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

Quick Facts

• In general, Depositors offers significantly less expensive rates than National Mutual
• Depositors offers more affordable premiums for people who are single and purchasing auto insurance by yourself
• National Mutual offers more discounts than Depositors Insurance Company

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

Are you considering a new insurance policy? 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 National Mutual for your next policy, but which one will save you the most?

As you can see, National Mutual is quite a bit more expensive than Depositors, with rates averaging $201 per month compared to just $148 with Depositors when looking at the national average rates for car insurance.

But that doesn't necessarily mean Depositors will be the cheaper option for every single driver. After all, insurance companies can offer drastically different rates to each driver depending on rating factors like where you call home, your credit score, your age, or even your driving record (among other things), so premiums will change quite a bit from person to person.

Wanting to know if Depositors or National Mutual is really the right carrier for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

Depositors or National Mutual: Average Car Insurance Rates by State

Depositors and National Mutual only compete against each other in two states, with Depositors offering more affordable premiums to the average driver in all of them. Iowa has the most noticable difference, where Depositors prices are over 70% cheaper than auto insurance rates at National Mutual.

But there's more to car insurance than just your home state. As we mentioned above, there's a lot of things that go into how insurance carriers calculate your prices. Read on to find out more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- normally pay a lot for car insurance compared to older drivers. It's because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

Even so, that doesn't mean that teen drivers have to just accept sky-high auto insurance premiums. As you can see above, teens who use Depositors save more than $150 a month compared to those who use National Mutual.

That being said, both companies will drop rates by the time drivers turn 25. For example, average prices for Depositors policyholders reduce nearly 60% and National Mutual's premiums lower over 60% over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll usually enjoy the most affordable car insurance rates you'll ever see. You've been on the road for years, and all that experience pays off when it comes to your monthly prices for auto insurance.

So, which company offers the best rates to retired drivers? Depositors gets the edge, with premiums for drivers 65 and older more than 15% more affordable than the national average for National Mutual.

Which is the Best Company for Married Drivers?

You may not be aware, but insurance rates tend to be less expensive for married drivers than they are for single policyholders. That's because policies for married policyholders generally cover several cars, which quite a few carriers will offer you a discount for.

When it comes to relationship status, Depositors is the clear winner for single drivers, with premiums about $69 per month more affordable than National Mutual, on average. The advantage is also clear for married couples - Depositors offers the cheapest average prices.

Depositors vs. National Mutual: Average Rates by Gender

Did you know men typically pay more for car insurance than women? This is because men are statistically more likely than women to get into accidents and get tickets, which leads to increased risk for insurers and, therefore, higher rates.

Men generally pay almost $10 a month more than women with Depositors, and over $20 with National Mutual.

Looking at overall affordability, Depositors comes out as the lowest option for both genders, with average prices $60 less for men and $48 cheaper for women.

Depositors or National 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.

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

However, most policies that many drivers look at fall into two categories -- liability only (which provides property damage and bodily injury coverage for other drivers and their passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to what you get with a liability policy).

If you're looking for state minimum liability limits, Depositors normally offers less expensive premiums of $84 compared to National Mutual's $94. When it comes to full coverage policies with similar limits, Depositors again has the edge, with policies around $95 per month cheaper than National Mutual, on average.

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

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

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

Which Company is Best for Drivers with Speeding Tickets?

Depositors policyholders can expect their rates to go up an average of $24 a month if they get a ticket, while National Mutual usually raises premiums about $11 per month, on average.

Even so, Depositors has less expensive prices for drivers in both categories, offering rates that are $25 and $12 more affordable, respectively, compared to National Mutual Insurance.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their car insurance through Depositors can expect to see around an $51 -- or about 32% -- increase in their auto insurance premiums. Drivers who use National Mutual for their insurance will see a monthly bill around $76 (or 37%) more expensive after reporting a collision to their car insurance carrier.

Overall, Depositors offers the cheapest rates for drivers with an at-fault accident on their records, with monthly premiums averaging $157 compared to National Mutual Insurance's $207.

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 auto insurance bill -- typically a lot more than an accident or speeding ticket. National Mutual drivers usually see a 60% increase in their car insurance prices after a DUI charge, while Depositors will normally raise premiums by about 46%.

If you have a DUI on your record and are looking for more affordable prices, Depositors tends to be the much cheaper option with average rates of $198 per month compared to $325 from National Mutual.

How does Credit Score Impact Depositors and National Mutual Rates?

Did you know that many auto insurance carriers take into account your credit score when calculating prices? This isn't always the case (California, for example, has banned the use of credit score as a rating factor) but it might come into play for lots of drivers.

Insurance companies argue that those with good credit scores are more likely to pay their bills on time every month, which reduces the risk involved on their end, while the opposite is true for those with bad credit.

So, which company offers the best premiums for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, you'll usually find a better deal with Depositors. Drivers with "excellent" credit can save 7% compared to National Mutual, and those with "good" scores can also expect to see savings -- around $27 or 17% less expensive each month.

Which Company is Best for Drivers with Bad Credit?

Depositors typically offers lower rates than National Mutual when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay about $66 a month less with Depositors compared to National Mutual, and those with "poor" scores usually save an average of around $112 monthly.

Is Depositors or National Mutual 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 substantial impact on your monthly auto insurance bill? That's because the fewer miles you drive, the less likely you are to get into a collision and cause an insurance claim.

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

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

Where you park your car can play a sizable role in how much you pay for insurance. Typically, those who live in rural areas will pay less than policyholders in urban areas because of the small number of vehicles that are on the roads in those areas.

Depositors tends to offer the cheapest rates for drivers in every type of area, no matter if it's urban, suburban, or rural.

For drivers in urban ZIP codes, Depositors offers prices about $174 a month compared to National Mutual's $214. People who live in suburban ZIP codes can expect to pay around $139 a month for Depositors and $201 for National Mutual. Lastly, those in rural areas tend to get the lowest rates from both carriers, with average monthly premiums coming in at $130 and $189 for Depositors and National Mutual respectively.

Depositors vs. National Mutual Discounts

Regardless of why you might be in the market for a new car insurance policy, you're always going to want to save as much money as possible, and the best way to do that is by taking advantage of as many insurance discounts as you can.

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 can take advantage of.

In the section below, we've compared all of the different discounts offered by Depositors and National Mutual so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Looking at the total number of discounts, National Mutual has a slight advantage when it comes to total number of discounts. Depositors offers a grand total of 17 discounts, while National Mutual has 19.

Both companies offer quite a few of the same discounts -- like discounts for being a defensive driver, discounts for being a good student, and discounts for insuring multiple cars with the same company -- but National Mutual also offers anti-theft discounts, claim free discounts, continuous insurance discounts, and more that Depositors does not.

On the flip side, Depositors has a couple unique discounts of its own -- COVID-19 relief discount, distant student discounts, employee discounts, and more.

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

So, you've seen how different factors can affect your auto insurance rates. We've shown you all the discounts each company offers, too. That's all well and good, but when it comes down to it, which insurance carrier is the right carrier for you and your specific needs?

Depositors might be best for you if....

• You're single and purchasing car insurance by yourself.
• You want basic insurance coverage at the state minimum limits.
• You've started working from home and don't have much of a commute.

National Mutual might be best for you if...

• You're looking for discounts -- National Mutual has the most.

We hope this guide helps you get a good idea of the differences between Depositors and National Mutual. We also hope we've given you the information you need to make the best decision when it comes to your auto insurance.

At the end of the day, the best way to make sure you're getting the best deal on your car insurance policy is to compare quotes from several carriers, not just Depositors and National Mutual. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP code below and get free quotes from dozens of the top insurance companies in your area, all in just a few minutes.

Depositors vs. National Mutual FAQs

Is Depositors or National Mutual cheaper?

Looking just at the national average premiums, Depositors is the more affordable of the two carriers, offering average rates of $148 per month compared to $201 for National Mutual. But Depositors won't necessarily be the most affordable company for everyone, since there are lots of different variables that come into play when it comes to your car insurance payment.

Who is better, Depositors or National Mutual?

Sadly, the only answer we can give you is "it depends.". One carrier is not "better" for every driver -- it all comes down to what your unique auto insurance profile looks like.

Why do Depositors and National Mutual offer me different rates?

Car insurance companies take a look at many different factors when determining the prices they charge policyholders. Variables such as gender, age, your driving record, where your home is, and sometimes even things like your credit score can all be used. Both Depositors and National Mutual use different formulas, so each one will most likely offer different rates. The only real way to see which company is the lowest for you is by comparing personalized quotes from several different carriers.

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

The only way to find the auto 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 does all the hard work for you. Just enter your information once and you'll get free quotes from dozens of the best insurance carriers in your area. That way, you can guarantee you're getting the most affordable rate. And who knows, the best company for you might not be Depositors or National 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.