Have you ever wondered what the top five most affordable auto insurance companies are? We have that list, based on consumer voting through a number of online resources. Just so you know how we did it, we took the total number of votes received by each company and divided them by the total number of resources we used in order to get the average score. Using those scores we ranked them 1 to 5. Our top five list, then, is as follows:
- GEICO
- Esurance
- Liberty Mutual
- State Farm
- Allstate
Geico
Consumer Votes Don’t Tell the Whole Story
While we’re happy to provide this top five list for you it’s important to note that consumer voting doesn’t tell the whole story. Because there are so many variables involved in determining how much a driver pays for car insurance, there is no concrete way to say for sure who is absolutely the most affordable. You could have two drivers of approximately the same age, driving very similar vehicles, yet with totally different car insurance rates. Consumer voting does not take any of that in consideration.
When a car insurance company determines your premiums they look at a whole host of factors including your age, sex, driving history, where you live, accident rates in your community, your occupation, how much you drive on an annual basis, and much more. In fact, all of the questions they ask are designed to glean information they can plug into a complicated mathematical formula. It is very scientific, to say the least.
Most Affordable Changes from Time to Time
Another thing to remember is that the most affordable auto insurance companies will change from time to time. Between market conditions, your record as a driver, and the other factors that affect insurance providers, the one that’s most affordable in 2012 maybe second or third in 2013. In practical terms this means an annual review of your insurance company and your premiums is in order if you wish to always get the best price.
You should most definitely compare quotes in the event of any significant change in your life circumstances. Examples of such changes include a marriage or divorce, a child reaching the legal driving age, a move to another state, or the addition or subtraction of vehicles. All of these different circumstances play an important role in determining your rates. If a life change means a lower rate, that’s certainly not something you want to miss out on.
Ask About Discounts
When you’re comparing rates among the most affordable auto insurance companies you may find one or two with nearly identical prices. In such cases be sure to ask about any discounts that might apply to you. One discount here or there might mean the difference between getting the best possible rate and paying slightly more. The types of discounts you want to consider might include those for safe driving, good grades for students, and bundling multiple policies together.
