Erie vs. Imt: Which Company is the Best Fit for You?

Quick Facts

• Based on national averages for insurance, Imt offers significantly less expensive premiums than Erie
• Erie may help you save more money -- they offer more discounts than IMT Insurance
• Imt has cheaper prices for policyholders who live in urban areas

Erie or Imt: 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 Erie or Imt for your next policy, but which one will offer you more affordable premiums?

Looking at the national average rates for both carriers, Erie has average rates that are around 30% a month more expensive than those from Imt.

But that doesn't necessarily mean Imt will be the less expensive option for every driver. After all, auto insurance companies can offer drastically different rates to every driver depending on rating factors like your driving record, your age, where you call home, or even your credit score (among other things), so rates could change drastically from person to person.

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

Erie vs. Imt: Average Car Insurance Rates by State

Erie and Imt only compete against each other in one states, with Erie offering more affordable rates to the average driver in all of them. Wisconsin has the most noticable difference, where Erie premiums are $7 cheaper than insurance prices at Imt.

But there's more to car insurance than just where you live. As we mentioned above, there's a lot of things that go into how auto insurance carriers determine your premiums. Keep reading to find out more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for insurance compared to older drivers. It's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

Even so, that doesn't mean teen drivers can't still save money on their car insurance. For example, 18-year-old drivers pay an average of over 35% less per month by choosing Imt over Erie. It's worth noting that Erie offers insurance in 11 different states compared to Imt's three, which can skew the average rates a bit, but the difference here is still considerable.

That being said, both companies will offer you dramatically lower prices once you turn 25. For example, average premiums for Erie policyholders lower almost 55% and Imt's prices decrease more than 45% over that time.

Which is the Best Company for Retired Drivers?

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

When looking at Erie and Imt specifically, which carrier is best for retired drivers? Imt gets the edge, with prices for drivers 65 and older nearly 30% less expensive than the national average for Erie.

Which is the Best Company for Married Drivers?

Did you know that insurance rates are typically more affordable for married policyholders than they are for those who are single? This usually boils down to married drivers having more than one vehicle on their policy -- something many auto insurance carriers will reward with discounts.

For single policyholders, the difference in average prices between these two companies is significant, with Imt rates coming in at about 30% less than Erie's. The advantage for married couples with Imt is also obvious, where drivers save over 25% a month.

Erie or Imt: Average Rates by Gender

You may not know, but car insurance is usually cheaper for women than it is for men. That's because women are less likely to get speeding tickets and get into collisions, which decreases the chances of filing a claim with insurance.

Men typically pay around 7% more per month than women with Erie, and about 10% more with Imt.

Looking at the data for each company specifically, Imt offers the lowest average premiums for both men and women, with average prices 27% less for men and 30% cheaper for women.

Erie vs. Imt: 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. Everyone needs auto insurance, but there are so many different coverages and limits that it can be hard 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 includes two additional coverages -- collision and comprehensive -- in addition to liability).

Looking specifically at state minimum liability insurance, Imt has the significant edge, with average monthly premiums coming in at $58. If you want a full coverage policy with the same state minimum limits, Imt again has the edge, with policies averaging around $160 a month to Erie's $215.

Is Erie or Imt 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 collisions and speeding tickets lead to higher rates, but which carrier -- Erie or Imt -- has the cheapest prices for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Erie for their insurance can generally expect their monthly bill to go up about 13% after getting a speeding ticket. Imt policyholders can expect a bit more drastic of an increase of around 15%.

However, Imt has cheaper premiums for drivers in both categories. With IMT Insurance, drivers with a clean record can save about $43 per month and drivers with a ticket can save around $48 a month.

Which Company is Best for Drivers After an Accident?

Erie drivers who get in an accident can expect to see their rates increase by just under 25%, while those who have insurance through Imt will see about a 45% increase.

At the end of the day, Imt offers the most affordable prices for drivers with an at-fault collision on their records, with average rates coming in at $134 compared to Erie Insurance's $157.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or speeding ticket when it comes to your car insurance bill. For example, Erie increases average premiums by nearly $80 per month -- that's nearly a 40% increase.

Imt has the overall lowest rates for drivers with a DUI on their records at $135 a month, but it's worth noting that Erie's average rates come from 11 states compared to just three for Imt, so the data may be skewed slightly.

How does Credit Score Impact Erie and Imt Rates?

Often times, your credit score can be used as one of the variables to calculate your monthly auto insurance premiums. This isn't true for everyone (Michigan, for example, has banned the use of credit score as a car insurance factor) but it does affect several policyholders out there.

Car insurance carriers argue that those with poor credit scores are less likely to pay their bills on time each month, which raises the risk involved on their end, while the opposite is true for those with good credit.

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

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, Imt will normally reward you the most. For policyholders with "excellent" credit scores, Imt comes in NaN less expensive. Drivers with "good" credit scores usually save around 8% with Imt compared to average premiums from Erie.

Which Company is Best for Drivers with Bad Credit?

Imt typically offers lower rates than Erie when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about 28% a month less with Imt compared to Erie, and those with "poor" scores generally save an average of around 46% monthly.

Is Erie or Imt 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 prices? Normally, those who drive less will end up with cheaper rates since there's less of a chance of causing a collision 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 Imt charges. However, there's a small difference in monthly premiums for Erie, with policyholders who drive the least paying about $11 less every month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Imt is the more affordable carrier.

Erie or Imt: 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 substantial impact as well. 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.

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

For drivers in urban ZIP codes, IMT Insurance's average prices are around 30% less than Erie Insurance. People who live in suburban areas pay about 31% less with Imt compared to Erie. Those in rural areas can expect to save around 22% with Imt compared to Erie.

Erie vs. Imt 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 utilizing as many car insurance discounts as possible.

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 Erie and Imt so that you can see which carrier offers the most discounts and see which ones you might be able to take advantage of.

Erie blows Imt away when it comes to the sheer amount of discounts available, offering 21 different discounts to Imt's nine.

A couple of those are overlapping for things like discounts for being a defensive driver, discounts for getting driver training, and paid in full discounts. Erie also offers discounts for ABS, advance quote, anti-theft, and more.

On the other hand, Imt has a few proprietary discounts of their own for things like commercial product discounts, good student discounts, group discounts, and more.

Final Thoughts: Is Erie or Imt Best for You?

So, you've seen how different factors can affect your insurance premiums. We've shown you all the discounts each company offers, too. That's all well and good, but when it comes down to it, is Erie or Imt the right company for you, your vehicle, and your wallet?

Imt might be best for you if....

• You will be the only person on the car insurance policy.
• You have less-than-stellar credit.
• You want to save money while purchasing auto insurance for a teenager.

Erie might be best for you if...

• You're thinking about moving to another state -- IMT Insurance is only available in three states.
• You're looking for discounts -- Erie has the most.

Hopefully, this guide helps you get a good idea of the differences between Erie and Imt and that it aids in making a more informed 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 companies, not just Erie and Imt. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code below and get free quotes from dozens of the top car insurance carriers in your area, all in just a few minutes.

Erie vs. Imt FAQs

Is Erie or Imt cheaper?

Imt is the cheaper of the two companies when looking at national average prices, with policies averaging $109 per month with Imt and $153 for Erie. That being said, that doesn't mean Imt will be the cheapest carrier for each driver, since there are multiple different variables (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Erie or Imt?

Unfortunately, the answer truly is "it depends.". Neither company is "better" for every policyholder -- it all depends on what your unique insurance profile looks like.

Why do Erie and Imt offer me different rates?

Auto insurance carriers use quite a few different factors when determining the rates they charge. Things such as your driving record, where you park your car, gender, age, and sometimes even things like your credit score can all be taken into consideration. Both Erie and Imt calculate premiums differently, so it's likely they'll offer different prices. The best way to determine which carrier is the lowest for you is by comparing personalized quotes from many different companies.

How do I know if Erie or Imt 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. With those, you can guarantee you're getting the best rate. And maybe you'll find that the best carrier for you isn't Erie or Imt 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.