Auto-owners vs. Depositors: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for insurance, Depositors offers more affordable prices than Auto-owners
• Auto-owners offers more discounts than Depositors Insurance Company
• Depositors offers more affordable rates for residents of rural areas

Auto-owners vs. Depositors: Which Company has the Cheapest Car Insurance?

So, you're considering switching your auto insurance. After all, you've seen ads from all sorts of companies offering hefty discounts. But exactly how much can you save by switching?

You've maybe even narrowed your search down to Auto-owners or Depositors, but which carrier will offer you cheaper premiums?

Looking at the national average rates for both companies, Auto-owners has average rates that are about 17% per month more expensive than those from Depositors.

Even so, Depositors may not be the most affordable or best option for each driver out there. Auto insurance carriers use a variety of complex algorithms to calculate prices, so depending on how old you are or where you live (among a bunch of other factors), you could see wildly different rates from the ones above.

Wanting to know if Auto-owners or Depositors is really the right company for you? Keep on reading to see how average premiums can change based on all of the factors we've mentioned above.

Auto-owners or Depositors: Average Car Insurance Rates by State

Auto-owners and Depositors only compete against each other in three states, with undefined offering less expensive prices to the average driver in all of them. Idaho has the most noticable difference, where Auto-owners rates are over 40% more affordable than insurance premiums at Depositors.

That being said, there's a lot more that goes into your car insurance bill than just your home state. Continue reading to learn more about how other factors will affect your rates.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for auto insurance than any group on the road. It's because young, inexperienced drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

However, 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 more than $80 less a month by choosing Depositors over Auto-owners.

But with both companies, you'll see your rates lower significantly by the time you turn 25. For example, average prices for Auto-owners policyholders decrease nearly 60% and Depositors's rates drop almost 60% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the cheapest insurance prices out there. After all, they've likely been driving for quite some time, which usually decreases their chances of accidents and other infractions that can increase premiums.

But who has the best prices for retired drivers between Auto-owners and Depositors? Depositors gets the edge, with rates for drivers 65 and older $22 less expensive than the national average for Auto-owners.

Which is the Best Company for Married Drivers?

Did you know that auto insurance premiums are typically more expensive for those who are single than they are for married couples? That's usually because married policyholders tend to own and insure multiple cars, which can often earn you a discount.

When it comes to relationship status, Depositors is the clear winner for single policyholders, with rates around $40 per month cheaper than Auto-owners, on average. The advantage for married drivers with Depositors is also obvious, where drivers save over 15% a month.

Auto-owners vs. Depositors: Average Rates by Gender

Women tend to pay less for insurance than men. This is because men are more likely to get into collisions and get tickets, which raises the chances of an insurance claim.

With Auto-owners, men typically pay more than $10 per month more than women, and about $9 more with Depositors.

When it comes to the lowest premiums for each gender, Depositors offers the cheapest average prices for both men and women, with average premiums 18% less for men and 18% cheaper for women.

Auto-owners 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.

Car insurance isn't the easiest topic to understand. There are so many different coverages and limits that it can make it pretty confusing to find the right policy.

That being said, the most common policies that many drivers look at fall into two categories -- liability only (which covers the other party's property damage and injuries if you cause an accident) and full coverage (which normally refers to having comprehensive and collision coverages in addition to what you get with liability).

If you're looking for state minimum liability insurance, Depositors generally offers more affordable prices of $84 compared to Auto-owners's $99. When it comes to full coverage policies with similar limits, Depositors again has the edge, with policies around $50 a month less expensive than Auto-owners, on average.

Is Auto-owners or Depositors Better for Drivers with Spotty Records?

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

It's no secret secret that collisions and tickets lead to higher rates, but which carrier -- Auto-owners or Depositors -- has the most affordable premiums for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Auto-owners policyholders can expect their rates to go up an average of $44 per month if they get a ticket, while Depositors typically raises prices about $24 a month, on average.

However, Depositors tends to offer the best prices for drivers both with a speeding ticket and with a clean record, offering premiums that are $15 and $35 cheaper, respectively, compared to Auto-Owners Insurance.

Which Company is Best for Drivers After an Accident?

Auto-owners drivers who get in a collision can expect to see their prices rise by just under 30%, while those who have insurance through Depositors will see around a 30% increase.

Overall, drivers who use Depositors end up with the cheaper prices after an accident, with monthly rates averaging $157 compared to Auto-Owners Insurance's $168.

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 ticket when it comes to your insurance bill. For example, Auto-owners increases average premiums by just under $150 per month -- that's just under a 55% increase.

If you have a DUI on your record and are looking for more affordable rates, Depositors tends to be the much more affordable option with average prices of $198 a month compared to $264 from Auto-owners.

How does Credit Score Impact Auto-owners and Depositors Rates?

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

The reasoning auto insurance companies use is that drivers with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper prices, while those with poor credit will generally be forced to pay more.

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

Which Company is Best for Drivers with Good Credit?

If you have great credit, you'll usually find a better deal with Auto-owners. Drivers with "excellent" credit can save nearly 20% compared to Depositors, and those with "good" scores can also expect to see savings -- about $5 or 4% less expensive each month.

Which Company is Best for Drivers with Bad Credit?

Depositors typically offers lower premiums than Auto-owners when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay around $21 a month less with Depositors compared to Auto-owners, and those with "poor" scores usually save an average of about $132 per month.

Is Auto-owners 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 cheaper prices since there's less of a chance of getting into an accident 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 Auto-owners, with policyholders who drive 6,000 miles every year paying around $1 less each month compared to those who drive 12,000 miles annually. Still, Depositors is the more affordable option for drivers in both categories.

Auto-owners vs. Depositors: 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 car insurance, but the type of area you live in can have a considerable impact as well. Typically, those who live in rural areas will pay less than policyholders in urban areas because there are a lot fewer vehicles on the roads in those areas.

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

Drivers in rural ZIP codes see the most affordable premiums from both carriers, but Depositors comes out on top with average prices about $130 monthly. Depositors also has cheaper average rates for policyholders in urban and suburban ZIP codes -- a 15% and 18% per month respective difference when compared to Auto-owners drivers in similar areas.

Auto-owners vs. Depositors Discounts

Regardless of why you might be in the market for a new auto insurance policy, you're always going to want to save as much money as possible. That's where car insurance discounts comes into play.

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

In the table below, we've broken down all of the different discounts offered by both Auto-owners and Depositors so that you can find the company that has the most discounts and, therefore, the biggest savings.

Auto-owners knocks Depositors out of the park when it comes to the sheer number of discounts available, offering 24 different discounts to Depositors's 17.

Both companies offer many of the same discounts -- like COVID-19 relief discount, distant student discounts, discounts for being a good driver, and discounts for being a homeowner -- but Auto-owners also offers ABS discounts, anti-theft discounts, company car discounts, and more that Depositors does not.

On the flip side, Depositors has a couple unique discounts of its own -- EFT discounts, employee discounts, intra-agency transfer discounts, and more.

Final Thoughts: Is Auto-owners or Depositors Best for You?

So, you've seen how different variables can affect your insurance premiums. We've shown you all the discounts each company offers, too. That's all well and good, but at the end of the day, is Auto-owners or Depositors the best one for you and your specific needs?

Depositors might be best for you if....

• You've been pulled over for speeding recently.
• You want basic car insurance coverage at the state minimum limits.
• You have a short drive to work everyday.

Auto-owners might be best for you if...

• You are considering moving to another state -- Depositors Insurance Company is only available in five states.
• You have above-average credit.
• You're looking for the carrier with the most discounts.

We hope this guide helps you get a better idea of the difference between Auto-owners and Depositors. 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 auto insurance policy is to compare quotes from multiple carriers, not just Auto-owners and Depositors. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP codes below and get multiple quotes from some of the best insurance companies in your area, all for free.

Auto-owners vs. Depositors FAQs

Is Auto-owners or Depositors cheaper?

Looking just at the national average rates, Depositors is the less expensive of the two carriers, offering average rates of $148 a month compared to $179 for Auto-owners. That being said, Depositors won't necessarily be the cheapest company for every driver, since there are lots of different factors (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Auto-owners or Depositors?

Sadly, the answer truly is "it depends.". One carrier is not necessarily "better" for each driver -- it all boils down to your unique car insurance profile. For example, Depositors offers cheaper prices for drivers with a recent DUI, while Auto-owners is less expensive for drivers with excellent credit.

Why do Auto-owners and Depositors offer me different rates?

Auto insurance companies take a look at several different variables when determining the rates they charge policyholders. Things such as where you live, gender, where you park your car, age, and sometimes even things like your credit score can all be taken into consideration. Both Auto-owners and Depositors calculate prices differently, so each one will most likely offer different premiums. The only real way to see which company is the lowest for you is by comparing personalized quotes from a bunch of different carriers.

How do I know if Auto-owners or Depositors is right for me?

The only way to find the car 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 auto insurance carriers in your area. With those, you can guarantee you're getting the best premium. And who knows, the best company for you might not be Auto-owners 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.