Allstate vs. Bankers: Which Company is the Best Fit for You?

Quick Facts

• Based on national averages for insurance, Bankers offers more affordable prices than Allstate
• Allstate offers more discounts than Bankers Insurance
• Bankers offers less expensive average rates for drivers who have less-than-stellar credit

Allstate vs. Bankers: Which Company has the Cheapest Car Insurance?

So, you're considering switching your auto insurance. With so many ads from all sorts of companies offering substantial discounts, you're probably wondering exactly how much you might be able to save.

You might have narrowed your search down to Allstate or Bankers, but which company will save you the most?

Looking at nationwide averages, Bankers has average rates that are about 14% per month cheaper than those from Allstate.

But that doesn't mean Bankers will necessarily be less expensive than Allstate for each driver. Car insurance companies use all sorts of complex algorithms to calculate premiums, so depending on how old you are or where you live (among many other factors), you could see wildly different rates from the ones above.

Wanting to know if Allstate or Bankers is really the right carrier for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

Allstate or Bankers: Average Car Insurance Rates by State

Allstate and Bankers only compete against each other in two states, with Bankers offering cheaper premiums to the average driver in all of them. District of Columbia has the most noticable difference, where Bankers rates are over 70% more affordable than auto insurance prices at Allstate.

But there's more to car insurance than just where you live. As we mentioned above, there's a lot of things that go into how insurance carriers determine your premiums. Continue reading to see how other factors will affect your rates.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- typically pay a lot for auto insurance compared to older drivers. It's because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

However, that doesn't mean teen drivers can't still save money on their car insurance. As you can see above, teens who use Bankers save more than $95 a month compared to those who use Allstate. It's worth noting that Allstate offers insurance in 47 different states compared to Bankers's two, which can skew the average prices a bit, but the difference here is still considerable.

Even so, both companies will reduce rates by the time you turn 25. For example, average prices for Allstate policyholders drop nearly 65% and Bankers's premiums decrease almost 55% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age normally enjoy some of the lowest auto insurance rates you can find. After all, they've likely been driving for quite some time, which usually decreases their chances of accidents and other infractions that can increase prices.

But who has the best rates for retired drivers between Allstate and Bankers? Bankers gets the edge, with premiums for drivers 65 and older $20 less expensive than the national average for Allstate.

Which is the Best Company for Married Drivers?

Single policyholders tend to get offered slightly more expensive insurance prices than married policyholders. That's generally because married drivers tend to own and insure several cars, which can often earn you a discount.

When it comes to relationship status, Bankers is the clear winner for those who are single, with premiums around $36 per month cheaper than Allstate, on average. The advantage is also clear for married couples - Bankers offers the most affordable average rates.

Allstate vs. Bankers: Average Rates by Gender

Men are statistically more likely than women to get into collisions and file an insurance claim. That means when it comes to car insurance men will normally end up paying a little more.

Men typically pay nearly $10 a month more than women with Allstate, and over $15 with Bankers.

When it comes to the cheapest premiums for each gender, Bankers comes out on top for both men and women. On average, women save about $31 per month and men save about $24 with Bankers compared to the average Allstate policyholder.

Allstate or Bankers: Compare State Minimum vs. Full Coverage Rates

*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits

**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.

For most people, insurance can be pretty complicated. There are so many different limits and coverages that it can make it pretty confusing to find the right policy.

The two most common policies that many drivers look at fall into two categories -- liability only (which provides property damage and bodily injury coverage for other drivers and passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- alongside liability).

If you're looking for state minimum limits for liability insurance, Bankers generally offers significantly more affordable prices of $66 compared to Allstate's $108. When it comes to full coverage policies with similar limits, Bankers again has the edge, with policies around $10 a month cheaper than Allstate, on average.

Is Allstate or Bankers Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from auto insurance carriers offering great rates for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

It's no secret secret that accidents and tickets lead to higher prices, but which company -- Allstate or Bankers -- has the most affordable rates for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Allstate policyholders can expect their premiums to go up an average of $27 per month if they get a ticket, while Bankers usually raises prices about $20 a month, on average.

That being said, Bankers has less expensive rates for drivers in both categories, offering premiums that are 22% and 23% more affordable, respectively, compared to Allstate.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their car insurance through Allstate can expect to see around an $73 -- or about 32% -- increase in their insurance rates. Drivers who use Bankers for their car insurance will see a monthly bill around $65 (or 35%) more expensive after reporting a collision to their auto insurance carrier.

Overall, drivers who use Bankers end up with the cheaper prices after an accident, with monthly prices averaging $186 compared to Allstate's $229.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or speeding ticket when it comes to your insurance bill. For example, Bankers increases average premiums by over $100 per month -- that's just under a 50% increase.

Allstate has the overall lowest prices for drivers with a DUI on their records at $227 monthly, but it's worth noting that Allstate's average rates come from 47 states compared to just two for Bankers, so the data may be skewed slightly.

How does Credit Score Impact Allstate and Bankers Rates?

Did you know that many auto insurance companies take into account your credit score when calculating premiums? This isn't always the case (for example, California and Michigan are two states that ban the practice entirely), but it does affect lots of drivers out there.

Car insurance carriers argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, policyholders with bad credit will often be forced to pay more.

So, which company offers the best rates for drivers with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, you'll usually find a better deal with Bankers. Policyholders with "excellent" credit can save over 15% compared to Allstate, and those with "good" scores can also expect to see savings -- about $40 or 23% less expensive each month.

Which Company is Best for Drivers with Bad Credit?

Bankers typically offers lower premiums than Allstate when it comes to drivers with a below average credit score. Drivers with "fair" credit pay around $46 a month less with Bankers compared to Allstate, and those with "poor" scores generally save an average of about $81 a month.

Is Allstate or Bankers Better for Drivers who Work from Home or Have Short Commutes?

The amount of time you spend behind the wheel of your car plays a big role in your monthly prices. Usually, the more miles you put on your vehicle each year, the more you can expect to pay for coverage.

For both drivers who put 6,000 miles on their vehicles every year, as well as those who average twice that figure, Bankers tends to be the more affordable option. Bankers's average rates for drivers with 6,000 annual miles come in nearly 15% cheaper than Allstate. Those who drive 12,000 miles yearly can expect to pay just under 15% less with Bankers over Allstate.

Allstate vs. Bankers: Compare Rates for Urban, Suburban, and Rural Drivers

We've already mentioned how your home state can play a role in how much you pay for auto insurance, but the type of area you live in can have a sizable impact as well. Normally, if you live in a rural area with fewer cars on the road, you'll pay a little less for insurance, while the opposite is true for people in urban areas.

Bankers boasts the most affordable average rates in rural and urban areas, while Allstate wins in suburban areas.

Those in rural areas can expect to pay around $114 per month with Bankers and $174 with Allstate. Drivers in suburban ZIP codes pay a monthly premium of about $199 with Allstate compared to $226 with Bankers. For drivers in urban ZIP codes, Bankers's average prices are around $172 while Allstate offers premiums about $222.

Allstate vs. Bankers Discounts

You want to save as much money as possible, right? The best way to do that is by utilizing as many car insurance discounts as you can.

But where do you even start? With so many discounts out there, it may seem difficult to find all the of the ones you can take advantage of.

In the table below, we've broken down all of the different discounts offered by both Allstate and Bankers so that you can see which one offers the most discounts and see which ones you might be able to take advantage of.

Allstate knocks Bankers out of the park when it comes to the sheer number of discounts available, offering 24 more discounts than Bankers.

Both companies offer lots of the same discounts -- like annual mileage discounts, discounts for being a defensive driver, distant student discounts, and discounts for being a good student -- but Allstate also offers advance quote discounts, agency transfer discounts, alert driving discounts, and more that Bankers does not.

On the flip side, Bankers has a couple unique discounts of its own -- continuous insurance discounts, employers subject to ma worker discounts, excess vehicle discounts, and more.

Final Thoughts: Is Allstate or Bankers Best for You?

You've seen the role certain variables have on your insurance and the different discounts carriers offer. But, when it comes down to it, is Allstate or Bankers the best fit for you?

Bankers might be best for you if....

• You don't have any speeding tickets, DUIs, or at-fault collisions on your record.
• You want basic car insurance coverage at the state minimum limits.
• You don't spend much time in your car.

Allstate might be best for you if...

• You have a DUI charge on your record.
• You're looking for discounts -- Allstate has the most.
• Your home is located in the suburbs.

We hope this guide helps you get a better idea of the difference between Allstate and Bankers. We also hope we've given you the information you need to make the best decision about your auto insurance.

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on insurance -- comparing quotes from a handful of companies, not just Allstate and Bankers. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code below and get free quotes from dozens of the top car insurance carriers in your area, all in just a few minutes.

Allstate vs. Bankers FAQs

Is Allstate or Bankers cheaper?

Looking just at the national average rates, Bankers is the more affordable of the two companies, offering average rates of $171 per month compared to $199 for Allstate. However, Bankers won't necessarily be the cheapest company for each policyholder, since there are many different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Allstate or Bankers?

Sadly, the real answer is "it depends.". No one carrier is necessarily "better" for every driver -- it all boils down to your unique auto insurance profile. For example, Allstate offers less expensive prices for drivers with a recent DUI, while Bankers is cheaper for drivers with excellent credit.

Why do Allstate and Bankers offer me different rates?

Car insurance carriers take a look at quite a few different variables when determining the premiums they charge drivers. Things like where your home is, gender, age, where you live, and sometimes even things like your credit score can all be taken into consideration. Both Allstate and Bankers calculate prices differently, so each one will most likely offer different rates. The only real way to see which company is the lowest for you is by comparing personalized quotes from lots of different companies.

How do I know if Allstate or Bankers is right for me?

The only way to find the insurance carrier that's right for you is by getting quotes from several carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code and you'll get free quotes from dozens of the best auto insurance companies in your area. With those, you can guarantee you're getting the most affordable rate. And who knows, the best company for you might not be Allstate or Bankers at all!

Methodology

All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.