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

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

  • Looking at the national averages for auto insurance, Depositors offers significantly less expensive premiums than Key
  • Depositors has more affordable rates for drivers who have below-average credit
  • Depositors tends to be a much cheaper option for drivers with a DUI

Depositors or Key: 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 big savings, you're probably wondering exactly how much you might be able to save.

You might have narrowed it down to Depositors or Key as your top options, but between the two, which company will save you the most?

Depositors Key

Looking at the national average rates for both carriers, Key has average rates that are around 50% a month more expensive than those from Depositors.

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

So, if you want to find out which of Depositors or Key is really the best for you, keep reading to see average rates for each company broken down by many different rate factors.

Depositors vs. Key: Average Car Insurance Rates by State

State Depositors Key

Depositors and Key only compete against each other in Nevada, where Depositors offers the cheaper average premiums. Depositors drivers tend to pay about $114 per month less on average compared to drivers who use Key for their car insurance.

That being said, there's a lot more that goes into your auto insurance payment 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 Key
18-year-old drivers$311$679
25-year-old drivers$132$234

Young drivers -- especially teens -- typically pay a lot for insurance compared to older drivers. That's normally because teen 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 that teen drivers have to just accept sky-high auto insurance prices. Just look at the table above -- where 18-year-old drivers who have Depositors for their car insurance pay over 55% less than those who use Key.

Even so, both carriers will reduce rates by the time drivers turn 25. Key offers the steepest reduction, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, Depositors still has the most affordable premiums at $132 a month.

Which is the Best Company for Retired Drivers?

Depositors Key
65+-year-old drivers$111$223

When it comes to auto insurance, patience and experience pay off, with drivers around retirement age paying some of the lowest prices out there.

When looking at Depositors and Key specifically, which carrier is best for retired drivers? Depositors gets the edge, with rates for drivers 65 and older more than 50% cheaper than the national average for Key.

Which is the Best Company for Married Drivers?

Depositors Key

Single drivers tend to get offered slightly more expensive car insurance premiums than married policyholders. That's usually because married drivers tend to own and insure several vehicles, which can often earn you a discount.

For single policyholders, the difference in average prices between these two companies is significant, with Depositors premiums coming in at about half of Key's. The advantage is also clear for married couples - Depositors offers the cheapest average rates.

Depositors or Key: Average Rates by Gender

Depositors Key

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

With Depositors, women usually pay around 6% a month less than men, and over 15% less with Key when compared to their male counterparts.

Looking at the data for each company specifically, Depositors comes out on top for both men and women, with average premiums 51% less for men and 45% cheaper for women.

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Depositors vs. Key: Compare State Minimum vs. Full Coverage Rates

Depositors Key
State Minimum*$84$196
Full Coverage**$211$373

*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. Everyone needs insurance, but there are so many different terms and coverages that it can be hard to find the right policy for you.

The two most common policies end up falling into two different types of coverage -- liability coverage (that covers bodily injury and property damage for other drivers if you cause a collision) and full coverage (which includes two additional coverages -- collision and comprehensive -- in addition to what you get with liability coverage).

Looking specifically at state minimum liability limits, Depositors has the significant 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 about $211 per month to Key's $373.

Is Depositors or Key Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their auto insurance. But that's not to say you can't save money if you don't have the best driving record, either.

You'll probably end up paying more with collisions and speeding tickets on your record, but which of these two carriers offers the most affordable prices to drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Depositors Key
Clean Record$106$210
1 Speeding Ticket$130$210

Policyholders with Key car insurance policies don't report seeing their rates increase after getting a ticket, but Depositors policyholders can expect to see their monthly bill increase by around $25.

However, Depositors is typically the more affordable option for both drivers who have a recent speeding ticket and those with clean records, offering prices that are $104 and $80 less expensive, respectively, compared to Key Insurance Company.

Which Company is Best for Drivers After an Accident?

Depositors Key
Clean Record$106$210
1 At-Fault Accident$157$235

After an accident, drivers who have their insurance through Depositors can expect to see about an $51 -- or around 32% -- rise in their auto insurance premiums. Drivers who use Key for their insurance will see a monthly bill about $25 (or 11%) more expensive after reporting an accident to their auto insurance carrier.

At the end of the day, Depositors offers the lowest rates for drivers with an at-fault collision on their records, with average prices coming in at $157 compared to Key Insurance Company's $235.

Which Company is Best for Drivers with a DUI?

Depositors Key
Clean Record$106$210
1 DUI$198$483

If you get a DUI charge, you can expect some pretty significant increases in your monthly car insurance bill -- generally a lot more than a collision or ticket. On average, Key will raise your premiums around 57% after a DUI, while Depositors's average prices rise by more than 45%.

But if you end up with a DUI charge and are looking for more affordable premiums, Depositors tends to be cheaper for the average driver, with monthly premiums coming in at about $198 to Key's $483.

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How does Credit Score Impact Depositors and Key Rates?

Often times, your credit score can come into play when companies determine your monthly bill. This isn't true for everyone (Hawaii, for example, has banned the use of credit score as an insurance factor) but it will come into play for quite a few drivers.

Auto 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 Depositors and Key, which one has the best rates for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

Depositors Key
Excellent Credit Score$117$285
Good Credit Score$134$285

If you have a solid credit score, Depositors will normally reward you the most. For drivers with "excellent" credit scores, Depositors comes in nearly 58.95 more affordable. Drivers with "good" credit scores typically save around 53% with Depositors compared to average premiums from Key.

Which Company is Best for Drivers with Bad Credit?

Depositors Key
Fair Credit Score$155$285
Poor Credit Score$185$285

Depositors typically offers lower prices than Key when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay about 46% a month less with Depositors compared to Key, and those with "poor" scores generally save an average of around 35% per month.

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

Depositors Key
6,000 Annual Miles$148$285
12,000 Annual Miles$148$285

Did you know that the amount of time you spend in your car have a pretty big impact on your monthly insurance bill? Normally, those who drive less will end up with less expensive rates since there's less of a chance of causing an accident and filing an insurance claim.

In this case, neither Depositors or Key report increasing prices for drivers with higher annual mileage figures. Still, Depositors comes out as the most affordable for drivers at both intervals, whether they put 6,000 or 12,000 miles on their car yearly, with average premiums of $148 per month for both.

Depositors or Key: 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 large impact as well. Usually, those who live in urban areas will pay more than policyholders in rural areas since there are a lot more vehicles on the roads where they live.

Depositors Key
Urban Areas$174$386
Suburban Areas$139$234
Rural Areas$130$234

Depositors boasts the cheapest average prices for drivers in all areas, regardless of if they're urban, suburban, or rural.

Those in rural areas can expect to save about $104 with Depositors compared to Key. People who live in suburban areas pay around $95 less with Depositors compared to Key. For drivers in urban ZIP codes, Depositors Insurance Company's average rates are about $212 less than Key Insurance Company.

Depositors vs. Key Discounts

No matter why you might be in the market for a new insurance policy, you're always going to want to save as much money as you can, and the best way to do that is by utilizing as many auto insurance discounts as possible.

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

Luckily, we did the hard work for you and compared all of the different discounts offered by Depositors and Key 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 Key
Advance Quote Discount 
Covid-19 Relief Discount 
Defensive Driver Discount
Distant Student Discount 
EFT Discount 
Employee Discount 
Good Driving Discount
Good Student Discount 
Group Discount 
Homeowner Discount 
Intra-Agency Transfer Discount 
Life Policy Discount 
Multi-Car Discount
Multi-Policy Discount 
New Vehicle Discount 
Paperless Discount 
Passive Restraint Discount

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

A couple of those are overlapping for things like discounts for being a defensive driver, discounts for insuring multiple cars with the same company, and passive restraint discounts. Depositors also offers discounts for advance quote, COVID-19 relief, distant student, and more.

Key's discounts come through just a few categories, including Defensive Driver, Good Driving, Multi-Car, and more.

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Final Thoughts: Is Depositors or Key Best for You?

You've seen the role certain variables have on your car insurance and the different discounts companies offer. But, at the end of the day, is Depositors or Key the right carrier for you and your specific driver profile?

Depositors might be best for you if....

  • You want to save money on your insurance after a collision.
  • You want to save extra money with discounts.
  • You have a short commute.

Key might be best for you if...

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

Hopefully, this guide has ben a valuable resource as you compare Depositors and Key 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 auto insurance -- comparing quotes from a handful of carriers, not just Depositors and Key. Luckily, sites like make it easy for you to do just that. Simply enter your ZIP codes below and get multiple free quotes from some of the best insurance companies in your area, all in just a few minutes.

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Depositors vs. Key FAQs

Is Depositors or Key cheaper?

Depositors is the cheaper of the two carriers when looking at national average premiums, with policies averaging $148 a month with Depositors and $285 for Key. Even so, that doesn't mean Depositors will be the lowest company for everyone, since there are several different factors that are considered when it comes to your car insurance cost.

Who is better, Depositors or Key?

Unfortunately, the real answer is "it depends.". One carrier is not necessarily "better" for everyone -- it all boils down to your unique auto insurance profile.

Why do Depositors and Key offer me different rates?

Insurance companies use several different variables when determining the prices they charge. Factors such as age, where you park your car, gender, your driving record, and sometimes even things like your credit score can all come into play. Both Depositors and Key calculate rates using different variables, so it's likely they'll offer different premiums. The best way to determine which company is the most affordable for you is by comparing personalized quotes from a bunch of different carriers.

How do I know if Depositors or Key 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, sites like do all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top auto insurance carriers for free. With those, you can guarantee you're getting the cheapest premium. And maybe you'll find that the best company for you isn't Depositors or Key at all, but another you hadn't even thought of!


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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