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

Quick Facts

• In general, Travelers offers significantly more affordable rates than Hanover
• Travelers offers less expensive average premiums for policyholders who live in suburban areas
• Travelers offers more affordable rates for policyholders who live in urban areas

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

Are you considering a new insurance policy? With so many ads from all sorts of companies offering large savings, you're probably wondering exactly how much you might be able to save.

You might have narrowed it down to Hanover or Travelers for your next policy, but between the two, which one has cheaper premiums for insurance?

Looking at nationwide averages, Hanover has average rates that are around 80% a month more expensive than those from Travelers.

Even so, that doesn't mean Travelers will necessarily be more affordable than Hanover for every driver. After all, car insurance carriers can offer drastically different rates to every driver depending on rating factors like where you call home, your age, your credit score, or even your driving record (among other things), so prices could change drastically from person to person.

So, if you want to find out which of Hanover or Travelers is really the best for you, keep reading to see average premiums for each company broken down by a bunch of different rate factors.

Hanover vs. Travelers: Average Car Insurance Rates by State

Hanover and Travelers compete against each other in six states, with Travelers offering cheaper prices to the average driver in all of them. Illinois has the most noticable difference, where Travelers rates are 1276 less expensive than insurance premiums at Hanover.

There are plenty of other factors that go into your auto 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. It'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.

But still, even with seemingly sky-high rates, teen drivers can still find ways to save money. As you can see above, teens who use Travelers save over 80% per month compared to those who use Hanover.

However, with both companies, you'll see your prices drop significantly once you turn 25. For example, average rates for Hanover policyholders lower about $500 and Travelers's prices reduce more than $200 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 most affordable premiums out there.

So, which carrier offers the best rates to retired drivers? Travelers gets the edge, with prices for drivers 65 and older $481 cheaper than the national average for Hanover.

Which is the Best Company for Married Drivers?

Did you know that car insurance premiums are usually less expensive for married policyholders than they are for single drivers? That's normally because married drivers tend to own and insure more than one vehicle, which can often earn you a discount.

For those who are single, the difference in average rates between these two carriers is significant, with Travelers premiums coming in at around a quarter of Hanover's. The advantage is also clear for married couples - Travelers offers the cheapest average prices.

Hanover or Travelers: Average Rates by Gender

Because women are less likely to get into accidents and get speeding tickets, they are less likely to file a claim with insurance. So, insurance companies will tend to charge women less than men.

Generally, women see premiums about $60 a month more affordable with Hanover, and around $10 cheaper with Travelers when compared to their male counterparts.

Looking at overall affordability, Travelers comes out as the lowest option for both genders. On average, women save about $662 per month and men save about $711 with Travelers compared to the average Hanover policyholder.

Hanover 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.

For most people, auto insurance isn't the easiest topic to understand. Everyone needs car insurance, but there are so many different terms and limits that it can be hard to find the right policy for you.

But most policies end up falling into two different types of coverage -- liability coverage (that covers property damage and bodily injury 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 what you get with a liability policy).

Looking specifically at state minimum limits for liability insurance, Travelers has the significant edge, with average monthly prices coming in at $108. If you want a full coverage policy with the same state minimum limits, Travelers again has the edge, with policies averaging around $225 a month to Hanover's 1196.

Is Hanover or Travelers 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.

Speeding tickets and at-fault collisions will most likely raise your rates, but is Hanover or Travelers cheaper for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Hanover for their insurance can generally expect their monthly bill to go up about 26% after getting a speeding ticket. Travelers policyholders can expect a less drastic increase of around 20%.

That being said, Travelers tends to offer the best prices for drivers both with clean records and with a ticket. With Travelers, drivers with a clean record can save about $489 per month and drivers with a speeding ticket can save around $678 a month.

Which Company is Best for Drivers After an Accident?

Hanover drivers who get in an accident can expect to see their prices rise by just under 35%, while those who have insurance through Travelers will see about a 25% increase.

At the end of the day, Travelers offers the cheapest premiums for drivers with an at-fault collision on their records, with average rates coming in at $173 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 auto insurance bill -- normally a lot more than a collision or ticket. For example, Hanover increases average prices by nearly $400 per month -- that's nearly a 40% increase.

How does Credit Score Impact Hanover and Travelers Rates?

You may not have known, but your credit score can be used as one of the variables to determine your monthly insurance rates. This isn't true for everyone (for example, Massachusetts and California are two states that ban the practice entirely), but it might come into play for quite a few policyholders.

Car insurance carriers 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, drivers with good credit will often be rewarded with less expensive premiums.

So, which company offers the lowest rates for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Hanover or Travelers 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 sizable impact on your monthly premiums? That's because the more milage you put on your vehicle each year, the more likely you are to be in an accident and file an insurance claim.

For both remote workers and those taking short commutes, Travelers offers more affordable prices than Hanover. Travelers's average premiums for drivers with 6,000 annual miles come in around 81% cheaper than Hanover. Those who drive 12,000 miles annually can expect to pay about 80% less with Travelers over Hanover.

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

Where your home is can play a considerable role in how much you pay for auto insurance. Usually, if you live in an urban area with more cars on the road, you'll pay a little more for car insurance, while the opposite is true for people in rural areas.

When comparing these two companies side-by-side, Travelers typically comes out as the most affordable option for drivers in every type of area, no matter if it's urban, suburban, or rural.

For drivers in urban ZIP codes, Travelers's average prices are around 79% less than Hanover Insurance. People who live in suburban areas pay about 81% less with Travelers compared to Hanover. Those in rural areas can expect to save around 82% with Travelers compared to Hanover.

Hanover 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.

The hard part is finding all of the discounts you're eligible for, 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 looked at all of the different discounts Hanover and Travelers offer their customers so that you can find the carrier that has the most discounts and, therefore, the largest savings.

Overall, Travelers comes out ahead with 25 discounts to Hanover's 21.

There are a couple discounts both carriers offer, but Travelers also offers discounts for alternative fuel, continuous insurance, COVID-19 relief, and more.

On the other hand, Hanover has a few proprietary discounts of their own for things like annual mileage discounts, education discounts, experienced operator discounts, and more.

Final Thoughts: Is Hanover or Travelers Best for You?

So, we've broken down the average rates for many of the factors car insurance companies look at, and walked through the different discounts each company offers, too. That's all well and good, but at the end of the day, which insurance carrier is the best company for you, your vehicle, and your wallet?

Travelers might be best for you if....

• You're thinking about moving to another state -- undefined only offers policies in.
• You're looking for discounts -- Travelers has the most.
• Your neighborhood is in the suburbs.

Hanover might be best for you if...

• You have a more unique driver profile than those we mentioned above.

Hopefully, this guide helps you get a better idea of the difference between Hanover and Travelers and that it aids in making a more informed decision about your 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 carriers, not just Hanover and Travelers. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP codes below and get multiple quotes from some of the best car insurance companies in your area, all for free.

Hanover vs. Travelers FAQs

Is Hanover or Travelers cheaper?

Travelers is the more affordable of the two carriers when looking at national average premiums, with policies averaging $167 a month with Travelers and $853 for Hanover. Even so, that doesn't mean Travelers will be the lowest company for each policyholder, since there are many different variables (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Hanover or Travelers?

Unfortunately, the only answer we can give you is "it depends.". No single carrier is necessarily "better" for everyone -- it all comes down to what your unique insurance profile looks like.

Why do Hanover and Travelers offer me different rates?

Auto insurance companies use a lot of different factors when determining the rates they charge. Things such as where you live, gender, where you call home, age, and sometimes even things like your credit score can all be taken into consideration. Both Hanover and Travelers calculate prices differently, so it's likely they'll offer different rates. The best way to determine which company is the most affordable for you is by comparing personalized quotes from lots of different carriers.

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

The only way to find the car insurance carrier that's right for you is by getting quotes from a handful of 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 information once and you'll get quotes from dozens of your local top auto insurance carriers for free. With those, you can guarantee you're getting the cheapest premium. And maybe you'll find that the best company for you isn't Hanover 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.