May 29, 2023

Best Car Insurance Companies in the USA in 2023

Some of the best car insurance companies in the USA for college students in the year 2022 have been listed below for you to get quality coverage at reasonable prices.

College is not cheap. Parents have to manage the tuition fees, textbooks fees, accommodation fees, and a lot more. In addition to that, vehicular transportation is often required. On top of that, there’s the damn coverage to think about. Most insurance companies are set up to squeeze every last penny out of their customers.

That is the motive behind this post. We will be discussing the best car insurance companies in the USA in 2022 that provide quality coverage at reasonable prices. Let’s dive right in.

Best car insurance companies in 2022 for college students in the USA
18-year-old and 19-year-old drivers in the USA pay almost $4,958 and $3,708 per year respectively. For college students 21+ in age, the national average cost of full coverage car insurance is $2,786 per year.

At least some of the car insurance companies mentioned here will provide the same service at a much lower cost for each age group. Let’s take a look at these car insurance companies.

State Farm: best overall

Monthly average rate for 18/19/21-year-olds: $278/$244/$194
Annual average rate for 18/19/21-year-olds: $3,340/$2,924/$2,322
Better Business Bureau (BBB) rating: A+
AM Best financial strength: A++
J.D. Power customer satisfaction: 885/1,000

Ranked first in the J.D. Power 2022 U.S. Insurance Shopping Study SM, State Farm offers lots of saving opportunities for students in need, for example, good students and those residing away from home. This company has two telematics programs, one of them being Steer Clear®. This program is great for new drivers and has a driver training course that would lead to a lower insurance rate upon completion.

USAA: Low rates for military

Monthly average rate for 18/19/21-year-olds: $241/$188/$134
Annual average rate for 18/19/21-year-olds: $2,897/$2,261/$1,609
Better Business Bureau (BBB) rating: A+
AM Best financial strength: A++
J.D. Power customer satisfaction: 875/1,000

USAA coverage is only for military members, veterans, and their families. If you qualify as a client of USAA, then it’s great news. These people have one of the lowest rates for car insurance coverage and they offer multiple discounts for college students to make their services affordable.

This best car insurance company also offers specialized products and policies that military members and their families can avail of.

Geico: Cheap services for most drivers

Monthly average rate for 18/19/21-year-olds: $263/$207/$154
Annual average rate for 18/19/21-year-olds: $3,161/$2,485/$1,844
Better Business Bureau (BBB) rating: A+
AM Best financial strength: A++
J.D. Power customer satisfaction: 853/1,000

If you are one of those who intermittently need a vehicle in college, then Geico is a suitable car insurance company that offers awesome customer service along with a usage-based auto insurance policy at affordable prices.

This is evidenced by its ratings in the J.D. Power 2022 U.S. Auto Insurance Study SM. Inexperienced drivers who need high coverage limits would also benefit from this company’s services.

Progressive: Affordable prices for high-risk drivers

Monthly average rate for 18/19/21-year-olds: $651/$355/$239
Annual average rate for 18/19/21-year-olds: $7,812/$4,258/$2,872
Better Business Bureau (BBB) rating: F
AM Best financial strength: A+
J.D. Power customer satisfaction: 859/1,000

College students are the riskiest drivers on the planet. And these are a special target group of Progressive. This company specializes in serving high-risk drivers. Good students and distant students can avail of special discounts here, and there’s also a special discount for teen drivers. Progressive also has schemes for most motorists.

Travelers: Variety of coverage options

Monthly average rate for 18/19/21-year-olds: $369/$298/$209
Annual average rate for 18/19/21-year-olds: $4,429/$3,570/$2,513
Better Business Bureau (BBB) rating: A
AM Best financial strength: A++
J.D. Power customer satisfaction: 853/1,000

Travelers is a great option for college students to avail coverage at affordable prices. They have many discounts you can consider and they offer savings for completing a defensive driving course and for insuring hybrid or electric vehicles. Also, there’s an optional accident forgiveness program that will save your savings after an accident.

What are the types of car insurance for college students?

Firstly, there are standard coverage options for car insurance. Then you can choose to opt for additional coverage. Here, we list both types of coverage.

Standard coverage options

  • Property damage liability coverage: This covers the damage to other vehicles and property you cause in an accident.
  • Bodily injury liability coverage: This covers the medical costs and lost wages of other parties in an accident you caused.
  • Personal injury protection (PIP): Without consideration of the blameworthy party in an accident, this covers your medical costs and lost wages.
  • Medical payments coverage (MedPay): Only medical expenses, not lost wages, no matter who is to blame for an accident.
  • Uninsured motorist coverage/underinsured motorist coverage (UM/UIM): This covers expenses when the blameworthy party does not have adequate auto insurance.

Below are optional, but still standard, coverage options:

  • Collision insurance: Damage caused to your vehicle without regard for the blameworthy person.
  • Comprehensive coverage: Damage for non-accident sources, such as that caused by floods, vandalism, fires, and harsh weather conditions.

Additional coverage options

  • Roadside assistance: This covers the cost of the roadside services like fuel and fluid delivery, tire repair, and towing needs.
  • Rental car reimbursement: This covers the cost of a rental car while your vehicle is being repaired.
  • Accident forgiveness: When you are to blame for an accident, this keeps the rates from increasing exponentially.
  • Gap insurance: This covers some to all of the difference between what you owe on a vehicle and its value after a total loss incident.
  • Rideshare insurance: If you drive for rideshare companies like Uber and Lyft, this has many high deductibles. Standard auto policies don’t cover you here. This insurance gives you protection when you are driving a car for work and not for personal use.
  • Mechanical breakdown insurance (MBI): This covers the cost of the mechanical repairs of your vehicle.



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