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

Want to know if Bankers or Vermont Mutual is the better choice for car insurance? You're probably wondering which company offers the best prices or the most discounts. Check out our latest guide below to find out which of these two companies is the best for you.
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 slightly less expensive premiums than Vermont Mutual
  • Bankers offers more affordable average rates for couples purchasing insurance together
  • Vermont Mutual has cheaper premiums for drivers who have received a ticket within the last few years

Bankers vs. Vermont Mutual: 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 large discounts. But exactly how much can you save by switching?

You might have narrowed it down to Bankers or Vermont Mutual for your next policy, but between the two, which company will offer you more affordable prices?

Bankers Vermont Mutual

As you can see, Bankers is about $2 per month less expensive than Vermont Mutual when looking at the national average rates for auto insurance.

Even so, Bankers may not be the cheapest or best option for every single driver out there. Car insurance companies use all sorts of complex algorithms to calculate rates, so depending on how good your credit score is or how clean your driving record is (among a lot of other factors), you could see wildly different prices from the ones above.

Wanting to know if Bankers or Vermont Mutual is really the right carrier for you? Keep on reading to see how average rates can change based on all of the factors we've mentioned above.

Bankers or Vermont Mutual: Average Car Insurance Rates by State

State Bankers Vermont Mutual

Bankers and Vermont Mutual 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 10% less expensive than insurance prices at Vermont Mutual.

But there's more to auto insurance than just where you call home. As we mentioned above, there's a lot of things that go into how car insurance carriers determine your premiums. Read on to find out more.

Find your best rate in just a few minutes

Which is the Best Company For Young Drivers?

Bankers Vermont Mutual
18-year-old drivers$351$342
25-year-old drivers$160$165

You might already know that teen drivers generally pay a lot more for insurance than any other group of drivers out there on the road. It's typically because young, inexperienced drivers are statistically much more likely to get into an accident that results in an insurance claim, making them much riskier to insure.

But still, even with seemingly sky-high rates, teen drivers can still find ways to save money. As you can see above, teens who use Vermont Mutual save nearly $10 a month compared to those who use Bankers.

That being said, with both companies, you'll see your prices lower significantly by the time you turn 25. For example, average premiums for Bankers policyholders decrease almost $200 and Vermont Mutual's rates reduce around $200 over that time.

Which is the Best Company for Retired Drivers?

Bankers Vermont Mutual
65+-year-old drivers$132$131

Drivers around retirement age normally enjoy some of the most affordable auto insurance prices you'll ever find. After all, they've likely been driving for quite some time, which usually lowers their chances of accidents and other infractions that can increase premiums.

So, which company offers the best rates to retired drivers? Vermont Mutual gets the slight edge here, with average premiums coming in at about $131 a month compared to Bankers's $132. But that difference is less than 5%, which means it ultimately will come down to other factors, such as your credit score or where you live.

Which is the Best Company for Married Drivers?

Bankers Vermont Mutual

Single policyholders tend to get offered slightly more expensive car insurance prices than married policyholders. That's normally 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, Bankers tends to have the lowest average premiums regardless of marital status, with prices around $3 cheaper for those who are single and about $0 more affordable for married couples.

Bankers vs. Vermont Mutual: Average Rates by Gender

Bankers Vermont Mutual

Did you know men usually pay more for insurance than women? 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 prices.

On average, men see rates more than $15 per month higher with Bankers, and around $14 more with Vermont Mutual.

Looking at overall affordability, Bankers comes out as the cheapest option for both genders, with average premiums 1% less for men and 2% cheaper for women.

Find your best rate in just a few minutes

Bankers or Vermont Mutual: Compare State Minimum vs. Full Coverage Rates

Bankers Vermont Mutual
State Minimum*$66$85
Full Coverage**$277$261

*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. There are multiple different coverages that account for lots of different things. Some protect you and your vehicle, while others only provide coverage for other people's property and health if you cause a collision.

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

In this case, Bankers offers the lowest average rates for state minimum liability limits, while Vermont Mutual has the edge for full coverage policies with similar coverage limits. Drivers looking for basic state minimum coverage can save around $20 with Bankers Insurance, while full coverage comes out to be about $15 cheaper with Vermont Mutual.

Is Bankers or Vermont Mutual Better for Drivers with Spotty Records?

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

You'll probably end up paying more with tickets and collisions on your record, but which of these two companies offers the most affordable premiums to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Bankers Vermont Mutual
Clean Record$121$117
1 Speeding Ticket$141$124

Bankers policyholders can expect their rates to go up an average of $20 a month if they get a ticket, while Vermont Mutual generally raises prices around $7 per month, on average.

However, Vermont Mutual tends to offer the best prices for both drivers who have clean records and those with a recent speeding ticket. Drivers with a clean record can save about $4 a month and drivers with a ticket can save around $17 per month with Vermont Mutual.

Which Company is Best for Drivers After an Accident?

Bankers Vermont Mutual
Clean Record$121$117
1 At-Fault Accident$186$144

Both carriers will raise rates pretty significantly if you get into an at-fault accident with Bankers climbing by $65. Vermont Mutual has a less extreme increase, but you can still expect to pay over $25 more than you were prior to your first collision.

Overall, the less expensive prices come from Vermont Mutual, with monthly premiums averaging $144 compared to Bankers Insurance's $186.

Which Company is Best for Drivers with a DUI?

Bankers Vermont Mutual
Clean Record$121$117
1 DUI$238$307

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. Vermont Mutual drivers usually see a 62% climb in their auto insurance prices after a DUI charge, while Bankers will normally raise premiums by about 49%.

If you have a DUI on your record and are looking for more affordable rates, Bankers tends to be the much more affordable option with average premiums of $238 per month compared to $307 from Vermont Mutual.

Find your best rate in just a few minutes

How does Credit Score Impact Bankers and Vermont Mutual Rates?

You may not realized it, but your credit score can be used as one of the variables to calculate your monthly car insurance prices. Certain states and companies do not allow for credit score to be used as a rating 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 cheaper rates.

So, which carrier offers the lowest prices for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Bankers Vermont Mutual
Excellent Credit Score$121$104
Good Credit Score$132$121

If you have a solid credit score, you'll usually find a better deal with Vermont Mutual. Drivers with "excellent" credit can save just under 15% compared to Bankers, and those with "good" scores can also expect to see savings -- around $11 or 8% less expensive each month.

Which Company is Best for Drivers with Bad Credit?

Bankers Vermont Mutual
Fair Credit Score$157$162
Poor Credit Score$194$290

Bankers typically offers lower rates than Vermont Mutual when it comes to drivers with a below average credit score. Drivers with "fair" credit pay about $5 a month less with Bankers compared to Vermont Mutual, and those with "poor" scores typically save an average of around $96 monthly.

Find your best rate in just a few minutes

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

Bankers Vermont Mutual
6,000 Annual Miles$170$173
12,000 Annual Miles$173$173

How much you drive can have a considerable impact on your monthly auto insurance bill. That's because the fewer miles you drive, the less 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 Vermont Mutual charges. However, there's a small difference in monthly premiums for Bankers, with policyholders who drive 6,000 miles yearly paying about $3 less every month compared to those who drive 12,000 miles each year.

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

Where you park your vehicle can have a pretty big impact on your monthly car insurance cost. Usually, policyholders who live in heavily-populated urban areas will pay quite a bit more than rural drivers because there are a lot more cars on the road in those areas, which increases the chances of an accident.

Bankers Vermont Mutual
Urban Areas$172$199
Suburban Areas$226$169
Rural Areas$114$152

When comparing these two companies side-by-side, Bankers boasts the cheapest average prices in rural and urban areas, while Vermont Mutual wins in suburban areas.

In urban areas, Bankers Insurance's average premiums are around 14% less than Vermont Mutual. Drivers in suburban ZIP codes pay about 25% less with Vermont Mutual compared to Bankers. If you live in a rural area, you can expect to save around 25% with Bankers compared to Vermont Mutual.

Bankers vs. Vermont Mutual Discounts

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

The hard part is finding all of the discounts you're eligible for, since it can feel sometimes like every carrier has different discounts and each one is advertised differently.

Below, we've compared all of the different discounts offered by Bankers and Vermont Mutual so that you can find the one that has the most discounts and, therefore, the biggest savings.

Bankers Vermont Mutual
ABS Discount
Advance Quote Discount 
Annual Mileage Discount
Anti-Theft Discount
Continuous Insurance Discount 
Defensive Driver Discount 
Distant Student Discount
Driver Training Discount
Employers Subject to MA Worker Discount 
Excess Vehicle Discount 
Experienced Operator Discount 
Good Driving Discount 
Good Student Discount
Group Discount 
Mature Driver Discount 
Multi-Car Discount
Multi-Policy Discount
Paid In Full Discount 
Passive Restraint Discount
Renewal Discount 

Overall, Bankers comes out ahead with 16 discounts to Vermont Mutual's 14.

Both carriers offer quite a few of the same discounts -- like ABS discounts, anti-theft discounts, discounts for getting driver training, and multi-policy discounts -- but Bankers also offers continuous insurance discounts, defensive driver discounts, employers subject to ma worker discounts, and more that Vermont Mutual does not.

On the flip side, Vermont Mutual has a couple unique discounts of its own -- advance quote discounts, experienced operator discounts, mature driver discounts, and more.

Find your best rate in just a few minutes

Final Thoughts: Is Bankers or Vermont Mutual Best for You?

So, we've broken down the average rates for many of the factors car insurance companies look at, and walked through the different discounts each company offers, too. That's all well and good, but at the end of the day, is Bankers or Vermont Mutual the best carrier for you and your specific profile and needs?

Bankers might be best for you if....

  • You have a DUI charge on your record.
  • You're looking for discounts -- Bankers has the most.
  • You've started working from home and don't have much of a commute.

Vermont Mutual might be best for you if...

  • You haven't received any speeding tickets or been in an accident in the last few years.
  • Your neighborhood is in the suburbs.
  • You are over 65 years old and want to save some money on your insurance.

We hope this guide helps you get a better idea of the difference between Bankers and Vermont Mutual 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 carriers, not just Bankers and Vermont Mutual. Luckily, makes it easy for you to do just that. Just 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. Vermont Mutual FAQs

Is Bankers or Vermont Mutual 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 $173 for Vermont Mutual. That being said, Bankers won't necessarily be the lowest carrier for every policyholder, since there are a range of different variables that come into play when it comes to your car insurance payment.

Who is better, Bankers or Vermont Mutual?

Sadly, the only answer we can give you 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, Vermont Mutual offers less expensive premiums for policyholders with an at-fault collision on their record, while Bankers is more affordable for drivers who have less-than-stellar credit scores.

Why do Bankers and Vermont Mutual offer me different rates?

Insurance companies take a look at lots of different factors when calculating the rates they charge drivers. Things like gender, where your home is, your driving record, age, and sometimes even things like your credit score can all come into play. Both Bankers and Vermont Mutual use different formulas, so each one will most likely offer different prices. The only real way to see 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 Vermont Mutual is right for me?

The only way to find the car insurance company 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, 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 insurance carriers in your area. That way, you can guarantee you're getting the best price. And who knows, the best carrier for you might not be Bankers or Vermont Mutual 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