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

Quick Facts

• In general, Depositors offers significantly more affordable prices than Hallmark Financial
• Depositors offers cheaper average rates for drivers who have an at-fault accident on their record
• Depositors tends to be a much less expensive option for residents of rural areas

Depositors vs. Hallmark Financial: Which Company has the Cheapest Car Insurance?

So, you're considering switching your auto insurance. After all, you've seen ads from all sorts of companies offering big discounts. But exactly how much can you save by switching?

You've maybe even narrowed your search down to Depositors or Hallmark Financial for your next policy, but which company will save you the most?

Looking at nationwide averages, Hallmark Financial has average rates that are about 30% per month more expensive than those from Depositors.

Even so, Depositors may not be the lowest or best option for every driver out there. Insurance companies vary their prices depending on things like how clean your driving record is, how good your credit score is, how old you are, where you live, and a ton of other factors, so premiums will vary quite a bit from person to person.

So, if you want to find out which of Depositors or Hallmark Financial is really the best for you, keep reading to see average rates for each carrier broken down by a bunch of different rate factors.

Depositors or Hallmark Financial: Average Car Insurance Rates by State

Depositors and Hallmark Financial only compete against each other in one states, with Hallmark Financial offering more affordable premiums to the average driver in all of them. Nevada has the most noticable difference, where Hallmark Financial rates are over 30% cheaper than auto insurance prices at Depositors.

There's a lot more that goes into your insurance bill than just the state you live in. Keep reading to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- usually pay a lot for car insurance compared to older drivers. That's generally because young, inexperienced drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

That being said, that doesn't mean teen drivers can't still save money on their insurance. For example, 18-year-old drivers pay an average of more than $150 less a month by choosing Depositors over Hallmark Financial.

But with both carriers, you'll see your premiums reduce significantly by the time you turn 25. For example, average rates for Depositors policyholders lower nearly $200 and Hallmark Financial's prices drop around $300 over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll normally enjoy the most affordable auto insurance rates you'll ever see. You've been on the road for years, and all that experience pays off when it comes to your monthly prices for car insurance.

So, which company offers the best premiums to retired drivers? Depositors gets the edge here, with average rates coming in at about $111 per month compared to Hallmark Financial's $154.

Which is the Best Company for Married Drivers?

Did you know that auto insurance prices are typically more expensive for single drivers than they are for married drivers? This usually boils down to married policyholders having more than one car on their policy -- something many car insurance companies will reward with discounts.

When it comes to relationship status, Depositors is the clear winner for single policyholders, with premiums around $84 per month less expensive than Hallmark Financial, on average. The advantage is also clear for married couples - Depositors offers the cheapest average rates.

Depositors vs. Hallmark Financial: Average Rates by Gender

Men are statistically more likely than women to cause a collision and get into accidents. That means when it comes to insurance men will generally end up paying a little more.

Usually, women see prices about 6% a month less with Depositors, and around 9% less with Hallmark Financial.

When it comes to the most affordable premiums for each gender, Depositors comes out as the lowest option for both genders. On average, women save about $58 per month and men save about $69 with Depositors compared to the average Hallmark Financial policyholder.

Depositors or Hallmark Financial: 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.

Auto insurance isn't the easiest topic to understand. There are a variety of different coverages that account for several different things. Some protect you and your vehicle, while others only provide coverage for other people's property and health if you cause an accident.

However, the 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 their passengers if you cause a collision) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, in addition to what you get with liability coverage).

If you're looking for state minimum liability insurance, Depositors usually offers significantly cheaper rates of $84 compared to Hallmark Financial's $115. When it comes to full coverage policies with similar limits, Depositors again has the edge, with policies around $95 a month less expensive than Hallmark Financial, on average.

Is Depositors or Hallmark Financial Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from car insurance carriers offering great premiums 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 at-fault accidents on your record, but which of these two companies offers the cheapest prices to drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Depositors policyholders can expect their premiums to go up an average of $24 per month if they get a ticket, while Hallmark Financial normally raises prices about $14 a month, on average.

But Depositors tends to offer the best prices for both drivers who have a recent speeding ticket and those with clean records -- their rates are around 45% more affordable for drivers with clean records and 38% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in an accident can expect to see their rates climb by over $50, while those who have insurance through Hallmark Financial will see around a $35 increase.

Overall, drivers who use Depositors end up with the cheaper prices after an accident, with monthly prices averaging $157 compared to Hallmark Financial's $229.

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 a collision. Depositors drivers usually see a 46% raise in their insurance premiums after a DUI charge, while Hallmark Financial will typically climb rates by about 8%.

If you have a DUI on your record and are looking for more affordable premiums, Depositors tends to be the much less expensive option with average rates of $198 monthly compared to $212 from Hallmark Financial.

How does Credit Score Impact Depositors and Hallmark Financial Rates?

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

Car insurance companies 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 more affordable prices.

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

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Depositors or Hallmark Financial 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 sizable impact on your monthly insurance cost? Normally, the more miles you drive, the more you can expect to pay for coverage.

In this case, neither Depositors or Hallmark Financial report increasing rates for drivers with higher annual mileage figures. That being said, Depositors comes out as the cheapest for drivers at both intervals, whether they put 6,000 or 12,000 miles on their car annually, with average prices of $148 per month for both.

Depositors vs. Hallmark Financial: Compare Rates for Urban, Suburban, and Rural Drivers

Where your home is can have a big impact on your monthly auto insurance payment. Typically, 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 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 cheapest prices from both companies, but Depositors comes out on top with average premiums around $130 a month. Depositors also has cheaper average rates for policyholders in urban and suburban ZIP codes -- a $51 and $90 a month respective difference when compared to Hallmark Financial drivers in similar areas.

Depositors vs. Hallmark Financial 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 auto insurance discounts comes into play.

But with what seems like a million different discounts out there, it can be hard to find all the ones you're eligible for or to nail down the carrier that has the most discounts for your unique driver profile.

In the table below, we've taken a look at all of the different discounts Depositors and Hallmark Financial offer their customers so that you can easily see which company offers the most discounts and, therefore, the biggest savings.

Depositors blows Hallmark Financial away when it comes to the sheer amount of discounts available, offering 13 more discounts than Hallmark Financial.

There are a couple discounts both carriers offer, but Depositors also offers advance quote discounts, COVID-19 relief discount, distant student discounts, and more that Hallmark Financial does not.

On the flip side, Hallmark Financial has a couple unique discounts of its own -- education discounts and foreign license discounts.

Final Thoughts: Is Depositors or Hallmark Financial Best for You?

So, we've broken down the average prices for many of the factors car insurance companies look at, and we've shown you all the discounts each company offers. But, at the end of the day, which carrier is the right one for you and your specific profile and needs?

Depositors might be best for you if....

• You're worried about the impact your credit score will have on your premiums.
• You're looking for more protection with "full coverage" insurance.
• You and your spouse are buying auto insurance together.

Hallmark Financial might be best for you if...

• You have a more unique driver profile than those we mentioned above.

We hope this guide helps you get a good idea of the differences between Depositors and Hallmark Financial and that you can now make a more informed decision when it comes to your car insurance.

At the end of the day, the best way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from multiple carriers, not just Depositors and Hallmark Financial. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get free quotes from dozens of top insurance companies in your area, all in just a few minutes.

Depositors vs. Hallmark Financial FAQs

Is Depositors or Hallmark Financial cheaper?

Looking just at the national average rates, Depositors is the less expensive of the two carriers, offering average rates of $148 per month compared to $211 for Hallmark Financial. Even so, Depositors won't necessarily be the most affordable company for everyone, since there are lots of different variables (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Depositors or Hallmark Financial?

Sadly, the only answer we can give you is "it depends.". One carrier is not necessarily "better" for everyone -- it all depends on the makeup of your unique auto insurance profile.

Why do Depositors and Hallmark Financial offer me different rates?

Insurance companies take a look at lots of different factors when calculating the prices they charge policyholders. Variables such as your driving record, where you call home, age, gender, and sometimes even things like your credit score can all come into play. Both Depositors and Hallmark Financial calculate premiums using different factors, so each one will most likely offer different rates. 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 Depositors or Hallmark Financial is right for me?

The only way to find the car insurance carrier that's right for you is by getting quotes from several companies and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your information once and you'll get free quotes from dozens of the best insurance carriers in your area. With those, you can guarantee you're getting the most affordable rate. And who knows, the best company for you might not be Depositors or Hallmark Financial 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.