Cheapest Car Insurance Companies
Exclusive survey data reveals the companies with the highest satisfaction ratings from policyholders for premiums
The cost of car ownership continues to soar, with new- and used-car prices on the rise, and maintenance and repair commanding premium prices these days. Then there’s car insurance, an essential protection for any driver who may experience an on-road tragedy. AAA calculates that insurance accounts for 17 percent of annual car expenses—not factoring in the purchase—trailing fuel costs and depreciation. In other words, car insurance is a major cost and an area for potential savings.
Among those policyholders who switched companies within the previous five years, the median savings on annual premiums was $461.
When asked why they switched, more than half (58 percent) said it was to get lower premium rates. The second most popular response (41 percent) was that their current insurance provider raised rates. Combined, one, or both of these were factors for nearly three-quarters (73 percent) of policyholders who switched companies.
Looking for a cheaper car insurance company? We reviewed the latest survey findings to compile the list below of insurance providers that policyholders reported being most satisfied with as far as premiums. While there are some household names on the list, many of the insurance companies that rank highly aren’t the ones you see advertised heavily on television.
These insights and full car insurance ratings are available to Consumer Reports digital members.
