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

Quick Facts

• Looking at the national averages for car insurance, Meemic offers significantly less expensive rates than Hanover
• Hanover may help you save more money -- they offer more discounts than Meemic Insurance Company
• Meemic has more affordable prices for policyholders who live in urban areas

Hanover or Meemic: Which Company has the Cheapest Car Insurance?

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

You might have narrowed your search down to Hanover or Meemic as your top options, but between the two, which one will save you the most?

Looking at nationwide averages, Meemic has average rates that are around 65% a month cheaper than those from Hanover.

But that doesn't mean Meemic will necessarily be more affordable than Hanover for each driver. Auto insurance carriers vary their rates depending on things like how clean your driving record is, how old you are, how good your credit score is, where you live, and tons of other factors. So, at the end of the day, premiums from every company will differ quite a bit from person to person.

So, if you want to find out which of Hanover or Meemic is really the best for you, keep reading to see average prices for each carrier broken down by multiple different rate factors.

Hanover vs. Meemic: Average Car Insurance Rates by State

Hanover and Meemic only compete against each other in Michigan, where Meemic offers the cheaper average premiums. Meemic drivers tend to pay about $883 per month less on average compared to drivers who use Hanover for their insurance.

There are plenty of other factors that go into your car insurance payment than just where you live. Keep reading to find out more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for auto insurance than any group out there on the road. That's typically because teen drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

However, 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 80% less a month by choosing Meemic over Hanover.

Even so, with both companies, you'll see your prices decrease significantly by the time you turn 25. Meemic offers the steepest drop, with 25-year-olds paying a third less what 18-year-old drivers are charged. Hanover's average rates reduce more than 60% during that same period.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll generally enjoy the lowest 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 Hanover and Meemic specifically, which company is best for retired drivers? Meemic gets the edge here, with average prices coming in at about $279 a month compared to Hanover's $613.

Which is the Best Company for Married Drivers?

Did you know that car insurance rates are usually more expensive for single drivers than they are for married couples? This usually boils down to married drivers having more than one vehicle on their policy -- something a lot of insurance carriers will reward with discounts.

For those who are single, the difference in average premiums between these two companies is significant, with Meemic prices coming in at around 70% less than Hanover's. The advantage for married policyholders with Meemic is also obvious, where drivers save over 60% per month.

Hanover or Meemic: Average Rates by Gender

Men are statistically more likely than women to cause a collision and get into accidents, which means they'll typically end up paying more for car insurance than women.

Men usually pay about 7% more a month than women with Hanover; men and women get the same monthly premiums with Meemic.

Looking at overall affordability, Meemic offers the most affordable average prices for both men and women, with average rates 68% less for men and 66% cheaper for women.

Hanover vs. Meemic: 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.

Auto insurance isn't the easiest topic to understand. There are so many different coverages and limits 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 (that covers bodily injury and property damage for other drivers and passengers if you cause a collision) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to liability).

Looking specifically at state minimum liability insurance, Meemic has the significant edge, with average monthly prices coming in at $201. If you want a full coverage policy with the same state minimum limits, Meemic again has the edge, with policies averaging around $361 per month to Hanover's 1196.

Is Hanover or Meemic Better for Drivers with Spotty Records?

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

It's no secret secret that speeding tickets and collisions lead to higher rates, but which carrier -- Hanover or Meemic -- has the cheapest premiums for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Hanover for their auto insurance can generally expect their monthly bill to go up about 26% after getting a speeding ticket. Meemic policyholders can expect a bit more drastic of an increase of around 36%.

That being said, Meemic tends to offer the best prices for both drivers who have clean records and those with a recent ticket -- their rates are around 71% less expensive for drivers with clean records and 67% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

Both companies will raise prices pretty significantly if you get into an at-fault collision with Hanover increasing by about 35%. Meemic has a less extreme increase, but you can still expect to pay nearly 30% more than you were prior to your first accident.

At the end of the day, Meemic offers the lowest rates for drivers with an at-fault collision on their records, with average premiums coming in at $250 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 insurance bill -- normally a lot more than an accident or speeding ticket. For example, Hanover increases average prices by nearly $400 a month -- that's just under a 40% increase.

But if you end up with a DUI charge and are looking for more affordable rates, Meemic tends to be more affordable for the average driver, with monthly premiums coming in at around $421 to Hanover's 1013.

How does Credit Score Impact Hanover and Meemic Rates?

Did you know many car insurance carriers take your credit score into account when determining prices? This isn't true for everyone (for example, Michigan and Hawaii are two states that ban the practice entirely), but it does affect many drivers out there.

Auto insurance companies argue that someone with good credit is more likely to pay their bills on time, which makes them less risky to insure. Because of that, policyholders with good credit will often be rewarded with less expensive premiums.

Looking at Hanover and Meemic specifically, which carrier has the best rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

Michigan is one of a just a few states that restricts car insurance carriers from using credit scores to determine premiums. And since Meemic is only available in Michigan, there is no data available on how credit score impacts prices because it's not a factor at all. This may be a good thing, since Hanover and other companies tend to increase rates quite a bit in other states if you don't have excellent credit.

Which Company is Best for Drivers with Bad Credit?

If you have less-than-perfect credit and live in Michigan, the good news is it won't cost you extra when it comes to insurance. As you can see, poor credit can really cost Hanover drivers in other states, but no need to worry if you live in Michigan.

Is Hanover or Meemic 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 large impact on how much car insurance carriers will charge for coverage? Generally, those who drive less will end up with cheaper premiums 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 Meemic charges. However, there's a small difference in monthly rates for Hanover, with policyholders who drive 6,000 miles yearly paying about $1 less each month compared to those who drive 12,000 miles every year. Still, for drivers in both categories, Meemic is the less expensive company.

Hanover or Meemic: 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. Usually, 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.

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

If you live in a rural area, you can expect to pay around $248 per month with Meemic compared to Hanover's $750. Drivers in suburban ZIP codes pay about $273 with Meemic compared to Hanover's $842 monthly. For drivers in urban ZIP codes, Meemic's average premiums are around $322 while Hanover offers rates about $966.

Hanover vs. Meemic Discounts

You want to save as much money as you can, right? The best way to do that is by utilizing as many auto 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're eligible for.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Hanover and Meemic so that you can easily see which company offers the most discounts and, therefore, the largest savings.

Hanover blows Meemic away when it comes to the sheer amount of discounts available, offering 21 different discounts to Meemic's eight.

Both carriers offer a lot of the same discounts -- like anti-theft discounts, discounts for being a defensive driver, and group discounts -- but Hanover also offers discounts for ABS, advance quote, annual mileage, and more.

On the other hand, Meemic has a few proprietary discounts of their own like employee discounts and prior carrier discounts.

Final Thoughts: Is Hanover or Meemic Best for You?

So, you've seen how different variables can affect your insurance prices. We've shown you all the discounts each carrier offers, too. But, at the end of the day, which company is the best company for you, your vehicle, and your wallet?

Meemic might be best for you if....

• You have received a ticket within the last few years.
• You already have a great credit score.
• You don't spend much time in your car.

Hanover might be best for you if...

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

Hopefully, this guide helps you get a good idea of the differences between Hanover and Meemic. We also hope we've given you the information you need to make the best decision about your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your insurance policy is to compare quotes from a handful of companies, not just Hanover and Meemic. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get multiple free quotes from some of the best auto insurance carriers in your area, all in just a few minutes.

Hanover vs. Meemic FAQs

Is Hanover or Meemic cheaper?

Meemic is the more affordable of the two companies when looking at national average rates, with policies averaging $281 per month with Meemic and $853 for Hanover. However, that doesn't mean Meemic will be the cheapest carrier for each driver, since there are lots of different factors that come into play when it comes to your car insurance bill.

Who is better, Hanover or Meemic?

Sadly, the only answer we can give you is "it depends.". Neither company is "better" for everyone -- it all depends on the makeup of your unique auto insurance profile.

Why do Hanover and Meemic offer me different rates?

Insurance carriers use several different variables when calculating the premiums they charge. Factors like your driving record, where you call home, age, gender, and sometimes even things like your credit score can all be taken into consideration. Both Hanover and Meemic calculate prices differently, 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 several different companies.

How do I know if Hanover or Meemic 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, sites like Compare.com do all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top auto insurance companies for free. That way, you can guarantee you're getting the best premium. And maybe you'll find that the best carrier for you isn't Hanover or Meemic 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.