• Sun. Dec 3rd, 2023

Car Auto Insurance

It's My Car Car Auto Insurance

Cheapest Car Insurance Companies of June 2023

Auto insurance is a necessity for many Americans. But it can also be quite costly, with the average car owner spending just over $2,000 a year for full coverage, or $622 for minimum coverage according to Bankrate

Premiums can vary significantly by state since each has different requirements on how much coverage is necessary. In most states, car insurance is a requirement. But it can also provide valuable financial protection for a variety of situations. Depending on the type of coverage you decide to get, auto insurance can help protect your wallet from taking a hit if you’re involved in a fender bender or have your car stolen. 

It’s worth noting that your auto insurance costs can vary based on a number of other factors, including your credit score, age and driving history, to name a few.

If you’re looking for the cheapest car insurance, CNBC Select has chosen some of the best companies for affordable coverage based on cost and service.

Cheapest car insurance companies

Best overall

Geico Auto Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

  • Policy highlights

    Geico coverage and services are available in all 50 states and the District of Columbia and there are 16 different types of discounts available. In addition to the standard coverage options, Geico offers various optional add-ons, such as emergency roadside assistance, rental car reimbursement and mechanical breakdown insurance.


  • Lowest average rates
  • Inclusive coverage options, including high-risk drivers
  • Available nationwide


  • High premiums for high-risk drivers 
  • Fewer branches for in-person services

Geico is also rated best overall in our list of best car insurance, so it’s a strong bet for both customer service and competitive pricing. With high ratings for customer satisfaction and a wide range of financial products to bundle car insurance and save, Geico takes our top spot for the best cheap car insurance companies. It also offers the most affordable average annual premium for full coverage car insurance of the companies we reviewed, including 16 different types of discounts available.

Average annual premium for minimum coverage: $373

Average annual premium for full coverage: $1,353

Best for minimum coverage

Auto-Owners Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

  • Policy highlights

    Auto-Owners offers affordable premiums with high customer satisfaction ratings. There are 12 different types of discounts available, as well as various other types of insurance besides auto.


  • Offers at-fault accident forgiveness as an add-on
  • High customer satisfaction scores from JD Power
  • Low NAIC complaint index score


  • Only available in 26 states
  • Quotes must be obtained through an agent

Auto-Owners offers affordable car insurance for those looking for minimum coverage — the lowest average premium for the companies we reviewed. While it’s not available in all states, Auto-Owners auto insurance is highly rated by AM Best for financial strength. CNBC Select also selected Auto-Owners insurance as one of the top picks for young adult drivers and seniors.

Average annual premium for minimum coverage: $325

Average annual premium for full coverage: $1,361

Best for customer satisfaction

Amica Auto Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • Policy highlights

    Amica offers a variety of auto insurance policies to fit your coverage needs. The company also offers a total of 18 discounts, including discounts for bundling and for students.

  • App available


  • Highly rated by J.D. Power for auto claims satisfaction


  • Not available in all 50 states

Amica takes the top spot in J.D. Power’s Auto Claims Satisfaction Study, scoring 903 out of 1,000 possible points. It also offers rates lower than many of the other companies we considered. In addition to discounts for bundling, it offers discounts for families, how you drive, what you drive and how you pay.

Average annual premium for minimum coverage: $429

Average annual premium for full coverage: $1,467

Best for military members and veterans

USAA Auto Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

  • Policy highlights

    USAA’s auto insurance is available in all 50 states, Washington D.C. and some international locations. In addition to low rates and coverage options for unique circumstances, such as for active-duty members, customers have access to an intuitive mobile app.


  • Lowest average premium for minimum coverage 
  • Highest customer satisfaction ranking
  • Superior discounts for military members


  • Only available to military members, veterans and their immediate family members

USAA‘s high customer satisfaction ratings and relatively low rates have earned it top spots on several of our best auto insurance lists. However, only some are eligible — USAA limits eligibility to those who are current and former military members and their spouses and children. For those who are eligible, USAA offers competitive average auto insurance rates.

Average annual premium for minimum coverage: $371

Average annual premium for full coverage: $1,361


How do I get cheap car insurance?

How can I make car insurance cheaper?

What cars are cheaper to insure?

The type of car you plan to insure will also have an effect on the amount you’ll pay for coverage. Generally, luxury vehicles and sports cars are more expensive to insure since they have higher repair costs. Some of the cheapest car insurance rates are for smaller SUVs.

Whether you’re insuring a top-of-the-line sportscar or an everyday sedan, make sure to shop around for car insurance to get the best deal for your car.

Average cost of car insurance

Here’s an overview of the average car insurance costs by state. Premiums can vary significantly by state due to varying regulations and requirements.

State Average annual cost for full coverage Average annual cost for minimum coverage
Alabama $1,843 $441
Alaska $1,946 $421
Arizona $1,810 $587
Arkansas $1,907 $443
California $2,291 $636
Colorado $2,121 $500
Connecticut $1,533 $620
Delaware $2,103 $801
Florida $3,183 $1,128
Georgia $2,085 $639
Hawaii $1,275 $344
Idaho $1,133 $267
Illinois $1,806 $552
Indiana $1,295 $327
Iowa $1,315 $223
Kansas $1,878 $416
Kentucky $2,124 $678
Louisiana $2,909 $815
Maine $941 $225
Maryland $1,971 $815
Massachusetts $1,262 $429
Michigan $2,691 $1,104
Minnesota $1,760 $585
Mississippi $1,771 $446
Missouri $1,943 $490
Montana $1,889 $310
Nebraska $1,624 $359
Nevada $2,779 $973
New Hampshire $1,262 $319
New Jersey $1,754 $782
New Mexico $1,591 $346
New York $3,139 $1,371
North Carolina $1,446 $432
North Dakota $1,302 $269
Ohio $1,266 $338
Oklahoma $1,998 $406
Oregon $1,415 $616
Pennsylvania $2,040 $428
Rhode Island $1,886 $551
South Carolina $1,532 $524
South Dakota $1,553 $276
Tennessee $1,429 $371
Texas $2,019 $565
Utah $1,510 $539
Vermont $1,061 $238
Virginia $1,439 $494
Washington $1,410 $515
Washington D.C. $2,072 $607
West Virginia $1,580 $421
Wisconsin $1,292 $358
Wyoming $1,582 $263

Source: Bankrate.com

Bottom line

Auto insurance can be a big expense, but it doesn’t have to be. Shopping around for coverage by getting multiple quotes and comparing them could help make sure you get the best deal for you.

Our methodology

To determine the best cheap car insurance companies, CNBC Select looked at many U.S. car insurance companies with competitive prices.

When narrowing down and selecting the best cheap car insurance companies, we focused on the average cost of both full-coverage auto insurance policies and minimum coverage auto insurance policies. We then considered coverage types, availability of coverage, and customer satisfaction using data from AM Best, J.D. Power’s Auto Claims Satisfaction Study rankings, and car insurance premium data from Bankrate.com.

Average annual premium data is based on a 40-year-old driver with a 2021 Toyota Camry, a clean driving record and good credit, and the following limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

After reviewing the above factors, we sorted our recommendations by best overall, best for minimum coverage, best for customer satisfaction, and best for military members and veterans.

Note that the premiums and policy structures advertised for car insurance companies are subject to fluctuate in accordance with the company’s policies.

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


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