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

Quick Facts

• Based on national averages for auto insurance, Depositors offers cheaper prices than Progressive
• Depositors tends to be a much less expensive option for policyholders who live in urban areas
• Progressive may help you save more money -- they offer more discounts than Depositors Insurance Company

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

Are you in the market for a new insurance policy? After all, you've seen ads from all sorts of companies offering considerable savings. But exactly how much can you save by switching?

You've maybe even narrowed your search down to Depositors or Progressive, but between the two, which carrier will offer you more affordable rates?

Looking at nationwide averages, Depositors is around $32 a month less expensive than Progressive.

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

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

Depositors vs. Progressive: Average Car Insurance Rates by State

Depositors and Progressive compete against each other in four states, with Progressive offering more affordable premiums to the average driver in all of them. Montana has the most noticable difference, where Progressive prices are $63 less expensive than car insurance rates at Depositors.

That being said, there are plenty of other factors that go into your auto insurance cost than just where you call home. Read on to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- usually pay a lot for insurance compared to older drivers. It's generally because teen drivers are statistically much more likely to get into an accident that results in an insurance claim, making them much riskier to insure.

That being said, 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 almost 30% per month compared to those who use Progressive.

But both companies will decrease prices once you turn 25. For example, average premiums for Depositors policyholders drop nearly 60% and Progressive's rates reduce almost 70% over that time.

Which is the Best Company for Retired Drivers?

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the cheapest premiums you'll ever find.

But who has the best prices for retired drivers between Depositors and Progressive? Depositors gets the edge here, with average rates coming in at about $111 monthly compared to Progressive's $131.

Which is the Best Company for Married Drivers?

Did you know that auto insurance premiums are normally more expensive for those who are single than they are for married policyholders? That's because policies for married drivers typically cover multiple vehicles, which several carriers will give you a discount for.

For single policyholders, the difference in average prices between these two companies is significant, with Depositors rates coming in at a quarter less than Progressive's. But for married couples, that advantage is much less clear - Depositors has the edge when it comes to average premiums , but the difference is only $10.

Depositors or Progressive: Average Rates by Gender

Because women are less likely to get tickets and get into accidents, they have a decreased chance of filing a claim with insurance. So, women tend to get cheaper rates than men.

On average, women see rates around $10 a month cheaper with Depositors, and about $5 with Progressive.

Looking at overall affordability, Depositors comes out as the lowest option for both genders. On average, male drivers save about $31 per month and women save around $35 with Depositors compared to the average Progressive policyholder.

Depositors vs. Progressive: 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 car insurance, but there are so many different terms and limits that it can be hard to find the right policy for you.

Even so, most policies that drivers look at fall into two categories -- liability coverage (that covers property damage and bodily injury for other drivers and their passengers if you cause a collision) and full coverage (which normally refers to having collision and comprehensive coverages alongside liability coverage).

Looking specifically at state minimum limits for liability insurance, Depositors has the edge, with average monthly prices 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 a month to Progressive's $250.

Is Depositors or Progressive Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from insurance carriers offering great rates for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

At-fault collisions and speeding tickets will most likely raise your prices, but is Depositors or Progressive more affordable for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Depositors for their car insurance can typically expect their monthly bill to go up around 18% after getting a speeding ticket. Progressive policyholders can expect a less drastic increase of about 17%.

That being said, Depositors tends to offer the best prices for both drivers who have clean records and those with a recent ticket, offering premiums that are 29% and 28% less expensive, respectively, compared to Progressive.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in an accident can expect to see their prices rise by over $50, while those who have insurance through Progressive will see around a $65 increase.

At the end of the day, Depositors offers the most affordable rates for drivers with an at-fault collision on their records, with average premiums coming in at $157 compared to Progressive's $214.

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 a collision. On average, Depositors will climb your prices about 46% after a DUI, while Progressive's average rates climb by more than 15%.

How does Credit Score Impact Depositors and Progressive Rates?

Did you know many auto insurance companies take your credit score into account when determining premiums? This isn't true for everyone (Hawaii, for example, has banned the use of credit score as a car insurance factor) but it might come into play for many policyholders.

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

So, which company offers the lowest 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 Progressive 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 premiums? That's because the fewer miles you put on your car, the less likely you are to be in an accident and file an insurance claim.

In this case, neither Depositors or Progressive report increasing rates for drivers with higher annual mileage figures. That being said, Depositors comes out as the cheapest 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 or Progressive: Compare Rates for Urban, Suburban, and Rural Drivers

Where you live can play a sizable role in how much you pay for car insurance. Usually, if you live in an urban area with more cars on the road, you'll pay a little more for auto insurance, while the opposite is true for people in rural areas.

Depositors tends to offer the most affordable prices for drivers in all areas, regardless of if they're urban, suburban, or rural.

Those in rural areas can expect to save around $24 with Depositors compared to Progressive. People who live in suburban areas pay about $40 less with Depositors compared to Progressive. For policyholders in urban ZIP codes, Depositors Insurance Company's average rates are around $33 less than Progressive.

Depositors vs. Progressive 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 taking advantage of as many auto insurance discounts as possible.

But with what seems like a million different discounts out there, it can be challenging to find all the ones you can take advantage of or to nail down the company that has the most discounts for your unique driver profile.

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

Progressive knocks Depositors out of the park when it comes to the sheer number of discounts available, offering 17 more discounts than Depositors.

A couple of those are overlapping for things like COVID-19 relief discount, distant student discounts, EFT discounts, and group discounts. Progressive also offers discounts for ABS, advanced safety feature, agency transfer, and more.

On the other hand, Depositors has a few proprietary discounts of their own for things like employee discounts, intra-agency transfer discounts, life policy discounts, and more.

Final Thoughts: Is Depositors or Progressive Best for You?

So, you've seen how different variables can affect your car insurance premiums. We've shown you all the discounts each carrier offers, too. That's all well and good, but at the end of the day, which company is the best company for you and your specific driver profile?

Depositors might be best for you if....

• Your credit is below-average.
• You're looking for the best prices on liability only coverage.
• You and your spouse are buying auto insurance together.

Progressive might be best for you if...

• You already have plans to move to another state -- undefined only offers policies in.
• Your driving record includes a DUI charge.
• You care about discounts (Progressive offers the most).

Hopefully, this guide helps you get a good idea of the differences between Depositors and Progressive. 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 Progressive. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code below and get multiple quotes from some of the best auto insurance carriers in your area, all for free.

Depositors vs. Progressive FAQs

Is Depositors or Progressive cheaper?

Depositors is the more affordable of the two companies when looking at national average rates, with policies averaging $148 a month with Depositors and $180 for Progressive. Even so, that doesn't mean Depositors will be the cheapest carrier for every policyholder, since there are multiple different factors that come into play when it comes to your insurance bill.

Who is better, Depositors or Progressive?

Sadly, the only answer we can give you is "it depends.". Neither company is "better" for everyone -- it all depends on what your unique car insurance profile looks like. For example, Depositors is cheaper for drivers with excellent credit, while Progressive offers more affordable premiums for drivers with a recent DUI.

Why do Depositors and Progressive offer me different rates?

Auto insurance carriers use lots of different variables when calculating the prices they charge. Factors like age, gender, where you call home, your driving record, and sometimes even things like your credit score can all be used. Both Depositors and Progressive use different formulas, so it's likely they'll offer different premiums. The best way to determine which carrier is the lowest for you is by comparing personalized quotes from many different companies.

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

The only way to find the car insurance company 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 do all the hard work for you. Just enter your area information and you'll get quotes from dozens of your local top insurance companies for free. That way, you can guarantee you're getting the most affordable price. And maybe you'll find that the best carrier for you isn't Depositors or Progressive 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.