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

You've probably seen ads offering big savings on insurance, but are Depositors or Imt right for you? Which company offers the cheapest rates, or the most discounts? Read on to see how Depositors and Imt compare, and to find out which carrier is the best one for you, your vehicle, and your budget.
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Quick Facts

  • Based on national averages for auto insurance, Imt offers significantly more affordable prices than Depositors
  • Depositors offers more discounts than IMT Insurance
  • Imt tends to be a much cheaper option for drivers with a DUI charge on their record

Depositors vs. Imt: 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 large discounts. But exactly how much can you save by switching?

You've maybe even narrowed it down to Depositors or Imt for your next policy, but between the two, which company has less expensive premiums for insurance?

Depositors Imt

Looking at the national average rates for both companies, Imt has average rates that are about 25% per month cheaper than those from Depositors.

Even so, that doesn't mean Imt will necessarily be less expensive than Depositors for every single driver. After all, auto insurance carriers can offer drastically different rates to each driver depending on rating factors like your driving record, where you call home, your age, or even your credit score (among other things). So, at the end of the day, prices from every company will differ quite a bit from person to person.

Luckily, we've broken down average rates from both Depositors and Imt by a bunch of different rate factors, so read on to find out which carrier is the best for you.

Depositors or Imt: Average Car Insurance Rates by State

State Depositors Imt

Depositors and Imt only compete against each other in one states, with Imt offering more affordable premiums to the average driver in all of them. Iowa has the most noticable difference, where Imt rates are over 50% less expensive than car insurance prices at Depositors.

But there's more to calculating insurance premiums than just the state you live in. Keep reading to find out more.

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Which is the Best Company For Young Drivers?

Depositors Imt
18-year-old drivers$311$201
25-year-old drivers$132$108

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

But still, even with seemingly sky-high prices, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of more than $100 less a month by choosing Imt over Depositors.

That being said, both companies will drop premiums by the time drivers turn 25. Imt offers the steepest reduction, with 25-year-olds paying less than half what 18-year-old drivers are charged. Depositors's average rates decrease nearly 60% during that same period.

Which is the Best Company for Retired Drivers?

Depositors Imt
65+-year-old drivers$111$82

Drivers around retirement age usually enjoy some of the most affordable car insurance prices out there. After all, they've likely been driving for quite some time, which typically lowers their chances of accidents and other infractions that can increase premiums.

So, which company offers the best rates to retired drivers? Imt gets the edge, with premiums for drivers 65 and older $29 cheaper than the national average for Depositors.

Which is the Best Company for Married Drivers?

Depositors Imt

You may not be aware, but auto insurance prices tend to be more affordable for married drivers than they are for single drivers. That's because policies for married policyholders generally cover multiple cars, which a lot of carriers will offer you a discount for.

When it comes to relationship status, Imt is the clear winner for single policyholders, with rates around $47 per month cheaper than Depositors, on average. The advantage is also clear for married couples - Imt offers the lowest average premiums.

Depositors vs. Imt: Average Rates by Gender

Depositors Imt

Men are statistically more likely than women to get into an accident or get pulled over for speeding, which means they'll usually end up paying more for insurance than women.

Normally, men see prices about 6% a month higher with Depositors, and around 10% more with Imt.

When it comes to the most affordable rates for each gender, Imt comes out as the cheapest option for both genders. On average, male drivers save about $37 per month and women save about $40 with Imt compared to the average Depositors policyholder.

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Depositors or Imt: Compare State Minimum vs. Full Coverage Rates

Depositors Imt
State Minimum*$84$58
Full Coverage**$211$160

*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, car insurance can be pretty complicated. There are multiple different coverages that account for a range of different things. Some protect you and your vehicle, 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 only (which provides property damage and bodily injury coverage for other drivers and passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to liability).

If you're looking for state minimum limits for liability insurance, Imt generally offers significantly less expensive premiums of $58 compared to Depositors's $84. When it comes to full coverage policies with similar limits, Imt again has the edge, with policies around $50 a month more affordable than Depositors, on average.

Is Depositors or Imt 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.

It's no secret secret that at-fault collisions and tickets lead to higher prices, but which carrier -- Depositors or Imt -- has the lowest rates for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Depositors Imt
Clean Record$106$76
1 Speeding Ticket$130$89

Depositors policyholders can expect their prices to go up an average of $24 per month if they get a ticket, while Imt normally raises premiums about $13 a month, on average.

However, Imt has less expensive prices for drivers in both categories, offering rates that are 28% and 32% cheaper, respectively, compared to Depositors Insurance Company.

Which Company is Best for Drivers After an Accident?

Depositors Imt
Clean Record$106$76
1 At-Fault Accident$157$134

After an accident, drivers who have their insurance through Depositors can expect to see around an $51 -- or about 32% -- increase in their car insurance premiums. Drivers who use Imt for their auto insurance will see a monthly bill around $58 (or 43%) more expensive after reporting a collision to their car insurance company.

Overall, the more affordable rates come from Imt, with monthly prices averaging $134 compared to Depositors Insurance Company's $157.

Which Company is Best for Drivers with a DUI?

Depositors Imt
Clean Record$106$76
1 DUI$198$135

On average, a DUI offense is going to cost you much more than a single accident or speeding ticket when it comes to your insurance bill. Depositors drivers usually see a 46% increase in their car insurance premiums after a DUI charge, while Imt will typically climb prices by about 44%.

If you have a DUI on your record and are looking for more affordable rates, Imt tends to be the much cheaper option with average premiums of $135 per month compared to $198 from Depositors.

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How does Credit Score Impact Depositors and Imt Rates?

Did you know that many insurance carriers take your credit score into account when calculating rates? Certain states and companies do not allow for credit score to be used as a rating factor, but it does affect lots of drivers out there.

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

So, which carrier offers the cheapest premiums for drivers with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Depositors Imt
Excellent Credit Score$117$86
Good Credit Score$134$102

If you have a great credit score, you'll usually find a better deal with Imt. Policyholders with "excellent" credit can save over 25% compared to Depositors, and those with "good" scores can also expect to see savings -- around $32 or 24% more affordable each month.

Which Company is Best for Drivers with Bad Credit?

Depositors Imt
Fair Credit Score$155$108
Poor Credit Score$185$140

Imt typically offers lower prices than Depositors when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about $47 per month less with Imt compared to Depositors, and those with "poor" scores usually save an average of around $45 monthly.

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

Depositors Imt
6,000 Annual Miles$148$109
12,000 Annual Miles$148$109

The amount of time you spend behind the wheel of your car plays a big role in your monthly insurance cost. Generally, those who drive fewer miles will end up with less expensive premiums since there's less of a chance of getting into an accident and causing an insurance claim.

In this case, neither Depositors or Imt report increasing rates for drivers with higher annual mileage figures. That being said, Imt comes out as the most affordable for drivers at both intervals, whether they put 6,000 or 12,000 miles on their vehicle every year, with average prices of $109 a month for both.

Depositors vs. Imt: 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 car insurance, but the type of area you live in can have a big impact as well. Typically, if you live in a rural area with fewer cars on the road, you'll pay a little less for auto insurance, while the opposite is true for people in urban areas.

Depositors Imt
Urban Areas$174$136
Suburban Areas$139$100
Rural Areas$130$90

Imt tends to offer the lowest premiums for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Drivers in rural ZIP codes see the most affordable rates from both companies, but Imt comes out on top with average premiums about $90 a month. Imt also has more affordable average prices for policyholders in urban and suburban ZIP codes -- a $38 and $39 per month respective difference when compared to Depositors drivers in similar areas.

Depositors vs. Imt Discounts

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

But where do you even start? With what seems like a million different discounts out there, it may be hard to find all the ones you're eligible for.

Below, we've broken down all of the different discounts offered by both Depositors and Imt so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Depositors Imt
Advance Quote Discount 
Commercial Product Discount 
Covid-19 Relief Discount 
Defensive Driver Discount
Distant Student Discount
Driver Training Discount 
EFT Discount 
Employee Discount 
Good Driving Discount 
Good Student Discount
Group Discount
Homeowner Discount 
Intra-Agency Transfer Discount 
Life Policy Discount 
Minor Child Discount 
Multi-Car Discount 
Multi-Policy Discount
New Vehicle Discount 
Paid In Full Discount 
Paperless Discount 

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

A couple of those are overlapping for things like discounts for being a defensive driver, discounts for being a good student, and multi-policy discounts. Depositors also offers advance quote discounts, COVID-19 relief discount, EFT discounts, and more that Imt does not.

On the flip side, Imt has a couple unique discounts of its own -- commercial product discounts, discounts for getting driver training, minor child discounts, and more.

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Final Thoughts: Is Depositors or Imt Best for You?

So, you've seen how different factors can affect your insurance rates. We've broken down the different discounts each company offers, too. But, at the end of the day, is Depositors or Imt the best one for you and your specific profile and needs?

Imt might be best for you if....

  • Your driving record contains an at-fault collision.
  • You want basic auto insurance coverage at the state minimum limits.
  • You are over 65 years old and want to save some money on your insurance.

Depositors might be best for you if...

  • You care about discounts (Depositors offers the most).

We hope this guide has ben a valuable resource as you compare Depositors and Imt 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 a handful of carriers, not just Depositors and Imt. Luckily, sites like make it easy for you to do just that. Just enter your ZIP code below and get free quotes from dozens of top car insurance companies in your area, all in just a few minutes.

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Depositors vs. Imt FAQs

Is Depositors or Imt cheaper?

Looking just at the national average premiums, Imt is the cheaper of the two carriers, offering average rates of $109 a month compared to $148 for Depositors. But Imt won't necessarily be the cheapest carrier for each driver, since there are lots of different variables that are considered when it comes to your insurance bill.

Who is better, Depositors or Imt?

Sadly, the real answer is "it depends.". No one company is "better" for everyone -- it all depends on the makeup of your unique auto insurance profile.

Why do Depositors and Imt offer me different rates?

Insurance companies take a look at many different factors when determining the prices they charge policyholders. Things such as where you live, where your home is, age, gender, and sometimes even things like your credit score can all come into play. Both Depositors and Imt calculate rates using different variables, so each one will most likely offer different premiums. The only real way to see which carrier is the lowest for you is by comparing personalized quotes from several different carriers.

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

The only way to find the auto insurance company that's right for you is by getting quotes from several companies and finding the one best suited for your individual budget. Luckily, sites like do all the hard work for you. Just enter your area information and you'll get free quotes from dozens of the best car insurance carriers in your area. That way, you can guarantee you're getting the cheapest premium. And who knows, the best carrier for you might not be Depositors or Imt at all!


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.

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