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

Quick Facts

• Based on national averages for car insurance, Equity offers slightly more affordable premiums than Auto-owners
• Auto-owners offers more discounts than Equity Insurance Company
• Equity offers more affordable rates for residents of urban areas

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

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

You've maybe even narrowed it down to Auto-owners or Equity for your next policy, but between the two, which carrier will save you the most?

Looking at the national average rates for both companies, Equity is about $14 per month less expensive than Auto-owners.

Even so, that doesn't necessarily mean Equity will be the cheaper option for every single driver. Auto insurance carriers use tons of complex algorithms to calculate premiums, so depending on where you live or how old you are (among a variety of other factors), you could see wildly different rates from the ones above.

Luckily, we've broken down average prices from both Auto-owners and Equity by a range of different rate factors, so read on to find out which company is the best for you.

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

Auto-owners and Equity only compete against each other in one states, with Equity offering less expensive premiums to the average driver in all of them. Arkansas has the most noticable difference, where Equity rates are over 30% more affordable than insurance prices at Auto-owners.

That being said, there are plenty of other factors that go into your car insurance payment than just the state you live in. Continue reading to see how other factors will affect your rates.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for insurance compared to older drivers. That's usually 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 auto insurance. For example, 18-year-old drivers pay an average of nearly $40 less a month by choosing Equity over Auto-owners. It's worth noting that Auto-owners offers car insurance in 23 different states compared to Equity's two, which can skew the average premiums a bit, but the difference here is still considerable.

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

Which is the Best Company for Retired Drivers?

When it comes to auto insurance, patience and experience pay off, with drivers around retirement age paying some of the cheapest rates you'll ever see.

When looking at Auto-owners and Equity specifically, which carrier is best for retired drivers? Equity gets the slight edge here, with average prices coming in at around $128 a month compared to Auto-owners's $133. That being said, the difference is only about 5%, so other variables (such as your credit score or your driving record) will likely come into play when determining which company has the most affordable rates for you.

Which is the Best Company for Married Drivers?

Did you know that car insurance prices are typically cheaper for married policyholders than they are for those who are single? That's because policies for married couples normally cover several cars, which a lot of carriers will offer you a discount for.

If you're in the market for insurance, Equity tends to have the lowest average premiums regardless of relationship status, with prices more than $15 more affordable for single policyholders and around $10 cheaper for married drivers.

Auto-owners vs. 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 generally end up paying more for auto insurance than women.

On average, men see prices about 6% per month higher with Auto-owners, and over 10% with Equity.

Looking at the data for each carrier specifically, Equity comes out on top for both men and women, with average rates $10 less for men and $20 cheaper for women.

Auto-owners or 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.

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

Even so, the 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 their passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- alongside liability).

In this case, Equity offers the most affordable average premiums for state minimum liability limits, while Auto-owners has the edge for full coverage policies with similar coverage limits. Drivers looking for basic state minimum coverage can save around $30 with Equity Insurance Company, while full coverage comes out to be around $2 less expensive with Auto-Owners Insurance.

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

It's no big secret that drivers who are accident-free get better deals on their 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 collisions will most likely raise your prices, but is Auto-owners or Equity more affordable for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Auto-owners policyholders can expect their premiums to go up an average of $44 a month if they get a ticket, while Equity normally raises rates about $6 per month, on average.

If you have a clean record, Auto-owners tends to offer the best premiums at around 21% cheaper, while Equity has the edge for drivers with a speeding ticket.

Which Company is Best for Drivers After an Accident?

Both companies will increase prices pretty significantly if you get into an at-fault accident with Auto-owners increasing by over $45. Equity has a less extreme raise, but you can still expect to pay $25 more than you were prior to your first collision.

Overall, Auto-owners offers the cheapest rates for drivers with an at-fault accident on their records, with monthly prices averaging $168 compared to Equity Insurance Company's $179.

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 ticket when it comes to your auto insurance bill. Auto-owners drivers usually see a 54% increase in their insurance premiums after a DUI charge, while Equity will typically climb rates by about 7%.

Equity has the overall lowest premiums for drivers with a DUI on their records at $166 per month, but it's worth noting that Auto-owners's average rates come from 23 states compared to just two for Equity, so the data may be skewed slightly.

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

Did you know that many car insurance carriers take your credit score into account when calculating rates? This isn't always the case (for example, Michigan and California are two states that ban the practice entirely), but it might come into play for lots of policyholders.

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 usually be forced to pay more.

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

Which Company is Best for Drivers with Good Credit?

If you have solid credit, you'll usually find a better deal with Auto-owners. Drivers with "excellent" credit can save over 40% compared to Equity, and those with "good" scores can also expect to see savings -- around $36 or 22% less expensive each month.

Which Company is Best for Drivers with Bad Credit?

Equity typically offers lower rates than Auto-owners when it comes to drivers with bad credit. Drivers with "fair" credit pay about $11 a month less with Equity compared to Auto-owners, and those with "poor" scores normally save an average of around $152 monthly.

Is Auto-owners 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 how much car insurance carriers will charge for coverage. That's because the more miles you put on your vehicle, the more likely you are to get into a collision and cause 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 Auto-owners, with policyholders who drive the least paying about $1 less every month compared to those who drive 12,000 miles yearly. Still, Equity is the more affordable option for drivers in both categories.

Auto-owners vs. Equity: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your car can have a pretty big impact on your monthly insurance bill. Typically, those who live in urban areas will pay more than policyholders in rural areas because of the number of vehicles that are on the roads in those areas.

Equity tends to offer the cheapest rates for drivers in every type of area, no matter if it's urban, suburban, or rural.

Drivers in rural ZIP codes see the most affordable premiums from both companies, but Equity comes out on top with average rates around $143 a month. Equity also has less expensive average prices for policyholders in urban and suburban ZIP codes -- a 6% and 7% per month respective difference when compared to Auto-owners drivers in similar areas.

Auto-owners vs. Equity 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 what seems like a million different discounts out there, it may be hard to find all the ones you can take advantage of.

Below, we've compared all of the different discounts offered by Auto-owners and Equity so that you can see which company offers the most discounts and see which ones you might be able to take advantage of.

Auto-owners blows Equity away when it comes to the sheer amount of discounts available, offering 14 more discounts than Equity.

There are a couple discounts both carriers offer, but Auto-owners also offers ABS discounts, advance quote discounts, anti-theft discounts, and more that Equity does not.

On the flip side, Equity has a couple unique discounts of its own -- agency transfer discounts and renewal discounts.

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

So, you've seen how different factors can affect your insurance rates. We've broken down the different discounts each company offers, too. That's all well and good, but at the end of the day, which insurance carrier is the right one for you and your specific driver profile?

Equity might be best for you if....

• You live in one of the following states: Arkansas and Oklahoma.
• Your neighborhood is in the suburbs.
• You have a short commute.

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

• You have a clean record.
• You have an at-fault accident on your record.
• You're looking for the company with the most discounts.

We hope this guide helps you get a good idea of the differences between Auto-owners and Equity and that you can now make a more informed decision when it comes to 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 multiple companies, not just Auto-owners and Equity. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP codes below and get multiple quotes from some of the best car insurance carriers in your area, all for free.

Auto-owners vs. Equity FAQs

Is Auto-owners or Equity cheaper?

Looking just at the national average prices, Equity is the cheaper of the two companies, offering average rates of $165 a month compared to $179 for Auto-owners. But Equity won't necessarily be the lowest carrier for each driver, since there are lots of different variables (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, Auto-owners or Equity?

Unfortunately, the real answer is "it depends.". No single company is "better" for everyone -- it all comes down to what your unique auto insurance profile looks like. For example, Equity offers more affordable premiums for drivers with a recent DUI, while Auto-owners is cheaper for drivers with excellent credit.

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

Insurance carriers take a look at many different factors when determining the prices they charge policyholders. Variables such as where you live, age, gender, where you call home, and sometimes even things like your credit score can all be taken into consideration. Both Auto-owners and Equity calculate rates using different formulas, so each one will most likely offer different premiums. The only real way to see which carrier is the most affordable for you is by comparing personalized quotes from a bunch of different companies.

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

The only way to find the auto insurance company that's right for you is by getting quotes from several carriers 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 companies in your area. That way, you can guarantee you're getting the best premium. And who knows, the best carrier for you might not be Auto-owners or Equity 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.