Average Cost Of Car Insurance Per Month

Understanding Your Insurance Costs

Car insurance is an important purchase for all drivers, yet many don't feel they understand the costs associated with it. Though the cost of car insurance varies greatly depending on the policy, there are some general rules of thumb when it comes to the average cost of car insurance per month. Knowing what to expect can help you budget for your insurance and be better prepared for the costs associated with it.

Factors That Determine Your Monthly Cost

There are several factors that can influence the cost of car insurance per month, including your age, gender, driving record, the make and model of your car, your credit score, and where you live. Generally, younger drivers and those with histories of moving violations or accidents will pay more for their insurance than older, more experienced drivers. Those living in urban areas with higher traffic levels may also pay more for their car insurance than those living in rural areas. Additionally, the make and model of your car can affect your premiums. Certain cars are more expensive to insure than others due to their higher repair costs or higher likelihood of theft.

Average Cost of Car Insurance Per Month

The average cost of car insurance per month is around $111.48, according to a 2020 study by The Zebra. However, as mentioned before, a variety of factors can influence the cost of your premiums, so this number may vary widely depending on your individual circumstances. The study found that drivers in their 50s and 60s pay the lowest average monthly premiums, at around $76.17, while drivers in their 20s pay the most, at around $164.33.

Saving Money on Car Insurance

If you're looking for ways to save money on your car insurance premiums, there are a few options available. Many insurers offer discounts for safe drivers or those who drive low mileage. You can also consider raising your deductible to lower your monthly premiums. Additionally, shopping around for different insurers can help you find better rates. Comparing quotes from different insurers is an easy way to save money on your car insurance.

Bottom Line

The cost of car insurance varies greatly depending on your individual circumstances. However, the average cost of car insurance per month is around $111.48. To save money on your car insurance premiums, consider shopping around for different insurers and look for discounts for safe drivers or low mileage. With the right approach, you can find a policy that fits both your needs and your budget.