Auto Insurance
Shopping Around for Car Insurance Could Save Drivers Over $1,300 Annually
It’s no secret that shopping around for auto insurance can save a considerable amount of cash. In fact, the 68% of auto insurance policyholders who shopped around saved an average of $398 annually on their premiums, according to a November 2023 ValuePenguin survey. But how far can those savings go?
We analyzed Quadrant Information Services insurance data to determine how much drivers could save by shopping around for auto insurance for the three most-searched car years, makes and models on QuoteWizard between Jan. 1 and April 30, 2024 — the 2016 Nissan Rogue, the 2020 Chevrolet Equinox and the 2015 Nissan Altima.
Here’s what we found.
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Key findings
- Shopping around for the most affordable auto insurance policy could save Americans over $1,300 annually. Americans could save an average of $1,370 yearly on a full-coverage policy for a 2020 Chevrolet Equinox L — the highest savings from the three vehicles examined. For two Nissan models, the 2015 Altima 2.5 and the 2016 Rogue S, savings could amount to $1,362 and $1,269, respectively. (Researchers examined base trims for each.)
- The average cost of car insurance increased by 22.6% from April 2023 to April 2024, according to the U.S. Bureau of Labor Statistics (BLS) consumer price index. Finding the most affordable insurance can result in savings ranging from 32.9% to 77.7% across the three models analyzed, at an average of 56.3%.
- Michigan, Nevada and Texas drivers have the highest potential savings when shopping around. Michigan drivers shopping for insurance for an Equinox could save $2,812 when comparing average premiums with the lowest available. Meanwhile, those shopping in Michigan for insurance for a Rogue or Altima could save $2,604 and $2,599, respectively.
- Maine drivers see the smallest variations between the average and lowest insurance premiums. For a Rogue or Altima, the potential savings could be $543 or $604 annually. Meanwhile, drivers shopping in Hawaii have the lowest potential savings for an Equinox, with a difference of $582.
Drivers could save over $1,300 by shopping around
Americans shopping around for an auto insurance policy can see significant savings. In fact, the difference between the average and the lowest full-coverage insurance premiums on a 2020 Chevrolet Equinox L is $1,370 annually. That’s the highest of the three vehicles we examined.
The average annual premium for this SUV across the 50 states and the District of Columbia is $2,425, while the lowest is $1,055.
How did we determine which vehicles to analyze? Using QuoteWizard insurance quote data, we determined the 10 most popular cars to insure in the U.S. We then analyzed insurance quotes among the top three. (Further, we chose to examine the base trim for each.)
10 most popular cars to insure in the U.S.
Vehicle year | Make | Model | Vehicle class |
|---|---|---|---|
| 2016 | Nissan | Rogue | SUV |
| 2020 | Chevrolet | Equinox | SUV |
| 2015 | Nissan | Altima | Sedan |
| 2017 | Ford | Escape | SUV |
| 2019 | Chevrolet | Equinox | SUV |
| 2013 | Hyundai | Elantra | Sedan |
| 2016 | Kia | Soul | Compact SUV |
| 2018 | Chevrolet | Equinox | SUV |
| 2017 | Nissan | Rogue | SUV |
| 2018 | Ford | F-150 | Pickup truck |
Source: ValuePenguin analysis of QuoteWizard insurance quote data.
Following the 2020 Chevy Equinox, those shopping for a 2015 Nissan Altima 2.5 could see average savings of $1,362. The average annual premium is $2,416, while the lowest is $1,054. Meanwhile, the average annual premium for a 2016 Nissan Rogue S is $2,268, while the lowest is $1,000 — amounting to yearly savings of $1,269. (While rounded figures are displayed, we used unrounded figures for calculations.)
Those potential savings can be significant. "That can go a long way toward managing high and rising auto insurance costs," ValuePenguin auto insurance expert Divya Sangameshwar says. "Insurers raise rates and set premiums using their algorithms, with some insurers charging thousands more than others. Shopping around will help you find the insurer who will fit your circumstances at the best price."
Savings are significant as average car insurance costs are rising
Car insurance savings can be vital for consumers, particularly as costs continue to climb. In fact, according to the U.S. Bureau of Labor Statistics (BLS) consumer price index, the average cost of car insurance jumped by 22.6% between April 2023 and April 2024.
These rate hikes are largely due to inflation, Sangameshwar says.
"While inflation has started to slow down, cars continue to be more expensive to repair or replace," she says. "There was also substantial severe weather in 2023, which drove up the number of claims for insurers. As the U.S. faces more extreme weather, car insurance rates will increase to match a higher risk of damage. A rise in car and catalytic converter thefts is also driving rates up."
The ValuePenguin 2024 State of Auto Insurance report found that the average cost of full-coverage car insurance across the U.S. is $1,984 a year. That translates to $165 a month.
Across the three models ValuePenguin analyzed for this study, shopping around can save between 32.9% and 77.7% in car insurance costs, at an average savings of 56.3%.
Michigan drivers have the highest potential savings
As for the states with the highest potential savings, Michigan ranks first for each of the three vehicles analyzed.
For the 2020 Chevrolet Equinox L, the average annual premium in Michigan is $3,648, while the lowest is $836 — meaning drivers could save an average of $2,812. Nevada and Texas come in second and third, with savings of $2,400 and $2,138, respectively.
States with the biggest differences between average and lowest annual premiums for a 2020 Chevrolet Equinox L
Rank | State | Average premium | Lowest premium | Difference | Saved (%) |
|---|---|---|---|---|---|
| 1 | Michigan | $3,648 | $836 | $2,812 | 77.1% |
| 2 | Nevada | $3,394 | $994 | $2,400 | 70.7% |
| 3 | Texas | $2,949 | $811 | $2,138 | 72.5% |
Source: ValuePenguin analysis of Quadrant Information Services data. Note: Rates are based on a 30-year-old man with a clean driving record and good credit getting quotes for a 2020 Chevrolet Equinox L.
For the 2016 Nissan Rogue S, Michigan drivers could save $2,604 when comparing the average premium ($3,350) with the lowest available ($746).
Nevada ranks second for the Rogue, with an average premium of $3,303 and a lowest premium of $997, or $2,306 in savings. Texas ($2,062 in potential savings) rounds out the top three.
States with the biggest differences between average and lowest annual premiums for a 2016 Nissan Rogue S
Rank | State | Average premium | Lowest premium | Difference | Saved (%) |
|---|---|---|---|---|---|
| 1 | Michigan | $3,350 | $746 | $2,604 | 77.7% |
| 2 | Nevada | $3,303 | $997 | $2,306 | 69.8% |
| 3 | Texas | $2,746 | $684 | $2,062 | 75.1% |
Source: ValuePenguin analysis of Quadrant Information Services data. Note: Rates are based on a 30-year-old man with a clean driving record and good credit getting quotes for a 2016 Nissan Rogue S.
Those rankings — again — are the same for a 2015 Nissan Altima 2.5. Those in Michigan could save $2,599, going from an average premium of $3,450 to the lowest of $851. Meanwhile, those in Nevada and Texas could save $2,481 and $2,175, respectively, by shopping around for insurance for their Nissan Altima.
States with the biggest differences between average and lowest annual premiums for a 2015 Nissan Altima 2.5
Rank | State | Average premium | Lowest premium | Difference | Saved (%) |
|---|---|---|---|---|---|
| 1 | Michigan | $3,450 | $851 | $2,599 | 75.3% |
| 2 | Nevada | $3,471 | $990 | $2,481 | 71.5% |
| 3 | Texas | $2,957 | $782 | $2,175 | 73.6% |
Source: ValuePenguin analysis of Quadrant Information Services data. Note: Rates are based on a 30-year-old man with a clean driving record and good credit getting quotes for a 2015 Nissan Altima 2.5.
Maine, Hawaii drivers see lowest savings
Conversely, Maine drivers who shop for insurance see the lowest savings for two of the analyzed models. For the 2016 Nissan Rogue S, the average annual premium in Maine is $1,236, while the lowest premium is $693 — translating to just $543 in savings.
That’s below Alaska ($568) and Wyoming ($623).
States with the smallest differences between average and lowest annual premiums for a 2016 Nissan Rogue S
Rank | State | Average premium | Lowest premium | Difference | Saved (%) |
|---|---|---|---|---|---|
| 1 | Maine | $1,236 | $693 | $543 | 43.9% |
| 2 | Alaska | $1,724 | $1,156 | $568 | 32.9% |
| 3 | Wyoming | $1,438 | $815 | $623 | 43.3% |
Source: ValuePenguin analysis of Quadrant Information Services data. Note: Rates are based on a 30-year-old man with a clean driving record and good credit getting quotes for a 2016 Nissan Rogue S.
For a 2015 Nissan Altima 2.5, Maine drivers could save just $604 annually — going from an average premium of $1,326 to the lowest of $722. Alaska ($663) again ranks second here, with Hawaii ($688) taking third.
States with the smallest differences between average and lowest annual premiums for a 2015 Nissan Altima 2.5
Rank | State | Average premium | Lowest premium | Difference | Saved (%) |
|---|---|---|---|---|---|
| 1 | Maine | $1,326 | $722 | $604 | 45.6% |
| 2 | Alaska | $1,896 | $1,233 | $663 | 35.0% |
| 3 | Hawaii | $1,522 | $834 | $688 | 45.2% |
Source: ValuePenguin analysis of Quadrant Information Services data. Note: Rates are based on a 30-year-old man with a clean driving record and good credit getting quotes for a 2015 Nissan Altima 2.5.
For the 2020 Chevrolet Equinox L, Hawaii drivers have the lowest potential savings. With an average premium of $1,471 and a lowest premium of $889, drivers could save just $582. Maine ($588) falls to second here, with Alaska ($629) ranking third.
States with the smallest differences between average and lowest annual premiums for a 2020 Chevrolet Equinox L
Rank | State | Average premium | Lowest premium | Difference | Saved (%) |
|---|---|---|---|---|---|
| 1 | Hawaii | $1,471 | $889 | $582 | 39.6% |
| 2 | Maine | $1,340 | $752 | $588 | 43.9% |
| 3 | Alaska | $1,887 | $1,258 | $629 | 33.3% |
Source: ValuePenguin analysis of Quadrant Information Services data. Note: Rates are based on a 30-year-old man with a clean driving record and good credit getting quotes for a 2020 Chevrolet Equinox L.
Full rankings
States with the biggest and smallest differences between average and lowest annual premiums for a 2016 Nissan Rogue S
Rank | State | Average premium | Lowest premium | Difference | Saved (%) |
|---|---|---|---|---|---|
| 1 | Michigan | $3,350 | $746 | $2,604 | 77.7% |
| 2 | Nevada | $3,303 | $997 | $2,306 | 69.8% |
| 3 | Texas | $2,746 | $684 | $2,062 | 75.1% |
| 4 | Florida | $3,391 | $1,438 | $1,953 | 57.6% |
| 5 | Connecticut | $2,939 | $1,041 | $1,898 | 64.6% |
| 6 | Louisiana | $3,567 | $1,700 | $1,867 | 52.3% |
| 7 | Kentucky | $3,037 | $1,171 | $1,866 | 61.4% |
| 8 | Colorado | $3,198 | $1,405 | $1,793 | 56.1% |
| 9 | New York | $2,255 | $660 | $1,595 | 70.7% |
| 10 | Arizona | $2,798 | $1,204 | $1,594 | 57.0% |
| 11 | Rhode Island | $2,827 | $1,235 | $1,592 | 56.3% |
| 12 | Montana | $2,344 | $809 | $1,535 | 65.5% |
Source: ValuePenguin analysis of Quadrant Information Services data. Note: Rates are based on a 30-year-old man with a clean driving record and good credit getting quotes for a 2016 Nissan Rogue S.
States with the biggest and smallest differences between average and lowest annual premiums for a 2020 Chevrolet Equinox L
Rank | State | Average premium | Lowest premium | Difference | Saved (%) |
|---|---|---|---|---|---|
| 1 | Michigan | $3,648 | $836 | $2,812 | 77.1% |
| 2 | Nevada | $3,394 | $994 | $2,400 | 70.7% |
| 3 | Texas | $2,949 | $811 | $2,138 | 72.5% |
| 4 | Kentucky | $3,230 | $1,132 | $2,098 | 65.0% |
| 5 | Louisiana | $3,863 | $1,809 | $2,054 | 53.2% |
| 6 | Florida | $3,424 | $1,406 | $2,018 | 58.9% |
| 7 | Connecticut | $3,137 | $1,182 | $1,955 | 62.3% |
| 8 | Colorado | $3,332 | $1,517 | $1,815 | 54.5% |
| 9 | Rhode Island | $3,011 | $1,242 | $1,769 | 58.8% |
| 10 | Montana | $2,601 | $850 | $1,751 | 67.3% |
| 11 | Missouri | $2,752 | $1,022 | $1,730 | 62.9% |
| 12 | Arizona | $2,917 | $1,216 | $1,701 | 58.3% |
Source: ValuePenguin analysis of Quadrant Information Services data. Note: Rates are based on a 30-year-old man with a clean driving record and good credit getting quotes for a 2020 Chevrolet Equinox L.
States with the biggest and smallest differences between average and lowest annual premiums for a 2015 Nissan Altima 2.5
Rank | State | Average premium | Lowest premium | Difference | Saved (%) |
|---|---|---|---|---|---|
| 1 | Michigan | $3,450 | $851 | $2,599 | 75.3% |
| 2 | Nevada | $3,471 | $990 | $2,481 | 71.5% |
| 3 | Texas | $2,957 | $782 | $2,175 | 73.6% |
| 4 | Florida | $3,681 | $1,530 | $2,151 | 58.4% |
| 5 | Louisiana | $3,878 | $1,784 | $2,094 | 54.0% |
| 6 | Connecticut | $3,165 | $1,088 | $2,077 | 65.6% |
| 7 | Kentucky | $3,287 | $1,380 | $1,907 | 58.0% |
| 8 | Nebraska | $2,978 | $1,237 | $1,741 | 58.5% |
| 9 | Colorado | $3,236 | $1,508 | $1,728 | 53.4% |
| 10 | New York | $2,471 | $754 | $1,717 | 69.5% |
| 11 | Rhode Island | $2,943 | $1,230 | $1,713 | 58.2% |
| 12 | Missouri | $2,685 | $1,005 | $1,680 | 62.6% |
Source: ValuePenguin analysis of Quadrant Information Services data. Note: Rates are based on a 30-year-old man with a clean driving record and good credit getting quotes for a 2015 Nissan Altima 2.5.
Shopping around to save on car insurance: Top expert tips
With savings like these, Sangameshwar says it’s important to shop around.
"The best way to shop for car insurance is to do so every time your policy is up for renewal by using comparison shopping websites as a starting point," she says. "These sites allow you to examine the costs of several providers to determine which option works best for your budget and needs."
To get a good deal, compare quotes from at least three to four insurers. While that may seem daunting, most of those who shopped around said it took less than an hour, according to the previously mentioned ValuePenguin survey.
Besides comparison shopping, here are other ways to keep your insurance premiums down:
- Raise your deductible (if you can afford it). Raising your deductible from $500 to $1,000 can lower your annual premium by an average of 20% to 25%, according to Consumer Reports.
- Improve your credit score. "Drivers with a high credit score and strong credit history often get lower premiums because insurers see them as responsible and less likely to file claims," Sangameshwar says. Not all states allow insurers to use credit scores to determine auto insurance premiums, though, so double-check what your state allows.
- Bundle your insurance policies. If you have more than one car or need insurance for your home or rental, you can get a significant discount by bundling your policies.
Methodology
ValuePenguin researchers collected insurance quotes for three different vehicles from various auto insurance companies across all ZIP codes in all 50 states and the District of Columbia. The quotes were obtained for a 30-year-old man with a clean driving record and good credit. The following three vehicles were included in the analysis:
- 2016 Nissan Rogue S
- 2020 Chevrolet Equinox L
- 2015 Nissan Altima 2.5
Between Jan. 1 and April 30, 2024, these were the three most-searched car years, makes and models for insurance quotes on QuoteWizard. (We chose the base trims for each for a consistent analysis.)
ValuePenguin’s analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only, as your quotes may be different. Full-coverage policies include coverage limits above minimum requirements.
Full-coverage policy
Coverage | Limits |
|---|---|
| Bodily injury (BI) liability | $50,000 per person, $100,000 per accident |
| Property damage | $25,000 per accident |
| Uninsured or underinsured motorist BI | $50,000 per person, $100,000 per accident |
| Comprehensive and collision | $500 deductible |
| Personal injury protection | Minimum (when required by state) |