Average Amount of Money Spent On Car Insurance Per Month

How Much Does Car Insurance Cost?

When it comes to car insurance, the cost can vary greatly depending on a number of factors. The amount of coverage you have, the type of vehicle, and your individual driving record all play a role in determining the premium you pay. On average, the national monthly car insurance bill is around $135. However, this can be much lower or much higher depending on the factors mentioned above.

Factors That Determine Car Insurance Costs

The amount you pay for car insurance each month will be determined by a number of factors. Primarily, the cost of insurance will be determined by the amount of coverage you choose to carry. If you decide to carry more comprehensive coverage, then you will pay more each month. Additionally, the type of vehicle you drive can also have an effect on the cost. Luxury cars and vehicles that cost more to repair will typically come with higher premiums. Finally, your individual driving record will also come into play. If you have a history of accidents or traffic violations, then you will likely pay more than someone with a clean record.

Average Monthly Car Insurance Premiums By State

The amount you pay for car insurance each month can also vary greatly depending on the state you live in. For example, the state of New Hampshire has the lowest average monthly car insurance premium at just $70. On the other hand, Louisiana has the highest average monthly car insurance premium at $190. Other states that have high average car insurance premiums include Michigan, Florida, and Rhode Island.

Average Monthly Car Insurance Premiums By Age

The age of the driver can also have a major impact on the cost of car insurance. Generally, drivers in the 18-25 age bracket will pay the highest premiums. This is because drivers in this age range are statistically more likely to be involved in an accident. On the other hand, drivers in the 25-60 age range usually have lower premiums. Drivers over the age of 60 are usually eligible for discounts and can get very affordable car insurance.

Car Insurance Discounts

In addition to age-based discounts, there are a number of other discounts that can help you reduce your car insurance premiums. Some of the most common discounts include good student discounts, multi-policy discounts, and low-mileage discounts. Additionally, some insurance companies offer discounts for drivers who have taken defensive driving courses or installed certain safety features on their vehicles.

Finding The Cheapest Car Insurance

When it comes to finding the cheapest car insurance, it’s important to shop around. Comparing rates from multiple insurance companies is the best way to ensure that you are getting the best deal. Additionally, it’s important to take advantage of any discounts that are available to you. By doing so, you can save hundreds of dollars on your car insurance each year.