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

How do Bankers and Hanover compare when it comes to auto 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

  • Looking at the national averages for insurance, Bankers offers significantly more affordable prices than Hanover
  • Bankers tends to be a much cheaper option for drivers who have below-average credit
  • Hanover may help you save more money -- they offer more discounts than Bankers Insurance

Bankers or Hanover: 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 big savings. But exactly how much can you save by switching?

You might have narrowed your search down to Bankers or Hanover, but which one will offer you less expensive rates?

Bankers Hanover

Looking at nationwide averages, Bankers has average rates that are around 80% a month cheaper than those from Hanover.

That being said, that doesn't necessarily mean Bankers will be the more affordable option for every driver. Auto insurance carriers vary their premiums depending on things like how old you are, how clean your driving record is, how good your credit score is, where you live, and tons of other factors. So, at the end of the day, prices from every company will differ quite a bit from person to person.

So, if you want to find out which of Bankers or Hanover is really the best for you, keep reading to see average premiums for each carrier broken down by a variety of different rate factors.

Bankers vs. Hanover: Average Car Insurance Rates by State

State Bankers Hanover

Bankers and Hanover only compete against each other in one states, with Hanover offering less expensive prices to the average driver in all of them. Massachusetts has the most noticable difference, where Hanover rates are $17 more affordable than insurance premiums at Bankers.

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

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Which is the Best Company For Young Drivers?

Bankers Hanover
18-year-old drivers$3511951
25-year-old drivers$160$745

Teen drivers will almost always have the most expensive auto insurance prices of any other group of drivers. Normally, that's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But that doesn't mean that teen drivers have to just accept sky-high insurance rates. For example, 18-year-old drivers pay an average of over 80% less per month by choosing Bankers over Hanover.

Even so, both companies will offer you dramatically lower prices once you turn 25. Hanover offers the steepest reduction, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, Bankers still has the cheapest rates at $160 a month.

Which is the Best Company for Retired Drivers?

Bankers Hanover
65+-year-old drivers$132$613

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the lowest premiums out there.

So, which company offers the best rates to retired drivers? Bankers gets the edge here, with average premiums coming in at about $132 monthly compared to Hanover's $613.

Which is the Best Company for Married Drivers?

Bankers Hanover

You may not be aware, but insurance prices 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 several vehicles, which can often earn you a discount.

For those who are single, the difference in average rates between these two carriers is significant, with Bankers premiums coming in at around a quarter of Hanover's. The advantage for married policyholders with Bankers is also obvious, where drivers save about $500 a month.

Bankers or Hanover: Average Rates by Gender

Bankers Hanover

You may not know, but car insurance is usually more expensive for men than for 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 prices.

With Bankers, men generally pay more than $15 per month more than women, and around $60 more with Hanover.

Looking at overall affordability, Bankers comes out on top for both men and women. On average, male drivers save about $704 a month and women save about $660 with Bankers compared to the average Hanover policyholder.

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

Bankers Hanover
State Minimum*$66$509
Full Coverage**$2771196

*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.

Auto insurance isn't the easiest topic to understand. Everyone needs car insurance, but there are so many different terms and coverages that it can be hard to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes two additional coverages -- collision and comprehensive -- alongside liability coverage).

Looking specifically at state minimum liability limits, Bankers has the significant edge, with average monthly rates 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 Hanover's 1196.

Is Bankers or Hanover 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.

You'll probably end up paying more with at-fault accidents and speeding tickets on your record, but which of these two companies offers the most affordable prices to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Bankers Hanover
Clean Record$121$617
1 Speeding Ticket$141$838

Policyholders who use Bankers for their insurance can normally expect their monthly bill to go up about 14% after getting a speeding ticket. Hanover policyholders can expect a bit more drastic of an increase of around 26%.

However, Bankers has less expensive premiums for drivers in both categories, offering prices that are $496 and $697 cheaper, respectively, compared to Hanover Insurance.

Which Company is Best for Drivers After an Accident?

Bankers Hanover
Clean Record$121$617
1 At-Fault Accident$186$943

Bankers drivers who get in an accident can expect to see their premiums rise by just under 35%, while those who have insurance through Hanover will see about a 35% increase.

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 Hanover Insurance's $943.

Which Company is Best for Drivers with a DUI?

Bankers Hanover
Clean Record$121$617
1 DUI$2381013

On average, a DUI offense is going to cost you much more than a single collision or ticket when it comes to your car insurance bill. On average, Hanover will climb your prices around 39% after a DUI, while Bankers's average rates climb by nearly 50%.

But if you end up with a DUI charge and are looking for more affordable premiums, Bankers tends to be more affordable for the average driver, with monthly premiums coming in at about $238 to Hanover's 1013.

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How does Credit Score Impact Bankers and Hanover Rates?

In many cases, your credit score can be used as one of the variables to determine your monthly auto insurance rates. This isn't true for everyone (Massachusetts, for example, has banned the use of credit score as a car insurance factor) but it does affect many policyholders out there.

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 carrier offers the best prices for policyholders with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

Bankers Hanover
Excellent Credit Score$121$220
Good Credit Score$132$526

Which Company is Best for Drivers with Bad Credit?

Bankers Hanover
Fair Credit Score$157$856
Poor Credit Score$1941904

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

Bankers Hanover
6,000 Annual Miles$170$852
12,000 Annual Miles$173$853

How much you drive can have a large impact on your monthly car insurance bill. That's because the more milage you drive, the more likely you are to be in a collision and file an insurance claim.

For both remote workers and those taking short commutes, Bankers offers cheaper premiums than Hanover. Bankers's average rates for drivers with 6,000 annual miles come in more than 80% less expensive than Hanover. Those who drive 12,000 miles annually can expect to pay just under 80% less with Bankers over Hanover.

Bankers or Hanover: 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 insurance, but the type of area you live in can have a considerable impact as well. Generally, if you live in an urban area with more cars on the road, you'll pay a little more for auto insurance, while the opposite is true for people in rural areas.

Bankers Hanover
Urban Areas$172$966
Suburban Areas$226$842
Rural Areas$114$750

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

In urban areas, Bankers's average rates are around $172 a month compared to Hanover's $966. People in suburban areas pay about $226 with Bankers compared to Hanover's $842 per month. Those in rural areas can expect to pay around $114 a month with Bankers compared to Hanover's $750.

Bankers vs. Hanover Discounts

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

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 compared all of the different discounts offered by Bankers and Hanover so that you can see which company can save you the most money each month.

Bankers Hanover
ABS Discount
Advance Quote Discount 
Annual Mileage Discount
Anti-Theft Discount
Continuous Insurance Discount 
Defensive Driver Discount
Distant Student Discount
Driver Training Discount
DRL Discount 
Education Discount 
EFT Discount 
Employers Subject to MA Worker Discount 
Excess Vehicle Discount 
Experienced Operator Discount 
Good Driving Discount
Good Student Discount
Group Discount
Homeowner Discount 
Mature Driver Discount 
Multi-Car Discount

Overall, Hanover has the advantage when it comes to total number of discounts. Bankers offers a grand total of 16 discounts, while Hanover has 21.

Both carriers offer many of the same discounts -- like annual mileage discounts, discounts for being a defensive driver, distant student discounts, and discounts for being a good student -- but Hanover also offers discounts for advance quote, DRL, education, and more.

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

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Final Thoughts: Is Bankers or Hanover Best for You?

You've seen the effect certain factors have on your car insurance and the different discounts companies offer. But, at the end of the day, is Bankers or Hanover the best fit for you?

Bankers might be best for you if....

  • You have less-than-stellar credit.
  • You want the most robust protection via a "full coverage" policy.
  • You are purchasing your insurance with a spouse.

Hanover might be best for you if...

  • You care about discounts (Hanover offers the most).

Hopefully, this guide has ben a valuable resource as you compare Bankers and Hanover and that it aids in making a more informed decision about your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from a handful of carriers, not just Bankers and Hanover. Luckily, does all the hard work for you. Simply enter your ZIP codes below and get multiple quotes from some of the best car insurance companies in your area, all for free.

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Bankers vs. Hanover FAQs

Is Bankers or Hanover cheaper?

Bankers is the cheaper of the two carriers when looking at national average premiums, with policies averaging $171 per month with Bankers and $853 for Hanover. That being said, that doesn't mean Bankers will be the most affordable carrier for everyone, since there are multiple different variables that come into play when it comes to your auto insurance payment.

Who is better, Bankers or Hanover?

Unfortunately, the answer truly is "it depends.". Neither company is "better" for each policyholder -- it all boils down to your unique insurance profile.

Why do Bankers and Hanover offer me different rates?

Auto insurance companies use lots of different factors when determining the prices they charge. Variables such as age, your driving record, where you park your car, gender, and sometimes even things like your credit score can all be used. Both Bankers and Hanover use different formulas, so it's likely they'll offer different premiums. The best way to determine which carrier is the cheapest for you is by comparing personalized quotes from a bunch of different carriers.

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

The only way to find the car insurance company that's right for you is by getting quotes from several companies and finding the one best suited for your individual budget. Luckily, sites like make it easy for you to do just that. Just enter your area information and you'll get quotes from dozens of your local top insurance carriers for free. That way, you can guarantee you're getting the most affordable rate. And maybe you'll find that the best carrier for you isn't Bankers or Hanover 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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