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

Quick Facts

• Based on national averages for car insurance, Hallmark Financial offers significantly less expensive premiums than Hanover
• Hallmark Financial tends to be a much more affordable option for policyholders whose driving record contains an at-fault collision
• Hanover may help you save more money -- they offer more discounts than Hallmark Financial

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

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

You might have narrowed it down to Hallmark Financial or Hanover for your next policy, but between the two, which one will offer you cheaper prices?

Looking at nationwide averages, Hanover is quite a bit more expensive than Hallmark Financial, with rates averaging $853 a month compared to just $211 with Hallmark Financial.

Even so, Hallmark Financial may not be the cheapest or best option for every driver out there. Insurance carriers vary their premiums depending on things like how clean your driving record is, how old you are, where you live, how good your credit score is, and a variety of other factors, so prices will change quite a bit from person to person.

Luckily, we've broken down average rates from both Hallmark Financial and Hanover by a variety of different rate factors, so read on to find out which company is the best for you.

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

Hallmark Financial and Hanover only compete against each other in one states, with Hallmark Financial offering more affordable premiums to the average driver in all of them. Arkansas has the most noticable difference, where Hallmark Financial prices are $591 less expensive than car insurance premiums at Hanover.

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

Which is the Best Company For Young Drivers?

You might already know that teen drivers generally pay a lot more for auto insurance than any other group of drivers out there on the road. That's usually because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But that doesn't mean teen drivers can't still save money on their car insurance. Just look at the table above -- where 18-year-old drivers who have Hallmark Financial for their auto insurance pay over 75% less than those who use Hanover.

However, with both companies, you'll see your prices lower significantly by the time you turn 25. For example, average rates for Hallmark Financial policyholders drop more than 60% and Hanover's prices reduce over 60% over that time.

Which is the Best Company for Retired Drivers?

When it comes to insurance, patience and experience pay off, with drivers around retirement age paying some of the lowest rates you'll ever see.

When looking at Hallmark Financial and Hanover specifically, which carrier is best for retired drivers? Hallmark Financial gets the edge here, with average premiums coming in at around $154 per month compared to Hanover's $613.

Which is the Best Company for Married Drivers?

Married drivers tend to get slightly more affordable auto insurance rates than single drivers. This usually boils down to married couples having several vehicles on their policy -- something many car insurance carriers will reward with discounts.

For those who are single, the difference in average premiums between these two companies is significant, with Hallmark Financial prices coming in at about a quarter of Hanover's. The advantage for married policyholders with Hallmark Financial is also obvious, where drivers save around $500 per month.

Hallmark Financial or Hanover: Average Rates by Gender

Men are statistically more likely than women to get into a collision or get pulled over for speeding, which means they'll normally end up paying more for insurance than women.

Men typically pay about $20 a month more than women with Hallmark Financial, and around $60 more with Hanover.

When it comes to the most affordable premiums for each gender, Hallmark Financial comes out on top for both men and women, with average rates $662 less for men and $622 cheaper for women.

Hallmark Financial vs. Hanover: 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.

For most people, car insurance isn't the easiest topic to understand. There are multiple different coverages that account for a bunch of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause an accident.

That being said, the most common policies that drivers look at fall into two categories -- liability coverage (which provides bodily injury and property damage coverage for other drivers and their passengers if you cause a collision) 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, Hallmark Financial has the significant edge, with average monthly prices coming in at $115. If you want a full coverage policy with the same state minimum limits, Hallmark Financial again has the edge, with policies averaging about $306 per month to Hanover's 1196.

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

It's no secret -- drivers with good records end up getting the best deals on their auto 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 speeding tickets and collisions on your record, but which of these two carriers offers the lowest rates to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Hallmark Financial for their insurance can normally expect their monthly bill to go up around 7% after getting a speeding ticket. Hanover policyholders can expect a bit more drastic of an increase of about 26%.

Even so, Hallmark Financial tends to offer the best prices for both drivers who have clean records and those with a recent ticket. With Hallmark Financial, drivers with a clean record can save around $423 a month and drivers with a speeding ticket can save about $630 per month.

Which Company is Best for Drivers After an Accident?

Hallmark Financial drivers who get in an accident can expect to see their prices increase by over 15%, while those who have insurance through Hanover will see around a 35% increase.

At the end of the day, drivers who use Hallmark Financial end up with the cheaper prices after an accident, with average premiums coming in at $229 compared to Hanover Insurance's $943.

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 car insurance bill -- generally a lot more than a collision or ticket. For example, Hanover increases average rates by nearly $400 a month -- that's nearly a 40% increase.

But if you end up with a DUI charge and are looking for more affordable premiums, Hallmark Financial tends to be cheaper for the average driver, with monthly premiums coming in at about $212 to Hanover's 1013.

How does Credit Score Impact Hallmark Financial and Hanover Rates?

In many cases, your credit score can be used as one of the variables to determine your monthly auto insurance prices. Certain states and companies do not allow for credit score to be used as an auto insurance factor, but it might come into play for quite a few policyholders.

The reasoning insurance carriers use is that drivers 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 at Hallmark Financial and Hanover specifically, which carrier has the cheapest rates for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, Hallmark Financial will usually reward you the most. For drivers with "excellent" credit scores, Hallmark Financial comes in just under 18.18 less expensive. Drivers with "good" credit scores typically save around 63% with Hallmark Financial compared to average prices from Hanover.

Which Company is Best for Drivers with Bad Credit?

Hallmark Financial typically offers lower rates than Hanover when it comes to drivers with bad credit. Drivers with "fair" credit pay about 76% per month less with Hallmark Financial compared to Hanover, and those with "poor" scores normally save an average of around 86% a month.

Is Hallmark Financial or Hanover Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a sizable impact on your monthly car insurance payment. That's because the more milage you drive, the more likely you are to be in an accident and file an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Hallmark Financial charges. However, there's a small difference in monthly premiums for Hanover, with policyholders who drive 6,000 miles every year paying about $1 less each month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Hallmark Financial is the cheaper company.

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

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

When comparing these two companies side-by-side, Hallmark Financial usually comes out as the cheapest option 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 $178 monthly with Hallmark Financial compared to Hanover's $750. Drivers in suburban ZIP codes pay about $229 with Hallmark Financial compared to Hanover's $842 a month. For drivers in urban ZIP codes, Hallmark Financial's average rates are around $225 a month compared to Hanover's $966.

Hallmark Financial vs. Hanover 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 taking advantage of as many insurance discounts as possible.

But with what seems like a million different discounts out there, it can be hard to nail down the company that has the most discounts for your unique driver profile and to find all the discounts you qualify for.

Luckily, we did the hard work for you and looked at all of the different discounts Hallmark Financial and Hanover offer their customers so that you can see which company offers the most discounts and see which ones you might be able to take advantage of.

Hanover knocks Hallmark Financial out of the park when it comes to the sheer number of discounts available, offering 17 more discounts than Hallmark Financial.

There are a couple discounts both carriers offer, but Hanover also offers discounts for ABS, advance quote, annual mileage, and more.

On the other hand, Hallmark Financial has a proprietary discount of their own -- a foreign license discounts.

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

So, you've seen how different factors can affect your car insurance premiums. We've shown you all the discounts each carrier offers, too. But, at the end of the day, which company is the right carrier for you and your specific profile and needs?

Hallmark Financial might be best for you if....

• You have a clean record.
• You're looking for the best prices on liability only coverage.
• You and your spouse are buying insurance together.

Hanover might be best for you if...

• You're looking for discounts -- Hanover has the most.

Hopefully, this guide helps you get a better idea of the difference between Hallmark Financial and Hanover and that you can now make a more informed decision when it comes to your car insurance.

At the end of the day, the best way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from several companies, not just Hallmark Financial and Hanover. Luckily, Compare.com does 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.

Hallmark Financial vs. Hanover FAQs

Is Hallmark Financial or Hanover cheaper?

Hallmark Financial is the more affordable of the two companies when looking at national average rates, with policies averaging $211 per month with Hallmark Financial and $853 for Hanover. But that doesn't mean Hallmark Financial will be the most affordable carrier for everyone, since there are several different variables that are considered when it comes to your auto insurance bill.

Who is better, Hallmark Financial or Hanover?

Unfortunately, the only answer we can give you is "it depends.". No one company is "better" for every policyholder -- it all comes down to what your unique insurance profile looks like.

Why do Hallmark Financial and Hanover offer me different rates?

Auto insurance carriers use several different factors when determining the premiums they charge. Things like age, gender, where you park your vehicle, your driving record, and sometimes even things like your credit score can all come into play. Both Hallmark Financial and Hanover calculate prices 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 many different companies.

How do I know if Hallmark Financial or Hanover is right for me?

The only way to find the car insurance company that's right for you is by getting quotes from multiple carriers 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 ZIP code and you'll get quotes from dozens of your local top insurance companies for free. That way, you can guarantee you're getting the best rate. And maybe you'll find that the best carrier for you isn't Hallmark Financial or Hanover 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.