Have you heard the saying that nothing’s certain other than death and taxes? If you own a vehicle, you can add a third category to the mix: insurance. Having insurance can cost a pretty penny unless you opt for low-cost vehicle insurance with one of these companies.
Erie may only be available in 12 states, but it’s the 11th largest insurance carrier in the country, as noted on its website. Drivers in Washington D.C., Wisconsin, Virginia, West Virginia, North Carolina, Illinois, Ohio, Tennessee, Indiana, Pennsylvania, Kentucky, New York and Maryland have access to what Value Penguin lists among the top low-cost vehicle insurance carriers. Drivers spend around 28 percent below the state averages across the board. In some states, such as Pennsylvania and Virginia, Value Penguin notes that drivers could get a policy for around 40 percent below the state average.
USAA, which is available to veterans, military members and their families, is NerdWallet’s pick for the best low-cost vehicle insurance for good drivers. This carrier’s annual rates beat its competitors by several hundred dollars. USAA provides all the standard types of vehicle insurance coverage, and optional accident forgiveness coverage for protection from premium increases after an at-fault accident. Coverage options and pricing varies depending on your personal driving history, state and other demographics.
When you have an accident or some other blemish on your driving record, it could raise your premiums substantially. According to research from The Zebra, Nationwide is one of the best bets for low-cost vehicle insurance if you have a less-than-stellar history. For example, after making a claim, you can expect to pay higher premiums, but they’ll be $100 to $200 less than most competitors. After a suspended license citation, the average six-month premium is less than the average for Allstate, GEICO, Progressive and State Farm.
Value Penguin rates GEICO as the second least expensive carrier based on its average annual rate. In most states, drivers save around 28 percent compared to the state average. In some states, including Utah and New York, drivers can get insurance for up to 50 percent less than the state average.
State Farm is one of the largest insurance carriers in the country. It’s been selling auto policies since 1922, when G.J. Mecherle sold the first policy, and remains a popular option even among drivers looking for low-cost vehicle insurance. NerdWallet rates it as the cheapest option for good drivers, those with one at-fault accident and those looking for minimum coverage. The average annual premium is several hundred dollars less than its competitors.