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

Quick Facts

• Looking at the national averages for auto insurance, Equity offers slightly less expensive premiums than Travelers
• Equity tends to be a much more affordable option for policyholders who live in urban areas
• Travelers has cheaper rates for policyholders who haven't received any speeding tickets or been in a collision in the last few years

Equity or Travelers: Which Company has the Cheapest Car Insurance?

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

You might have narrowed your search down to Equity or Travelers as potential options, but which one will offer you more affordable premiums?

Looking at the national average rates for both carriers, Travelers is around $2 more a month than Equity.

Even so, that doesn't mean Equity will necessarily be less expensive than Travelers for every driver. After all, car insurance companies 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, at the end of the day, rates from each company will differ quite a bit from person to person.

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

Equity vs. Travelers: Average Car Insurance Rates by State

Equity and Travelers only compete against each other in one states, with Travelers offering cheaper rates to the average driver in all of them. Arkansas has the most noticable difference, where Travelers prices are $71 less expensive than auto insurance premiums at Equity.

That being said, there are plenty of other factors that go into your insurance bill than just the state you live in. Read on to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for car insurance compared to older drivers. That'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 Travelers for their auto insurance pay 0% less than those who use Equity.

That being said, both carriers will drop prices by the time you turn 25. Travelers offers the steepest drop, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. Equity's average rates lower almost 60% during that same period.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll typically enjoy the most affordable car insurance premiums you'll ever see. You've been on the road for years, and all that experience pays off when it comes to your monthly rates for auto insurance.

When looking at Equity and Travelers specifically, which company is best for retired drivers? In this case, Equity has the slight edge, with prices about $4 per month less than Travelers. But the difference is only around 5%, so other variables (like your credit score or where you live) will likely come into play when determining which carrier has the lowest premiums for you.

Which is the Best Company for Married Drivers?

Did you know that car insurance rates are normally more affordable for married drivers than they are for those who are single? That's usually because married policyholders tend to own and insure multiple vehicles, which can often earn you a discount.

When it comes to relationship status, Travelers is the winner for single policyholders, with premiums about 2% a month cheaper than Equity, on average.

Equity or Travelers: Average Rates by Gender

You may not know, but insurance is normally cheaper for women than it is for men. This is because men are statistically more likely than women to get into an accident or get pulled over for speeding, which leads to increased risk for insurers and, therefore, higher prices.

Women usually pay over 10% per month less than men with Equity, and around 6% less with Travelers.

Looking at overall affordability, Equity is the cheapest company for women. Rates with Equity are $7 cheaper for women, while with Travelers, men can save about $7.

Equity vs. 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. There are so many different limits and coverages that it can make it pretty confusing to find the right policy for you.

The two most common policies end up falling into two different types of coverage -- liability coverage (which covers the other party's property damage and injuries if you cause a collision) and full coverage (which typically refers to having collision and comprehensive coverages in addition to what you get with a liability policy).

When it comes to state minimum limits for liability insurance, Equity has the edge, while Travelers offers the lowest average premiums for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $40 with Equity Insurance Company, while full coverage comes out to be around $35 more affordable with Travelers.

Is Equity or Travelers Better for Drivers with Spotty Records?

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

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

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Equity for their auto insurance can generally expect their monthly bill to go up about 4% after getting a speeding ticket. Travelers policyholders can expect a bit more drastic of an increase of around 20%.

If you have gotten a ticket, Equity tends to offer the best premiums at about 0% cheaper, while Travelers has the edge for drivers with a clean record.

Which Company is Best for Drivers After an Accident?

Equity policyholders who get in an accident can expect to see their prices increase by $25, while those who have insurance through Travelers will see around a $45 increase.

At the end of the day, drivers who use Travelers end up with the cheaper prices after an accident, with average rates coming in at $173 compared to Equity Insurance Company's $179.

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. For example, Travelers increases average prices by more than $75 a month -- that's nearly a 40% increase.

How does Credit Score Impact Equity and Travelers Rates?

In many cases, your credit score can be used as one of the factors to determine your monthly insurance rates. Certain states and companies do not allow for credit score to be used as an auto insurance factor, but it will come into play for a lot of drivers.

Car insurance carriers argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, policyholders with bad credit will often be forced to pay more.

So, which carrier offers the most affordable premiums 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 Equity or Travelers 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 auto insurance companies will charge for coverage. Usually, those who drive less will end up with less expensive prices since there's less of a chance of causing an accident and filing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Equity charges. However, there's a small difference in monthly premiums for Travelers, with policyholders who drive 6,000 miles yearly paying about $5 less every month compared to those who drive 12,000 miles each year.

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

Where you park your car can have a large impact on your monthly car insurance cost. Generally, those who live in urban areas will pay more than policyholders in rural areas due to the number of vehicles that are on the roads where they live.

Equity tends to offer the cheapest option for drivers in urban and suburban areas, while Travelers wins in rural areas.

For drivers in urban ZIP codes, Equity Insurance Company's average rates are around $12 less than Travelers. People who live in suburban areas pay about $2 less with Equity compared to Travelers. Those in rural areas can expect to save around $7 with Travelers compared to Equity.

Equity vs. Travelers Discounts

You want to save as much money as you can, right? The best way to do that is by utilizing as many 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 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 looked at all of the different discounts Equity and Travelers offer their customers so that you can see which company can save you the most money each month.

Travelers knocks Equity out of the park when it comes to the sheer number of discounts available, offering 25 different discounts to Equity's 25.

There are a couple discounts both carriers offer, but Travelers also offers discounts for ABS, advance quote, alternative fuel, and more.

On the other hand, Equity has a few proprietary discounts of their own for things like agency transfer discounts, education discounts, homeowner discounts, and more.

Final Thoughts: Is Equity or Travelers Best for You?

So, you've seen how different variables can affect your auto insurance premiums. We've shown you all the discounts each carrier offers, too. That's all well and good, but when it comes down to it, which company is the best carrier for you and your specific driver profile?

Travelers might be best for you if....

• You're thinking about moving to another state -- undefined is only available in.
• You want the most robust protection via a "full coverage" policy.
• Your neighborhood is in a rural area.

Equity might be best for you if...

• You have received a ticket within the last few years.
• You're looking for the best prices on liability only coverage.
• You are purchasing your car insurance with a spouse.

Hopefully, this guide helps you get a better idea of the difference between Equity and Travelers. We also hope we've given you the information you need to make the best decision about your auto 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 insurance -- comparing quotes from a handful of companies, not just Equity and Travelers. 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 auto insurance carriers in your area, all in just a few minutes.

Equity vs. Travelers FAQs

Is Equity or Travelers cheaper?

Equity is the cheaper of the two companies when looking at national average rates, with policies averaging $165 per month with Equity and $167 for Travelers. That being said, that doesn't mean Equity will be the most affordable carrier for every policyholder, since there are a variety of different factors that come into play when it comes to your insurance payment.

Who is better, Equity or Travelers?

Unfortunately, the answer truly is "it depends.". Neither company is necessarily "better" for everyone -- it all comes down to what your unique car insurance profile looks like. For example, Equity is less expensive for drivers who have less-than-stellar credit scores, while Travelers offers more affordable prices for policyholders with an at-fault collision on their record.

Why do Equity and Travelers offer me different rates?

Auto insurance carriers use many different variables when determining the premiums they charge. Factors such as age, where you live, your driving record, gender, and sometimes even things like your credit score can all be used. Both Equity and Travelers calculate rates using 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 lots of different companies.

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

The only way to find the insurance company that's right for you is by getting quotes from several carriers and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your area information and you'll get quotes from dozens of your local top car insurance companies for free. That way, you can guarantee you're getting the most affordable premium. And maybe you'll find that the best carrier for you isn't Equity or Travelers 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.