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

Quick Facts

• In general, Depositors offers significantly more affordable prices than Safe Auto
• Depositors has cheaper premiums for policyholders who are looking to purchase insurance with a spouse
• Depositors has less expensive prices for policyholders who haven't received any speeding tickets or been in a collision in the last few years

Depositors or Safe Auto: 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 big savings, but exactly how much money can you save by switching?

You might be considering Depositors or Safe Auto for your next policy, but which company will offer you cheaper premiums?

Looking at nationwide averages, Safe Auto is quite a bit more expensive than Depositors, with rates averaging $223 a month compared to just $148 with Depositors.

Even so, that doesn't mean Depositors will necessarily be more affordable than Safe Auto for every driver. Car insurance carriers vary their premiums depending on things like how good your credit score is, how clean your driving record is, where you live, how old you are, and tons of other factors, so rates could vary drastically from person to person.

Luckily, we've broken down average prices from both Depositors and Safe Auto by a range of different rate factors, so read on to find out which carrier is the best for you.

Depositors vs. Safe Auto: Average Car Insurance Rates by State

Depositors and Safe Auto only compete against each other in one states, with Depositors offering less expensive rates to the average driver in all of them. Indiana has the most noticable difference, where Depositors premiums are $5 more affordable than insurance prices at Safe Auto.

There's a lot more that goes into your car insurance payment than just the state you live in. Keep reading to find out more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance premiums of any other group of drivers out there on the road. It's because teen drivers are statistically much more likely to get into an accident that results in a car insurance claim, making them much riskier to insure.

However, that doesn't mean teen drivers can't still save money on their insurance. Just look at the table above -- where 18-year-old drivers who have Depositors for their auto insurance pay almost 30% less than those who use Safe Auto.

That being said, both companies will offer you dramatically lower rates by the time you turn 25. For example, average prices for Depositors policyholders decrease nearly 60% and Safe Auto's premiums reduce over 50% 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 most affordable rates you can find.

So, which company offers the best prices to retired drivers? Depositors gets the edge, with rates for drivers 65 and older $68 cheaper than the national average for Safe Auto.

Which is the Best Company for Married Drivers?

You may not be aware, but insurance premiums tend to be more expensive for those who are single than they are for married couples. This usually boils down to married drivers having several vehicles on their policy -- something many auto insurance carriers will reward with discounts.

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

Depositors or Safe Auto: Average Rates by Gender

Because women are less likely to get speeding tickets and get into accidents, they are less likely to file a claim with insurance. So, women normally pay less for car insurance than men.

On average, men see prices around $10 per month higher with Depositors, but with Safe Auto, the difference is closer to $17 a month.

When it comes to the lowest premiums for each gender, Depositors comes out on top for both men and women. On average, male drivers save about $79 per month and women save about $71 with Depositors compared to the average Safe Auto policyholder.

Depositors vs. Safe Auto: 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.

Insurance isn't the easiest topic to understand. There are so many different limits and terms that it can make it pretty confusing to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (which covers the other party's property damage and injuries if you cause an accident) and full coverage (which generally refers to having collision and comprehensive coverages in addition to liability coverage).

Looking specifically at state minimum liability limits, Depositors has the significant edge, with average monthly rates 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 a month to Safe Auto's $320.

Is Depositors or Safe Auto Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their car insurance. But that's not to say you can't save money if you don't have the best driving record, either.

It's no secret secret that at-fault collisions and speeding tickets lead to higher prices, but which carrier -- Depositors or Safe Auto -- has the cheapest rates for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

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

But Depositors tends to offer the best prices for both drivers who have clean records and those with a recent ticket. With Depositors Insurance Company, drivers with a clean record can save about $74 per month and drivers with a speeding ticket can save around $90 a month.

Which Company is Best for Drivers After an Accident?

Both carriers will raise prices pretty significantly if you get into an at-fault collision with Safe Auto raising by about 27%. Depositors has a less extreme rise, but you can still expect to pay more than 30% more than you were prior to your first accident.

At the end of the day, drivers who use Depositors end up with the cheaper prices after an accident, with average premiums coming in at $157 compared to Safe Auto's $246.

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 auto insurance bill. For example, Depositors increases average rates by more than $90 per month -- that's over a 45% increase.

How does Credit Score Impact Depositors and Safe Auto Rates?

Did you know many car insurance companies take your credit score into account when determining premiums? Certain states and carriers do not allow for credit score to be used as an insurance factor, but it might come into play for lots of drivers.

Auto 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, policyholders with good credit will often be rewarded with less expensive prices.

So, which company offers the best rates for drivers with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Depositors or Safe Auto 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 how much insurance carriers will charge for coverage. Usually, the more milage you drive, the more you can expect to pay for coverage.

In this case, neither Depositors or Safe Auto report increasing prices for drivers with higher annual mileage figures. That being said, Depositors comes out as the lowest for drivers at both intervals, whether they put 6,000 or 12,000 miles on their car every year, with average premiums of $148 a month for both.

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

Where you park your vehicle can have a considerable impact on your monthly car insurance bill. Typically, if you live in a rural area with fewer cars on the road, you'll pay a little less for insurance, while the opposite is true for people in urban areas.

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

For policyholders in urban ZIP codes, Depositors Insurance Company's average premiums are around $97 less than Safe Auto. People who live in suburban areas pay about $61 less with Depositors compared to Safe Auto. Those in rural areas can expect to save around $67 with Depositors compared to Safe Auto.

Depositors vs. Safe Auto Discounts

No matter 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 you can, and the best way to do that is by taking advantage of as many insurance discounts as possible.

But with what seems like a million different discounts out there, it can be difficult to find all the ones you qualify for 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 broke down all of the different discounts offered by both Depositors and Safe Auto so that you can find the one that has the most discounts and, therefore, the largest savings.

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

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

On the other hand, Safe Auto has a few proprietary discounts of their own for things like agency transfer discounts, anti-theft discounts, claim free discounts, and more.

Final Thoughts: Is Depositors or Safe Auto Best for You?

So, we've broken down the average rates for many of the variables auto insurance companies look at, and we've shown you all the discounts each carrier offers. That's all well and good, but at the end of the day, is Depositors or Safe Auto the best carrier for you, your vehicle, and your wallet?

Depositors might be best for you if....

• You have an at-fault accident on your record.
• Your home is in a busy urban area.
• You're of retirement age and want to take advantage of lower premiums.

Safe Auto might be best for you if...

• You value the experience that comes with a large national car insurance company.

Hopefully, this guide helps you get a good idea of the differences between Depositors and Safe Auto. 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 sure-fire 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 Safe Auto. Luckily, Compare.com makes it easy for you to do just that. Just 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. Safe Auto FAQs

Is Depositors or Safe Auto cheaper?

Depositors is the more affordable of the two carriers when looking at national average rates, with policies averaging $148 per month with Depositors and $223 for Safe Auto. However, that doesn't mean Depositors will be the most affordable carrier for everyone, since there are lots of different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Depositors or Safe Auto?

Unfortunately, the answer truly is "it depends.". No one company is "better" for each policyholder -- it all boils down to your unique car insurance profile.

Why do Depositors and Safe Auto offer me different rates?

Auto insurance companies use several different variables when calculating the prices they charge. Things like age, gender, your driving record, where you live, and sometimes even things like your credit score can all come into play. Both Depositors and Safe Auto use different formulas, so it's likely they'll offer different rates. The best way to determine which carrier is the lowest for you is by comparing personalized quotes from many different carriers.

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

The only way to find the insurance company 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, Compare.com does all the hard work for you. Just enter your information once and you'll get quotes from dozens of your local top auto insurance carriers for free. With those, you can guarantee you're getting the best rate. And maybe you'll find that the best carrier for you isn't Depositors or Safe Auto 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.