The Most Popular Car Insurance Companies 2023

Here are the most popular car insurance companies on the market, per the Insurance Information Institute. This information was compiled by comparing the amount of direct premiums written for each auto insurance company in 2021, along with the total percentage of market share. In all, the top 10 car insurance companies made up 70% of the market for personal auto insurance coverage.

CONSTELLATION BRANDS, INC.

Also included for each insurance company are its J.D. Power satisfaction rates from 2022. Data analytic company, J.D. Power conducts annual reviews of the car insurance industry, and is a good source to find insurance based on customer satisfaction ratings on a 1,000-point scale.

Additionally, compare auto insurance rates from some of the best carriers below.

5 Cheapest Car Insurance Companies (March 2023)

How much you pay for car insurance will depend on a number of factors, including your age and driving history. Here’s a look at the cheapest car insurance for certain types of drivers.

The cheapest car insurance for good drivers

These rates are based on good drivers with a clean driving record, meaning no at-fault accidents or traffic violations. USAA offers the lowest average rates for good drivers, but it is open to only military members, veterans and their families.

The cheapest car insurance after a speeding ticket

A speeding ticket will mean an insurance increase of about 21%, based on nationwide averages. Our analysis found the cheapest car insurance from Westfield, Geico and Auto-Owners, with USAA a top choice for people who qualify for USAA auto insurance.

The cheapest car insurance after an accident causing injury

Expect your car insurance rates to go up at renewal time if you have caused an accident, especially one that injured someone else. Nationally, the average rate goes up 40%, which translates to paying about $830 more per year compared to a driver with a clean record.

USAA offers good rates to military members and veterans. For other drivers, Auto-Owners and Westfield had the cheapest car insurance in our analysis. Westfield is a regional insurer that serves 10 states in the Midwest.

The cheapest car insurance after a DUI

Among the likely consequences after a DUI conviction is a higher auto insurance bill. Car insurance companies usually pull motor vehicle records before your policy renewal time to check for tickets and convictions, and then apply increases based on your record.

A DUI conviction leads to an average increase of 72% that translates into nearly $1,400 a year. Progressive and American Family had the cheapest rates in our analysis, with USAA a possible good option for military members and veterans who qualify.

The cheapest car insurance for people with bad credit

Having poor credit can be one of the biggest hurdles to getting cheap car insurance quotes—even if you have an excellent driving record. Poor credit can cause higher auto insurance rates than having a DUI or at-fault accident on your record.

Average auto insurance costs go up 79% for drivers with poor credit compared to those with good credit. That comes out to over $1,500 more per year, on average.

With potentially exorbitant rates, it’s vital to shop around. Geico and Nationwide had relatively cheap car insurance for drivers with poor credit among the companies we analyzed. USAA is a good bet for military members and veterans.

The cheapest car insurance for seniors

USAA has the cheapest car insurance for senior drivers ages 70 and 80, according to our analysis. Auto-Owners is the cheapest for senior drivers without a military affiliation, which USAA requires. However, the best car insurance for seniors will vary based on where you live and your personal details, such as your driving record.

Our analysis found that senior drivers experience, on average, a 10% increase in their car insurance costs from age 60 to 70. By age 80, your rates may have increased 23% above the rate you were paying at age 70 and 34% more than your car insurance cost at age 60.

The cheapest car insurance for teens & young drivers

It’s not cheap to buy car insurance for a teen because young new drivers pose a large risk to insurers. We found that adding a teenage driver to a parent’s policy will result in an average increase of $1,951 a year.

This amount typically doubles the parent’s auto insurance bill. But it is still usually less expensive to add a young driver to a parent policy rather than for the teen driver to get their own.

From Cheaper Rates To Guaranteed Renewals: Here Are The Best Car Insurance Companies For Seniors

Seniors and retirees can get car insurance for much cheaper than young adult drivers because they have many years of experience behind the wheel and may drive fewer miles. However, rates also tend to rise once drivers reach their 70s, so you may need to change insurance companies over time to ensure you're getting the best rates and coverage.

When shopping for car insurance as a senior, it's important to make sure that the company not only offers low premiums, but also key features like an easy claims process and guaranteed renewal program. Ahead, CNBC Select reviews the best car insurance companies for seniors based on various categories. Many of our top picks are also top picks for anyone searching for the best car insurance in 2023. (See our methodology on how we chose the best car insurance for seniors.)

Best car insurance for seniors Best overall Geico Auto Insurance

Cost

The best way to estimate your costs is to request a quote

App available

Policy highlights

Geico coverage and services are available in all 50 states and the District of Columbia and there are 16 different types of discounts available. In addition to the standard coverage options, Geico offers various optional add-ons, such as emergency roadside assistance, rental car reimbursement and mechanical breakdown insurance.

Pros

Lowest average rates

Inclusive coverage options, including high-risk drivers

Available nationwide

Cons

High premiums for high-risk drivers

Fewer branches for in-person services

Geico is highly rated for financial strength by AM Best and for customer satisfaction by J.D. Power. Seniors can take advantage of a number of discounts available to bring down the cost of coverage, such as for defensive driving course completion, being accident-free for at least five years and for retired government employees. For those aged 50 or older who qualify, its guaranteed renewal program could protect you from being dropped by your insurance company as you get older.

Best for low-mileage drivers Nationwide Auto Insurance

Cost

The best way to estimate your costs is to request a quote

App available

Policy highlights

Nationwide offers near-nationwide availability and personalized services, such as On Your Side® Review, a free annual insurance evaluation to ensure you are adequately protected and are taking advantage of any discounts available to you.

Pros

Available in 47 states and the District of Columbia

Lowest average premiums for full coverage

Cons

High average premium for minimum coverage

Nationwide is ideal for retirees who may be driving less than they used to. Its SmartMiles program offers flexible monthly rates based on the number of miles you drive, so the less you drive, the less you pay. Coverage is available in most states and Nationwide is rated highly for both financial strength and customer satisfaction.

Best for customer service Auto-Owners Insurance

Cost

The best way to estimate your costs is to request a quote

App available

Policy highlights

Auto-Owners offers affordable premiums with high customer satisfaction ratings. There are 12 different types of discounts available, as well as various other types of insurance besides auto.

Pros

Offers at-fault accident forgiveness as an add-on

High customer satisfaction scores from JD Power

Low NAIC complaint index score

Cons

Only available in 26 states

Quotes must be obtained through an agent

Auto-Owners consistently achieves high customer and claims satisfaction ratings by J.D. Power and has a superior A++ credit rating from AM Best. While this auto insurance coverage is not available in every state and you must work with an agent to get a quote, Auto-Owners does offer affordable rates for seniors with a number of discounts available to advantage of, such as its low mileage discount.

Best for military members USAA Auto Insurance

Cost

The best way to estimate your costs is to request a quote

App available

Policy highlights

USAA's auto insurance is available in all 50 states, Washington D.C. And some international locations. In addition to low rates and coverage options for unique circumstances, such as for active-duty members, customers have access to an intuitive mobile app.

Pros

Lowest average premium for minimum coverage

Highest customer satisfaction ranking

Superior discounts for military members

Cons

Only available to military members, veterans and their immediate family members

USAA is one of the top choices for seniors who have served in the military (or their immediate family members). Not only has the insurance company consistently earned high marks for customer satisfaction and financial strength, but it also offers low premiums for drivers of all ages. It offers a variety of discounts for people of all ages, including seniors, and a number of other types of insurance products to bundle and save more.

FAQs Is car insurance higher for seniors?

Those in their 50s and 60s pay the least for car insurance, according to data from Bankrate. While the average 40-year-old male pays an average of $2,020 per year for full coverage car insurance per year, the average 50-year-old pays $1,885, and the average 60-year-old pays $1,832. However, car insurance rates begin to increase once you hit your 70s.

At what age do car insurance rates increase?

Car insurance rates increase for 70-year-olds, who pay an average of $2,001 per year. That's about $170 more than the typical 60-year-old pays.

Why are seniors considered a high-risk driver?

Seniors are considered high-risk drivers because they pose a greater risk of being injured or killed in a car accident. According to the Center For Disease Control and Prevention (CDC), this is because of age-related changes in vision, hearing, cognition and physical functioning, as well as the fact that some medications might affect some elders' driving abilities.

Other types of high-risk drivers include those with less driving experience, poor credit, a previous at-fault accident, a history of traffic violations, a DUI or a large number of points on their license.

How can seniors save money on car insurance?

Seniors can save money on car insurance by taking a defensive driving class. These courses are often offered online and can be taken through the National Safety Council, AARP, and AAA.

Shopping around can also ensure you're getting the best deal. To start, get quotes from several insurance companies and compare the quotes, paying attention to the amount of coverage and the types of coverage included.

Raising your credit score is another way to lower the amount you'll pay for coverage. In many states, car insurance companies consider your credit score in deciding how much you'll pay. The higher your credit score, the lower your premium.

Bundling your homeowners insurance or renters insurance with your auto insurance policy can help bring down your insurance costs. Many insurance companies offer discounts for bundling policies.

Lastly, consider raising your deductible, or the amount you'll be responsible for paying before your insurance kicks in. As deductibles go up, premiums tend to go down. However, you'll want to make sure that your deductible is reasonable for you, as you'll need to be able to cover that amount if something happens.

Bottom line

There are several car insurance options for seniors that are both affordable and high-quality. Shopping around for coverage, bundling your policies and raising your deductible can also help to make car insurance more affordable for elder drivers.

Our methodology

When determining the best car insurance companies for seniors, CNBC Select looked at several car insurance companies, focusing on those that are available in a wide variety of states.

When narrowing down the best car insurance companies for seniors, we focused on average cost data from Bankrate, customer satisfaction data from J.D. Power and financial strength ratings from AM Best. We also considered the number of states where coverage is available, along with the number of discounts available.

Average annual premium data is based on a 70-year-old driver with a clean driving record, good credit, and a 2020 Toyota Camry driven 12,000 miles annually with the following coverage limits:

$100,000 bodily injury liability per person

$300,000 bodily injury liability per accident

$50,000 property damage liability per accident

$100,000 uninsured motorist bodily injury per person

$300,000 uninsured motorist bodily injury per accident

$500 collision deductible

$500 comprehensive deductible

After reviewing the features and costs above, we sorted our recommendations by the best overall, best for customer satisfaction, best for military members, and best for low-mileage drivers.

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

The Most Popular Car Insurance Companies 2023