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

Quick Facts

• Based on national averages for auto insurance, Travelers offers slightly less expensive prices than Bankers
• Bankers offers more affordable average rates for drivers who have received a ticket within the last few years
• Travelers offers more affordable prices for drivers who have an at-fault accident on their record

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

So, you're considering switching your auto insurance. With so many ads from all sorts of companies offering huge discounts, you're probably wondering exactly how much you might be able to save.

You might have narrowed your search down to Bankers or Travelers, but between the two, which carrier will offer you cheaper rates?

Looking at the national average rates for both companies, Travelers is about $4 per month more affordable than Bankers.

However, that doesn't necessarily mean Travelers will be the cheaper option for every single driver. Insurance carriers use a ton 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 prices from the ones above.

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

Bankers or Travelers: Average Car Insurance Rates by State

Bankers and Travelers only compete against each other in one states, with Travelers offering less expensive premiums to the average driver in all of them. Massachusetts has the most noticable difference, where Travelers prices are cheaper than auto insurance premiums at Bankers.

There's a lot more that goes into your car insurance cost than just where you live. Continue reading to learn more about how other factors will affect your rates.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- usually pay a lot for auto insurance compared to older drivers. That's normally because young, inexperienced 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 car insurance rates. For example, 18-year-old drivers pay an average of $2 less a month by choosing Bankers over Travelers.

That being said, both companies will reduce premiums by the time drivers turn 25. For example, average rates for Bankers policyholders lower nearly 55% and Travelers's prices drop more than 60% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the lowest insurance rates you'll ever see. After all, they've likely been driving for quite some time, which typically decreases their chances of accidents and other infractions that can increase premiums.

But who has the best prices for retired drivers between Bankers and Travelers? Bankers gets the slight edge here, with average premiums coming in at around $132 a month compared to Travelers's $132. Even so, the difference is only about 5%, so other variables (such as where you live or your driving record) will likely come into play when determining which carrier has the cheapest prices for you.

Which is the Best Company for Married Drivers?

You may not be aware, but car insurance rates tend to be more expensive for those who are single than they are for married couples. That's usually because married drivers tend to own and insure more than one car, which can often earn you a discount.

If you're in the market for auto insurance, Travelers tends to have the lowest average prices regardless of marital status, with prices around 3% more affordable for single policyholders and about 2% less expensive for married policyholders.

Bankers vs. Travelers: Average Rates by Gender

Men are statistically more likely than women to get into an accident or get pulled over for speeding. That means when it comes to insurance men will generally end up paying a little more.

Normally, women see premiums almost 10% per month less with Bankers, and around 6% less with Travelers when compared to their male counterparts.

Looking at overall affordability, Travelers offers the cheapest average rates for both men and women, with average prices 4% less for men and 1% cheaper for women.

Bankers or Travelers: 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.

It's no secret that auto insurance can be pretty complicated. Everyone needs insurance, but there are so many different terms and coverages that it can be hard to find the right policy.

The two most common policies that many drivers look at fall into two categories -- liability only (that covers bodily injury and property damage for other drivers and passengers if you cause a collision) and full coverage (which typically refers to having comprehensive and collision coverages in addition to what you get with a liability policy).

In this case, Bankers offers the most affordable average premiums for state minimum limits for liability insurance, while Travelers has the edge for full coverage policies with similar coverage limits. Drivers looking for basic state minimum coverage can save around $40 with Bankers Insurance, while full coverage comes out to be about $50 more affordable with Travelers.

Is Bankers or Travelers Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from car insurance carriers offering great rates for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

Tickets and at-fault collisions will most likely raise your premiums, but is Bankers or Travelers less expensive for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Bankers policyholders can expect their prices to go up an average of $20 a month if they get a ticket, while Travelers normally raises rates around $32 per month, on average.

But Bankers has cheaper prices for drivers in both categories -- their rates are around 5% less expensive for drivers with clean records and 12% more affordable for those with a ticket.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their insurance through Bankers can expect to see about an $65 -- or around 35% -- increase in their auto insurance rates. Drivers who use Travelers for their car insurance will see a monthly bill about $45 (or 26%) more expensive after reporting an accident to their insurance company.

Overall, Travelers offers the cheapest premiums for drivers with an at-fault collision on their records, with monthly prices averaging $173 compared to Bankers Insurance's $186.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple speeding ticket or even a collision. Bankers drivers usually see a 49% climb in their auto insurance rates after a DUI charge, while Travelers will typically raise premiums by around 38%.

How does Credit Score Impact Bankers and Travelers Rates?

You may not realized it, but your credit score can come into play when companies determine your monthly bill. This isn't always the case (for example, Hawaii and Michigan are two states that ban the practice entirely), but it does affect a lot of policyholders out there.

Car insurance carriers argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, drivers with bad credit will often be forced to pay more.

Looking specifically at Bankers and Travelers, which one has the lowest prices for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

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

Did you know that the amount of time you spend in your car have a substantial impact on your monthly premiums? Usually, the more miles you put on your vehicle, the more you can expect to pay for coverage.

For both drivers who put 6,000 miles on their vehicles yearly, as well as those who average twice that figure, Travelers offers cheaper rates than Bankers. Travelers's average premiums for drivers with 6,000 annual miles come in about 4% less expensive than Bankers. Those who drive 12,000 miles each year can expect to pay around 2% less with Travelers over Bankers.

Bankers vs. Travelers: 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 auto insurance, but the type of area you live in can have a sizable impact as well. Normally, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders because there are a lot fewer cars on the roads in those areas.

Bankers tends to offer the lowest option for drivers in rural and urban areas, while Travelers wins in suburban areas.

For drivers in urban ZIP codes, Bankers's average prices are about $172 while Travelers offers rates around $204. People in suburban areas pay a monthly rate of about $160 with Travelers compared to $226 with Bankers. Those in rural areas can expect to pay around $114 per month with Bankers compared to Travelers's $136.

Bankers vs. Travelers Discounts

Regardless of why you might be in the market for a new 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 where do you even start? With so many discounts out there, it may seem challenging to find all the of the ones you can take advantage of.

Below, we've compared all of the different discounts offered by Bankers and Travelers so that you can easily see which company offers the most discounts and, therefore, the biggest savings.

Travelers blows Bankers away when it comes to the sheer amount of discounts available, offering nine more discounts than Bankers.

A couple of those are overlapping for things like anti-theft discounts, discounts for being a defensive driver, distant student discounts, and discounts for being a good student. Travelers also offers advance quote discounts, alternative fuel discounts, COVID-19 relief discount, and more that Bankers does not.

On the flip side, Bankers has a couple unique discounts of its own -- annual mileage discounts, employers subject to ma worker discounts, excess vehicle discounts, and more.

Final Thoughts: Is Bankers or Travelers Best for You?

So, we've broken down the average premiums for many of the factors insurance companies look at, and walked through the different discounts each company offers, too. But, when it comes down to it, which insurance carrier is the best company for you and your specific profile and needs?

Travelers might be best for you if....

• You have a DUI charge on your record.
• You're looking for more protection with "full coverage" car insurance.
• You're married and plan to have both of your names on the vehicle's auto insurance policy.

Bankers might be best for you if...

• You've received a ticket for speeding recently and don't want to see your prices rise.
• Your neighborhood is in a rural area.
• You are over 65 years old and want to save some money on your insurance.

We hope this guide helps you get a good idea of the differences between Bankers and Travelers. We also hope we've given you the information you need to make the best decision when it comes to your car 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 auto insurance -- comparing quotes from multiple carriers, not just Bankers and Travelers. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get multiple quotes from some of the best insurance companies in your area, all for free.

Bankers vs. Travelers FAQs

Is Bankers or Travelers cheaper?

Looking just at the national average premiums, Travelers is the more affordable of the two carriers, offering average rates of $167 a month compared to $171 for Bankers. That being said, Travelers won't necessarily be the most affordable company for every policyholder, since there are a bunch of different variables (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Bankers or Travelers?

Unfortunately, the answer truly is "it depends.". No single carrier is necessarily "better" for everyone -- it all depends on what your unique auto insurance profile looks like. For example, Travelers offers cheaper prices for single drivers, while Bankers is more affordable for drivers who have already retired.

Why do Bankers and Travelers offer me different rates?

Car insurance companies take a look at lots of different factors when calculating the rates they charge policyholders. Variables such as your driving record, age, where your home is, gender, and sometimes even things like your credit score can all be taken into consideration. Both Bankers and Travelers calculate prices using different formulas, so each one will most likely offer different premiums. The only real way to see which company is the cheapest for you is by comparing personalized quotes from multiple different carriers.

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

The only way to find the auto 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 makes it easy for you to do just that. Just enter your area information and you'll get free quotes from dozens of the best car insurance carriers in your area. With those, you can guarantee you're getting the most affordable premium. And who knows, the best company for you might not be Bankers or Travelers 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.