Cheapest Full Coverage Car Insurance (June 2024) (2024)

Travelers offers the cheapest widely-available full coverage car insurance for the average adult driver.

State Farm provides the cheapest full coverage rate for teens, seniors, drivers with a speeding ticket and an at-fault accident.

Progressive offers the cheapest full coverage for drivers with a DUI on their driving record.

GEICO is the most affordable option for young drivers ages 20–25. Meanwhile, drivers who have a military background may find the cheapest full coverage car insurance through USAA.

Cheapest Full Coverage Car Insurance: Travelers

Travelers offers the cheapest full coverage car insurance for most drivers, with an average annual premium of $1,124 per year and $94 a month.

The cheapest full coverage car insurance company may vary depending on certain factors, including age, motor vehicle record, claims history, coverage amount and deductible. MoneyGeek analyzed the largest auto insurance companies across the country to find the most affordable full coverage policy.

A car insurance policy provides financial protection in the event of an accident. Generally, you’re only required to have insurance that meets the state minimum coverage requirements. But depending on your needs and circ*mstances, you can choose higher coverage levels and add optional coverages.

The coverage limits and deductible you choose will affect the cost of your premium. Having a higher deductible can lead to lower car insurance rates. A 100/300/100 policy provides coverage of up to $100,000 for bodily injury per person, $300,000 for bodily injuries per accident and $100,000 for property damage liability per accident. Deductible refers to the amount the policyholder pays out of pocket when making a claim.

Cheapest Full Coverage Car Insurance by State

Location is an important factor when looking for cheap full coverage car insurance. The cheapest provider on a national level may not be the cheapest in your state. Companies tend to charge differently by state, city and ZIP code depending on state law.

Rates in California and Michigan are determined by city, while other states allow rates to be determined by ZIP code. There are some smaller insurers that serve only a few states but may still offer the cheapest full coverage car insurance in the locations they serve.

Use the table below to find the cheapest provider and average rate for you. Select your state and age range for a more accurate estimate.

Cheap Full Coverage Car Insurance by Age

Age is a common factor insurers use to determine the cost of car insurance. Teens and young drivers tend to be the most expensive to insure, and senior drivers typically pay slightly higher premiums than middle-aged adults. However, the states of Hawaii and Massachusetts do not allow age to be used as a rating factor.

The most common cheapest providers based on age range across the U.S. are:

• Teens (ages 16–19): State Farm
• Young drivers (ages 20–25): GEICO
• Adults (ages 30–50): GEICO
• Seniors (ages 60+): State Farm

Companies tend to charge higher premiums to teens and young drivers as they are seen to be riskier to insure. According to the National Safety Council, the 15–24 age group recorded the highest death rate in collision accidents involving a fixed object. There were 6.3 deaths per 100,000 population. In comparison, the average across all age groups is only 3.6.

Cheapest Car Insurance for Teens and Young Drivers by State

Usually, the cheapest way to insure a teen or young driver is to add them to a family policy. However, there are certain requirements you need to submit. These may vary per insurance provider, so it’s best to check with your agent.

Compare rates in your state to see the cost difference between the cheapest car insurance for teens and young drivers on a family policy vs. the cost of an individual policy with the same provider. To learn more about cheap car insurance for drivers ages 16–25, select your age and sex; you can then click on your state to learn more about car insurance where you live.

Cheapest Full Coverage Car Insurance for Seniors by State

The two most affordable states for full coverage car insurance for seniors are Massachusetts and California. In Massachusetts, State Farm offers the lowest average annual premium at $369, which is about $31 per month. California follows closely with CSAA providing coverage at an average annual cost of $421, or approximately $35 monthly. These insurance providers offer seniors the best rates in their respective states.

Insurance providers typically charge higher premiums for senior drivers than middle-aged adults because of their vulnerability to injury due to a crash. Crash death rates among older adults have also increased.

Find the cheapest rates for a senior driver in your area by selecting your state in the table below.

Cheapest Full Coverage With a Ticket

Car insurance rates typically go higher after you have gotten a ticket. It may also be harder to find cheap car insurance after a ticket because insurers deem the driver much riskier to insure.

Travelers and State Farm are the cheapest car insurance company for drivers with a ticket for all age groups:

• 22–29 years old: $1,677 per year or $140 per month
• 30–59 years old: $1,374 per year or $114 per month
• 60+ years old: $1,260 per year or $105 per month

Drivers with a ticket on their driving record can lower the cost of their car insurance by utilizing discounts, choosing lower coverage limits or having a higher deductible. Exploring other options and comparing rates based on how much car insurance you need can also help you find the most affordable policies. Use the table below to review premiums by coverage and deductible.

In addition to raising your premiums from being categorized as a high-risk driver, there are numerous risks to speeding. Approximately one-third of motor vehicle fatalities can be attributed to speeding. In 2020 alone, speeding was a factor in 29% of traffic fatalities or a total of 11,258 deaths.

If you have a ticket, you will likely have increased premiums for 3–5 years – the duration the ticket stays on your record. In the meantime, you may qualify for a defensive driving course discount from select providers that can help to lower your premiums.

Cheapest Full Coverage With an Accident

MoneyGeek analyzed average rates for drivers who have been involved in an at-fault accident and found that the cheapest full coverage car insurance overall is State Farm.

State Farm and Travelers offer the cheapest rates across all age groups for drivers with an accident:

• 22–29 years old: $1,799 per year or $150 per month
• 30–59 years old: $1,493 per year or $124 per month
• 60+ years old: $1,372 per year or $114 per month

Finding cheap auto insurance after an accident can be challenging, but you can lower your premiums by capitalizing on discounts, lowering coverage limits or choosing a higher deductible.

When looking for the cheapest providers, it’s important to consider how much car insurance you need. Compare how premiums differ across coverage levels and deductibles using the table below.

Getting involved in an at-fault accident makes you a riskier driver to insure, resulting in higher car insurance rates. Approximately 1.3 million individuals die and around 20–50 million suffer from nonfatal injuries every year because of road traffic crashes.

An at-fault accident may stay on your record for 3–5 years or up to 10 years if you were driving a commercial vehicle. Some providers may offer discounts for drivers with an accident on record who choose to take a driver's education course.

Cheapest Full Coverage With a DUI

Based on MoneyGeek’s analysis, the cheapest provider for a driver with a DUI is State Farm.

State Farm and Progressive offers the cheapest car insurance after a DUI for all age groups:

• 22–29 years old: $1,935 per year or $161 per month
• 30–59 years old: $1,628 per year or $136 per month
• 60+ years old: $1,514 per year or $126 per month

A DUI on your record leads to higher premiums, but you can lower the cost of your policy by getting a discount, having lower coverage limits or opting for a higher deductible.

Check the cheapest providers based on how much car insurance you need and compare premiums by coverage and deductible using the table below.

A driver who has been issued a DUI can expect an increase in car insurance rates since they’re considered much riskier to insure.

Around 32 people die daily in drunk driving crashes in the United States. That’s approximately one person every 45 minutes. Any amount of alcohol can affect your driving and increase your crash risk. In 2020, 2,041 people were killed in alcohol-related car crashes in which the driver had a blood alcohol concentration of 0.01–0.07 g/dL.

The length of time a DUI will impact your car insurance rates varies by state. It can range from 3–10 years. Some states may also issue a DWI (Driving While Intoxicated) or an OWI (Operating While Intoxicated). Depending on your situation, you may also need to file SR-22 insurance.

Cheapest Full Coverage by Credit Score

Insurance providers consider credit-based insurance scores when calculating car insurance rates in most states, except California, Hawaii, Massachusetts and Michigan.

A credit score is a three-digit number representing a person’s creditworthiness.

• Poor: 524–577
• Below Fair: 628–671
• Fair: 710–740
• Good: 769–794
• Excellent: 823+

Select your state in the table below and review insurance providers and premiums based on your credit score.

Cheapest Full Coverage for Military

Veterans, current military and their families may qualify for dedicated services and discounts to get cheap full coverage car insurance.

USAA is the cheapest full coverage car insurance company for military drivers of all age groups:

• 22–29 years old: $1,054 per year or $88 per month
• 30–59 years old: $866 per year or $72 per month
• 60+ years old: $831 per year or $69 per month

The table below can help you determine the cheapest car insurance for military drivers based on the type of policy you need and your age.

Best Cheap Full Coverage Car Insurance

The best cheap full coverage car insurance company is State Farm. Overall, State Farm scored the highest out of all car insurers, with particularly high scores for the best customer satisfaction and affordability.

State Farm offers the best cheap car insurance for a full coverage policy across all ages:

• 22–29 years old: $1,509 per year or $126 per month
• 30–59 years old: $1,222 per year or $102 per month
• 60+ years old: $1,122 per year or $94 per month

The table below provides information you can use to review the best car insurance providers based on the coverage you need and your age.

What Is Full Coverage Auto Insurance?

There is no single definition for full coverage car insurance, but it typically includes liability protection and comprehensive and collision coverage.

• Liability coverage protects you against the cost of property damage or injury to others if you're at fault.
• Comprehensive and collision coverages insurance covers repairs to your vehicle if it's damaged on or off the road, from an at-fault accident or collision with another vehicle or object, animal damage and fire or weather-related incident, as well as vandalism and theft.

Other coverages that may be included in full coverage auto insurance, depending on your policy:

• Personal Injury Protection (PIP)
• Medical Payments
• Uninsured/Underinsured Motorist
• Guaranteed Asset Protection Insurance (GAP)
• Rental Car Coverage
• Roadside Assistance

These additional coverages are considered optional and can be included in a quote for cost-comparison purposes.

What Full Coverage Doesn't Cover

Unless you opt for additional insurances such as PIP, GAP, uninsured/underinsured coverage and other optional coverages listed above, these options are commonly not included in full coverage insurance. In addition, commercial use of your vehicle is typically not covered. This includes ridesharing drivers who work for services such as Uber, Lyft and DoorDash. Some supplemental coverages may or may not include vehicle customization or accessories, and some may not cover pet injuries unless you purchase a separate pet injury rider.

When choosing a policy, it's critical to ask your policy provider about the details of your coverage and if you need supplemental policies to ensure you are protected.

How to Determine If Full Coverage Car Insurance Is Right for You

Full coverage car insurance is not a common legal requirement if you own your car but can contribute to your peace of mind and ensure that you are protected when you need it most. If you drive a financed or leased vehicle, you will likely be required by your lender to purchase full coverage to protect their investment.

The greatest value of full coverage car insurance is the financial protection of you and your vehicle as an asset. When determining if full coverage car insurance is a practical investment to protect your vehicle, you'll need to consider the actual cash value of your vehicle, your deductible and how ready and prepared you are to cover the cost of repairs or medical bills.

• Actual cash value (ACV): The most current and evaluated value of your vehicle for replacement cost. You can determine the ACV of your vehicle by looking up the year, make, model and trim level of your vehicle online. Then, reduce the value by any wear and tear on the vehicle, as well as any claims and unrepaired damage.

Use this simple equation for insight into how many years of full coverage you would need to pay to replace your car: (A-B/C)

• A: The actual cash value of your vehicle
• B: The cost of your deductible
• C: Annual full coverage car insurance cost

For example:

• If your car was worth $4,000, your deductible was $500 and your annual full coverage car insurance cost was $941, it would take 3.7 years of full coverage to replace your vehicle.
• If your car was worth $15,000, your deductible was $500 and your annual full coverage car insurance cost was $941, it would take 15.4 years of full coverage to replace your vehicle.

Additional considerations using the above example:

• If you have an older car worth $4,000 that you plan on replacing in the next few years, rather than investing in full coverage car insurance, your best option might be to save and set money aside for the next 3.7 years to replace your vehicle.
• However, if you drive a newer or more expensive car, a full coverage car insurance option is a great way to protect your financial investment. If your $15,000 car was totaled, your policy would cover its replacement, which otherwise would take you 15.4 years of saving on your policy cost to purchase a new car.

Full coverage car insurance decreases in value as an investment as your vehicle ages, increases miles and decreases in worth. Experts recommend that if your annual full coverage payment is lower than 10% of the value of your car, a full coverage policy may be a worthy investment.

If your policy payment exceeds 10% of the actual cash value of your car, you may consider not getting full coverage car insurance or dropping your policy. However, if you value service and unique coverage options, the best full coverage car insurance policy can provide a robust and reliable safety net.

One of the best ways to get cheap full coverage auto insurance is by shopping with several car insurance companies. Getting multiple personalized quotes to compare coverages doesn’t have to be difficult. You can get quotes almost instantly, and MoneyGeek can help. By comparing auto insurance rates and coverages, consumers can save up to 47%, even high-risk drivers.

To make the process easier, have the right information available when getting full coverage car insurance quotes. Here are some steps to take to get accurate auto quotes while shopping for car insurance:

FAQ About Full Coverage Car Insurance