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

So, you're in the market for a new auto insurance policy. You may have even narrowed down your search to Bankers and Safety. But which of these two companies is the best one for you? Read on to find which company 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, Bankers offers significantly more affordable rates than Safety
  • Bankers tends to be a much less expensive option for people who are single and purchasing car insurance by yourself
  • Safety offers more discounts than Bankers Insurance

Bankers vs. Safety: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? After all, you've seen ads from all sorts of companies offering big discounts. But exactly how much can you save by switching?

You might have narrowed your search down to Bankers or Safety as potential options, but which carrier will offer you more affordable premiums?

Bankers Safety

Looking at nationwide averages, Bankers has average rates that are about 21% per month cheaper than those from Safety.

However, that doesn't mean Bankers will necessarily be less expensive than Safety for each driver. Insurance companies vary their rates depending on things like where you live, how good your credit score is, how old you are, how clean your driving record is, and all sorts of other factors, so premiums will vary quite a bit from person to person.

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

Bankers or Safety: Average Car Insurance Rates by State

State Bankers Safety

Bankers and Safety only compete against each other in one states, with Bankers offering more affordable premiums to the average driver in all of them. Massachusetts has the most noticable difference, where Bankers rates are over 70% less expensive than car insurance prices at Safety.

But there's more to auto insurance than just where you live. As we mentioned above, there's a lot of things that go into how insurance carriers calculate your rates. Continue reading to see how other factors will affect your rates.

Find your best rate in just a few minutes

Which is the Best Company For Young Drivers?

Bankers Safety
18-year-old drivers$351$421
25-year-old drivers$160$209

Teen drivers will almost always have the most expensive car insurance premiums of any other group of drivers. That's because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But still, even with seemingly sky-high prices, 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 $70 less than those who use Safety.

Even so, with both companies, you'll see your rates reduce significantly once you turn 25. For example, average premiums for Bankers policyholders drop nearly 55% and Safety's prices decrease more than 50% over that time.

Which is the Best Company for Retired Drivers?

Bankers Safety
65+-year-old drivers$132$164

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

When looking at Bankers and Safety specifically, which company is best for retired drivers? Bankers gets the edge, with rates for drivers 65 and older almost 20% cheaper than the national average for Safety.

Which is the Best Company for Married Drivers?

Bankers Safety

Married drivers tend to get slightly more affordable car insurance prices than those who are single. This usually boils down to married couples having more than one car on their policy -- something a lot of insurance carriers will reward with discounts.

When it comes to relationship status, Bankers is the clear winner for single drivers, with premiums around $46 a month cheaper than Safety, on average. For married policyholders, the advantage is clear again - Bankers has the edge when it comes to average prices.

Bankers vs. Safety: Average Rates by Gender

Bankers Safety

Did you know women tend to pay less for auto insurance than men? This is because men are statistically more likely than women to get into an accident or get pulled over for speeding, which leads to increased risk for insurers and, therefore, higher rates.

On average, men see premiums over $15 per month higher with Bankers, and about $11 more with Safety.

When it comes to the lowest rates for each gender, Bankers comes out on top for both men and women. On average, male drivers save about $44 a month and women save around $49 with Bankers compared to the average Safety policyholder.

Find your best rate in just a few minutes

Bankers or Safety: Compare State Minimum vs. Full Coverage Rates

Bankers Safety
State Minimum*$66$122
Full Coverage**$277$313

*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 insurance can be pretty complicated. Everyone needs car insurance, but there are so many different terms and coverages that it can be hard to find the right policy.

But most policies end up falling into two different types of coverage -- liability only (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, in addition to what you get with liability).

If you're looking for state minimum liability limits, Bankers normally offers significantly less expensive prices of $66 compared to Safety's $122. When it comes to full coverage policies with similar limits, Bankers again has the edge, with policies about $35 per month cheaper than Safety, on average.

Is Bankers or Safety 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 tickets and accidents lead to higher rates, but which carrier -- Bankers or Safety -- has the most affordable premiums for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Bankers Safety
Clean Record$121$129
1 Speeding Ticket$141$190

Bankers policyholders can expect their prices to go up an average of $20 a month if they get a ticket, while Safety usually raises rates around $61 per month, on average.

That being said, Bankers is generally the more affordable option for both drivers who have clean records and those with a recent speeding ticket. Drivers with a clean record can save about $8 a month and drivers with a ticket can save around $49 per month with Bankers Insurance.

Which Company is Best for Drivers After an Accident?

Bankers Safety
Clean Record$121$129
1 At-Fault Accident$186$226

Bankers drivers who get in an accident can expect to see their premiums rise by $65, while those who have insurance through Safety will see about a $95 increase.

Overall, the less expensive prices come from Bankers, with monthly rates averaging $186 compared to Safety Insurance's $226.

Which Company is Best for Drivers with a DUI?

Bankers Safety
Clean Record$121$129
1 DUI$238$324

On average, a DUI offense is going to cost you much more than a single accident or speeding ticket when it comes to your car insurance bill. Safety drivers usually see a 60% raise in their auto insurance prices after a DUI charge, while Bankers will typically climb premiums by around 49%.

If you have a DUI on your record and are looking for more affordable prices, Bankers tends to be the much cheaper option with average rates of $238 a month compared to $324 from Safety.

Find your best rate in just a few minutes

How does Credit Score Impact Bankers and Safety Rates?

Did you know that many insurance companies take into account your credit score when calculating premiums? Certain states and carriers do not allow for credit score to be used as a rating factor, but it might come into play for quite a few 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 rates, while those with poor credit will normally 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?

Bankers Safety
Excellent Credit Score$121$142
Good Credit Score$132$151

If you have a solid credit score, you'll usually find a better deal with Bankers. Drivers with "excellent" credit can save just under 15% compared to Safety, and those with "good" scores can also expect to see savings -- about $19 or 13% more affordable each month.

Which Company is Best for Drivers with Bad Credit?

Bankers Safety
Fair Credit Score$157$188
Poor Credit Score$194$261

Bankers typically offers lower prices than Safety when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay around $31 a month less with Bankers compared to Safety, and those with "poor" scores generally save an average of about $67 per month.

Find your best rate in just a few minutes

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

Bankers Safety
6,000 Annual Miles$170$216
12,000 Annual Miles$173$219

How much you drive can have a large impact on how much car insurance carriers will charge for coverage. That's because the more miles you put on your car each year, the more likely you are to get into a collision and cause an insurance claim.

Bankers tends to be the less expensive option for both drivers who put 6,000 miles on their vehicles annually, as well as those who average twice that figure. Safety average premiums for drivers with 6,000 annual miles come in around $46 more expensive than Bankers. Those who drive 12,000 miles yearly can expect to pay about $46 more with Safety over Bankers.

Bankers vs. Safety: Compare Rates for Urban, Suburban, and Rural Drivers

Where you live can have a big impact on your monthly insurance bill. Usually, 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.

Bankers Safety
Urban Areas$172$282
Suburban Areas$226$221
Rural Areas$114$148

When comparing these two companies side-by-side, Bankers boasts the most affordable average prices in rural and urban areas, while Safety wins in suburban areas.

In urban areas, Bankers Insurance's average rates are around $110 less than Safety Insurance. Drivers in suburban ZIP codes pay about $5 less with Safety compared to Bankers. If you live in a rural area, you can expect to save around $34 with Bankers compared to Safety.

Bankers vs. Safety Discounts

You want to save as much money as possible, right? The best way to do that is by taking advantage of 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 challenging to find all the ones you qualify for.

Below, we've broken down all of the different discounts offered by both Bankers and Safety so that you can see which one can save you the most money each month.

Bankers Safety
ABS Discount 
Advance Quote Discount 
Annual Mileage Discount
Anti-Theft Discount
Book Transfer Policy Discount 
Continuous Insurance Discount 
Defensive Driver Discount 
Distant Student Discount
Driver Training Discount
E-Signature Discount 
Employee Discount 
Employers Subject to MA Worker Discount 
Excess Vehicle Discount 
Good Driving Discount
Good Student Discount
Group Discount
Mature Driver Discount 
Multi-Car Discount
Multi-Policy Discount
Paperless Discount 

Overall, Safety comes out ahead with 18 discounts to Bankers's 16.

Both carriers offer quite a few of the same discounts -- like anti-theft discounts, discounts for getting driver training, discounts for being a good driver, and discounts for insuring multiple cars with the same company -- but Safety also offers advance quote discounts, book transfer policy discounts, e-signature discounts, and more that Bankers does not.

On the flip side, Bankers has a couple unique discounts of its own -- ABS discounts, continuous insurance discounts, discounts for being a defensive driver, and more.

Find your best rate in just a few minutes

Final Thoughts: Is Bankers or Safety Best for You?

So, we've broken down the average premiums for many of the variables auto insurance companies look at, and we've shown you all the discounts each company offers. But, at the end of the day, is Bankers or Safety the best fit for you?

Bankers might be best for you if....

  • You haven't received any speeding tickets or been in an accident in the last few years.
  • You're looking for more protection with "full coverage" insurance.
  • You are over 65 years old and want to save some money on your car insurance.

Safety might be best for you if...

  • You're looking for the carrier with the most discounts.
  • Your home is located in the suburbs.

We hope this guide helps you get a better idea of the difference between Bankers and Safety. We also hope we've given you the information you need to make the best decision when it comes to your auto insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your insurance policy is to compare quotes from several carriers, not just Bankers and Safety. Luckily, does all the hard work for you. Simply enter your ZIP code below and get free quotes from dozens of the top auto insurance companies in your area, all in just a few minutes.

Find your best rate in just a few minutes

Bankers vs. Safety FAQs

Is Bankers or Safety cheaper?

Looking just at the national average prices, Bankers is the cheaper of the two carriers, offering average rates of $171 per month compared to $217 for Safety. However, Bankers won't necessarily be the cheapest company for every driver, since there are many different factors that are considered when it comes to your car insurance payment.

Who is better, Bankers or Safety?

Sadly, the real answer is "it depends.". Neither carrier is necessarily "better" for each driver -- it all boils down to your unique insurance profile.

Why do Bankers and Safety offer me different rates?

Auto insurance companies take a look at many different variables when determining the rates they charge drivers. Things like age, your driving record, where your home is, gender, and sometimes even things like your credit score can all be taken into consideration. Both Bankers and Safety calculate premiums differently, so each one will most likely offer different prices. The only real way to see which company is the most affordable for you is by comparing personalized quotes from a bunch of different carriers.

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

The only way to find the 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, sites like make it easy for you to do just that. Just enter your information once and you'll get free quotes from dozens of the best car insurance carriers in your area. That way, you can guarantee you're getting the best rate. And who knows, the best company for you might not be Bankers or Safety at all!


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