The Cheapest Car Insurance Companies: Finding Affordable Coverage

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The Cheapest Car Insurance Companies: Finding Affordable Coverage

Car insurance is a necessary expense for almost every driver, with that been said  that doesn’t mean drivers must break the bank to get insured. In the competitive insurance market, various companies strive to offer affordable coverage without compromising on quality. Let’s explore some of the cheapest car insurance companies that provide budget-friendly options for drivers.

Wanting cheap car insurance in this economy can seem like a no-brainer. But every company is different, and what’s cheapest for one driver may not be cheapest for you. That’s why NerdWallet did the legwork for you. We analyzed auto insurance rates from 154 car insurance companies around the country to find cheap car insurance across several categories.

What are the best cheap car insurance companies?

We know drivers looking for the cheapest car insurance policy often opt for minimum coverage, so we kept low average minimum coverage rates at the forefront of our research. However, our insurance editorial team took care to avoid sacrificing quality. Although the companies below offer some of the cheapest minimum coverage premiums, they also stand out for their customer service, digital tools and discount opportunities, qualifying them for Bankrate’s list of the best cheap car insurance companies.

The top 10 cheap car insurance companies for 2024

10. Metromile: Pay-Per-Mile Savings

Metromile, Inc. is a San Francisco-based technology startup that offers pay-per-mile car insurance, licenses a digital insurance platform to insurance companies around the world, and provides a digitally native offering featuring smart driving features, automated claims, and vehicle information

For low-mileage drivers, Metromile offers a unique pay-per-mile insurance model. With a base rate and additional charges based on miles driven, Metromile caters to those who don’t spend much time on the road, providing an innovative and budget-friendly option.

9. Allstate: Discounts for Safe Drivers

The Allstate Corporation is an American insurance company, headquartered in Glenview, Illinois since 2022. Founded in 1931 as part of Sears, Roebuck and Co., it was spun off in 1993, but was still partially owned by Sears until it became an independent company completely in June 1995

Allstate is known for its commitment to safe driving. The Drivewise program rewards policyholders for safe habits, potentially leading to significant discounts. While not always the cheapest, Allstate’s focus on safe driving can make it a cost-effective choice for those with a clean record.

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