How Much Does Car Insurance Cost on a Monthly Basis?
“What is the average cost of auto insurance?” is a question that many of our customers ask. And the truth is that there is no one-size-fits-all solution. That’s because the average monthly cost of auto insurance is determined by a variety of factors, including your:
- History of the driver
- Vehicle class
- The average number of miles traveled in a year
- Limits on coverage
- Amounts that can be deducted
These characteristics are taken into account differently by insurance firms, resulting in rates that are unique to each consumer. The level of automobile insurance coverage you select has an impact on the cost.
How Much Does Car Insurance Cost on Average?
According to the Insurance Information Institute, the average monthly cost of car insurance in 2018 was $1,057. (III).
Average Car Insurance Rates by Coverage Level Average Car Insurance Cost Per MonthWe understand that everyone’s needs are different when it comes to insuring their vehicle. As a result, we provide a variety of auto insurance options. Having comprehensive coverage keeps you safe on the road. This is also one of the reasons why vehicle insurance costs vary so much amongst clients.
The higher your coverage limitations, the more your automobile insurance costs will be in general. For example, insurance that covers property losses up to $50,000 will cost more than one that only covers repairs up to $25,000.
Rates of Car Insurance by Age
Average auto insurance premiums by gender and age
Your car insurance premiums will also differ depending on your age group. Car insurance companies, for example, frequently perceive young drivers, such as teenagers, to be more of a risk behind the wheel. This is partially due to their lack of driving experience.
Furthermore, automobile insurance for men is often more expensive than for women. 3 Auto insurance prices tend to be lower the longer you’ve been driving and the older you get.
State-by-State Average Car Insurance Rates
The average cost of vehicle insurance varies by state. Iowa has some of the cheapest vehicle insurance in the country, at $674, while Louisiana has some of the most costly, at $1,443.4, according to the Insurance Information Institute (III). This means that your monthly premium will most likely fall somewhere in the middle, depending on factors such as:
- Insurance is mandated by the state.
- the zip code
- On the road, frequency
- Additional Considerations
Your insurance score and driving record has an impact on the average cost of auto insurance. For example, if you have a clean driving record, your insurance premiums would likely be reduced on a monthly basis.
Call 888-413-8970 to talk with one of our professionals. We can assist you in understanding the factors that influence your auto insurance rate. You may also receive a car insurance quotation right now on the internet. It’s simple to get started; all you need is your zip code.
Frequently Asked Questions
When Is the Best Time to Buy Car Insurance?
Car insurance premiums are generally higher for drivers under the age of 25.
5 That means that as a motorist becomes older and more experience behind the wheel, his or her rates are likely to drop. 6 After the age of 65, when you’re deemed a senior citizen, these rates may start to rise again for some people. This, however, is dependent on your insurance provider.
Learn more about how to tell whether your auto insurance is going to go down.
Which age group has the highest car insurance premiums?
Drivers under the age of 25.7 are often charged more by insurance companies. You can apply for coverage with The Hartford if you are 50 years old or older and are an AARP member. Since 1984, Hartford has provided special advantages and discounts to approximately 40 million AARP members to help them receive the auto insurance they need.
Which state has the most affordable vehicle insurance?
These states, according to III, had some of the lowest vehicle insurance prices in 2017:
- Car insurance in Iowa starts at $700.
- The cost of vehicle insurance in Idaho is $722.
- Car insurance in South Dakota is $721.
- The cost of vehicle insurance in Maine is $686.
- The cost of vehicle insurance in Wisconsin is $755.
- Car insurance in Wyoming costs $765.
- The average cost of vehicle insurance in Indiana is $767.
Get a quotation from us today to learn more. You can also call us at 888-413-8970 to talk with one of our representatives. They’ll assist you in obtaining the auto policies you require, whether it’s to assist in the payment of damages following an accident or to protect you from crashes with uninsured drivers.
What factors influence the cost of your auto insurance?
The most important factor that insurance companies consider when providing you with a vehicle insurance quote is your age. This, together with where you reside, the type of car you drive, and other criteria, provides significant information to potential insurers about your driving and the chance of a collision.
Do you want to feel more in command?
You’ll get a lower price if these indicators indicate that you have a low risk of getting into an accident or having your car stolen.
It can be tough to tell if you’re being offered a fair cost or if you’re getting ripped off because quotes can vary greatly dependent on these factors.
The average cost of auto insurance varies depending on your age.
According to Statista*, the average cost of auto insurance in 2020 for people in their twenties was the highest of all age groups, at £851.
The average cost of auto insurance in the UK was £468 for people in their fifties, the lowest age group. This does not mean that as you get older, your insurance becomes cheaper; as you reach your 60s, the price rises again.
The average cost of automobile insurance varies by age:
- £851 for 20-year-olds
- £719 for 25-year-olds
- £639 for 35-year-olds
- £575 for 45-year-olds
- £468 for 55-year-olds
- £491 for 65-year-olds
- £752 for 75-year-olds