So is there a list of the top 10 cheapest car insurance companies? Yes, and it appears below.
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We have included our top 10 list here, but bear in mind that price isn’t everything. What good is cheap car insurance if the coverage or service you get is not sufficient to take car of you after an accident?
It’s fine and dandy to do the necessary research and find the absolute cheapest car insurance company on the Internet but when it comes right down to it you buy a car insurance policy to protect you in the event that things go wrong so know when to skimp and when not to.
Top 10 Cheapest Car Insurance Companies List
We have compiled the following list based on averaging several similar Internet lists. Keep in mind that because insurance rate comparisons vary from state to state, it’s impossible to provide a completely accurate list. So, based on averages, the top 10 cheapest car insurance companies are:
- State Farm
- 21st Century Insurance
- Liberty Mutual
- American Family
The Top 10 Cheapest Car Insurance Companies by Quality
Since price isn’t everything, what else do we look for when searching for car insurance? The first thing is quality of coverage. All 50 U.S. states require minimum liability, bodily injury, and property damage coverage which will not change from carrier to carrier. (OK- New Hampshire has financial responsibilities laws; but insurance just makes more sense for most folks, even in the live free or die state!)
However, some car insurance companies offer greater coverage in these three required liability areas. They may even charge the same as their competitors do for the absolute minimum.
Extra coverage like a full glass, collision, and fire and theft all increase the quality of coverage. What needs to be considered when applying for car insurance is how much coverage you need for your vehicle. One company that offers cheap rates for state minimums may have a higher price when you added the extras. The price must always be viewed through the lens of coverage provided.
All that said, the list of top 10 cheapest car insurance companies is altered only slightly when considering quality of coverage. Geico takes over the top spot while Esurance drops to number five. American Family is replaced by Travelers in the number 10 spot.
The Top 10 Cheapest Car Insurance Companies by Service
There is an old adage which says you get what you pay for. This is certainly true to an extent in the insurance industry. Quality customer service costs money. The lower the rates, the more likely it is that an insurance company will offer lower quality customer service. Though not always the case, a company with high quality customer service tends to charge slightly higher rates.
Car insurance customers must ask themselves if quality customer service is worth the extra money. If you’ve ever filed a claim, this may be a no-brainer for you. Making a car insurance claim is stressful business, and people appreciate good customer service and quick claims response. If you get a rock-bottom rate but have difficulty making a claim, your cheap car insurance may no longer be as attractive.
When we add customer service satisfaction to the equation, the list of top 10 cheapest car insurance companies looks significantly different (again, this list is based on averages compiled from several web surveys):
- State Farm
- 21st Century Insurance
- Farmers Insurance
Be Wary of Top Ten Lists
In conclusion, we are happy to provide you with this top 10 list, but be careful that you don’t count it as gospel. Top 10 lists are a helpful tool in gleaning valuable information, but they are usually not error free. This is especially true in the area of car insurance, where ranking depends heavily on surveys of ever-changing customer opinions.
There are so many variables to consider when searching for car insurance, that what one person may see as a benefit may be a drawback to someone else. Factors like state regulations, the type of car you own, and how much coverage you need are all part f the equation. They all come into play when the insurance company writes a policy, so they should be in play when a customer is comparing policies.
Don’t forget the makeup of a specific insurance company either. Some employ an entire army of independent agents who are not as loyal to a particular brand name as corporate employees are. Others don’t use any independent agents at all.
All of these things need to be taken into account when purchasing car insurance. It’s not just about a list of the top 10 cheapest car insurance companies. It’s about your personal and financial needs.
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