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

Quick Facts

• In general, Depositors offers significantly cheaper rates than Hastings Mutual
• Depositors offers less expensive average prices for residents of suburban areas
• Hastings Mutual tends to be a much more affordable option for drivers who have received a ticket within the last few years

Depositors vs. Hastings Mutual: Which Company has the Cheapest Car Insurance?

So, you're considering switching your auto insurance. With so many ads from all sorts of companies offering hefty discounts, you're probably wondering exactly how much you might be able to save.

You've maybe even narrowed your search down to Depositors or Hastings Mutual for your next policy, but between the two, which carrier will save you the most?

As you can see, Hastings Mutual has average rates that are about 30% per month more expensive than those from Depositors when looking at the national average rates for car insurance.

But Depositors may not be the cheapest or best option for every driver out there. After all, insurance companies can offer drastically different rates to each driver depending on rating factors like where you call home, your age, your driving record, or even your credit score (among other things), so premiums could differ drastically from person to person.

Wanting to know if Depositors or Hastings Mutual 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 or Hastings Mutual: Average Car Insurance Rates by State

Depositors and Hastings Mutual only compete against each other in two states, with Hastings Mutual offering cheaper rates to the average driver in all of them. Iowa has the most noticable difference, where Hastings Mutual premiums are over 30% less expensive than auto insurance prices at Depositors.

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

Which is the Best Company For Young Drivers?

You might already know that teen drivers generally pay a lot more for insurance than any group on the road. It's because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

That being said, that doesn't mean teen drivers can't still save money on their auto insurance. For example, 18-year-old drivers pay an average of nearly $65 less a month by choosing Depositors over Hastings Mutual.

Even so, both carriers will reduce rates once you turn 25. For example, average prices for Depositors policyholders decrease almost $200 and Hastings Mutual's premiums lower more than $150 over that time.

Which is the Best Company for Retired Drivers?

When it comes to insurance, patience and experience pay off, with drivers around retirement age paying some of the most affordable rates out there.

So, which carrier offers the best prices to retired drivers? Depositors gets the edge, with rates for drivers 65 and older nearly 35% more affordable than the national average for Hastings Mutual.

Which is the Best Company for Married Drivers?

Married policyholders tend to get slightly less expensive car insurance premiums than single drivers. That's usually because married couples tend to own and insure multiple cars, which can often earn you a discount.

When it comes to relationship status, Depositors is the clear winner for those who are single, with rates around $60 per month cheaper than Hastings Mutual, on average. The advantage for married drivers with Depositors is also obvious, where drivers save about $65 a month.

Depositors vs. Hastings Mutual: Average Rates by Gender

Did you know women tend to pay less for auto insurance than men? This is because men are more likely to get into accidents and get tickets, which increases the chances of an insurance claim.

With Depositors, men typically pay around 6% more per month than women., and about 2% with Hastings Mutual.

When it comes to the lowest premiums for each gender, Depositors offers the most affordable average prices for both men and women, with average premiums 29% less for men and 31% cheaper for women.

Depositors or Hastings Mutual: 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 isn't the easiest topic to understand. There are many different coverages that account for a bunch of 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.

The two most common policies end up falling into two different types of coverage -- liability only (which provides property damage and bodily injury coverage for other drivers and passengers if you cause a collision) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, alongside what you get with a liability policy).

If you're looking for state minimum limits for liability insurance, Depositors normally offers significantly more affordable prices of $84 compared to Hastings Mutual's $142. When it comes to full coverage policies with similar limits, Depositors again has the edge, with policies around $70 a month less expensive than Hastings Mutual, on average.

Is Depositors or Hastings Mutual Better for Drivers with Spotty Records?

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

Which Company is Best for Drivers with Speeding Tickets?

Depositors policyholders can expect their rates to go up an average of $24 per month if they get a ticket, while Hastings Mutual generally raises prices about $20 a month, on average.

If you have a clean record, Depositors tends to offer the best rates at around 3% cheaper, while Hastings Mutual has the edge for drivers with a speeding ticket.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their insurance through Depositors can expect to see about an $51 -- or around 32% -- increase in their auto insurance prices. Drivers who use Hastings Mutual for their car insurance will see a monthly bill about $17 (or 13%) more expensive after reporting an accident to their insurance company.

Overall, Hastings Mutual offers the lowest premiums for drivers with an at-fault accident on their records, with monthly rates averaging $126 compared to Depositors Insurance Company's $157.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single collision or ticket when it comes to your car insurance bill. For example, Hastings Mutual increases average premiums by over $350 per month -- that's over a 75% increase.

If you have a DUI on your record and are looking for more affordable prices, Depositors tends to be the much less expensive option with average premiums of $198 per month compared to $478 from Hastings Mutual.

How does Credit Score Impact Depositors and Hastings Mutual Rates?

You may not have known, but your credit score can be used as one of the factors to calculate your monthly auto insurance rates. This isn't always the case (for example, Massachusetts and Michigan are two states that ban the practice entirely), but it does affect a lot of drivers out there.

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

Looking specifically at Depositors and Hastings Mutual, which one has the most affordable premiums for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, you'll usually find a better deal with Depositors. Policyholders with "excellent" credit can save just under 30% compared to Hastings Mutual, and those with "good" scores can also expect to see savings -- around $59 or 31% cheaper every month.

Which Company is Best for Drivers with Bad Credit?

Depositors typically offers lower rates than Hastings Mutual when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay about $52 a month less with Depositors compared to Hastings Mutual, and those with "poor" scores typically save an average of around $90 a month.

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

How much you drive can have a pretty big impact on your monthly auto insurance cost. Normally, the more miles you drive, the more you can expect to pay for coverage.

In this case, neither Depositors or Hastings Mutual report increasing prices for drivers with higher annual mileage figures. Still, 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 premiums of $148 per month for both.

Depositors vs. Hastings Mutual: 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. Usually, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders because there are a lot fewer vehicles on the roads in those areas.

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

Drivers in rural ZIP codes see the cheapest rates from both companies, but Depositors comes out on top with average premiums about $130 monthly. Depositors also has less expensive average prices for policyholders in urban and suburban ZIP codes -- a 40% and 21% a month respective difference when compared to Hastings Mutual drivers in similar areas.

Depositors vs. Hastings Mutual Discounts

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

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

In the section below, we've taken a look at all of the different discounts Depositors and Hastings Mutual offer their customers so that you can see which company can save you the most money each month.

Depositors blows Hastings Mutual away when it comes to the sheer amount of discounts available, offering seven more discounts than Hastings Mutual.

A couple of those are overlapping for things like discounts for being a defensive driver, discounts for being a good student, and passive restraint discounts. Depositors also offers advance quote discounts, COVID-19 relief discount, distant student discounts, and more that Hastings Mutual does not.

On the flip side, Hastings Mutual has a couple unique discounts of its own -- ABS discounts, anti-theft discounts, company car discounts, and more.

Final Thoughts: Is Depositors or Hastings Mutual Best for You?

So, you've seen how different variables can affect your insurance rates. We've shown you all the discounts each carrier offers, too. But, at the end of the day, is Depositors or Hastings Mutual the best carrier for you and your specific driver profile?

Depositors might be best for you if....

• Your credit is below-average.
• Your neighborhood is in a city.
• You've started working from home and don't have much of a commute.

Hastings Mutual might be best for you if...

• You have received a ticket within the last few years.
• Your driving record contains an at-fault accident.

We hope this guide helps you get a good idea of the differences between Depositors and Hastings Mutual. We also hope we've given you the information you need to make the best decision about your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from several carriers, not just Depositors and Hastings Mutual. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get free quotes from dozens of top car insurance companies in your area, all in just a few minutes.

Depositors vs. Hastings Mutual FAQs

Is Depositors or Hastings Mutual cheaper?

Looking just at the national average prices, Depositors is the cheaper of the two carriers, offering average rates of $148 per month compared to $211 for Hastings Mutual. However, Depositors won't necessarily be the most affordable company for everyone, since there are multiple different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Depositors or Hastings Mutual?

Unfortunately, the only answer we can give you is "it depends.". One carrier is not "better" for everyone -- it all boils down to your unique insurance profile. For example, Hastings Mutual offers more affordable premiums for policyholders with an at-fault collision on their record, while Depositors is cheaper for drivers who have less-than-stellar credit scores.

Why do Depositors and Hastings Mutual offer me different rates?

Car insurance companies take a look at quite a few different variables when calculating the rates they charge drivers. Factors like age, gender, where you live, your driving record, and sometimes even things like your credit score can all be used. Both Depositors and Hastings Mutual calculate prices using different variables, 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 a range of different carriers.

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

The only way to find the insurance carrier that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, Compare.com makes 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 carriers in your area. That way, you can guarantee you're getting the best price. And who knows, the best company for you might not be Depositors or Hastings Mutual 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.