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

Quick Facts

• Looking at the national averages for car insurance, Depositors offers significantly less expensive prices than Motorists
• Depositors offers more affordable average rates for drivers who have a speeding ticket on their driving record
• Depositors has cheaper premiums for policyholders who are looking to purchase insurance with a spouse

Depositors or Motorists: Which Company has the Cheapest Car Insurance?

Are you in the market for a new insurance policy? You've probably seen commercials and billboards from companies offering pretty big savings, but exactly how much money can you save by switching?

You might be considering Depositors or Motorists, but between the two, which one has less expensive rates for insurance?

Looking at the national average rates for both carriers, Depositors has average rates that are around 40% a month more affordable than those from Motorists.

Even so, Depositors may not be the cheapest or best option for each driver out there. Car insurance companies use all sorts of complex algorithms to determine prices, so depending on how old you are or where you live (among a wide array of other factors), you could see wildly different premiums from the ones above.

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

Depositors vs. Motorists: Average Car Insurance Rates by State

Depositors and Motorists only compete against each other in one states, with Depositors offering less expensive prices to the average driver in all of them. Indiana has the most noticable difference, where Depositors rates are $4 cheaper than auto insurance premiums at Motorists.

That being said, there are plenty of other factors that go into your 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 usually pay a lot more for car insurance than any group on the road. The reason is that teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But still, even with seemingly sky-high prices, teen drivers can still find ways to save money. Just look at the table above -- where 18-year-old drivers who have Depositors for their insurance pay over 25% less than those who use Motorists.

That being said, both carriers will offer you dramatically lower rates by the time you turn 25. For example, average prices for Depositors policyholders drop almost 60% and Motorists's premiums lower nearly 45% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age typically enjoy some of the most affordable auto insurance rates you'll ever find. After all, they've likely been driving for quite some time, which normally decreases their chances of collisions and other infractions that can raise prices.

But who has the best premiums for retired drivers between Depositors and Motorists? Depositors gets the edge, with rates for drivers 65 and older $108 more affordable than the national average for Motorists.

Which is the Best Company for Married Drivers?

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

For single policyholders, the difference in average premiums between these two carriers is significant, with Depositors prices coming in at a third less than Motorists's. For married couples, the advantage is clear again - Depositors has the edge when it comes to average rates.

Depositors or Motorists: Average Rates by Gender

You may not know, but men typically pay more for auto insurance than women do. This is because men are statistically more likely than women to get pulled over for speeding or get into a collision, which leads to increased risk for insurers and, therefore, higher premiums.

On average, men see rates about 6% per month higher with Depositors, and around 5% with Motorists.

When it comes to the lowest prices for each gender, Depositors comes out on top for both men and women. On average, women save about $102 a month and men save about $105 with Depositors compared to the average Motorists policyholder.

Depositors vs. Motorists: 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.

It's no secret that car insurance can be a complicated subject for most people. Everyone needs insurance, but there are so many different terms and limits that it can be hard to find the right policy for you.

However, most policies that drivers look at fall into two categories -- liability coverage (which provides property damage and bodily injury coverage for other drivers and passengers if you cause an accident) and full coverage (which normally refers to having collision and comprehensive coverages in addition to liability).

Looking specifically at state minimum limits for liability insurance, Depositors has the significant edge, with average monthly premiums 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 around $211 per month to Motorists's $379.

Is Depositors or Motorists 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 accidents and speeding tickets lead to higher premiums, but which carrier -- Depositors or Motorists -- has the cheapest prices for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Depositors for their insurance can generally expect their monthly bill to go up about 18% after getting a speeding ticket. Motorists policyholders can expect a less drastic increase of around 10%.

But Depositors is usually the cheaper option for drivers both with a ticket and with a clean record. With Depositors Insurance Company, drivers with a clean record can save about $63 a month and drivers with a speeding ticket can save around $57 per month.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in a collision can expect to see their premiums increase by over 30%, while those who have insurance through Motorists will see about a 20% increase.

At the end of the day, the less expensive rates come from Depositors, with average prices coming in at $157 compared to Motorists Insurance Group's $206.

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. Motorists drivers usually see a 62% increase in their auto insurance premiums after a DUI charge, while Depositors will generally raise prices by around 46%.

But if you end up with a DUI charge and are looking for more affordable rates, Depositors tends to be more affordable for the average driver, with monthly premiums coming in at about $198 to Motorists's $442.

How does Credit Score Impact Depositors and Motorists Rates?

Did you know many car insurance carriers take into account your credit score when determining premiums? This isn't true for everyone (for example, Massachusetts and Michigan are two states that ban the practice entirely), but it does affect lots of policyholders out there.

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 cheaper rates.

So, which company offers the most affordable prices for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, Depositors will normally reward you the most. For drivers with "excellent" credit scores, Depositors comes in more than 26.42 more affordable. Drivers with "good" credit scores typically save around 28% with Depositors compared to average premiums from Motorists.

Which Company is Best for Drivers with Bad Credit?

Depositors typically offers lower rates than Motorists when it comes to drivers with bad credit. Drivers with "fair" credit pay about 33% a month less with Depositors compared to Motorists, and those with "poor" scores usually save an average of around 57% a month.

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

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

As you can see in the table above, annual mileage doesn't have much of an impact on how much Depositors charges. However, there's a small difference in monthly rates for Motorists, with policyholders who drive 6,000 miles every year paying about $10 less each month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Depositors is the more affordable carrier.

Depositors or Motorists: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your car can have a considerable impact on your monthly car insurance bill. Typically, policyholders who live in less densely populated rural areas will pay quite a bit less than urban drivers because of the small number of vehicles that are on the roads where they live.

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

Those in rural areas can expect to save around 48% with Depositors compared to Motorists. People who live in suburban areas pay about 35% less with Depositors compared to Motorists. For policyholders in urban ZIP codes, Depositors Insurance Company's average rates are around 39% less than Motorists Insurance Group.

Depositors vs. Motorists Discounts

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

The hard part is finding all of the discounts you qualify for, since it can feel sometimes like every carrier has different discounts and each one is advertised differently.

Luckily, we did the hard work for you and compared all of the different discounts offered by Depositors and Motorists so that you can easily see which company offers the most discounts and, therefore, the largest savings.

Overall, Depositors has advantage when it comes to total number of discounts. Motorists offers a grand total of 14 discounts, while Depositors has 17.

There are a couple discounts both companies offer, but Depositors also offers discounts for COVID-19 relief, distant student, EFT, and more.

On the other hand, Motorists has a few proprietary discounts of their own for things like ABS discounts, anti-theft discounts, empty nester discounts, and more.

Final Thoughts: Is Depositors or Motorists Best for You?

You've seen the effect certain variables have on your insurance and the different discounts carriers offer. That's all well and good, but when it comes down to it, is Depositors or Motorists the best fit for you?

Depositors might be best for you if....

• Your driving record includes a DUI charge.
• You live in an suburban area.
• You want to save money while purchasing auto insurance for a teenager.

Motorists might be best for you if...

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

Hopefully, this guide helps you get a better idea of the difference between Depositors and Motorists and that you can now make a more informed decision when it comes to your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your insurance policy is to compare quotes from a handful of companies, not just Depositors and Motorists. Luckily, sites like Compare.com 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 auto insurance carriers in your area, all in just a few minutes.

Depositors vs. Motorists FAQs

Is Depositors or Motorists cheaper?

Depositors is the cheaper of the two companies when looking at national average prices, with policies averaging $148 per month with Depositors and $251 for Motorists. However, that doesn't mean Depositors will be the cheapest company for everyone, since there are a range of different factors that are considered when it comes to your insurance payment.

Who is better, Depositors or Motorists?

Sadly, the only answer we can give you is "it depends.". No single carrier is "better" for everyone -- it all depends on the makeup of your unique car insurance profile.

Why do Depositors and Motorists offer me different rates?

Auto insurance carriers use quite a few different variables when calculating the premiums they charge. Factors like gender, where you call home, your driving record, age, and sometimes even things like your credit score can all be taken into consideration. Both Depositors and Motorists calculate rates differently, so it's likely they'll offer different prices. The best way to determine which company is the lowest for you is by comparing personalized quotes from a variety of different companies.

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

The only way to find the car insurance carrier that's right for you is by getting quotes from several carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top insurance companies for free. With those, you can guarantee you're getting the cheapest rate. And maybe you'll find that the best company for you isn't Depositors or Motorists at all, but another you hadn't even thought of!

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.