Monthly average car insurance costs in the U.S. are $168 for full coverage, and $52 for minimal coverage.
What is the cost of car insurance?
According to extensive research by Bankrate, the average annual cost of auto insurance in the U.S. amounts to $2,014 The average cost of minimum coverage is $622 per year. Car insurance is similar to a fingerprint. Your premium will differ from the average national rate, even though your circumstances might seem similar. Knowing the average price of car insurance can help you ensure that you are not paying too much for this important financial protection.
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Bankrate’s analysis of 2023 auto insurance rates provides some key takeaways.
- The average cost of full coverage auto insurance is $2,014 annually, while the minimum coverage costs $622. Full coverage costs an average of $168 per month, while minimum coverage is $52 each month.
- Geico, Erie, and USAA are some of the most affordable full coverage auto insurance companies, but they’re not available to everyone.
- Averagely, Auto-Owners Insurance, Geico, and USAA provide the lowest minimum coverage for car insurance of all companies that we have analyzed.
- However, although men are more likely to pay for auto insurance than women of 50 years old, this isn’t the case. Women aged 50 pay $2 more per year on average for full coverage auto insurance than men.
- Insurance premiums are higher for some vehicles than others due to MSRPs and safety features. Repair costs, availability of parts, and other variables can also affect insurance rates. The average insurance cost for a Tesla Model 3 will be 60 percent more than that of a Subaru Outback.
What is the average cost of car insurance in each state?
Average car insurance rates are around $2,014 for full coverage, and $622 for minimal coverage. When determining “how expensive is car insurance in my area”, the answer depends on a variety of factors. Insurance premiums are affected by the state in which you live. This can affect accidents, claim frequency and even labor and part costs.
What is the lowest cost state for auto insurance?
Maine, Vermont Idaho, New Hampshire, and Massachusetts drivers pay, on average, the lowest annual rates for full coverage auto insurance in the United States. These states have lower premiums because of factors such as lower cost of living, a lower likelihood of accidents, claims and traffic congestion.
- Maine:$941 annually — 53 percent less than national average
- Vermont:$1,061 annually — 47 percent lower than national average
- Idaho:$1,133 annually — 44 percent lower than national average
- New Hampshire:$1,162 annually — 42 percent lower than national average
- Massachusetts:$1,262 a year — 37 percent less than the national average
What is the costliest state for auto insurance?
According to our research, the average cost of full coverage auto insurance for drivers in Florida, New York and Louisiana is higher than that of Michigan, Nevada, Nevada, Michigan, Florida, New York and Louisiana. It could be because of frequent claims in these states for common losses, which makes drivers more risky to insure.
- Florida:$3,183 annually — 58 percent higher than national average
- New York City: $3.139 per year — 56 Percent above the national average
- Louisiana:$2,909 annually — 44 percent higher than national average
- Nevada: $2,779 per annum — 38 percent higher than national average
- Michigan:$2,691 annually — 34 percent higher than national average
Calculate your auto insurance costs
There are ways to estimate the cost of car insurance, despite it being a highly personalized product. Understanding how insurance companies determine rates will help you shop for insurance and get a good price.
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