By: Madhu Bolagani Nov, 06,2018

A good indicator of how much a customer can save on car insurance is the difference between the median and cheapest insurance policies. Raltin compared these two policies for different types of drivers in Auburn, grouped by their driving background and the cars they drive. The report suggests that drivers can save between $335 and $1,259 on their car insurance premiums.  The largest difference between two car insurance policies is $1,259, and it is for 18-year-old single women driving 2010 Chevy Silverado 1500 extended cabs. The lowest difference is for 62-year-old married men driving Ford F-25 super duty cabs.

“I’m satisfied with my auto insurance. I would not change it.”: was how one of the insurance holders responded to Raltin’s survey. In Alabama, satisfied customers are those who shop around for their premiums or compare insurance policies offered by multiple providers. Raltin’s analysis comparing car insurance premiums provided by major auto insurance companies of Auburn County, sourced raw data from the Alabama Department of Insurance.

While buying auto insurance, customers are usually asked to choose their coverage limits, deductible values, and medical payment limits. For this survey, the following coverage limit and deductible values were used as reference points: bodily injury per person, bodily injury per accident, and property damage of $25,000, $50,000, and $25,000 respectively. The collision deductible was $500, and the medical payment limit was $1,000.

As described above, this difference is the greatest for the cohort of 18-year-old women driving Chevy Silverado cabs. Allstate Property and Casualty offers the cheapest premium for this cohort, at $1,435. Farmers Insurance Exchange offers the median-priced policy, at $2,694. Allstate also offers the cheapest premium (at $397) for the cohort of 62-year-old married men driving 2010 Ford F-250 super duty crew cabs, while USAA General Indemnity Company (at $732) offers the median-range policy.

Another indicator of savings is the difference between the median prices and the most expensive premiums. Amica Mutual Insurance offers the most expensive premium for 18-year-old single women driving 2010 Toyota Camry sedans, at $9,354.  The median premium for this cohort, at $2,346, is charged by Guideone America Insurance. Drivers in this category can make a significant saving of $7,008 by investing in the right company.

The Raltin survey also found that among the seven driver categories analyzed, Allstate offers the cheapest prices for five. Amica Mutual Insurance offers the most expensive quotes for all seven categories.

The following graph shows a comparison of premium rates across companies in Auburn County, AL.

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The following table compares car insurance premiums for key companies in Auburn County, Alabama and the differences between the median, and cheapest and most expensive premiums.

CohortCheapest car insurance companies in AUBURN,ALSecond cheapest car insurance companies in AUBURN,ALCar insurance companies offering median premiums in AUBURN,ALSecond most expensive car insurance companies in AUBURN,ALMost expensive car insurance companies in AUBURN,ALDifference between the cheapest and median pricesDifference in price from most expensive to median prices
48-year-old single men driving 2012 Chevy Tahoe LS carsProgressive Direct Insurance Company ($662)Progressive Specialty Ins Company ($721)State Farm Mutual Automobile Ins Company ($1,062)Victoria Fire & Casualty Co ($2,254)Amica Mutual Ins Company ($4,615)$400$3,553
25-year-old single men driving 2010 Chevy Silverao 1500 extended cabs with two windowsAllstate Property And Casualty Insurance Company ($631)Standard Fire ($646)Allstate Northbrook Indemnity Company ($1,222)Infinity Select Insurance Company ($2,483)Amica Mutual Ins Company ($3,013)$591$1,791
25-year-old single women driving 2010 Toyota Camry LE four-door sedansAllstate Property And Casualty Insurance Company ($745)Farmers Insurance Exchange ($822)Nationwide Mutual Fire Ins Company ($1,211)Infinity Safeguard Insurance Company ($1,925)Amica Mutual Ins Company ($3,432)$466$2,221
18-year-old single women driving 2010 Toyota Camry LE four-door sedansUnited Services Automobile Association ($1,253)USAA Casualty Insurance Company ($1,389)Guideone America Insurance Company ($2,346)State Automobile Mutual Ins Co ($4,742)Amica Mutual Ins Company ($9,354)$1,093$7,008
62-year-old married men driving 2012 Ford F-250 super duty crew cabsAllstate Property And Casualty Insurance Company ($397)Integon National Insurance Company ($424)USAA General Indemnity Co ($732)Infinity Safeguard Insurance Company ($1,765)Amica Mutual Ins Company ($3,593)$335$2,861
18-year-old single women driving 2010 Chevy Silverado 1500 extended cabs with two windowsAllstate Property And Casualty Insurance Company ($1,435)United Services Automobile Association ($1,444)Farmers Insurance Exchange ($2,694)Infinity Select Insurance Company ($5,811)Amica Mutual Ins Company ($9,613)$1,259$6,919
30-year-old married men driving 2012 Ford F-250 super duty crew cabsAllstate Property And Casualty Insurance Company ($615)Encompass Indemnity Company ($693)Alfa Mutual General Insurance Co ($1,114)Infinity Safeguard Insurance Company ($2,762)Amica Mutual Ins Company ($5,802)$499$4,688


ABOUT THE AUTHOR

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Madhu Bolagani

Madhu is a data analyst and engineer at Raltin. His writings are driven by deep data mining and connecting the dots. His areas of expertise include finance, insurance and investing.

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