247
4 GEICO 1306
5 Farmers 1421
6 Nationwide 1454
7 State Farm 1478
8 Encompass 1512
9 21st Century 1742
10 Amica 1789

 

Obviously, above is the average car insurance rates for all age groups and marital status and not reflective of all the people in the survey. For instance, married couples in their 30’s and 40’s paid roughly half as much as teenage drivers. And city folks generally paid 35% higher rates than people in the suburbs.

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