What is the Cheapest Policy?

What is the cheapest policy is a question that a lot of people ask themselves when it comes to all different types of insurance. If you are interested in getting some type of coverage than you could always try to get a bunch of different quotes to find out what will be the cheapest rate for you. That is definitely the best way to find out the cheapest policy. However, sometimes the cheapest options are not the best ones. Sometimes you want to have a little more coverage and that might cost a little more but it could be worth it. However, here are some of the cheapest policies for all the different types of insurances.

Car Insurance

Car insurance is a type of insurance that covers your car and driving. If you have a car and you want to drive it most states will require you to have this type of coverage by law. There are many different components to car insurance like comprehensive coverage, bodily injury liability, personal property liability and collision. However, you are probably wondering what is the cheapest policy for car insurance, huh? Here are some of the suggestions.

The national average for a car insurance premium in the US is around $1500. However, there are several companies who have their averages set to lower than that. How can you snag these great deals? Well, there are some things that will need to be made true for you. Otherwise you won’t be able to take advantage of cheap car insurance rates. First of all, you need to have good credit. You also need to have a great driving record and an affordable car that will keep your rates low. Now here are some of the companies that have the cheapest policies for car insurance.

Erie

Erie is often considered the cheapest insurer. However, the downside to this company is that they only offer car insurance in about 12 states. Maybe that number will grow in the future but right now that is the sad truth. However, even so they are the nation’s lucky 13th largest provider of car insurance. Right now if you live in Washington DC, Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia or Wisconsin you would be able to take advantage of this affordable rate.

The company has been around since 1925. It is headquartered in Erie, PA as the name would suggest. The company has its own arena named after it in Downtown Erie, because they love their local community and it’s important to them to support it in addition to providing people with affordable insurance rates. The company has been listed as a Fortune 500 company since 2003. It is still cheap but not as cheap as the year they started business when auto insurance policies were only $34 per year on average. Things have definitely changed but not so much that their car insurance rates are so high. Their average policy price is about $500 less than the national average at around $1000.

GEICO

This company’s name indicates its history as a Government Employee Insurance Co. however, now the offerings are available to everyone and that is a good thing because they are one of the most affordable ones around! They are well known for their cute advertising campaigns including one with a gecko lizard, one with a caveman and others. A former employee of USAA, the insurance provider for military members, founded the company in 1936. He felt that he wanted to offer the same great services to all government employees. The company started to insure all members of the American public in 1974, which is how they got to be one of the top cheap car insurance companies around. 

Their national average for policies is about $1050 meaning that they are about $450 cheaper than the national average. Their signature slogan of “15 minutes can save you 15% or more” just might be true!!

American Family

American Family is another smaller company for car insurance that has some of the lowest rates around. It was started in 1927 and over the years has become an award winning company due to its many safety campaigns. One of these campaigns was designed to help teen drivers become safer on the road and includes a video program where parents can watch a video feed of what their kids are doing in the car. Some research shows that this program could reduce bad driving behavior by as much as 70% in teens who are one of the most high risk driving groups!

American Family Insurance has national averages of about $1100, so about $400 less than the overall national average. 

Life Insurance

Getting cheap life insurance is a breeze if you are in relatively good health, on the younger side and especially if you are a non-smoker. You can also save a bit if you don’t have any hobbies or jobs that are too adventurous or dangerous. What is the cheapest provider of life insurance in the US? Well that really depends on a lot of factors so everything we are talking about here is just generic, but you can consider the following to be a pretty good choice. Again, the best way to get a good rate on a life insurance policy is to cover your bases and get multiple quotes, but trying these companies first could help you to get the rates that you really want.

TIAA

TIAA may not offer as many term options for life insurance as other companies, but they are one of the cheapest. You can pick between 10, 15, 20 or 30 years for your policy. Researchers report that this is the company that consistently provides a cheap rate despite all of the different factors they tried to put in. The main thing that is amazing about TIAA is that they allow you to convert your policy to a whole term policy at any time without a second medical exam. This is nearly unheard of for other companies. 

New York Life

New York Life is another great home insurance company that might be the best for those who are looking for a more flexible rate term. You can choose any number of years between ten and twenty years. However, they don’t offer life insurance quotes online even in this modern era so you will have to spend some time on the phone to find out what you can save from them. It could be good because you can save a lot of money by choosing a 17-year term for when your 1 year old kid turns 18 over a 20 or 25 year term and you can save that way. However, make sure you don’t underestimate what you need!

Transamerica

If you’re a smoker there is a simple truth that your life insurance rates will be higher. However, there is one company for which they won’t be quite as high. That is Transamerica. They are a bit more forgiving than others because they want to make sure that everyone out there can protect their families. Still, you should quit smoking if you can because you’ll save so much money in every single area of your life!

Home Insurance

The cheapest home insurance comes from a few different companies. It all depends on where you live. Not every single insurance company is available where you live so you will have to do your own research!

Nationwide

This company is often at the top of the lists of the cheapest home insurance companies. Get some quotes from them using our easy to use form that only has one question in it - your zip code! Once you do you’ll be able to find out how much to save.

Farmers

Farmers is another company that is usually that the top of the list for the most cheap home insurance policies. If you want to have your company covered by a company that has a history of providing solid coverage to homeowners, this is a good one for you.

Health Insurance

With health insurance it’s not really possible to say what the cheapest company is overall. That’s because the offerings in each state are wildly different and you have to use your state’s exchange to find the cheapest quotes. However, if you make less than a certain amount of money you will notice that you can get a subsidy for assistance with health insurance. Bronze and indemnity plans on the exchanges are the cheapest ones you could get!

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