What type of insurance is the cheapest?

State minimum liability coverage is the cheapest type of car insurance. MoneyGeek found that State Farm is the cheapest option on average in 20 states if you've caused an accident. Several other insurers, such as GEICO, American Family, and Erie, could also be affordable options, depending on where you live. State Farm's highly competitive auto insurance rates for different types of drivers and its low level of complaints make it worth a look.

After an accident, your liability car insurance rates are likely to increase even more than they would after a speeding ticket. The cheapest cars to insure for teen drivers (and drivers of all ages) are the Subaru Forester, the Dodge Grand Caravan and the Honda Odyssey. While regional insurance brands may not sound as familiar as larger companies, getting quotes from these lesser-known insurance providers can offer cheap insurance coverage in your area. In no-fault states, you must first make most injury claims in your own car insurance, regardless of fault.

Complaint numbers from the National Association of Insurance Commissioners (below) show the level of complaints a company has relative to the size of its business, with complaint numbers greater than 1.0 that are higher than the industry average. In some cases, reducing your auto insurance coverage or choosing only liability coverage can result in more affordable car insurance. For example, driving a vehicle with a high safety rating that is not routinely stolen will equate to lower car insurance rates, while a sports car highly desired by thieves will result in higher car insurance quotes. But if you're part of a military family, you should get a quote, as it's ranked as the cheapest company in exclusive liability insurance in 38 states.

Cars, like certain Tesla models, tend to have expensive rates because owners are more likely to file insurance claims. You can find cheap car insurance, even cheap full coverage, without lowering your coverage limits. There are a variety of discount offers you can take advantage of to further lower the cost of your insurance premium. If you have a speeding ticket on your record, you can still find affordable rates with GEICO, one of the largest insurers in the country.

MoneyGeek found that GEICO, Nationwide, and State Farm are among the cheapest companies in liability-only insurance, but it's recommended that you compare options in your state for a more accurate cost estimate.

Blanche Kroner
Blanche Kroner

Friendly social media trailblazer. Typical music lover. Professional travel scholar. Hipster-friendly zombie practitioner. Evil travel fan.

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