Average car insurance cost in November 2021
The average cost of car insurance in the United States is $1,674 per annum for full coverage or $139.50 per monthly, according to 2021 data from Quadrant Info Services. The average annual cost of minimum coverage is $565. These rates are the national average for drivers with clean driving records. According to the Insurance Information Institute, (Triple-I), auto insurance premiums can vary depending on a number of factors. These include your location, type of vehicle, and driving record. You may pay more or less than what the national average.
The average annual full coverage rate for an at-fault injury is $2,311
A DUI conviction can result in a $3,139 annual average full coverage rate.
Maine has the lowest cost for full coverage at $965 per annum.
Erie and USAA are the most affordable companies for full coverage with annual rates of $1.225 and $1.233, respectively.
The car insurance rates were analyzed by Bankrate’s editorial team. They were categorized by state and insurance carrier. Also, they included information about the driver’s gender, age, driving record, and other rating factors. These car insurance prices might help you to understand the cost of your auto insurance policy. This information can be helpful when you are looking for the right auto insurance company that suits your needs and budget.
What is the cost of car insurance in each state?
It is not easy to answer the question, “How much does car coverage cost?” There are many factors that can affect how much you pay. Your ZIP code, even if you live in a different state, can impact your premium. Your local factors can have an impact on your auto insurance rates, such as traffic volume, claims and the possibility of accidents, as well theft and vandalism rates.
Louisiana’s full coverage rates, which average $2,724 per annum, are some of the most expensive in America.
Maine has the lowest cost of full coverage in the nation, at an average premium of $965 per calendar year.
Florida and Louisiana have the highest median household incomes for car insurance at 5% and 4%, respectively.
Massachusetts and Hawaii have just over one percent of the median household income that is used to pay for car insurance.
Which states are most expensive for car insurance?
Louisiana’s average car insurance rate is $2,724 per year for full coverage. That’s about $227 per monthly. Louisiana residents also spend the highest amount of their household income towards car insurance at 5.27%. Other high-cost states are Florida, New York and Michigan, as well as Nevada.
Which states offer the best car insurance rates?
Maine’s average full-coverage car insurance rate is $965 per annum, or approximately $80 per month. This is just 1.45% of the median household income. Washington, Idaho, Hawaii, and Hawaii are the other states with lowest rates.
What is the cost of car insurance for each company?
Every auto-insurance company uses its own rating system. Therefore, the cost of car insurance can vary from one carrier to another. Get quotes from multiple auto insurance companies to find the best for you.
Below is a table that shows the average monthly and annual premiums of some of the biggest car insurance companies by market share. Each insurance company has been given a Bankrate Score, ranging from 0.0 to 5. The Scores include information about average prices, coverage options, discounts, and third-party rankings. Higher Bankrate Scores indicate that the company has scored higher in each category.
What is the cost of car insurance based on age and gender?
The largest factor affecting the price of auto insurance is age. Young drivers pay the highest premiums. To determine the likelihood of an accident, auto insurers use actuarial information. This means that young drivers and teens are more likely to be in an accident. Therefore, the premiums for car insurance that these drivers pay will typically be higher to compensate. Your age shouldn’t affect your premium if your residence is in Hawaii. State regulations prohibit the use of age as an auto insurance rating factor.
In most states, your premium will also be affected by gender. Insurers who are males typically charge less than those who are females. According to Triple-I, men are more likely to engage in dangerous driving behaviors than their female counterparts and have higher accident severity rates. Some states do not allow gender to affect rates. Your gender shouldn’t affect the price of your car insurance if you live in California or Hawaii.