How Much Is Car Insurance On Average?

What Factors Determine The Cost Of Car Insurance?

When it comes to car insurance, it's important to understand that there are many factors that determine how much you'll pay for coverage. Everything from your age and driving history to the type of car you drive and the insurance company you choose can have an impact on the cost of your car insurance. Additionally, some states require higher minimum coverage levels than others, which can also increase the cost of your car insurance.

Young drivers, for example, often pay more for car insurance than more experienced drivers, as they're more likely to be involved in an accident. Additionally, if you're driving an expensive car or a car with a high-performance engine, you can expect to pay more for car insurance as well. Finally, if you have a long history of traffic violations or accidents, you're more likely to be charged higher premiums by insurance companies.

How Much Does Car Insurance Cost On Average?

According to the Insurance Information Institute, the average cost of car insurance in the United States in 2019 was $1,548 per year. This figure is for liability insurance only and does not include comprehensive or collision insurance, which are additional coverage options that you may choose to purchase. Additionally, the cost can vary significantly from state to state, with the most expensive states for car insurance being Michigan, Louisiana, and Florida.

The cost of car insurance can also depend on the type of car you drive. For example, luxury cars and sports cars are more expensive to insure because they're more likely to be stolen or involved in an accident. Additionally, cars with lots of safety features, such as airbags, anti-lock brakes, and electronic stability control, can also help reduce the cost of your car insurance.

How Can I Save Money On Car Insurance?

If you're looking to save money on car insurance, there are a few things you can do. One of the best ways to save money is to shop around for the best rates. Different insurance companies have different rates, so it pays to get a few quotes and compare them. Additionally, if you have a clean driving record, you may be eligible for discounts or lower rates. You can also save money by raising your deductible, which is the amount you pay out of pocket before the insurance company pays for any repairs.

Finally, if you have multiple vehicles, you may be eligible for a multi-car discount, which can help reduce your overall car insurance costs. Additionally, if you're a student or a member of certain organizations, you may also be eligible for discounts on your car insurance. So, it's always a good idea to ask your insurance provider about any discounts or special offers they may have.

Bottom Line

Car insurance can be expensive, but there are ways to save money. Shopping around for the best rates and asking your insurance company about any discounts you may be eligible for can help reduce the cost of your car insurance. Additionally, having a clean driving record and driving a car with safety features can also help keep your car insurance costs low. All in all, the average cost of car insurance in the United States is $1,548 per year, but this can vary significantly from state to state.