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

How do Amica Mutual and Bankers compare when it comes to car insurance premiums and discounts? If you want to find out which carrier has the best rates for your unique profile, check out our latest guide below.
Newly insured car driving down the road
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Quick Facts

  • In general, Bankers offers significantly cheaper prices than Amica Mutual
  • Bankers offers more affordable rates for policyholders who live in urban areas
  • Bankers has less expensive premiums for policyholders who haven't received any speeding tickets or been in a collision in the last few years

Amica Mutual or Bankers: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? You've probably seen commercials and billboards from companies offering considerable savings, but exactly how much money can you save by switching?

You've maybe even narrowed your search down to Amica Mutual or Bankers as potential options, but between the two, which carrier will save you the most?

Amica Mutual Bankers

Looking at nationwide averages, Amica Mutual has average rates that are around 50% a month more expensive than those from Bankers.

Even so, that doesn't mean Bankers will necessarily be more affordable than Amica Mutual for each driver. Insurance carriers vary their prices depending on things like how good your credit score is, how clean your driving record is, where you live, how old you are, and a variety of other factors, so premiums will vary quite a bit from person to person.

So, if you want to find out which of Amica Mutual or Bankers is really the best for you, keep reading to see average rates for each company broken down by lots of different rate factors.

Amica Mutual vs. Bankers: Average Car Insurance Rates by State

State Amica Mutual Bankers

Amica Mutual and Bankers only compete against each other in one states, with Bankers offering cheaper prices to the average driver in all of them. Massachusetts has the most noticable difference, where Bankers rates are $5 less expensive than auto insurance prices at Amica Mutual.

There's a lot more that goes into your car insurance payment than just where you call home. Keep reading to find out more.

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Which is the Best Company For Young Drivers?

Amica Mutual Bankers
18-year-old drivers$700$351
25-year-old drivers$288$160

Teen drivers will almost always have the most expensive insurance premiums of any other group of drivers. That's generally 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.

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 Bankers for their auto insurance pay almost 50% less than those who use Amica Mutual.

That being said, both companies will offer you dramatically lower prices once you turn 25. For example, average premiums for Amica Mutual policyholders decrease nearly 60% and Bankers's rates reduce almost 55% over that time.

Which is the Best Company for Retired Drivers?

Amica Mutual Bankers
65+-year-old drivers$345$132

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

So, which carrier offers the best prices to retired drivers? Bankers gets the edge here, with average premiums coming in at about $132 a month compared to Amica Mutual's $345.

Which is the Best Company for Married Drivers?

Amica Mutual Bankers

You may not be aware, but auto insurance rates tend to be more expensive for single drivers than they are for married drivers. That's typically because married couples tend to own and insure more than one vehicle, which can often earn you a discount.

For those who are single, the difference in average prices between these two carriers is significant, with Bankers rates coming in at around half of Amica Mutual's. The advantage for married policyholders with Bankers is also obvious, where drivers save about $200 per month.

Amica Mutual or Bankers: Average Rates by Gender

Amica Mutual Bankers

Men tend to pay more for insurance than women. This is because men are statistically more likely than women to get into collisions and file an insurance claim, which leads to increased risk for insurers and, therefore, higher premiums.

With Amica Mutual, men normally pay around $6 a month more than women, and about $16 more with Bankers.

When it comes to the lowest prices for each gender, Bankers offers the most affordable average premiums for both men and women, with average rates $183 less for men and $193 cheaper for women.

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Amica Mutual vs. Bankers: Compare State Minimum vs. Full Coverage Rates

Amica Mutual Bankers
State Minimum*$210$66
Full Coverage**$508$277

*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 multiple different coverages that account for a variety of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause an accident.

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 and passengers if you cause a collision) and full coverage (which usually refers to having collision and comprehensive coverages in addition to what you get with a liability policy).

Looking specifically at state minimum liability limits, Bankers has the significant edge, with average monthly prices coming in at $66. If you want a full coverage policy with the same state minimum limits, Bankers again has the edge, with policies averaging around $277 per month to Amica Mutual's $508.

Is Amica Mutual or Bankers Better for Drivers with Spotty Records?

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

You'll probably end up paying more with speeding tickets and at-fault accidents on your record, but which of these two carriers offers the cheapest premiums to drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Amica Mutual Bankers
Clean Record$215$121
1 Speeding Ticket$268$141

Policyholders who use Amica Mutual for their insurance can normally expect their monthly bill to go up about 20% after getting a speeding ticket. Bankers policyholders can expect a less drastic increase of around 14%.

But Bankers is typically the more affordable option for drivers both with clean records and with a ticket -- their rates are around 44% cheaper for drivers with clean records and 47% more affordable for those with a ticket.

Which Company is Best for Drivers After an Accident?

Amica Mutual Bankers
Clean Record$215$121
1 At-Fault Accident$254$186

Both companies will raise prices pretty significantly if you get into an at-fault collision with Bankers increasing by about 35%. Amica Mutual has a less extreme increase, but you can still expect to pay more than 15% more than you were prior to your first accident.

At the end of the day, drivers who use Bankers end up with the cheaper prices after an accident, with average rates coming in at $186 compared to Amica Mutual Insurance's $254.

Which Company is Best for Drivers with a DUI?

Amica Mutual Bankers
Clean Record$215$121
1 DUI$699$238

If you get a DUI charge, you can expect some pretty significant increases in your monthly car insurance bill -- generally a lot more than an accident or speeding ticket. For example, Amica Mutual increases average premiums by nearly $500 a month -- that's nearly a 70% increase.

But if you end up with a DUI charge and are looking for more affordable prices, Bankers tends to be less expensive for the average driver, with monthly premiums coming in at around $238 to Amica Mutual's $699.

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How does Credit Score Impact Amica Mutual and Bankers Rates?

Often times, your credit score can come into play when carriers determine your monthly bill. This isn't true for everyone (for example, Hawaii and California are two states that ban the practice entirely), but it might come into play for lots of drivers.

Auto insurance companies argue that those with poor credit scores are less likely to pay their bills on time every month, which raises the risk involved on their end, while the opposite is true for those with good credit.

So, which company offers the lowest premiums for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Amica Mutual Bankers
Excellent Credit Score$249$121
Good Credit Score$299$132

If you have a solid credit score, Bankers will usually reward you the most. For drivers with "excellent" credit scores, Bankers comes in over 51.41 more affordable. Drivers with "good" credit scores normally save about 56% with Bankers compared to average rates from Amica Mutual.

Which Company is Best for Drivers with Bad Credit?

Amica Mutual Bankers
Fair Credit Score$400$157
Poor Credit Score$540$194

Bankers typically offers lower prices than Amica Mutual when it comes to drivers with bad credit. Drivers with "fair" credit pay around 61% per month less with Bankers compared to Amica Mutual, and those with "poor" scores typically save an average of about 64% per month.

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

Amica Mutual Bankers
6,000 Annual Miles$359$170
12,000 Annual Miles$359$173

The amount of time you spend behind the wheel of your car plays a big role in your monthly insurance bill. Usually, those who drive fewer miles will end up with cheaper premiums since there's less of a chance of causing a collision and filing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Amica Mutual charges. However, there's a small difference in monthly rates for Bankers, with drivers who put 6,000 miles on their car each year paying around $3 less every month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Bankers is the less expensive carrier.

Amica Mutual or Bankers: Compare Rates for Urban, Suburban, and Rural Drivers

Where you call home can have a big impact on your monthly auto insurance cost. Generally, those who live in rural areas will pay less than policyholders in urban areas since there are a lot fewer vehicles on the road where they live, which lowers the chances of an accident.

Amica Mutual Bankers
Urban Areas$408$172
Suburban Areas$348$226
Rural Areas$321$114

Bankers boasts the most affordable average prices for drivers in every type of area, no matter if it's urban, suburban, or rural.

For drivers in urban ZIP codes, Bankers Insurance's average rates are about $236 less than Amica Mutual Insurance. People who live in suburban areas pay around $122 less with Bankers compared to Amica Mutual. Those in rural areas can expect to save about $207 with Bankers compared to Amica Mutual.

Amica Mutual vs. Bankers Discounts

No matter why you might be in the market for a new car insurance policy, you're always going to want to save as much money as you can. That's where insurance discounts comes into play.

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

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Amica Mutual and Bankers so that you can easily see which company offers the most discounts and, therefore, the largest savings.

Amica Mutual Bankers
ABS Discount 
Annual Mileage Discount 
Anti-Theft Discount 
Continuous Insurance Discount 
Defensive Driver Discount 
Distant Student Discount 
Driver Training Discount 
Employers Subject to MA Worker Discount 
Excess Vehicle Discount 
Good Driving Discount 
Good Student Discount 
Group Discount 
Multi-Car Discount 
Multi-Policy Discount 
Passive Restraint Discount 
Valuables Credit Discount 

Bankers blows Amica Mutual away when it comes to the sheer amount of discounts available, offering 16 more discounts than Amica Mutual.

Both carriers offer lots of the same discounts -- like -- but Bankers also offers discounts for ABS, annual mileage, anti-theft, and more.

Amica Mutual's discounts come through just.

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Final Thoughts: Is Amica Mutual or Bankers Best for You?

You've seen the role certain variables have on your car insurance and the different discounts companies offer. That's all well and good, but when it comes down to it, which carrier is the right company for you and your specific needs?

Bankers might be best for you if....

  • You will be the only person on the auto insurance policy.
  • You're looking for discounts -- Bankers has the most.
  • You live in a rural neighborhood.

Amica Mutual might be best for you if...

  • You have a more unique driver profile than those we mentioned above.

Hopefully, this guide helps you get a good idea of the differences between Amica Mutual and Bankers. We also hope we've given you the information you need to make the best decision when it comes to your insurance.

At the end of the day, the best way to make sure you're getting the best deal on your car insurance policy is to compare quotes from several carriers, not just Amica Mutual and Bankers. Luckily, sites like make it easy for you to do just that. Simply enter your ZIP codes below and get free quotes from dozens of top auto insurance companies in your area, all in just a few minutes.

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Amica Mutual vs. Bankers FAQs

Is Amica Mutual or Bankers cheaper?

Bankers is the cheaper of the two carriers when looking at national average premiums, with policies averaging $171 a month with Bankers and $359 for Amica Mutual. However, that doesn't mean Bankers will be the lowest company for everyone, since there are a bunch of different factors (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Amica Mutual or Bankers?

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

Why do Amica Mutual and Bankers offer me different rates?

Auto insurance companies use many different variables when determining the prices they charge. Things such as your driving record, gender, where you park your car, age, and sometimes even things like your credit score can all come into play. Both Amica Mutual and Bankers use different formulas, so it's likely they'll offer different premiums. The best way to determine which company is the cheapest for you is by comparing personalized quotes from many different carriers.

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

The only way to find the car insurance carrier that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, does all the hard work for you. Just enter your information once and you'll get quotes from dozens of your local top insurance carriers for free. That way, you can guarantee you're getting the best rate. And maybe you'll find that the best company for you isn't Amica Mutual or Bankers at all, but another you hadn't even thought of!


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.

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