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

So, you're in the market for a new car insurance policy. You may have even narrowed down your search to Bankers and Erie. But which of these two companies is the best one for you? Read on to find which carrier has the best prices and biggest discounts.
Newly insured car driving down the road
Why You Can Trust trust shield

At, it's our mission to find simple ways to help our customers save money on the things they need. While we partner with some of the companies and brands we talk about in our articles, all of our content is written and reviewed by our independent editorial team and never influenced by our partnerships. Learn about how we make money, review our editorial standards, and reference our data methodology to learn more about why you can trust

Quick Facts

  • In general, Erie offers less expensive premiums than Bankers
  • Bankers has more affordable rates for policyholders who live in rural neighborhoods
  • Erie tends to be a much cheaper option for single people who will be the only person on the insurance policy

Bankers or Erie: Which Company has the Cheapest Car Insurance?

Are you in the market for a new insurance policy? After all, you've seen ads from all sorts of companies offering huge savings. But exactly how much can you save by switching?

You might be considering Bankers or Erie as potential options, but between the two, which one will offer you more affordable prices?

Bankers Erie

Looking at nationwide averages, Erie is around $18 a month cheaper than Bankers.

However, Erie may not be the lowest or best option for every driver out there. Auto insurance carriers use all sorts of complex algorithms to determine rates, so depending on how clean your driving record is or how old you are (among a range of other factors), you could see wildly different premiums from the ones above.

Luckily, we've broken down average rates from both Bankers and Erie by lots of different rate factors, so read on to find out which company is the best for you.

Bankers vs. Erie: Average Car Insurance Rates by State

State Bankers Erie

Bankers and Erie only compete against each other in one states, with Erie offering less expensive prices to the average driver in all of them. District of Columbia has the most noticable difference, where Erie premiums are $12 cheaper than car insurance rates at Bankers.

There's a lot more that goes into your auto insurance bill than just where you call home. Continue reading to see how other variables will affect your rates.

Find your best rate in just a few minutes

Which is the Best Company For Young Drivers?

Bankers Erie
18-year-old drivers$351$315
25-year-old drivers$160$142

You might already know that teen drivers usually pay a lot more for insurance than any other group of drivers. Generally, that's because teen drivers are statistically much more likely to get into an accident that results in a car insurance claim, making them much riskier to insure.

Even so, that doesn't mean teen drivers can't still save money on their auto insurance. As you can see above, teens who use Erie save over 10% per month compared to those who use Bankers. It's worth noting that Erie offers insurance in 11 different states compared to Bankers'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 premiums for Bankers policyholders reduce about $200 and Erie's prices drop around $150 over that time.

Which is the Best Company for Retired Drivers?

Bankers Erie
65+-year-old drivers$132$116

Drivers around retirement age normally enjoy some of the most affordable car insurance rates you'll ever find. After all, they've likely been driving for quite some time, which typically lowers their chances of collisions and other infractions that can raise premiums.

When looking at Bankers and Erie specifically, which carrier is best for retired drivers? Erie gets the edge, with prices for drivers 65 and older more than 10% less expensive than the national average for Bankers.

Which is the Best Company for Married Drivers?

Bankers Erie

Single policyholders tend to get offered slightly more expensive auto insurance rates than married couples. That's normally because married policyholders 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 premiums between these two carriers is not very significant, with Erie prices coming in at about 10% less than Bankers's. The advantage for married drivers is more obvious, where drivers who use Erie save almost $20 a month.

Bankers or Erie: Average Rates by Gender

Bankers Erie

Men are statistically more likely than women to cause a collision and get into accidents. That means when it comes to insurance men will usually end up paying a little more.

Men generally pay nearly 10% more per month than women with Bankers, and around 7% with Erie.

Looking at overall affordability, Erie offers the cheapest average rates for both men and women. On average, male drivers save about $21 a month and women save about $16 with Erie compared to the average Bankers policyholder.

Find your best rate in just a few minutes

Bankers vs. Erie: Compare State Minimum vs. Full Coverage Rates

Bankers Erie
State Minimum*$66$91
Full Coverage**$277$215

*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.

For most people, car insurance isn't the easiest topic to understand. There are a variety of different coverages that account for several different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause a collision.

That being said, most policies that drivers look at fall into two categories -- liability coverage (that covers property damage and bodily injury for other drivers and passengers if you cause an accident) and full coverage (which includes two additional coverages -- collision and comprehensive -- in addition to what you get with liability).

When it comes to state minimum liability insurance, Bankers has the edge, while Erie offers the lowest average prices for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $25 with Bankers Insurance, while full coverage comes out to be around $60 more affordable with Erie Insurance.

Is Bankers or Erie Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their auto 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 at-fault accidents and speeding tickets lead to higher premiums, but which company -- Bankers or Erie -- has the most affordable rates for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Bankers Erie
Clean Record$121$119
1 Speeding Ticket$141$137

Drivers who use Bankers for their insurance can typically expect their monthly bill to go up about 14% after getting a speeding ticket. Erie policyholders can expect a less drastic increase of around 13%.

But Erie has less expensive premiums for drivers in both categories -- their rates are around 2% more affordable for drivers with clean records and 3% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

Bankers Erie
Clean Record$121$119
1 At-Fault Accident$186$157

After an accident, drivers who have their car insurance through Bankers can expect to see about an $65 -- or around 35% -- rise in their insurance rates. Drivers who use Erie for their auto insurance will see a monthly bill about $38 (or 24%) more expensive after reporting a collision to their car insurance carrier.

At the end of the day, Erie offers the cheapest prices for drivers with an at-fault collision on their records, with average rates coming in at $157 compared to Bankers Insurance's $186.

Which Company is Best for Drivers with a DUI?

Bankers Erie
Clean Record$121$119
1 DUI$238$198

If you get a DUI charge, you can expect some pretty significant increases in your monthly auto insurance bill -- normally a lot more than an accident or ticket. For example, Bankers increases average prices by more than $100 per month -- that's nearly a 50% increase.

Erie has the overall lowest premiums for drivers with a DUI on their records at $198 a month, but it's worth noting that Erie's average rates come from 11 states compared to just two for Bankers, so the data may be skewed slightly.

Find your best rate in just a few minutes

How does Credit Score Impact Bankers and Erie Rates?

Did you know many car insurance companies take your credit score into account when determining prices? This isn't true for everyone (Hawaii, for example, has banned the use of credit score as an insurance factor) but it might come into play for quite a few policyholders.

Insurance carriers argue that someone with good credit is more likely to pay their bills on time, which makes them less risky to insure. Because of that, drivers with good credit will often be rewarded with less expensive premiums.

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

Which Company is Best for Drivers with Good Credit?

Bankers Erie
Excellent Credit Score$121$91
Good Credit Score$132$111

If you have great credit, Erie will generally reward you the most. For drivers with "excellent" credit scores, Erie comes in just under 24.79 cheaper. Drivers with "good" credit scores typically save around 16% with Erie compared to average prices from Bankers.

Which Company is Best for Drivers with Bad Credit?

Bankers Erie
Fair Credit Score$157$150
Poor Credit Score$194$258

If you have bad credit, it can be somewhat of a toss-up as far as which company offers you the best rates. Drivers with "fair" credit pay about 4% less with Erie than Bankers, but those whose credit is considered "poor" have it flipped -- saving around 25% a month with Bankers.

Find your best rate in just a few minutes

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

Bankers Erie
6,000 Annual Miles$170$147
12,000 Annual Miles$173$158

How much you drive can have a considerable impact on your monthly premiums. Usually, the more milage you put on your car, the more you can expect to pay for coverage.

For both remote workers and those taking short commutes, Erie offers more affordable rates than Bankers. Bankers's average prices for drivers with 6,000 annual miles come in about 14% more expensive than Erie. Those who drive 12,000 miles every year can expect to pay around 9% more with Bankers over Erie.

Bankers or Erie: 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 substantial impact as well. Normally, if you live in an urban area with more cars on the road, you'll pay a little more for insurance, while the opposite is true for people in rural areas.

Bankers Erie
Urban Areas$172$194
Suburban Areas$226$145
Rural Areas$114$115

Bankers usually comes out as the cheaper option for drivers in rural and urban areas, while Erie wins in suburban areas.

In urban areas, Bankers's average premiums are about $172 per month compared to Erie's $194. People in suburban areas pay around $145 with Erie compared to Bankers's $226 per month. Those in rural areas can expect to pay about $114 monthly with Bankers compared to Erie's $115.

Bankers vs. Erie Discounts

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

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.

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

Bankers Erie
ABS Discount
Advance Quote Discount 
Annual Mileage Discount 
Anti-Theft Discount
Continuous Insurance Discount 
Covid-19 Relief Discount 
Defensive Driver Discount
Distant Student Discount
Driver Training Discount
DRL Discount 
Employers Subject to MA Worker Discount 
Excess Vehicle Discount 
Farm Discount 
Good Driving Discount
Good Student Discount 
Group Discount 
Mature Driver Discount 
Multi-Car Discount
Multi-Policy Discount
Paid In Full Discount 

Looking at the total number of discounts, Erie comes out ahead with 21 discounts to Bankers's 16.

A couple of those are overlapping for things like ABS discounts, discounts for being a defensive driver, discounts for getting driver training, and multi-policy discounts. Erie also offers discounts for advance quote, COVID-19 relief, DRL, and more.

On the other hand, Bankers has a few proprietary discounts of their own for things like annual mileage discounts, continuous insurance discounts, employers subject to ma worker discounts, and more.

Find your best rate in just a few minutes

Final Thoughts: Is Bankers or Erie Best for You?

You've seen the effect certain factors have on your insurance and the different discounts companies offer. But, at the end of the day, which insurance company is the right company for you and your specific needs?

Erie might be best for you if....

  • Your driving record includes a DUI charge.
  • You want to save extra money with discounts.
  • You drive fewer than 6,000 miles yearly.

Bankers might be best for you if...

  • You're looking for the best prices on liability only coverage.
  • Your home is in a busy urban area.
  • You live in a rural area.

Hopefully, this guide helps you get a better idea of the difference between Bankers and Erie. We also hope we've given you the information you need to make the best 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 car insurance -- comparing quotes from several carriers, not just Bankers and Erie. Luckily, does all the hard work for you. Just enter your ZIP code below and get multiple free quotes from some of the best insurance companies in your area, all in just a few minutes.

Find your best rate in just a few minutes

Bankers vs. Erie FAQs

Is Bankers or Erie cheaper?

Erie is the less expensive of the two carriers when looking at national average premiums, with policies averaging $153 a month with Erie and $171 for Bankers. Even so, that doesn't mean Erie will be the most affordable carrier for each driver, since there are multiple different variables that come into play when it comes to your car insurance cost.

Who is better, Bankers or Erie?

Sadly, the answer truly is "it depends.". Neither company is necessarily "better" for every policyholder -- it all depends on what your unique auto insurance profile looks like. For example, Bankers is more affordable for drivers who have less-than-stellar credit scores, while Erie offers cheaper prices for policyholders with an at-fault accident on their record.

Why do Bankers and Erie offer me different rates?

Car insurance companies use many different factors when calculating the rates they charge. Variables such as where you live, where you park your vehicle, age, gender, and sometimes even things like your credit score can all be taken into consideration. Both Bankers and Erie use different formulas, so it's likely they'll offer different premiums. The best way to determine which carrier is the lowest for you is by comparing personalized quotes from many different carriers.

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

The only way to find the insurance company that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, makes it easy for you to do just that. Just enter your area information and you'll get quotes from dozens of your local top auto insurance carriers for free. That way, you can guarantee you're getting the cheapest premium. And maybe you'll find that the best carrier for you isn't Bankers or Erie 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.

About's #1 goal is to save you money. We publish resources that are based on hard-hitting data and years of industry experience to help you make more informed decisions with your wallet.

  • All of's content is written and reviewed for accuracy by a team of experienced writers and editors who are experts on the topics they cover.
  • None of's content is ever influenced by the companies and brands we partner with.
  •'s editorial team operates independently of any of the company's partnership or business development interests. We publish unbiased information strictly for the benefit of our readers.
  • All of the content you see on is based on comprehensive analysis and all data is gathered and vetted from trustworthy sources.

Learn more about us, our team, and what makes us tick.

Find your best rate in just a few minutes