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

Quick Facts

• Based on national averages for auto insurance, Depositors offers significantly less expensive premiums than Mercury
• Depositors has cheaper rates for policyholders who may not have much of a commute
• Mercury offers more discounts than Depositors Insurance Company

Depositors vs. Mercury: 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 large discounts, you're probably wondering exactly how much you might be able to save.

You've maybe even narrowed it down to Depositors or Mercury as your top options, but which one will save you the most?

Looking at the national average rates for both companies, Mercury is quite a bit more expensive than Depositors, with prices averaging $295 per month compared to just $148 with Depositors.

That being said, that doesn't mean Depositors will necessarily be more affordable than Mercury for every single driver. After all, car 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, premiums from every carrier will differ quite a bit from person to person.

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

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

But there's more to calculating auto insurance rates than just your home state. Continue reading to learn more about how other factors will affect your rates.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- normally pay a lot for car insurance compared to older drivers. That's typically because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

But that doesn't mean that teen drivers have to just accept sky-high auto insurance prices. As you can see above, teens who use Depositors save more than $400 a month compared to those who use Mercury.

However, both companies will offer you dramatically lower premiums by the time drivers turn 25. For example, average prices for Depositors policyholders decrease nearly $200 and Mercury's rates drop about $500 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 cheapest premiums you can find.

So, which carrier offers the best prices to retired drivers? Depositors gets the edge, with rates for drivers 65 and older almost 50% more affordable than the national average for Mercury.

Which is the Best Company for Married Drivers?

Did you know that auto insurance premiums are usually cheaper for married drivers than they are for single policyholders? This usually boils down to married couples having more than one car on their policy -- something quite a few insurance carriers will reward with discounts.

When it comes to relationship status, Depositors is the clear winner for single drivers, with prices around $188 per month more affordable than Mercury, on average. For married policyholders, the advantage is clear again - Depositors has the edge when it comes to average rates.

Depositors vs. Mercury: Average Rates by Gender

You may not know, but car insurance is generally cheaper for women than it is for men. This is because men are more likely to get into accidents and get tickets, which raises the chances of an insurance claim.

Women usually pay about 6% a month less than men with Depositors, while with Mercury, the difference is closer to 5% per month.

Looking at overall affordability, Depositors comes out as the most affordable option for both genders, with average premiums $150 less for men and $145 cheaper for women.

Depositors or Mercury: 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.

For most people, insurance can be pretty complicated. Everyone needs auto insurance, but there are so many different terms and coverages that it can be hard to find the right policy.

The two most common policies end up falling into two different types of coverage -- liability only (which covers the other party's property damage and injuries if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to what you get with liability).

If you're looking for state minimum liability insurance, Depositors typically offers significantly less expensive rates of $84 compared to Mercury's $184. When it comes to full coverage policies with similar limits, Depositors again has the edge, with policies around $200 a month more affordable than Mercury, on average.

Is Depositors or Mercury Better for Drivers with Spotty Records?

It's no big secret that drivers who are accident-free get better deals on their car insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

At-fault accidents and tickets will most likely raise your prices, but is Depositors or Mercury less expensive for drivers with spotty 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 Mercury generally raises prices about $57 a month, on average.

Even so, Depositors has cheaper rates for drivers in both categories -- their rates are around 55% less expensive for drivers with clean records and 56% more affordable for those with a ticket.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in a collision can expect to see their premiums climb by over 30%, while those who have insurance through Mercury will see around a 30% increase.

Overall, Depositors offers the lowest rates for drivers with an at-fault accident on their records, with monthly prices averaging $157 compared to Mercury Insurance's $346.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge, you can expect some pretty significant increases in your monthly insurance bill -- normally a lot more than an accident or speeding ticket. On average, Depositors will climb your premiums about 46% after a DUI, while Mercury's average rates increase by over 20%.

How does Credit Score Impact Depositors and Mercury Rates?

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

Car insurance companies argue that those with poor credit scores are less likely to pay their bills on time each month, which increases the risk involved on their end, while the opposite is true for those with good credit.

So, which company offers the cheapest prices for drivers 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 Mercury 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 premiums? Generally, those who drive fewer miles will end up with cheaper prices since there's less of a chance of getting into a collision and causing an insurance claim.

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

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

Where your home is can have a considerable impact on your monthly insurance bill. Normally, those who live in rural areas will pay less than policyholders in urban areas because of the small number of cars that are on the roads in those areas.

When comparing these two carriers side-by-side, Depositors usually comes out as the lowest option for drivers in all areas, regardless of if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Depositors offers prices around $174 per month compared to Mercury's $401. People who live in suburban ZIP codes can expect to pay about $139 a month for Depositors and $275 for Mercury. Lastly, those in rural areas tend to get the most affordable premiums from both companies, with average monthly rates coming in at $130 and $209 for Depositors and Mercury respectively.

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

In the section below, we've compared all of the different discounts offered by Depositors and Mercury so that you can find the company that has the most discounts and, therefore, the biggest savings.

Mercury knocks Depositors out of the park when it comes to the sheer number of discounts available, offering 10 more discounts than Depositors.

A couple of those are overlapping for things like COVID-19 relief discount, distant student discounts, employee discounts, and group discounts. Mercury also offers ABS discounts, anti-theft discounts, continuous insurance discounts, and more that Depositors does not.

On the flip side, Depositors has a couple unique discounts of its own -- EFT discounts, intra-agency transfer discounts, life policy discounts, and more.

Final Thoughts: Is Depositors or Mercury Best for You?

So, we've broken down the average prices for many of the variables auto insurance carriers look at, and we've shown you all the discounts each carrier offers. But, when it comes down to it, is Depositors or Mercury the best carrier for you and your specific needs?

Depositors might be best for you if....

• You're single and purchasing car insurance by yourself.
• Your home is located in the suburbs.
• You are over 65 years old and want to save some money on your insurance.

Mercury might be best for you if...

• You value the experience that comes with a large national auto insurance company.
• You're looking for the carrier with the most discounts.

We hope this guide has ben a valuable resource as you compare Depositors and Mercury. We also hope we've given you the information you need to make the best decision when it comes to your insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your car insurance policy is to compare quotes from a handful of companies, not just Depositors and Mercury. 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. Mercury FAQs

Is Depositors or Mercury cheaper?

Looking just at the national average rates, Depositors is the less expensive of the two companies, offering average rates of $148 per month compared to $295 for Mercury. However, Depositors won't necessarily be the cheapest company for everyone, since there are a bunch of different factors that come into play when it comes to your insurance cost.

Who is better, Depositors or Mercury?

Sadly, the real answer is "it depends.". Neither carrier is "better" for every driver -- it all depends on what your unique car insurance profile looks like.

Why do Depositors and Mercury offer me different rates?

Auto insurance carriers take a look at several different variables when determining the premiums they charge policyholders. Things such as your driving record, age, gender, where you call home, and sometimes even things like your credit score can all come into play. Both Depositors and Mercury calculate rates differently, so each one will most likely offer different prices. The only real way to see which company is the most affordable for you is by comparing personalized quotes from a range of different companies.

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

The only way to find the insurance carrier 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 area information and you'll get free quotes from dozens of the best car insurance companies in your area. With those, you can guarantee you're getting the lowest premium. And who knows, the best company for you might not be Depositors or Mercury 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.