American National vs. Depositors: Which Company is the Best Fit for You?

Quick Facts

• In general, American National offers significantly cheaper prices than Depositors
• American National tends to be a much more affordable option for drivers who have received a ticket within the last few years
• Depositors offers more discounts than American National Insurance Company

American National vs. Depositors: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching your auto insurance. You've probably seen commercials and billboards from companies offering big discounts, but exactly how much money can you save by switching?

You might have narrowed it down to American National or Depositors as potential options, but which one will save you the most?

Looking at the national average rates for both companies, Depositors is quite a bit more expensive than American National, with premiums averaging $148 per month compared to just $87 with American National.

However, that doesn't necessarily mean American National will be the less expensive option for every single driver. After all, insurance carriers can offer drastically different rates to each driver depending on rating factors like where you call home, your driving record, your age, or even your credit score (among other things), so rates could change drastically from person to person.

So, if you want to find out which of American National or Depositors is really the best for you, keep reading to see average premiums for each company broken down by multiple different rate factors.

American National or Depositors: Average Car Insurance Rates by State

American National and Depositors only compete against each other in one states, with American National offering more affordable prices to the average driver in all of them. Idaho has the most noticable difference, where American National premiums are over 70% less expensive than auto insurance prices at Depositors.

There are plenty of other factors that go into your insurance bill than just the state you live in. Read on to find out more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- typically pay a lot for car 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.

But still, even with seemingly sky-high rates, teen drivers can still find ways to save money. Just look at the table above -- where 18-year-old drivers who have American National for their insurance pay more than $100 less than those who use Depositors.

That being said, both companies will reduce prices by the time you turn 25. For example, average rates for American National policyholders drop over $100 and Depositors's premiums lower nearly $200 over that time.

Which is the Best Company for Retired Drivers?

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the most affordable prices you can find.

So, which carrier offers the best rates to retired drivers? American National gets the edge here, with average premiums coming in at about $66 monthly compared to Depositors's $111.

Which is the Best Company for Married Drivers?

Single policyholders tend to get offered slightly more expensive auto insurance rates than married drivers. This usually boils down to married couples having more than one car on their policy -- something a lot of car insurance carriers will reward with discounts.

When it comes to relationship status, American National is the clear winner for single drivers, with premiums around $66 a month cheaper than Depositors, on average. For married policyholders, the advantage is clear again - American National has the edge when it comes to average prices.

American National vs. Depositors: Average Rates by Gender

Because men are more likely to get into accidents and get speeding tickets, they run a larger risk of filing a claim with insurance. Therefore, insurance companies will tend to charge men more than women.

With American National, women generally pay about $1 per month less than men, and around $9 less with Depositors.

Looking at overall affordability, American National comes out on top for both men and women. On average, women save about $56 a month and men save about $64 with American National compared to the average Depositors policyholder.

American National or Depositors: 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 a complicated subject for most people. Everyone needs insurance, but there are so many different limits and coverages that it can be hard to find the right policy.

But most policies that many drivers look at fall into two categories -- liability only (that covers bodily injury and property damage for other drivers if you cause an accident) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, in addition to what you get with liability).

If you're looking for state minimum liability limits, American National normally offers significantly less expensive rates of $52 compared to Depositors's $84. When it comes to full coverage policies with similar limits, American National again has the edge, with policies around $90 per month cheaper than Depositors, on average.

Is American National or Depositors Better for Drivers with Spotty Records?

It's no big secret that drivers who are accident-free get better deals on their car insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

Tickets and at-fault accidents will most likely raise your premiums, but is American National or Depositors more affordable for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

American National policyholders can expect their prices to go up an average of $17 a month if they get a ticket, while Depositors usually raises premiums about $24 per month, on average.

Even so, American National tends to offer the best prices for drivers both with a speeding ticket and with a clean record -- their rates are around 37% less expensive for drivers with clean records and 35% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their insurance through American National can expect to see around an $28 -- or about 29% -- increase in their auto insurance prices. Drivers who use Depositors for their car insurance will see a monthly bill around $51 (or 32%) more expensive after reporting a collision to their auto insurance company.

Overall, the more affordable rates come from American National, with monthly prices averaging $95 compared to Depositors Insurance Company's $157.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge, you can expect some pretty significant increases in your monthly insurance bill -- typically a lot more than an accident or ticket. Depositors drivers usually see a 46% climb in their auto insurance rates after a DUI charge, while American National will usually increase premiums by about 36%.

If you have a DUI on your record and are looking for more affordable rates, American National tends to be the much cheaper option with average premiums of $104 per month compared to $198 from Depositors.

How does Credit Score Impact American National and Depositors Rates?

Did you know that many insurance carriers take into account your credit score when calculating prices? This isn't always the case (Hawaii, for example, has banned the use of credit score as a rating factor) but it will come into play for many drivers.

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

So, which carrier offers the best rates for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

If you have solid credit, you'll usually find a better deal with American National. Drivers with "excellent" credit can save over 55% compared to Depositors, and those with "good" scores can also expect to see savings -- around $68 or 51% more affordable each month.

Which Company is Best for Drivers with Bad Credit?

American National typically offers lower prices than Depositors when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about $69 a month less with American National compared to Depositors, and those with "poor" scores generally save an average of around $38 a month.

Is American National or Depositors 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 how much insurance carriers will charge for coverage. Normally, those who drive fewer miles will end up with less expensive premiums since there's less of a chance of getting into a collision and causing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Depositors charges. However, there's a small difference in monthly rates for American National, with policyholders who drive 6,000 miles yearly paying about $9 less every month compared to those who drive 12,000 miles annually. Still, American National is the cheaper option for drivers in both categories.

American National vs. Depositors: Compare Rates for Urban, Suburban, and Rural Drivers

Where you call home can have a big impact on your monthly car insurance payment. Usually, if you live in a rural area with fewer cars on the road, you'll pay a little less for auto insurance, while the opposite is true for people in urban areas.

When comparing these two companies side-by-side, American National typically comes out as the lowest option for drivers in every type of area, no matter if it's urban, suburban, or rural.

Policyholders in rural ZIP codes see the cheapest premiums from both carriers, but American National comes out on top with average prices around $73 per month. American National also has more affordable average premiums for drivers in urban and suburban ZIP codes -- a $70 and $54 per month respective difference when compared to Depositors policyholders in similar areas.

American National vs. Depositors Discounts

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

But where do you even start? With what seems like a million different discounts out there, it may be hard to find all the ones you're eligible for.

In the section below, we've broken down all of the different discounts offered by both American National and Depositors so that you can easily see which company offers the most discounts and, therefore, the biggest savings.

Looking at the total number of discounts, Depositors comes out ahead with 17 discounts to American National's 14.

A couple of those are overlapping for things like distant student discounts, discounts for being a good student, and multi-policy discounts. Depositors also offers advance quote discounts, EFT discounts, employee discounts, and more that American National does not.

On the flip side, American National has a couple unique discounts of its own -- anti-theft discounts, claim free discounts, discounts for getting driver training, and more.

Final Thoughts: Is American National or Depositors Best for You?

So, we've broken down the average prices for many of the factors car insurance companies look at, and we've shown you all the discounts each company offers. That's all well and good, but at the end of the day, which insurance carrier is the best company for you and your specific driver profile?

American National might be best for you if....

• You have an at-fault accident on your record.
• You're looking for more protection with "full coverage" auto insurance.
• You're buying car insurance for a teen and looking for a wallet-friendly option.

Depositors might be best for you if...

• You're looking for discounts -- Depositors has the most.

We hope this guide has ben a valuable resource as you compare American National and Depositors and that you can now make a more informed decision when it comes to your auto insurance.

At the end of the day, the best way to make sure you're getting the best deal on your insurance policy is to compare quotes from several carriers, not just American National and Depositors. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code below and get multiple quotes from some of the best car insurance companies in your area, all for free.

American National vs. Depositors FAQs

Is American National or Depositors cheaper?

Looking just at the national average rates, American National is the less expensive of the two carriers, offering average rates of $87 a month compared to $148 for Depositors. However, American National won't necessarily be the lowest company for everyone, since there are several different variables that come into play when it comes to your auto insurance cost.

Who is better, American National or Depositors?

Unfortunately, the answer truly is "it depends.". Neither carrier is necessarily "better" for everyone -- it all depends on the makeup of your unique insurance profile.

Why do American National and Depositors offer me different rates?

Auto insurance companies take a look at lots of different factors when determining the prices they charge drivers. Variables like age, where you live, gender, your driving record, and sometimes even things like your credit score can all be used. Both American National and Depositors use different formulas, so each one will most likely offer different rates. The only real way to see which company is the most affordable for you is by comparing personalized quotes from a bunch of different carriers.

How do I know if American National or Depositors is right for me?

The only way to find the insurance carrier that's right for you is by getting quotes from a handful of companies and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code and you'll get free quotes from dozens of the best car insurance carriers in your area. That way, you can guarantee you're getting the best premium. And who knows, the best company for you might not be American National or Depositors 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.