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

Quick Facts

• In general, Equity offers significantly cheaper rates than Mercury
• Equity tends to be a much less expensive option for drivers who have less-than-stellar credit
• Mercury offers more discounts than Equity Insurance Company

Equity vs. Mercury: 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 huge discounts, but exactly how much money can you save by switching?

You've maybe even narrowed your search down to Equity or Mercury, but which company has more affordable premiums for auto insurance?

Looking at nationwide averages, Mercury is quite a bit more expensive than Equity, with rates averaging $295 per month compared to just $165 with Equity.

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

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

Equity or Mercury: Average Car Insurance Rates by State

Equity and Mercury only compete against each other in one states, with Equity offering less expensive prices to the average driver in all of them. Oklahoma has the most noticable difference, where Equity rates are over 40% more affordable than auto insurance premiums at Mercury.

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

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive auto insurance rates of any other group of drivers out there on the road. Usually, that's because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But still, even with seemingly sky-high prices, teen drivers can still find ways to save money. Just look at the table above -- where 18-year-old drivers who have Equity for their car insurance pay nearly $400 less than those who use Mercury. It's worth noting that Mercury offers insurance in 11 different states compared to Equity's two, which can skew the average premiums a bit, but the difference here is still considerable.

However, both carriers will offer you dramatically lower prices by the time drivers turn 25. Mercury offers the steepest reduction, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, Equity still has the cheapest rates at $144 monthly.

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 can find.

But who has the best rates for retired drivers between Equity and Mercury? Equity gets the edge here, with average premiums coming in at about $128 per month compared to Mercury's $219.

Which is the Best Company for Married Drivers?

Single drivers tend to get offered slightly more expensive insurance prices than married drivers. This usually boils down to married policyholders having multiple cars on their policy -- something lots of car insurance companies will reward with discounts.

When it comes to relationship status, Equity is the clear winner for those who are single, with rates around $165 a month less expensive than Mercury, on average. The advantage for married couples with Equity is also obvious, where drivers save almost $85 per month.

Equity vs. Mercury: Average Rates by Gender

Because men are more likely to get speeding tickets and get into collisions, they run a larger risk of filing a claim with insurance. Therefore, insurance carriers will tend to charge men more than women.

Men normally pay more than $20 a month more than women with Equity, and about $15 with Mercury.

When it comes to the lowest premiums for each gender, Equity offers the most affordable average prices for both men and women. On average, male drivers save about $127 per month and women save around $134 with Equity compared to the average Mercury policyholder.

Equity or Mercury: 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 a complicated subject for most people. There are a bunch of different coverages that account for many different things. Some protect you and your vehicle, while others only provide coverage for other people's property and health if you cause an accident.

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

If you're looking for state minimum limits for liability insurance, Equity generally offers significantly more affordable rates of $67 compared to Mercury's $184. When it comes to full coverage policies with similar limits, Equity again has the edge, with policies about $150 a month cheaper than Mercury, on average.

Is Equity or Mercury 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 at-fault accidents will most likely raise your prices, but is Equity or Mercury more affordable for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Equity policyholders can expect their premiums to go up an average of $6 per month if they get a ticket, while Mercury typically raises rates around $57 a month, on average.

That being said, Equity is usually the cheaper option for drivers both with clean records and with a speeding ticket, offering prices that are 35% and 46% less expensive, respectively, compared to Mercury Insurance.

Which Company is Best for Drivers After an Accident?

Both companies will increase premiums pretty significantly if you get into an at-fault accident with Mercury climbing by over $100. Equity has a less extreme increase, but you can still expect to pay $25 more than you were prior to your first collision.

Overall, the more affordable prices come from Equity, with monthly premiums averaging $179 compared to Mercury Insurance's $346.

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 ticket or even an accident. Mercury drivers usually see a 22% climb in their auto insurance rates after a DUI charge, while Equity will generally increase premiums by about 7%.

Equity has the overall lowest rates for drivers with a DUI on their records at $166 a month, but it's worth noting that Mercury's average rates come from 11 states compared to just two for Equity, so the data may be skewed slightly.

How does Credit Score Impact Equity and Mercury Rates?

Did you know that many car insurance carriers take into account your credit score when calculating prices? This isn't always the case (California, for example, has banned the use of credit score as a rating factor) but it will come into play for quite a few drivers.

The reasoning insurance companies use is that policyholders with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper premiums, while those with poor credit will typically be forced to pay more.

Looking specifically at Mercury and Equity, which one has the cheapest prices for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, you'll usually find a better deal with Equity. Policyholders with "excellent" credit can save over 25% compared to Mercury, and those with "good" scores can also expect to see savings -- around $101 or 38% less expensive each month.

Which Company is Best for Drivers with Bad Credit?

Equity typically offers lower rates than Mercury when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about $137 per month less with Equity compared to Mercury, and those with "poor" scores normally save an average of around $241 per month.

Is Equity or Mercury 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 big impact on your monthly auto insurance bill? That's because the fewer miles you put on your car, the less likely you are to get into a collision and cause an insurance claim.

In this case, neither Equity or Mercury report increasing prices for drivers with higher annual mileage figures. Equity comes out as the lowest for drivers at both intervals, whether they put 6,000 or 12,000 miles on their vehicle annually, with average rates of $165 a month for both.

Equity vs. Mercury: Compare Rates for Urban, Suburban, and Rural Drivers

Where you live can have a sizable impact on your monthly insurance payment. Generally, drivers who live in heavily-populated urban areas will pay quite a bit more than rural policyholders because there are a lot more cars on the road in those areas, which increases the chances of an accident.

When comparing these two carriers side-by-side, Equity normally comes out as the cheapest option for drivers in all areas, regardless of if they're urban, suburban, or rural.

Drivers in rural ZIP codes see the most affordable premiums from both companies, but Equity comes out on top with average rates about $143 monthly. Equity also has cheaper average prices for policyholders in urban and suburban ZIP codes -- a $209 and $117 per month respective difference when compared to Mercury drivers in similar areas.

Equity vs. Mercury Discounts

Regardless of 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 possible, and the best way to do that is by utilizing as many auto insurance discounts as you can.

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

In the table below, we've taken a look at all of the different discounts Equity and Mercury offer their customers so that you can see which carrier offers the most discounts and see which ones you might be able to take advantage of.

Mercury blows Equity away when it comes to the sheer amount of discounts available, offering 17 more discounts than Equity.

There are a couple discounts both carriers offer, but Mercury also offers ABS discounts, advance quote discounts, anti-theft discounts, and more that Equity does not.

On the flip side, Equity has a couple unique discounts of its own -- agency transfer discounts, discounts for getting driver training, education discounts, and more.

Final Thoughts: Is Equity or Mercury Best for You?

You've seen the role certain factors have on your car insurance and the different discounts companies offer. But, at the end of the day, which company is the best fit for you?

Equity might be best for you if....

• You're looking for the best rates in AR and OK.
• You want basic insurance coverage at the state minimum limits.
• You live in a rural area.

Mercury might be best for you if...

• You value the experience that comes with a large national auto insurance carrier.
• You're looking for discounts -- Mercury has the most.

We hope this guide helps you get a better idea of the difference between Equity and Mercury. 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 multiple carriers, not just Equity and Mercury. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code 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. Mercury FAQs

Is Equity or Mercury cheaper?

Looking just at the national average premiums, Equity is the less expensive of the two carriers, offering average rates of $165 a month compared to $295 for Mercury. But Equity won't necessarily be the lowest company for everyone, since there are several different variables that are considered when it comes to your car insurance bill.

Who is better, Equity or Mercury?

Unfortunately, the real answer is "it depends.". One carrier is not "better" for every driver -- it all depends on what your unique auto insurance profile looks like.

Why do Equity and Mercury offer me different rates?

Insurance companies take a look at many different factors when determining the prices they charge policyholders. Variables such as age, your driving record, gender, where you park your vehicle, and sometimes even things like your credit score can all be taken into consideration. Both Equity and Mercury calculate rates using different factors, so each one will most likely offer different premiums. The only real way to see which company is the most affordable for you is by comparing personalized quotes from a variety of different carriers.

How do I know if Equity or Mercury is right for me?

The only way to find the car insurance carrier that's right for you is by getting quotes from several 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 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 premium. And who knows, the best company for you might not be Equity or Mercury 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.