Traders Insurance Company sells car insurance in several Midwestern states. The company advertises competitively priced auto insurance policies on its website, including for drivers with poor credit. But you must get a quote and purchase coverage through a Traders agent.
If you’re considering a car insurance policy from Traders, it’s important to understand the company’s offerings, pros and cons, and average cost. Here’s what you need to know about Traders to help you decide if it’s the right insurance company for your needs.
The average cost of car insurance from Traders is $127 per month for full coverage and $92 per month for liability-only insurance.
Compared to the national average, Traders has more affordable rates. The average American pays $182 per month for full coverage and $103 per month for liability-only insurance.
Traders offers minimum-coverage policies that meet state liability laws, as well as full-coverage car insurance. A basic full-coverage auto policy includes personal liability insurance, collision insurance, comprehensive insurance, and medical payments insurance.
Traders also sells personal injury protection and uninsured/underinsured motorist insurance, which are legally required in some states.
In addition to the required coverage, Traders offers several endorsements for added protection. You can purchase roadside assistance, rental car reimbursement, and special equipment coverage to supplement a full-coverage policy.
Car insurance requirements and costs vary based on your state and ZIP code. Some of the location-based factors that can affect car insurance rates include population density, accident rates, vehicle theft rates, and minimum-coverage laws.2
Traders only underwrites car insurance in five states. In the table below, you can see the average monthly cost of Traders car insurance in the states where it operates.
Car insurance prices can change based on your driving history. In general, drivers with a clean record pay the lowest rates for coverage. If you have speeding tickets, at-fault accidents, or a DUI conviction on your record, you’ll likely pay much higher rates for car insurance.
Below, you can see the average monthly cost of Traders car insurance based on driving history.
The price of car insurance will also vary depending on your age. Young drivers typically pay the most expensive rates because they lack experience and have a higher accident rate than older people.3 Young drivers usually see their rate decrease in their 20s, assuming they maintain a clean driving record.
Below, you can see the average monthly full-coverage car insurance rate from Traders for drivers of different age groups.
You can’t get a personalized rate quote on Traders’ website, but you can get a Traders car insurance quote from Insurify. Here’s how you can get a Traders car insurance quote through Insurify:
Visit Insurify’s website and click “Compare Quotes.”
Submit the form with information about your vehicle, main use, mileage, and more.
Review your matches, then select “Get a Quote” next to Traders Insurance.
Compare quotes from other insurance companies to find the best one for you.
When you get a quote from Insurify, your list of suggested insurance companies will allow you to compare Traders with other insurers. Comparing car insurance quotes can help you get the cheapest rate for your situation.
Traders doesn’t advertise any car insurance discounts online. However, you might be able to save money by paying your annual premium in full or enrolling in automatic payments. Talk to a Traders agent about what discounts you may be able to take advantage of.
Traders sells car insurance and renters insurance, called the Renters Value Plan (RVP). While the company doesn’t advertise policy bundling online, you could potentially save money by purchasing car insurance and renters insurance together. A Traders agent can explain what bundling options are available, if any.
Because Traders is a small, local insurance company, it has fewer third-party ratings than most national insurance companies. However, reading Traders reviews can give you a better idea of what current and past customers think about the company.
Traders has an A+ grade from the Better Business Bureau (BBB). But many customers submitted complaints about unresponsive customer service agents, payment-related issues, and problems with claims.
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Most prominent third-party organizations, like AM Best or J.D. Power, haven’t rated Traders. However, it does have a small number of complaints. Traders has fewer complaints than expected for its size, according to the National Association of Insurance Commissioners (NAIC) Complaint Index. Traders’ index is 0.99, just below the national complaint index of 1.
Better Business Bureau: 1/5 stars
NAIC Complaint Index: 0.99
Plenty of car insurance companies are on the market, and each one has pros and cons when it comes to coverage options, cost, and more. See how Traders compares to some other popular car insurance companies below.
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Sun Coast is a much larger insurance company than Traders, with more than 550,000 customers and a variety of insurance products, including home insurance, boat insurance, and business insurance.
Like Traders, Sun Coast has a relatively small coverage area. You can only purchase insurance from Sun Coast in Arizona, Alaska, California, Colorado, Florida, Hawaii, Nevada, Oregon, Texas, Utah, and Washington.
In terms of cost, Sun Coast’s average minimum-coverage rate is almost identical to Traders’ average rate, but Sun Coast’s average full-coverage premium is more expensive. However, Sun Coast offers many car insurance discounts, which Traders doesn’t advertise.
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GEICO is a well-known insurer that sells auto insurance across the U.S. GEICO stands out for its affordable prices, which are even lower than Traders’ average premiums. GEICO’s average minimum-coverage rate is $97, and its average full-coverage rate is $136.
In addition, GEICO offers a variety of car insurance discounts. It has savings for good students, safe drivers, military personnel, federal employees, insuring a car with safety features, bundling policies, and many others.
GEICO and Traders are similar in that both companies offer very few endorsements. GEICO sells roadside assistance, rental car reimbursement, and mechanical breakdown insurance. Traders also offers three endorsements, so neither company is ideal for customization.
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Auto-Owners is a highly rated car insurance company with excellent financial strength. Auto-Owners sells more than a dozen insurance products, including car insurance. The company offers a variety of optional coverages, as well as generous discounts for premium savings.
One of the similarities between Auto-Owners and Traders is that both insurers require you to work with an agent to get a quote and purchase a policy. However, you can manage your policy online and file claims online with both companies.
Auto-Owners has a much larger coverage area than Traders, but it doesn’t sell insurance nationwide. Auto-Owners currently operates in 26 states.
If you get into an accident or your car sustains damages in a covered loss, you can file a claim with Traders for reimbursement.
Some car insurance policies, like collision and comprehensive insurance, require you to pay a deductible before the company will cover repairs. Traders allows you to file claims online or over the phone with an agent.
Here’s the general process for filing a Traders insurance claim:
Visit the claim webpage or call 1 (800) 383-1357 to file a claim over the phone.
If filing online, enter your policy number.
Complete the claim form, providing as much information as possible about the incident.
Wait for your claim settlement.
Looking for more information about Traders? Check out these frequently asked questions.
Yes. Traders is a legitimate insurance company. Traders sells car insurance and renters insurance in Arkansas, Indiana, Kansas, Oklahoma, and Missouri, so it has a very small coverage area and limited offerings. Customers in Traders’ coverage area can purchase insurance through a local agent.
Traders car insurance might be worth it for drivers who want affordable coverage. Based on Insurify data, Traders has cheaper average premiums than the U.S. national average and some of its competitors. However, Traders only offers two insurance products, and it has very limited endorsements and discounts.
The average cost of Traders car insurance is $92 per month for liability-only insurance and $127 per month for full coverage. Traders’ average rates are much cheaper than the national average rate.
Traders Insurance Company is privately owned and sells policies exclusively through independent insurance agents.
Traders insurance can be a good option for high-risk drivers or people looking for affordable auto insurance in Arkansas, Indiana, Kansas, Oklahoma, or Missouri. Because Traders offers very few endorsements, it’s best for drivers who need basic minimum-coverage or full-coverage insurance and aren’t looking to customize their coverage.
Traders doesn’t have any financial stability ratings from organizations like AM Best or Moody’s, so it’s difficult to determine if the company can meet financial obligations and pay claims. However, the company has some BBB complaints about its poor claim-handling process, which is something to keep in mind if you’re considering this company.
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Over 3 years of experience producing content on insurance and personal finance.
Key architect of Insurify's quality score.
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