Equity vs. Hallmark Financial: Which Company is the Best Fit for You?

Quick Facts

• Based on national averages for auto insurance, Equity offers significantly more affordable premiums than Hallmark Financial
• Equity offers more affordable prices for drivers with a DUI
• Equity offers less expensive average rates for policyholders who drive fewer than 12,000 miles annually

Equity or Hallmark Financial: Which Company has the Cheapest Car Insurance?

So, you're considering switching to 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've maybe even narrowed your search down to Equity or Hallmark Financial as your top options, but between the two, which one has cheaper premiums for car insurance?

Looking at the national average rates for both carriers, Hallmark Financial is around $46 more a month than Equity.

That being said, that doesn't mean Equity will necessarily be less expensive than Hallmark Financial for every single driver. After all, insurance companies can offer drastically different rates to every driver depending on rating factors like your driving record, your credit score, where you call home, or even your age (among other things). So, at the end of the day, prices from each company will differ quite a bit from person to person.

So, if you want to find out which of Equity or Hallmark Financial is really the best for you, keep reading to see average rates for each carrier broken down by a range of different rate factors.

Equity vs. Hallmark Financial: Average Car Insurance Rates by State

Equity and Hallmark Financial only compete against each other in two states, with Equity offering more affordable prices to the average driver in all of them. Oklahoma has the most noticable difference, where Equity premiums are $156 cheaper than car insurance rates at Hallmark Financial.

There are plenty of other factors that go into your auto insurance bill than just where you live. Read on to find out more.

Which is the Best Company For Young Drivers?

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

However, that doesn't mean that teen drivers have to just accept sky-high car insurance premiums. As you can see above, teens who use Equity save over 25% per month compared to those who use Hallmark Financial.

But both carriers will decrease prices once you turn 25. For example, average rates for Equity policyholders reduce about $200 and Hallmark Financial's premiums drop around $300 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 prices you'll ever see.

So, which company offers the best premiums to retired drivers? Equity gets the edge here, with average rates coming in at about $128 monthly compared to Hallmark Financial's $154.

Which is the Best Company for Married Drivers?

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

For those who are single, the difference in average premiums between these two carriers is significant, with Equity rates coming in at a quarter less than Hallmark Financial's. For married policyholders, the advantage is clear again - Equity has the edge when it comes to average prices.

Equity or Hallmark Financial: Average Rates by Gender

Men are statistically more likely than women to cause a collision and get into accidents. That means when it comes to insurance men will usually end up paying a little more.

Usually, women see rates more than $20 a month less expensive with Equity, and around $20 less with Hallmark Financial.

When it comes to the cheapest premiums for each gender, Equity comes out as the lowest option for both genders, with average prices 21% less for men and 23% cheaper for women.

Equity vs. Hallmark Financial: 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. There are several different coverages that account for a variety of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause a collision.

Even so, the most common policies that drivers look at fall into two categories -- liability coverage (which provides property damage and bodily injury coverage for other drivers if you cause an accident) and full coverage (which includes collision and comprehensive coverages that protect your own car, alongside what you get with a liability policy).

Looking specifically at state minimum liability limits, Equity has the significant edge, with average monthly rates coming in at $67. If you want a full coverage policy with the same state minimum limits, Equity again has the edge, with policies averaging about $262 per month to Hallmark Financial's $306.

Is Equity or Hallmark Financial Better for Drivers with Spotty Records?

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

You'll probably end up paying more with collisions and speeding tickets on your record, but which of these two companies offers the cheapest premiums to drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Equity for their auto insurance can normally expect their monthly bill to go up around 4% after getting a speeding ticket. Hallmark Financial policyholders can expect a bit more drastic of an increase of about 7%.

That being said, Equity is typically the more affordable option for drivers both with clean records and with a ticket, offering rates that are $40 and $48 less expensive, respectively, compared to Hallmark Financial.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their car insurance through Equity can expect to see around an $25 -- or about 14% -- rise in their auto insurance premiums. Drivers who use Hallmark Financial for their insurance will see a monthly bill around $35 (or 15%) more expensive after reporting a collision to their car insurance carrier.

At the end of the day, Equity offers the lowest prices for drivers with an at-fault collision on their records, with average rates coming in at $179 compared to Hallmark Financial's $229.

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 -- generally a lot more than an accident or speeding ticket. On average, Hallmark Financial will increase your prices about 8% after a DUI, while Equity's average premiums climb by 7%.

But if you end up with a DUI charge and are looking for more affordable rates, Equity tends to be cheaper for the average driver, with monthly premiums coming in at around $166 to Hallmark Financial's $212.

How does Credit Score Impact Equity and Hallmark Financial Rates?

Often times, your credit score can be used as one of the variables to determine your monthly insurance premiums. This isn't true for everyone (California, for example, has banned the use of credit score as an auto insurance factor) but it might come into play for lots of drivers.

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

So, which company offers the most affordable prices for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

If you have solid credit, Equity will usually reward you the most. For drivers with "excellent" credit scores, Equity comes in nearly NaN more affordable. Drivers with "good" credit scores generally save about 15% with Equity compared to average rates from Hallmark Financial.

Which Company is Best for Drivers with Bad Credit?

Equity typically offers lower premiums than Hallmark Financial when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay around 21% a month less with Equity compared to Hallmark Financial, and those with "poor" scores typically save an average of about 36% a month.

Is Equity or Hallmark Financial 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 sizable impact on your monthly insurance cost? Normally, those who drive less will end up with less expensive prices since there's less of a chance of causing a collision and filing an insurance claim.

In this case, neither Equity or Hallmark Financial report increasing rates for drivers with higher annual mileage figures. Equity 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 prices of $165 per month for both.

Equity or Hallmark Financial: Compare Rates for Urban, Suburban, and Rural Drivers

We've already mentioned how your home state can play a role in how much you pay for auto insurance, but the type of area you live in can have a big impact as well. Generally, policyholders who live in less densely populated rural areas will pay quite a bit less than urban drivers due to the small number of cars that are on the roads where they live.

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

Those in rural areas can expect to pay around $143 per month with Equity and $178 with Hallmark Financial. Drivers in suburban ZIP codes pay a monthly price of about $158 with Equity compared to $229 with Hallmark Financial. In urban areas, Equity's average rates are around $192 while Hallmark Financial offers prices about $225.

Equity vs. Hallmark Financial Discounts

No matter 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 you can. That's where insurance discounts comes into play.

The challenging part is finding all of the discounts you can take advantage of, since it can feel sometimes like every carrier has different discounts and each one is advertised differently.

Luckily, we did the hard work for you and compared all of the different discounts offered by Equity and Hallmark Financial so that you can see which company offers the most discounts and see which ones you might be able to take advantage of.

Equity knocks Hallmark Financial out of the park when it comes to the sheer number of discounts available, offering 10 different discounts to Hallmark Financial's four.

A couple of those are overlapping for things like discounts for being a defensive driver and education discounts. Equity also offers discounts for agency transfer, driver training, good student, and more.

On the other hand, Hallmark Financial has a few proprietary discounts of their own like foreign license discounts and passive restraint discounts.

Final Thoughts: Is Equity or Hallmark Financial Best for You?

So, we've broken down the average premiums for many of the factors auto insurance companies look at, and walked through the different discounts each company offers, too. But, when it comes down to it, which carrier is the best carrier for you and your specific needs?

Equity might be best for you if....

• You have an at-fault accident on your record.
• You live in an urban area.
• You drive fewer than 12,000 miles each year.

Hallmark Financial might be best for you if...

• You have a more unique driver profile than those we mentioned above.

Hopefully, this guide helps you get a better idea of the difference between Equity and Hallmark Financial. We also hope we've given you the information you need to make the best decision about your 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 Equity and Hallmark Financial. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP codes below and get multiple free quotes from some of the best auto insurance companies in your area, all in just a few minutes.

Equity vs. Hallmark Financial FAQs

Is Equity or Hallmark Financial cheaper?

Equity is the more affordable of the two carriers when looking at national average prices, with policies averaging $165 a month with Equity and $211 for Hallmark Financial. However, that doesn't mean Equity will be the lowest company for everyone, since there are multiple different variables (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Equity or Hallmark Financial?

Sadly, the only answer we can give you is "it depends.". No one carrier is necessarily "better" for every policyholder -- it all depends on the makeup of your unique insurance profile.

Why do Equity and Hallmark Financial offer me different rates?

Auto insurance companies use quite a few different factors when determining the rates they charge. Things like where you call home, age, gender, where you live, and sometimes even things like your credit score can all come into play. Both Equity and Hallmark Financial use different formulas, so it's likely they'll offer different premiums. The best way to determine which company is the cheapest for you is by comparing personalized quotes from lots of different carriers.

How do I know if Equity or Hallmark Financial 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, 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 insurance carriers for free. That way, you can guarantee you're getting the best premium. And maybe you'll find that the best company for you isn't Equity or Hallmark Financial 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.