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Liability indemnity is normally the cheapest tied of car policy because it only covers the costs of injuries and damages for the other fomite if you are at fault in an accident . Cheap indebtedness insurance is best for drivers with a paid-off vehicle who have adequate savings to cover their medical and other expenses . Although liability-only insurance is the cheapest option, it may not provide enough coverage for all of your expenses if you are at fault in an accident.
Which Companies Have Cheap Liability Car Insurance?
MoneyGeek analyzed dozens of car policy companies across hundreds of cities and all 50 states to find the cheapest car policy companies for liability-only coverage and found that GEICO is the cheapest widely-available insurance company for minimal liability-only indemnity, at a cost of $ 513 per year. It ‘s besides the cheapest for increased liability limits, with an average rate of $ 628 per class. If you ‘re an active or former military member, USAA is normally the cheapest insurance company on average. It ‘s more low-cost than GEICO for both state minimum and increase liability. MoneyGeek defines state minimum as an insurance policy only meeting minimum car policy requirements in a given state, while an increase liability policy has 50/100/50 limits as defined in our methodology.
9 Cheapest Companies for Liability Car Insurance
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- company State Minimum Liability Increased liability
- 1 .USAA $ 409 $ 490
- 2 .GEICO $ 513 $ 628
- 3 .Nationwide $ 729 $ 798
- 4 .State Farm $ 660 $ 800
- 5 .Allstate $ 735 $ 868
- 6 .Progressive $ 724 $ 888
- 7 .Travelers $ 781 $ 960
- 8 .Farmers $ 876 $ 995
- 9 .MetLife $ 953 $ 1,143
These rates are based on a 40-year-old driver with a scavenge driving phonograph record and psychoanalysis in this department is limited to companies offering car indemnity in 30 states or more. Rates will differ depending on an individual ’ randomness long time, driving phonograph record, gender and the character of car insured. If you want a deeper look at how costs change depending on these factors, MoneyGeek has a car insurance cost calculator that allows you to get estimates on the cheapest companies for respective unlike coverage levels .GEICO GEICO is the second-largest car insurance company in the U.S. and provides coverage in all states. It ‘s the cheapest liability-only insurance company that is widely available :
- State-minimum liability: $513 average annual premium
- Increased liability: $628 average annual premium
Drivers can get even cheaper rates with GEICO by taking advantage of pack, multiple car, anti-theft and passive constraint discounts. stream or early federal employees are besides eligible for extra savings .Nationwide countrywide Mutual Insurance Company offers car insurance products in about all states. It ‘s the second brassy liability-only cable car indemnity ship’s company that ‘s widely available :
- State-minimum liability: $729 average annual premium
- Increased liability: $798 average annual premium
nationally offers about all of the common discounts other insurers do. Make certain that all discounts are applied when you ‘re comparing quotes .USAA The United Services Automobile Association ( USAA ) provides insurance across the nation and tends to be the most low-cost choice for active military members, veterans and their families .
- State-minimum liability: $409 average annual premium
- Increased liability: $490 average annual premium
Considering its potent reputation in both car and home plate policy, USAA is a good option for those looking to buy homeowners insurance excessively, which will allow you to take advantage of its pile discount.
Cheapest Liability-Only Car Insurance by State
If you ‘re looking for cheap liability-only policy near you, you should examine the insurers that are cheapest in your submit quite than a national floor. While GEICO is the cheapest insurance company in 26 states, MoneyGeek found that 14 different insurers are the cheapest insurance company in a given department of state, including State Farm ( seven states ) and Erie ( four states ). This analysis excludes USAA because of its eligibility requirements. But if you ‘re function of a military family you should get a quotation mark, as it ranked as the cheapest ship’s company for liability-only insurance in 38 states. Click your state below to learn more about the cheapest liability indemnity where you live. Rates are for a policy that merely meets the country ‘s minimum liability requirements.
Cheapest Minimum Liability Insurance Company by State – Excluding USAA
Cheap Liability Car Insurance After a Ticket or Accident
dependable drivers with a clean drive record will typically be able to beginning the most low-cost indebtedness car policy. Getting a ticket or having an accident will normally increase the monetary value of liability car policy. MoneyGeek found that GEICO typically offers the cheapest liability-only indemnity to those with a trespass on their record. If you ‘ve recently received a citation or been found at defect in an accident, comparing car indemnity quotes may help you find a lower premium if your current insurance company increases your rate.
Cheap Car Insurance With a Ticket
If you have a ticket on your record, GEICO is the cheapest widely-available insurance company on median for drivers with a slate on their record for both state minimum liability and increase liability. Getting a speeding ticket can add hundreds of dollars per class to your policy costs. USAA is most low-cost overall but most drivers wo n’t be eligible for a policy. MetLife is at the bottom with the highest average annual premiums.
Average Annual Premiums With a Ticket
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- company State Minimum Liability Increased liability
- 1 .USAA $ 473 $ 566
- 2 .GEICO $ 687 $ 847
- 3 .Nationwide $ 852 $ 925
- 4 .State Farm $ 816 $ 990
- 5 .Allstate $ 905 $ 1,060
- 6 .Progressive $ 987 $ 1,237
- 7 .Farmers $ 1,129 $ 1,282
- 8 .Travelers $ 1,095 $ 1,358
- 9 .MetLife $ 1,187 $ 1,416
GEICO If you have a speed ticket on your record, you can placid find low-cost rates with GEICO, one of the nation ‘s largest insurers .
- State-minimum liability with a ticket: $687 per year on average
- Increased liability with a ticket: $847 per year on average
If you ‘re looking to lower your rates far, GEICO offers a rebate for those who complete a defensive drive course.
Cheap Car Insurance With an Accident
After an accident, your indebtedness car policy rates are probably to increase by even more than they would after a speed ticket. GEICO is the cheapest insurance company for state of matter minimal liability insurance after an at-fault accident at $ 819 per class. An accident can increase your indemnity costs by hundreds of dollars per year and cancel out benefits you could obtain by comparing quotes across insurers. For case, if you paid $ 819 per class as a safe driver, it would be one of the most expensive policies in the state. State Farm and Nationwide are similarly low-cost for drivers with an accident, while USAA remains the cheap for those who are eligible.
Average Annual Premiums After an Accident
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- company State Minimum Liability Increased liability
- 1 .USAA $ 628 $ 756
- 2 .GEICO $ 819 $ 1,003
- 3 .State Farm $ 857 $ 1,038
- 4 .Nationwide $ 1,081 $ 1,161
- 5 .Allstate $ 1,100 $ 1,291
- 6 .Travelers $ 1,215 $ 1,499
- 7 .Farmers $ 1,300 $ 1,482
- 8 .Progressive $ 1,238 $ 1,551
- 9 .MetLife $ 1,835 $ 2,141
GEICO evening after an accident, you ‘ll find a diverseness of coverage and pack options with GEICO .
- State-minimum liability: $819 per year on average
- Increased liability limits: $1,003 per year on average
GEICO besides offers Accident Forgiveness, a feature that means your rates wo n’t go up after your adjacent at-fault accident. This can either be earned through years of condom tug or purchased.
How Much Does Liability Insurance Cost vs. Full Coverage
Liability-only car insurance that only meets submit requirements for car indemnity coverage costs an average of $ 728 per class. That ‘s about $ 150 cheaper per year than a policy that increases liability limits — as defined in our methodology — and more than $ 500 cheaper per class than a fully coverage policy ; a policy that increases liability limits and adds comprehensive examination and collision insurance.
Average Annual Premium by Coverage Level
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- Coverage Level annual premium
Increased Liability (50/100/50)
Comprehensive and Collision
Comprehensive and collision coverage, sometimes known as full coverage, is the best option if you want extra coverage. This type of insurance includes indebtedness coverage, but besides provides other benefits, like coverage to replace or repair your vehicle if it is damaged in an accident or event other than an accident. Full coverage costs an average of $ 1,270 per class. You can use the MoneyGeek cable car indemnity calculator to figure out how much car policy will cost for you depending on how much coverage you select .
Auto Insurance Calculator
state Texas historic period 40 drive record clean credit rating score excellent Vehicle Type compact Vehicle year 2020 Liability Coverage express Min Comprehensive and Collision Insurance none gender female Click the part of the wheel in your price range to see options.
gloomy end on median high end Click your prefer price range to see company options. Click an insurance company below to visit their review page or continue to your individualized quote. company median annual Rates 1 .USAA $ 432 2 .Farmers $ 452 3 .State Farm $ 497 4 .AAA $ 565 5 .GEICO $ 574
Should You Buy Liability-Only Insurance Instead of Full Coverage?
How a lot car policy you should get depends on the risks you think are worth protecting against. If you fully own your car, and if it ‘s an older vehicle, you should consider purchasing liability-only car indemnity. For lower-value vehicles, the monetary value of adding comprehensive examination and collision indemnity may be more than your car is deserving. When to buy liability-only insurance: Say your car policy ship’s company charges you $ 500 for comprehensive examination and collision insurance with a $ 1,000 deductible. If an accident totals your car, you ’ re efficaciously paying $ 1,500 that class for insurance to cover the costs, the sum of your agio and deductible. If your car is worth less than $ 1,500, you ’ re paying more for the insurance on the car than the car itself is worth. Drivers in this position should consider buying liability-only insurance. You can check Kelly Blue Book to find the approximate value of your vehicle. When to add comprehensive and collision insurance: generally, if you own a newer, more valuable fomite, you should consider buying comprehensive and collision policy in addition to indebtedness policy. It will compensate you in the event that your vehicle is badly damaged, on or off the road, or stolen. If you lease your vehicle or took out a lend to finance the buy, you will by and large be required by your lender to buy comprehensive and collision indemnity . MONEYGEEK EXPERT TIP The type of car insurance policy that ’ randomness best for you will depend on several factors, most notably the rate of your fomite .
- If you have a less-valuable vehicle, it may make the most sense to buy liability-only insurance, the cheapest type of car insurance policy. Minimum liability policies cost $728 per year on average.
- Liability-only insurance will not cover damages to your vehicle after an accident. For that, you’ll have to buy a policy with comprehensive and collision insurance, also known as full coverage.
- Full coverage policies cost $1,270 per year on average. Only pay extra for full coverage if your car is valuable enough to be worth the extra cost.
How to Shop for Cheap Liability-Only Policy
MoneyGeek ’ south analysis found that drivers can save up to 47 % on their indemnity policies by shopping round for car policy on-line and getting multiple quotes. When searching for the best car indemnity, consider getting quotes from at least three different companies. Keep in take care that many factors influence liability-only car insurance rates. The easiest means to shop and compare is to get multiple on-line quotes for free. In order to get an accurate quote, make sure you have the trace information at the ready : the make, model and year of the vehicle that needs to be insured ; the information for any drivers in the family ; and your current address, erstwhile addresses and the occupations of all the drivers on the policy. Loading …
Frequently Asked Questions About Liability Car Insurance
Liability car insurance is over 40 % cheaper than full moon coverage insurance, but there are risks associated with getting the lowest come of coverage. broken indebtedness insurance limits will not cover you for claims running upwards of hundreds of thousands of dollars. And your own vehicle wo n’t be covered at all. Knowing the limits and risks of liability indemnity can help you make an informed decision when selecting car indemnity coverage .
nationally, GEICO is the cheapest company for liability-only policy meeting minimum express requirements, with average rates of $ 513 per year. If you increase your liability limits to cover $ 100,000 in bodily injury and $ 50,000 in property wrong, GEICO is hush the cheapest but costs an average of $ 628 per year. frequently, the best direction to find the cheapest liability insurance is to investigate options in your state. GEICO is the cheapest in most states, but MoneyGeek found that 14 different insurers could be the cheapest in any given state .
indebtedness car indemnity is the minimal indemnity required to operate a vehicle. It covers damages and injuries to the early parties involved in an accident where you are at blame. It does not cover your damages or injuries .
The risk of purchasing brassy liability-only insurance is that you could be involved in an accident where the damages or checkup bills are higher than your indemnity coverage, which means you would be responsible for the difference. For model, if you have 50/100/50 coverage and the early driver ‘s aesculapian payments were $ 60,000, you would be responsible for the $ 10,000 break in coverage.
Expert Advice: Understanding Liability-Only Car Insurance
- What type of driver should consider liability-only cable car insurance ?
- Why is liability-only cable car indemnity less expensive than fully coverage ?
- What are the basal risks for liability-only car insurance and who should consider full coverage ?
- Is there anything state and local governments can do to promote cheap car insurance rates ?
Dr. Audrey Guskey Associate Professor of Marketing at Duquesne University Kunter Gunasti Assistant Professor of Marketing at Washington State University Laurie Meamber Associate Professor of Marketing at George Mason University Rakesh Niraj Associate Professor of Marketing at Case Western Reserve University Omid Kamran Disfani Assistant Professor of Marketing at Southern Illinois University Prachi Gala Assistant Professor of Marketing at Elon University Brian J. Cook Founder | Managing Partner of The Insurance Loft Andreas Rauterkus Associate Professor of Finance and Chair of the Department of Finance at California State University San Marcos Juan Gutierrez Assistant Professor of Finance at California State University, Bakersfield Dr. Thomas Smythe Professor of Finance at Florida Gulf Coast University Dr. Brenda Wells Robert F. Bird Distinguished Professor of Risk and Insurance at East Carolina University ; Director, Risk Management and Insurance Program Courtney Carr Account Executive at Royalty Insurance Enrique Ruiz Owner of E & L Insurance Services Armen Hadjinian Entrepreneurship Program Director at Milwaukee Area Technical College Heejung Park Assistant Professor of Marketing at Northern Michigan University Drew Gold Associate Professor at Saint Leo University Dr. Christopher Stevens Associate Professor of Entrepreneurship at Gonzaga University Dr. Christopher M. Scalzo Associate Professor at SUNY Morrisville Dr. Kevin E. 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Austin State University Dr. Dylan Minor foreman Strategist and CIO at Omega, Professor at Anderson School of Management, UCLA David Marlett Managing Director of Brantley Risk and Insurance Center, IIANC Distinguished Professor of Insurance at Appalachian State University Jie Ying Assistant Professor of Finance at Southern Illinois University Edwardsville Patrick Cozza executive in Residence and Lecturer, Wealth Management at Fairleigh Dickinson University David Brownstone Emeritus Professor of Economics at the University of California, Irvine Robert Eyler, Ph.D. Professor of Economics at Sonoma State University Richard Alderman Director, Consumer Law Center at the University of Houston, Professor Emeritus Steven Gattuso Assistant Professor of Economics & Finance at Canisius College Daniel Roccato clinical Professor of Finance at the University of San Diego School of Business Barbara VanderWerf Assistant Professor of Business and Management at Palm Beach Atlantic University Raghava Gundala Associate Professor of Marketing at the University of Wisconsin-Parkside Kyoung Tae ( KT ) Kim Associate Professor and Graduate Program Coordinator at The University of Alabama David Roach Money Education Advisor III at Texas A & M University Jon Hooks Department Chair and Professor of Economics and Management at Albion College Jing Ai Professor of Finance, Risk Management and Insurance at the University of Hawaiʻi Andrew Ching Professor of Business and Economics at Johns Hopkins University Laura Gonzalez Associate Professor of Finance at California State University, Long Beach Kenneth Roskelley Professor of Finance at Mississippi State University, College of Business Dr. Scott Thorne teacher in Marketing at Southeast Missouri State University Abhijit Roy Professor of Marketing at The University of Scranton John Hilston Professor of Economics and History at Eastern Florida State College Dr. Ashford Maharaj Adjunct Professor of Finance at Metropolitan College of New York greatest Raskie Lecturer of Finance, Gies College of Business at the University of Illinois Dr. Cara Peters Professor of Marketing at Winthrop University Dr. S. 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average annual car policy costs are based on a 40-year-old driver with a Toyota Camry LE. Unless otherwise stated, rates are based on a driver without a record of tickets or accidents. Rates are for a policy meeting the minimum requirements in a given department of state or for increased liability coverage. Increased indebtedness coverage refers to a policy with :
- $50,000 in bodily injury liability insurance per person
- $100,000 in bodily injury liability insurance per accident
- $50,000 in property damage liability insurance per accident
For full moon coverage policies including comprehensive examination and collision policy, these coverages used a $ 1,000 deductible. About the writer Laura Longero Holman is an award-winning writer and editor who lives in cheery Reno, Nevada. Nevada is home to some of the nation ‘s highest car insurance rates, so she is experienced in shopping round for coverage .
- Insurance Information Institute. “Nine ways to lower your auto insurance costs.” Accessed July 30, 2020 .