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

Quick Facts

• Looking at the national averages for auto insurance, Depositors offers more affordable premiums than GEICO
• Depositors tends to be a much less expensive option for single people who will be the only person on the insurance policy
• GEICO may help you save more money -- they offer more discounts than Depositors Insurance Company

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

So, you're thinking about switching to a new insurance policy. With so many ads from all sorts of companies offering considerable savings, you're probably wondering exactly how much you might be able to save.

You might be considering Depositors or GEICO as your top options, but which carrier has cheaper rates for auto insurance?

Looking at the national average rates for both carriers, GEICO is around $37 more a month than Depositors.

That being said, Depositors may not be the most affordable or best option for every driver out there. Car insurance companies use a ton of complex algorithms to determine premiums, so depending on how old you are or where you live (among numerous other factors), you could see wildly different prices from the ones above.

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

Depositors vs. GEICO: Average Car Insurance Rates by State

Depositors and GEICO compete against each other in five states, with GEICO offering less expensive prices to the average driver in all of them. Idaho has the most noticable difference, where GEICO rates are $32 more affordable than auto insurance premiums at Depositors.

That being said, there's a lot more that goes into your insurance cost than just your home state. Continue reading to learn more about how other variables will affect your rates.

Which is the Best Company For Young Drivers?

You might already know that teen drivers typically pay a lot more for car insurance than any other group of drivers. That's because teen drivers are statistically much more likely to get into an accident that results in an insurance claim, making them much riskier to insure.

However, that doesn't mean that teen drivers have to just accept sky-high auto insurance rates. For example, 18-year-old drivers pay an average of almost 15% less per month by choosing Depositors over GEICO.

But with both carriers, you'll see your prices decrease significantly by the time drivers turn 25. For example, average premiums for Depositors policyholders drop nearly 60% and GEICO's prices reduce over 55% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the cheapest car insurance premiums out there. After all, they've likely been driving for quite some time, which normally decreases their chances of collisions and other infractions that can raise rates.

But who has the best premiums for retired drivers between Depositors and GEICO? Depositors gets the edge here, with average prices coming in at about $111 a month compared to GEICO's $148.

Which is the Best Company for Married Drivers?

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

For single drivers, the difference in average premiums between these two companies is significant, with Depositors rates coming in at around 20% less than GEICO's. The advantage for married drivers with Depositors is also obvious, where drivers save about $40 a month.

Depositors or GEICO: Average Rates by Gender

Did you know women normally pay less for auto insurance than men? This is because men are statistically more likely than women to cause a collision and get into accidents, which leads to increased risk for insurers and, therefore, higher prices.

Typically, men see premiums around 6% per month higher with Depositors, and about 4% with GEICO.

Looking at overall affordability, Depositors comes out on top for both men and women, with average prices 20% less for men and 21% cheaper for women.

Depositors vs. GEICO: 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.

Insurance can be a complicated subject for most people. There are so many different coverages and limits that it can make it pretty confusing to find the right policy for you.

Even so, most policies that drivers look at fall into two categories -- liability coverage (that covers bodily injury and property damage for other drivers and their passengers if you cause a collision) and full coverage (which includes two additional coverages -- collision and comprehensive -- alongside liability coverage).

Looking specifically at state minimum liability insurance, Depositors has the edge, with average monthly rates 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 GEICO's $269.

Is Depositors or GEICO Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from car 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.

It's no secret secret that speeding tickets and at-fault accidents lead to higher premiums, but which carrier -- Depositors or GEICO -- has the lowest rates for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Depositors for their insurance can usually expect their monthly bill to go up about 18% after getting a speeding ticket. GEICO policyholders can expect a bit more drastic of an increase of around 23%.

However, Depositors has more affordable premiums for drivers in both categories, offering prices that are $9 and $20 less expensive, respectively, compared to GEICO.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in an accident can expect to see their rates rise by over $50, while those who have insurance through GEICO will see about a $85 increase.

At the end of the day, Depositors offers the cheapest prices for drivers with an at-fault collision on their records, with average premiums coming in at $157 compared to GEICO's $200.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or ticket when it comes to your auto insurance bill. On average, GEICO will raise your rates around 58% after a DUI, while Depositors's average premiums climb by more than 45%.

How does Credit Score Impact Depositors and GEICO Rates?

Did you know many car insurance companies take your credit score into account when determining prices? This isn't true for everyone (for example, Michigan and Massachusetts are two states that ban the practice entirely), but it does affect lots of policyholders out there.

Auto insurance carriers argue that those with good credit scores are more likely to pay their bills on time every month, which reduces the risk involved on their end, while the opposite is true for those with bad credit.

So, which company offers the most affordable rates for drivers with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Depositors or GEICO 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 your monthly prices. Typically, those who drive less will end up with cheaper rates since there's less of a chance of causing a collision and filing 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 premiums for GEICO, with policyholders who drive 6,000 miles each year paying about $8 less every month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Depositors is the less expensive carrier.

Depositors or GEICO: 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 insurance, but the type of area you live in can have a substantial impact as well. Generally, those who live in urban areas will pay more than policyholders in rural areas due to the number of cars that are on the roads where they live.

Depositors tends to offer the most affordable prices for drivers in all areas, regardless of if they're urban, suburban, or rural.

Those in rural areas can expect to save around $29 with Depositors compared to GEICO. People who live in suburban areas pay about $46 less with Depositors compared to GEICO. For drivers in urban ZIP codes, Depositors Insurance Company's average premiums are around $37 less than GEICO.

Depositors vs. GEICO Discounts

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

But where do you even start? With so many discounts out there, it may seem challenging to find all the of the ones you qualify for.

Luckily, we did the hard work for you and looked at all of the different discounts Depositors and GEICO offer their customers so that you can see which company can save you the most money each month.

GEICO blows Depositors away when it comes to the sheer amount of discounts available, offering 11 more discounts than Depositors.

A couple of those are overlapping for things like discounts for being a defensive driver, EFT discounts, employee discounts, and group discounts. GEICO also offers discounts for ABS, anti-theft, commercial drivers license, and more.

On the other hand, Depositors has a few proprietary discounts of their own for things like advance quote discounts, homeowner discounts, intra-agency transfer discounts, and more.

Final Thoughts: Is Depositors or GEICO Best for You?

So, you've seen how different factors can affect your insurance prices. We've broken down the different discounts each carrier offers, too. That's all well and good, but when it comes down to it, which insurance company is the best fit for you?

Depositors might be best for you if....

• Your driving record includes a DUI charge.
• Your home is in a busy urban area.
• You drive fewer than 6,000 miles yearly.

GEICO might be best for you if...

• You are considering moving to another state -- undefined is only available to residents.
• You want to save extra money with discounts.

Hopefully, this guide helps you get a better idea of the difference between Depositors and GEICO. We also hope we've given you the information you need to make the best 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 car insurance -- comparing quotes from a handful of companies, not just Depositors and GEICO. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code below and get free quotes from dozens of top auto insurance carriers in your area, all in just a few minutes.

Depositors vs. GEICO FAQs

Is Depositors or GEICO cheaper?

Depositors is the cheaper of the two companies when looking at national average premiums, with policies averaging $148 per month with Depositors and $185 for GEICO. That being said, that doesn't mean Depositors will be the lowest carrier for each driver, since there are many different variables (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Depositors or GEICO?

Unfortunately, the answer truly is "it depends.". No one company is necessarily "better" for every policyholder -- it all depends on the makeup of your unique insurance profile.

Why do Depositors and GEICO offer me different rates?

Car insurance carriers use several different factors when calculating the rates they charge. Things such as age, your driving record, where you call home, gender, and sometimes even things like your credit score can all be used. Both Depositors and GEICO calculate premiums using different formulas, so it's likely they'll offer different prices. The best way to determine which carrier is the cheapest for you is by comparing personalized quotes from a range of different companies.

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

The only way to find the 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 make it easy for you to do just that. Just enter your information once and you'll get quotes from dozens of your local top car insurance companies for free. That way, you can guarantee you're getting the lowest premium. And maybe you'll find that the best carrier for you isn't Depositors or GEICO 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.