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

Quick Facts

• In general, Equity offers less expensive premiums than Allstate
• Allstate may help you save more money -- they offer more discounts than Equity Insurance Company
• Equity has cheaper prices for policyholders who live in urban areas

Allstate or Equity: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching to a new insurance policy. With so many ads from all sorts of companies offering huge savings, you're probably wondering exactly how much you might be able to save.

You've maybe even narrowed your search down to Allstate or Equity for your next policy, but which one has more affordable premiums for auto insurance?

Looking at the national average rates for both carriers, Equity has average rates that are around 17% a month cheaper than those from Allstate.

That being said, that doesn't mean Equity will necessarily be more affordable than Allstate for each driver. After all, car insurance companies can offer drastically different rates to every driver depending on rating factors like your driving record, where you call home, your age, or even your credit score (among other things), so rates will differ quite a bit from person to person.

Luckily, we've broken down average prices from both Allstate and Equity by multiple different rate factors, so read on to find out which company is the best for you.

Allstate vs. Equity: Average Car Insurance Rates by State

Allstate and Equity only compete against each other in two states, with Equity offering less expensive rates to the average driver in all of them. Oklahoma has the most noticable difference, where Equity premiums are $16 more affordable than auto insurance prices at Allstate.

But there's more to calculating insurance premiums than just the state you live in. Keep reading to learn more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance rates of any other group of drivers out there on the road. Typically, that's because teen drivers are statistically much more likely to get into an accident that results in an insurance claim, making them much riskier to insure.

Even so, that doesn't mean teen drivers can't still save money on their car insurance. For example, 18-year-old drivers pay an average of almost 20% less per month by choosing Equity over Allstate. It's worth noting that Allstate offers insurance in 47 different states compared to Equity's two, which can skew the average prices a bit, but the difference here is still considerable.

But with both carriers, you'll see your premiums lower significantly by the time you turn 25. For example, average rates for Allstate policyholders reduce about $300 and Equity's prices drop around $200 over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the lowest car insurance rates out there. After all, they've likely been driving for quite some time, which usually reduces their chances of collisions and other infractions that can raise premiums.

When looking at Allstate and Equity specifically, which carrier is best for retired drivers? Equity gets the edge, with prices for drivers 65 and older $24 cheaper than the national average for Allstate.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance rates tend to be less expensive for married couples than they are for those who are single. That's because policies for married drivers normally cover more than one vehicle, which several companies will give you a discount for.

For single drivers, the difference in average prices between these two carriers is significant, with Equity premiums coming in at about 15% less than Allstate's. The advantage for married policyholders with Equity is also obvious, where drivers save around $30 a month.

Allstate or Equity: Average Rates by Gender

Men are statistically more likely than women to get into accidents and file an insurance claim, which means they'll typically end up paying more for insurance than women.

With Allstate, women normally pay about 4% per month less than men, but with Equity, the difference is closer to 12% a month.

Looking at overall affordability, Equity comes out as the cheapest option for both genders, with average prices 14% less for men and 21% cheaper for women.

Allstate vs. Equity: 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.

It's no secret that auto insurance can be pretty complicated. There are so many different coverages and terms that it can make it pretty confusing to find the right policy for you.

The two most common policies end up falling into two different types of coverage -- liability coverage (that covers bodily injury and property damage for other drivers if you cause a collision) and full coverage (which usually refers to having collision and comprehensive coverages in addition to what you get with liability coverage).

Looking specifically at state minimum liability limits, Equity has the significant edge, with average monthly rates coming in at $67. If you want a full coverage policy with the same state minimum limits, Equity again has the edge, with policies averaging around $262 per month to Allstate's $289.

Is Allstate or Equity Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their car insurance. But that's not to say you can't save money if you don't have the best driving record, either.

It's no secret secret that speeding tickets and at-fault collisions lead to higher premiums, but which company -- Allstate or Equity -- has the most affordable prices for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Allstate for their insurance can generally expect their monthly bill to go up about 15% after getting a speeding ticket. Equity policyholders can expect a less drastic increase of around 4%.

However, Equity has cheaper premiums for drivers in both categories. With Equity Insurance Company, drivers with a clean record can save about $2 a month and drivers with a ticket can save around $23 per month.

Which Company is Best for Drivers After an Accident?

Allstate drivers who get in an accident can expect to see their rates climb by over 30%, while those who have insurance through Equity will see about a 15% increase.

At the end of the day, the more affordable prices come from Equity, with average rates coming in at $179 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 collision or speeding ticket when it comes to your auto insurance bill. For example, Allstate increases average premiums by more than $70 a month -- that's more than a 30% increase.

Equity has the overall cheapest rates for drivers with a DUI on their records at $166 per month, but it's worth noting that Allstate's average rates come from 47 states compared to just two for Equity, so the data may be skewed slightly.

How does Credit Score Impact Allstate and Equity Rates?

Often times, your credit score can be used as one of the variables to determine your monthly car insurance premiums. This isn't true for everyone (for example, are two states that ban the practice entirely), but it does affect lots of policyholders out there.

Insurance companies argue that those with good credit scores are more likely to pay their bills on time each month, which lowers the risk involved on their end, while the opposite is true for those with bad credit.

Looking at Allstate and Equity specifically, which company has the lowest prices for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, Allstate will normally reward you the most for an "excellent" credit score. For policyholders with "excellent" credit scores, Allstate comes in over 12% less expensive. Drivers with "good" credit scores typically save around 4% with Equity compared to average premiums from Allstate.

Which Company is Best for Drivers with Bad Credit?

Equity typically offers lower rates than Allstate when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about 19% per month less with Equity compared to Allstate, and those with "poor" scores usually save an average of around 40% monthly.

Is Allstate or Equity 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 car insurance payment. That's because the fewer miles you drive, the less likely you are to be in a collision and file an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Equity charges. However, there's a small difference in monthly prices for Allstate, with drivers who put 6,000 miles on their car yearly paying about $3 less every month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Equity is the more affordable carrier.

Allstate or Equity: Compare Rates for Urban, Suburban, and Rural Drivers

Where you call home can have a substantial impact on your monthly auto insurance bill. Generally, those who live in rural areas will pay less than drivers in urban areas because of the small number of vehicles that are on the roads where they live.

When comparing these two carriers side-by-side, Equity normally comes out as the lowest option for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Those in rural areas can expect to save around $31 with Equity compared to Allstate. People who live in suburban areas pay about $41 less with Equity compared to Allstate. For policyholders in urban ZIP codes, Equity Insurance Company's average premiums are around $30 less than Allstate.

Allstate vs. Equity Discounts

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

But with what seems like a million different discounts out there, it can be challenging to find all the ones you're eligible for or to nail down the carrier that has the most discounts for your unique driver profile.

Luckily, we did the hard work for you and compared all of the different discounts offered by Allstate and Equity so that you can see which carrier can save you the most money each month.

Allstate knocks Equity out of the park when it comes to the sheer number of discounts available, offering 30 more discounts than Equity.

Both companies offer many of the same discounts -- like discounts for getting driver training, discounts for being a good student, and paid in full discounts -- but Allstate also offers discounts for ABS, advance quote, alert driving, and more.

On the other hand, Equity has a few proprietary discounts of their own like education discounts and group discounts.

Final Thoughts: Is Allstate or Equity Best for You?

So, we've broken down the average prices for many of the factors car insurance carriers look at, and we've shown you all the discounts each company offers. But, when it comes down to it, which carrier is the right company for you and your specific needs?

Equity might be best for you if....

• Your driving record includes a DUI charge.
• You're looking for the best premiums on liability only coverage.
• You live in a rural neighborhood.

Allstate might be best for you if...

• You're thinking about moving to another state -- Equity Insurance Company is only available in Arkansas and Oklahoma.
• You care about discounts (Allstate offers the most).

Hopefully, this guide has ben a valuable resource as you compare Allstate and Equity. We also hope we've given you the information you need to make the best decision about your insurance.

At the end of the day, the best way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from several companies, not just Allstate and Equity. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code below and get multiple free quotes from some of the best insurance carriers in your area, all in just a few minutes.

Allstate vs. Equity FAQs

Is Allstate or Equity cheaper?

Equity is the cheaper of the two companies when looking at national average rates, with policies averaging $165 a month with Equity and $199 for Allstate. That being said, that doesn't mean Equity will be the cheapest company for everyone, since there are lots of different variables that come into play when it comes to your car insurance cost.

Who is better, Allstate or Equity?

Unfortunately, the real answer is "it depends.". Neither carrier is necessarily "better" for each policyholder -- it all depends on what your unique auto insurance profile looks like. For example, Allstate is less expensive for drivers with excellent credit, while Equity offers more affordable prices for drivers with a recent DUI.

Why do Allstate and Equity offer me different rates?

Insurance carriers use many different factors when determining the premiums they charge. Variables such as gender, age, where you park your car, your driving record, and sometimes even things like your credit score can all be used. Both Allstate and Equity calculate rates differently, so it's likely they'll offer different prices. The best way to determine which company is the most affordable for you is by comparing personalized quotes from a variety of different companies.

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

The only way to find the auto insurance carrier that's right for you is by getting quotes from a handful of carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com do all the hard work for you. Just enter your area information and you'll get quotes from dozens of your local top car insurance companies for free. That way, you can guarantee you're getting the best premium. And maybe you'll find that the best company for you isn't Allstate or Equity at all, but another you hadn't even thought of!

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.