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

Quick Facts

• Based on national averages for car insurance, Pekin offers significantly less expensive prices than Depositors
• Depositors offers more discounts than Pekin Insurance
• Pekin has more affordable premiums for policyholders who haven't received any speeding tickets or been in an accident in the last few years

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

So, you're considering switching your auto insurance. You've probably seen commercials and billboards from companies offering big discounts, but exactly how much money can you save by switching?

You might have narrowed your search down to Depositors or Pekin as your top options, but which company will offer you less expensive prices?

Looking at the national average rates for both companies, Depositors has average rates that are about 50% per month more expensive than those from Pekin.

But that doesn't mean Pekin will necessarily be more affordable than Depositors for every single driver. Auto insurance carriers vary their premiums depending on things like where you live, how old you are, how good your credit score is, how clean your driving record is, and a ton of other factors, so rates will vary quite a bit from person to person.

So, if you want to find out which of Depositors or Pekin is really the best for you, keep reading to see average prices for each carrier broken down by multiple different rate factors.

Depositors or Pekin: Average Car Insurance Rates by State

Depositors and Pekin only compete against each other in Indiana, where Pekin offers the cheaper average rates. For Indiana residents, Pekin offers insurance for $74 per month on average. Depositors's average premiums come out to be over 70% more expensive, at $135 a month.

There's a lot more that goes into your car insurance bill than just where you live. Keep reading to learn more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance prices of any other group of drivers. That's because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

But still, even with seemingly sky-high rates, teen drivers can still find ways to save money. Just look at the table above -- where 18-year-old drivers who have Pekin for their car insurance pay nearly $150 less than those who use Depositors.

However, both companies will offer you dramatically lower premiums once you turn 25. Pekin offers the steepest reduction, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. Depositors's average prices reduce almost 60% during that same period.

Which is the Best Company for Retired Drivers?

When it comes to auto insurance, patience and experience pay off, with drivers around retirement age paying some of the most affordable rates you'll ever find.

So, which company offers the best premiums to retired drivers? Pekin gets the edge, with rates for drivers 65 and older nearly 50% cheaper than the national average for Depositors.

Which is the Best Company for Married Drivers?

Did you know that insurance premiums are usually more expensive for single drivers than they are for married policyholders? That's because policies for married couples generally cover several cars, which many carriers will offer you a discount for.

When it comes to relationship status, Pekin is the clear winner for single policyholders, with prices around $83 a month less expensive than Depositors, on average. The advantage for married drivers with Pekin is also obvious, where drivers save more than 50% per month.

Depositors vs. Pekin: Average Rates by Gender

Men are statistically more likely than women to get into a collision or get pulled over for speeding, which means they'll normally end up paying more for car insurance than women.

Normally, men see rates almost $10 a month higher with Depositors, while with Pekin, the difference is closer to $1 per month.

Looking at overall affordability, Pekin comes out as the cheapest option for both genders. On average, women save about $69 a month and men save about $77 with Pekin compared to the average Depositors policyholder.

Depositors or Pekin: 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 insurance can be pretty complicated. Everyone needs auto insurance, but there are so many different limits and terms that it can be hard to find the right policy.

Even so, most policies that many drivers look at fall into two categories -- liability only (which provides bodily injury and property damage coverage for other drivers and their passengers if you cause an accident) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, alongside liability).

If you're looking for state minimum liability limits, Pekin typically offers significantly cheaper prices of $46 compared to Depositors's $84. When it comes to full coverage policies with similar limits, Pekin again has the edge, with policies around $100 per month more affordable than Depositors, on average.

Is Depositors or Pekin 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.

Tickets and accidents will most likely raise your premiums, but is Depositors or Pekin less expensive for 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 Pekin generally raises prices about $13 per month, on average.

That being said, Pekin has cheaper premiums for drivers in both categories, offering rates that are $52 and $63 more affordable, respectively, compared to Depositors Insurance Company.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in a collision can expect to see their prices increase by over $50, while those who have insurance through Pekin will see around a $20 increase.

Overall, the less expensive premiums come from Pekin, with monthly rates averaging $73 compared to Depositors Insurance Company's $157.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple speeding ticket or even an accident. Depositors drivers usually see a 46% climb in their insurance prices after a DUI charge, while Pekin will usually increase premiums by about 48%.

If you have a DUI on your record and are looking for more affordable prices, Pekin tends to be the much cheaper option with average premiums of $104 monthly compared to $198 from Depositors.

How does Credit Score Impact Depositors and Pekin Rates?

You may not have known, but your credit score can come into play when companies calculate your monthly bill. This isn't always the case (Hawaii, for example, has banned the use of credit score as a rating factor) but it might come into play for several policyholders.

Auto insurance carriers 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.

Looking at Depositors and Pekin specifically, which one has the best rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have solid credit, you'll usually find a better deal with Pekin. Policyholders with "excellent" credit can save just under 60% compared to Depositors, and those with "good" scores can also expect to see savings -- around $74 or 55% more affordable every month.

Which Company is Best for Drivers with Bad Credit?

Pekin typically offers lower prices than Depositors when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about $79 a month less with Pekin compared to Depositors, and those with "poor" scores typically save an average of around $71 per month.

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

How much you drive can have a substantial impact on your monthly car insurance payment. Normally, those who drive less will end up with cheaper rates since there's less of a chance of getting into a collision and causing 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 significant difference in monthly premiums for Pekin, with policyholders who drive the least paying about $13 less each month compared to those who drive 12,000 miles annually. Still, Pekin is the more affordable option for drivers in both categories.

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

Where your home is can have a pretty big impact on your monthly insurance cost. Usually, those who live in urban areas will pay more than drivers in rural areas because there are a lot more cars on the roads in those areas.

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

In urban areas, Pekin Insurance's average prices are around $89 less than Depositors Insurance Company. Drivers in suburban ZIP codes pay about $71 less with Pekin compared to Depositors. If you live in a rural area, you can expect to save around $60 with Pekin compared to Depositors.

Depositors vs. Pekin Discounts

Regardless of why you might be in the market for a new auto insurance policy, you're always going to want to save as much money as possible. That's where car insurance discounts comes into play.

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

Below, we've compared all of the different discounts offered by Depositors and Pekin so that you can find the carrier that has the most discounts and, therefore, the biggest savings.

Depositors knocks Pekin out of the park when it comes to the sheer number of discounts available, offering 17 different discounts to Pekin's 10.

There are a couple discounts both companies offer, but Depositors also offers COVID-19 relief discount, distant student discounts, employee discounts, and more that Pekin does not.

On the flip side, Pekin has a couple unique discounts of its own -- anti-theft discounts, hybrid vehicle discounts, and paid in full discounts.

Final Thoughts: Is Depositors or Pekin Best for You?

So, you've seen how different factors can affect your insurance rates. We've shown you all the discounts each company offers, too. But, when it comes down to it, which insurance carrier is the right company for you, your vehicle, and your wallet?

Pekin might be best for you if....

• You haven't received any speeding tickets or been in an accident in the last few years.
• 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 want to save extra money with discounts.

We hope this guide helps you get a better idea of the difference between Depositors and Pekin and that you can now make a more informed decision when it comes to your auto 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 car insurance -- comparing quotes from several carriers, not just Depositors and Pekin. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get free quotes from dozens of top insurance companies in your area, all in just a few minutes.

Depositors vs. Pekin FAQs

Is Depositors or Pekin cheaper?

Looking just at the national average premiums, Pekin is the less expensive of the two carriers, offering average rates of $74 per month compared to $148 for Depositors. However, Pekin won't necessarily be the lowest company for every policyholder, since there are lots of different variables that come into play when it comes to your car insurance bill.

Who is better, Depositors or Pekin?

Sadly, the answer truly is "it depends.". No single carrier is "better" for each driver -- it all depends on the makeup of your unique auto insurance profile.

Why do Depositors and Pekin offer me different rates?

Insurance companies take a look at lots of different factors when calculating the rates they charge policyholders. Things such as age, gender, your driving record, where you live, and sometimes even things like your credit score can all be used. Both Depositors and Pekin calculate premiums using different variables, 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 many different carriers.

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

The only way to find the car insurance carrier that's right for you is by getting quotes from a handful of companies 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 area information and you'll get free quotes from dozens of the best auto insurance carriers in your area. With those, you can guarantee you're getting the cheapest rate. And who knows, the best company for you might not be Depositors or Pekin 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.