Depositors vs. Encompass: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for auto insurance, Depositors offers significantly cheaper premiums than Encompass
• Depositors offers more affordable prices for residents of suburban areas
• Encompass may help you save more money -- they offer more discounts than Depositors Insurance Company

Depositors or Encompass: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching to a new insurance policy. After all, you've seen ads from all sorts of companies offering large savings. But exactly how much can you save by switching?

You've maybe even narrowed your search down to Depositors or Encompass as potential options, but between the two, which one will offer you less expensive rates?

Looking at the national average rates for both carriers, Depositors is quite a bit cheaper than Encompass, with premiums averaging $148 a month compared to $466 with Encompass.

That being said, Depositors may not be the most affordable or best option for each driver out there. Insurance companies vary their prices depending on things like how old you are, how clean your driving record is, how good your credit score is, where you live, and all sorts of other factors, so rates will vary quite a bit from person to person.

Wanting to know if Depositors or Encompass is really the right company for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

Depositors vs. Encompass: Average Car Insurance Rates by State

Depositors and Encompass only compete against each other in two states, with Depositors offering more affordable premiums to the average driver in all of them. Nevada has the most noticable difference, where Depositors prices are $432 less expensive than car insurance premiums at Encompass.

But there's more to insurance than just your home state. As we mentioned above, there's a lot of things that go into how auto insurance carriers determine your rates. Read on to learn more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers usually pay a lot more for insurance than any other group of drivers out there on the road. That's normally because teen drivers are statistically much more likely to get into accidents since they have less experience on the roads.

However, that doesn't mean teen drivers can't still save money on their auto insurance. Just look at the table above -- where 18-year-old drivers who have Depositors for their car insurance pay over 75% less than those who use Encompass.

But both companies will offer you dramatically lower premiums by the time you turn 25. For example, average prices for Depositors policyholders drop almost 60% and Encompass's rates reduce more than 65% over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll typically enjoy the lowest auto 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 rates for insurance.

So, which carrier offers the best premiums to retired drivers? Depositors gets the edge, with prices for drivers 65 and older over 65% more affordable than the national average for Encompass.

Which is the Best Company for Married Drivers?

Married policyholders tend to get slightly cheaper car insurance premiums than single policyholders. That's generally because married couples tend to own and insure more than one vehicle, which can often earn you a discount.

For those who are single, the difference in average rates between these two carriers is significant, with Depositors premiums coming in at around 70% less than Encompass's. The advantage for married drivers with Depositors is also obvious, where drivers save nearly 65% per month.

Depositors or Encompass: Average Rates by Gender

Men are statistically more likely than women to get into collisions and file an insurance claim. That means when it comes to insurance men will normally end up paying a little more.

On average, men see prices about 6% a month higher with Depositors, and around 5% with Encompass.

Looking at the data for each company specifically, Depositors offers the cheapest average rates for both men and women. On average, male drivers save about $325 per month and women save about $311 with Depositors compared to the average Encompass policyholder.

Depositors vs. Encompass: 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.

Car insurance isn't the easiest topic to understand. There are many different coverages that account for a range of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause a collision.

The two most common policies end up falling into two different types of coverage -- liability coverage (which covers the other party's property damage and injuries if you cause an accident) and full coverage (which includes collision and comprehensive coverages that protect your own car, alongside liability).

Looking specifically at state minimum liability insurance, Depositors has the significant edge, with average monthly premiums coming in at $84. If you want a full coverage policy with the same state minimum limits, Depositors again has the edge, with policies averaging around $211 a month to Encompass's $629.

Is Depositors or Encompass Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from auto insurance companies offering great rates 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 speeding tickets and accidents on your record, but which of these two carriers offers the lowest prices to drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Depositors for their insurance can typically expect their monthly bill to go up about 18% after getting a speeding ticket. Encompass policyholders can expect a bit more drastic of an increase of around 21%.

Even so, Depositors tends to offer the best prices for drivers both with a ticket and with a clean record -- their rates are around 53% more affordable for drivers with clean records and 55% less expensive for those with a ticket.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in a collision can expect to see their rates rise by over $50, while those who have insurance through Encompass will see about a $100 increase.

At the end of the day, drivers who use Depositors end up with the cheaper prices after an accident, with average prices coming in at $157 compared to Encompass Insurance's $328.

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 an accident. On average, Encompass will climb your premiums around 78% after a DUI, while Depositors's average rates climb by more than 45%.

How does Credit Score Impact Depositors and Encompass Rates?

Did you know many auto insurance companies take your credit score into account when determining premiums? This isn't true for everyone (Massachusetts, for example, has banned the use of credit score as an auto insurance factor) but it does affect several policyholders out there.

Car insurance carriers argue that those with poor credit scores are less likely to pay their bills on time every month, which raises the risk involved on their end, while the opposite is true for those with good credit.

Looking specifically at Encompass and Depositors, which carrier has the best prices for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Depositors or Encompass Better for Drivers who Work from Home or Have Short Commutes?

The amount of time you spend behind the wheel of your car plays a big role in how much auto insurance companies will charge for coverage. That's because the more milage you put on your vehicle, the more likely you are to be in a collision and file an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Depositors charges. However, there's a small difference in monthly rates for Encompass, with policyholders who drive the least paying about $2 less each month compared to those who drive 12,000 miles every year. Still, for drivers in both categories, Depositors is the cheaper carrier.

Depositors or Encompass: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your car can have a considerable impact on your monthly insurance payment. Generally, if you live in an urban area with more cars on the road, you'll pay a little more for car insurance, while the opposite is true for people in rural areas.

When comparing these two carriers side-by-side, Depositors usually comes out as the cheapest option for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Those in rural areas can expect to save around 68% with Depositors compared to Encompass. People who live in suburban areas pay about 68% less with Depositors compared to Encompass. For policyholders in urban ZIP codes, Depositors Insurance Company's average rates are around 69% less than Encompass Insurance.

Depositors vs. Encompass Discounts

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

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.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Depositors and Encompass so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Encompass knocks Depositors out of the park when it comes to the sheer number of discounts available, offering nine more discounts than Depositors.

There are a couple discounts both companies offer, but Encompass also offers discounts for ABS, anti-theft, driver training, and more.

On the other hand, Depositors has a few proprietary discounts of their own for things like COVID-19 relief discount, intra-agency transfer discounts, life policy discounts, and more.

Final Thoughts: Is Depositors or Encompass Best for You?

You've seen the effect certain variables have on your car insurance and the different discounts carriers offer. That's all well and good, but when it comes down to it, which carrier is the right company for you, your vehicle, and your wallet?

Depositors might be best for you if....

• You want to save money on your insurance after an accident.
• You're looking for the best premiums on liability only coverage.
• You drive often but have a short commute.

Encompass might be best for you if...

• You are considering moving to another state -- undefined is only available to residents.
• You're looking for the company with the most discounts.

Hopefully, this guide has ben a valuable resource as you compare Depositors and Encompass and that it aids in making a more informed decision about 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 insurance -- comparing quotes from several companies, not just Depositors and Encompass. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code below and get multiple free quotes from some of the best auto insurance carriers in your area, all in just a few minutes.

Depositors vs. Encompass FAQs

Is Depositors or Encompass cheaper?

Depositors is the less expensive of the two companies when looking at national average prices, with policies averaging $148 per month with Depositors and $466 for Encompass. But that doesn't mean Depositors will be the lowest carrier for everyone, since there are lots of different factors that are considered when it comes to your car insurance cost.

Who is better, Depositors or Encompass?

Unfortunately, the real answer is "it depends.". Neither company is "better" for everyone -- it all depends on what your unique auto insurance profile looks like.

Why do Depositors and Encompass offer me different rates?

Insurance carriers use a lot of different variables when calculating the rates they charge. Factors like your driving record, where your home is, gender, age, and sometimes even things like your credit score can all come into play. Both Depositors and Encompass calculate prices using 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 multiple different companies.

How do I know if Depositors or Encompass is right for me?

The only way to find the car insurance company that's right for you is by getting quotes from multiple carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com do all the hard work for you. Just enter your information once and you'll get quotes from dozens of your local top auto insurance companies for free. With those, you can guarantee you're getting the best price. And maybe you'll find that the best carrier for you isn't Depositors or Encompass at all, but another you hadn't even thought of!

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.