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

Quick Facts

• Looking at the national averages for car insurance, Depositors offers more affordable rates than Travelers
• Depositors offers less expensive average premiums for residents of rural areas
• Travelers offers more discounts than Depositors Insurance Company

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

Are you considering a new insurance policy? With so many ads from all sorts of companies offering large discounts, you're probably wondering exactly how much you might be able to save.

You might have narrowed it down to Depositors or Travelers, but which company will save you the most?

Looking at nationwide averages, Travelers is about $19 more per month than Depositors.

However, that doesn't necessarily mean Depositors will be the cheaper option for every driver. Insurance companies vary their rates depending on things like how clean your driving record is, how good your credit score is, how old you are, where you live, and tons of other factors. So, at the end of the day, prices from each company will differ quite a bit from person to person.

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

Depositors or Travelers: Average Car Insurance Rates by State

Depositors and Travelers compete against each other in four states, with Travelers offering less expensive rates to the average driver in all of them. Idaho has the most noticable difference, where Travelers prices are over 60% more affordable than car insurance premiums at Depositors.

That being said, there's a lot more that goes into your auto insurance bill than just the state you live in. Keep reading to learn 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 out there on the road. That's typically because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

That being said, that doesn't mean teen drivers can't still save money on their insurance. As you can see above, teens who use Depositors save more than $40 a month compared to those who use Travelers.

Even so, with both carriers, you'll see your prices lower significantly once you turn 25. For example, average premiums for Depositors policyholders drop nearly $200 and Travelers's rates reduce over $200 over that time.

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 premiums you'll ever find.

But who has the best prices for retired drivers between Depositors and Travelers? Depositors gets the edge, with rates for drivers 65 and older more than 15% cheaper than the national average for Travelers.

Which is the Best Company for Married Drivers?

You may not be aware, but insurance prices tend to be less expensive for married couples than they are for single policyholders. That's because policies for married policyholders generally cover more than one car, which several companies will offer you a discount for.

When it comes to relationship status, Depositors is the clear winner for single drivers, with rates around $19 per month cheaper than Travelers, on average. The advantage is also clear for married drivers - Depositors offers the cheapest average premiums.

Depositors vs. Travelers: Average Rates by Gender

You may not know, but men normally 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 an accident, which leads to increased risk for insurers and, therefore, higher rates.

On average, women see prices about $10 a month more affordable with Depositors, and around $10 cheaper with Travelers when compared to their male counterparts.

Looking at overall affordability, Depositors comes out as the most affordable option for both genders. On average, women save about $18 per month and men save about $20 with Depositors compared to the average Travelers policyholder.

Depositors or Travelers: 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 auto insurance, but there are so many different coverages and limits that it can be hard to find the right policy.

But most policies that many drivers look at fall into two categories -- liability only (which covers the other party's property damage and injuries if you cause a collision) and full coverage (which usually refers to having comprehensive and collision coverages in addition to what you get with liability).

If you're looking for state minimum limits for liability insurance, Depositors typically offers cheaper premiums of $84 compared to Travelers's $108. When it comes to full coverage policies with similar limits, Depositors again has the edge, with policies around $15 a month less expensive than Travelers, on average.

Is Depositors or Travelers 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 carriers offers the cheapest prices to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Depositors policyholders can expect their premiums to go up an average of $24 per month if they get a ticket, while Travelers normally raises rates about $32 a month, on average.

That being said, Depositors has more affordable premiums for drivers in both categories -- their rates are around 17% cheaper for drivers with clean records and 19% less expensive for those with a ticket.

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 insurance prices. Drivers who use Travelers for their auto insurance will see a monthly bill around $45 (or 26%) more expensive after reporting an accident to their car insurance company.

Overall, drivers who use Depositors end up with the cheaper prices after an accident, with monthly rates averaging $157 compared to Travelers's $173.

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. Depositors drivers usually see a 46% climb in their insurance prices after a DUI charge, while Travelers will generally increase premiums by about 38%.

How does Credit Score Impact Depositors and Travelers Rates?

In many cases, your credit score can be used as one of the factors to calculate your monthly car insurance rates. This isn't always the case (for example, Michigan and Hawaii are two states that ban the practice entirely), but it will come into play for many drivers.

The reasoning auto insurance companies use is that policyholders with bad credit will be less likely to pay their bills on time; so normally, they'll be asked to pay more, while those with good credit will be rewarded with more affordable prices.

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

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Depositors or Travelers 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 considerable impact on your monthly car insurance cost? Typically, those who drive less will end up with less expensive premiums since there's less of a chance of getting into an accident 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 small difference in monthly rates for Travelers, with policyholders who drive the least paying around $5 less every month compared to those who drive 12,000 miles each year. Still, Depositors is the more affordable option for drivers in both categories.

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

Where your home is can have a substantial impact on your monthly insurance payment. Generally, if you live in a rural area with fewer cars on the road, you'll pay a little less for auto insurance, while the opposite is true for people in urban areas.

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

For policyholders in urban ZIP codes, Depositors offers prices about $174 per month compared to Travelers's $204. People who live in suburban ZIP codes can expect to pay around $139 per month for Depositors and $160 for Travelers. Lastly, those in rural areas tend to get the lowest premiums from both carriers, with average monthly prices coming in at $130 and $136 for Depositors and Travelers respectively.

Depositors vs. Travelers Discounts

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

But with what seems like a million different discounts out there, it can be hard 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.

Below, we've broken down all of the different discounts offered by both Depositors and Travelers so that you can easily see which company offers the most discounts and, therefore, the biggest savings.

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

Both companies offer quite a few of the same discounts -- like COVID-19 relief discount, distant student discounts, EFT discounts, and group discounts -- but Travelers also offers ABS discounts, alternative fuel discounts, anti-theft discounts, and more that Depositors does not.

On the flip side, Depositors has a couple unique discounts of its own -- employee discounts, discounts for being a homeowner, intra-agency transfer discounts, and more.

Final Thoughts: Is Depositors or Travelers Best for You?

So, you've seen how different variables can affect your insurance premiums. We've broken down the different discounts each carrier offers, too. But, at the end of the day, which insurance company is the right carrier for you and your specific driver profile?

Depositors might be best for you if....

• You have a DUI charge on your record.
• You want basic auto insurance coverage at the state minimum limits.
• Your neighborhood is in a rural area.

Travelers might be best for you if...

• You're thinking about moving to another state -- undefined is only available in.
• You want to save extra money with discounts.

We hope this guide has ben a valuable resource as you compare Depositors and Travelers. We also hope we've given you the information you need to make the best decision about your 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 auto insurance -- comparing quotes from a handful of carriers, not just Depositors and Travelers. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get free quotes from dozens of top car insurance companies in your area, all in just a few minutes.

Depositors vs. Travelers FAQs

Is Depositors or Travelers cheaper?

Looking just at the national average rates, Depositors is the cheaper of the two carriers, offering average rates of $148 a month compared to $167 for Travelers. However, Depositors won't necessarily be the most affordable carrier for every driver, since there are several different factors (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, Depositors or Travelers?

Unfortunately, the answer truly is "it depends.". One company is not "better" for everyone -- it all depends on the makeup of your unique auto insurance profile.

Why do Depositors and Travelers offer me different rates?

Insurance companies take a look at quite a few different variables when calculating the premiums they charge drivers. Factors such as age, gender, where you call home, your driving record, and sometimes even things like your credit score can all be used. Both Depositors and Travelers calculate prices using different variables, so each one will most likely offer different rates. The only real way to see which carrier is the lowest for you is by comparing personalized quotes from a bunch of different carriers.

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

The only way to find the car insurance company 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 makes it easy for you to do just that. Just enter your information once and you'll get free quotes from dozens of the best insurance carriers in your area. With those, you can guarantee you're getting the best rate. And who knows, the best carrier for you might not be Depositors or Travelers 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.