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

Quick Facts

• Looking at the national averages for auto insurance, Erie offers significantly less expensive prices than Cincinatti Financial
• Cincinatti Financial offers more affordable premiums for residents in Alabama, Kentucky, Ohio, Tennessee, and Virginia
• Erie has more affordable rates for policyholders who may not have much of a commute

Cincinatti Financial vs. Erie: Which Company has the Cheapest Car Insurance?

So, you're considering switching your auto insurance. You've probably seen commercials and billboards from companies offering large discounts, but exactly how much money can you save by switching?

You might have narrowed it down to Cincinatti Financial or Erie, but between the two, which company has cheaper prices for car insurance?

Looking at nationwide averages, Cincinatti Financial is about $47 more per month than Erie.

That being said, that doesn't necessarily mean Erie will be the less expensive option for every single driver. After all, insurance companies can offer drastically different rates to each driver depending on rating factors like where you call home, your driving record, your credit score, or even your age (among other things), so rates could differ drastically from person to person.

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

Cincinatti Financial or Erie: Average Car Insurance Rates by State

Cincinatti Financial and Erie only compete against each other in three states, with Erie offering more affordable premiums to the average driver in all of them. Virginia has the most noticable difference, where Erie rates are over 70% cheaper than auto insurance prices at Cincinatti Financial.

That being said, there's a lot more that goes into your insurance payment than just the state you live in. Keep reading to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance premiums of any other group of drivers. Normally, that's because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

But that doesn't mean that teen drivers have to just accept sky-high car insurance prices. As you can see above, teens who use Erie save nearly $200 a month compared to those who use Cincinatti Financial.

However, with both carriers, you'll see your premiums decrease significantly by the time drivers turn 25. Erie offers the steepest reduction, with 25-year-olds paying less than half what 18-year-old drivers are charged. Cincinatti Financial's average rates lower more than 60% during that same period.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll usually enjoy the lowest insurance prices you can find. You've been on the road for years, and all that experience pays off when it comes to your monthly premiums for auto insurance.

When looking at Cincinatti Financial and Erie specifically, which company is best for retired drivers? Erie gets the slight edge here, with average rates coming in at around $116 monthly compared to Cincinatti Financial's $122. Even so, that difference is less than 5%, which means it ultimately will come down to other factors, such as where you live or your credit score.

Which is the Best Company for Married Drivers?

Did you know that car insurance prices are generally more affordable for married drivers than they are for those who are single? That's because policies for married policyholders typically cover more than one car, which a lot of companies will offer you a discount for.

When it comes to relationship status, Erie is the clear winner for single drivers, with premiums about $66 per month cheaper than Cincinatti Financial, on average. For married couples, the advantage is clear again - Erie has the edge when it comes to average rates.

Cincinatti Financial vs. Erie: Average Rates by Gender

Men tend to pay more for insurance than women. This is because men are statistically more likely than women to get into accidents and file an insurance claim, which leads to increased risk for insurers and, therefore, higher premiums.

With Cincinatti Financial, women normally pay almost $15 a month less than men, and around $11 less with Erie.

Looking at the data for each carrier specifically, Erie offers the cheapest average rates for both men and women, with average prices 23% less for men and 24% cheaper for women.

Cincinatti Financial or Erie: 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.

For most people, auto insurance can be pretty complicated. Everyone needs car insurance, but there are so many different coverages and terms 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 (which provides property damage and bodily injury coverage for other drivers and their passengers if you cause an accident) 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 insurance, Erie generally offers less expensive rates of $91 compared to Cincinatti Financial's $106. When it comes to full coverage policies with similar limits, Erie again has the edge, with policies about $80 per month cheaper than Cincinatti Financial, on average.

Is Cincinatti Financial or Erie 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.

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

Which Company is Best for Drivers with Speeding Tickets?

Cincinatti Financial policyholders can expect their prices to go up an average of $21 a month if they get a ticket, while Erie typically raises rates around $18 per month, on average.

However, Erie is usually the more affordable option for drivers both with a speeding ticket and with a clean record -- their rates are around 2% less expensive for drivers with clean records and 4% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their car insurance through Cincinatti Financial can expect to see about an $92 -- or around 43% -- increase in their insurance prices. Drivers who use Erie for their car insurance will see a monthly bill about $38 (or 24%) more expensive after reporting a collision to their auto insurance company.

Overall, the less expensive premiums come from Erie, with monthly prices averaging $157 compared to Cincinatti Financial's $214.

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 ticket or even an accident. For example, Cincinatti Financial increases average premiums by just under $200 a month -- that's over a 60% increase.

If you have a DUI on your record and are looking for more affordable rates, Erie tends to be the much more affordable option with average premiums of $198 a month compared to $320 from Cincinatti Financial.

How does Credit Score Impact Cincinatti Financial and Erie Rates?

Did you know that many insurance companies take your credit score into account when calculating rates? This isn't always the case (Massachusetts, for example, has banned the use of credit score as a rating factor) but it might come into play for quite a few drivers.

The reasoning car insurance carriers use is that policyholders with bad credit will be less likely to pay their bills on time; so typically, they'll be asked to pay more, while those with good credit will be rewarded with less expensive prices.

Looking specifically at Cincinatti Financial and Erie, which one has the cheapest premiums for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have great credit, you'll usually find a better deal with Erie. Policyholders with "excellent" credit can save just under 40% compared to Cincinatti Financial, and those with "good" scores can also expect to see savings -- around $61 or 35% more affordable every month.

Which Company is Best for Drivers with Bad Credit?

Erie typically offers lower rates than Cincinatti Financial when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about $48 per month less with Erie compared to Cincinatti Financial, and those with "poor" scores normally save an average of around $23 per month.

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

How much you drive can have a considerable impact on your monthly insurance bill. Usually, those who drive less will end up with cheaper prices since there's less of a chance of getting into a collision and causing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Cincinatti Financial charges. However, there's a small difference in monthly rates for Erie, with policyholders who drive 6,000 miles yearly paying about $11 less each month compared to those who drive 12,000 miles every year. Still, Erie is the more affordable option for drivers in both categories.

Cincinatti Financial vs. 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 auto insurance, but the type of area you live in can have a big impact as well. Generally, 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.

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

Drivers in rural ZIP codes see the most affordable prices from both carriers, but Erie comes out on top with average premiums around $115 a month. Erie also has cheaper average rates for policyholders in urban and suburban ZIP codes -- a 12% and 26% a month respective difference when compared to Cincinatti Financial drivers in similar areas.

Cincinatti Financial vs. Erie 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, and the best way to do that is by utilizing as many auto insurance discounts as you can.

But where do you even start? With so many discounts out there, it may seem hard to find all the of the ones you can take advantage of.

In the section below, we've compared all of the different discounts offered by Cincinatti Financial and Erie so that you can see which carrier offers the most discounts and see which ones you might be able to take advantage of.

Erie knocks Cincinatti Financial out of the park when it comes to the sheer number of discounts available, offering 11 more discounts than Cincinatti Financial.

There are a couple discounts both companies offer, but Erie also offers ABS discounts, distant student discounts, driver training discounts, and more that Cincinatti Financial does not.

On the flip side, Cincinatti Financial has a couple unique discounts of its own -- discounts for being a good student, group discounts, discounts for being a homeowner, and more.

Final Thoughts: Is Cincinatti Financial or Erie Best for You?

You've seen the role certain variables have on your car insurance and the different discounts carriers offer. But, when it comes down to it, which carrier is the right one for you, your vehicle, and your wallet?

Erie might be best for you if....

• You have a DUI charge on your record.
• You're worried about the impact your credit score will have on your prices.
• You're buying auto insurance for a teen and looking for a wallet-friendly option.

Cincinatti Financial might be best for you if...

• You live in one of the following states: Alabama, Kentucky, Ohio, Tennessee, and Virginia.

We hope this guide helps you get a better idea of the difference between Cincinatti Financial and Erie and that it aids in making a more informed decision about your car insurance.

At the end of the day, the best way to make sure you're getting the best deal on your insurance policy is to compare quotes from several companies, not just Cincinatti Financial and Erie. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code below and get multiple quotes from some of the best auto insurance carriers in your area, all for free.

Cincinatti Financial vs. Erie FAQs

Is Cincinatti Financial or Erie cheaper?

Looking just at the national average premiums, Erie is the less expensive of the two companies, offering average rates of $153 per month compared to $200 for Cincinatti Financial. That being said, Erie won't necessarily be the cheapest company for each policyholder, since there are a variety of different factors that are considered when it comes to your car insurance cost.

Who is better, Cincinatti Financial or Erie?

Unfortunately, the answer truly is "it depends.". No one carrier is "better" for everyone -- it all boils down to your unique insurance profile.

Why do Cincinatti Financial and Erie offer me different rates?

Car insurance carriers take a look at several different variables when determining the prices they charge policyholders. Things such as where your home is, where you live, gender, age, and sometimes even things like your credit score can all be used. Both Cincinatti Financial and Erie calculate premiums using different formulas, so each one will most likely offer different rates. The only real way to see which company is the most affordable for you is by comparing personalized quotes from a bunch of different companies.

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

The only way to find the insurance carrier that's right for you is by getting quotes from a handful of carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code and you'll get free quotes from dozens of the best auto insurance companies in your area. With those, you can guarantee you're getting the best price. And who knows, the best company for you might not be Cincinatti Financial or Erie 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.