Car Insurance: The Average Cost Per Month

Car insurance is a necessary protection for anyone who owns and drives a car. But just how much does it cost? There is no one-size-fits-all answer to that question, as the cost of car insurance varies from person to person. But, according to recent estimates, the average cost of car insurance in the United States is around $135 per month — or around $1,620 per year.

Of course, that estimated figure is just that — an estimate. The actual cost of car insurance may be higher or lower depending on a variety of factors, including where you live, your age, the type of car you drive, and the amount of coverage you choose. For example, if you live in a state with high insurance rates, you can expect to pay more than the national average. Similarly, if you’re a young driver or a driver with a poor credit score, you can also expect to pay more for coverage.

Factors that influence the cost of car insurance

Age is one of the primary factors that influence the cost of car insurance. Insurance companies view younger drivers as riskier because they’re more likely to get into an accident. As a result, younger drivers tend to pay more for coverage — sometimes significantly more than older drivers. However, most states have laws that limit how much insurers can charge young drivers.

Location also plays a role in the cost of car insurance. Different states have different insurance laws and regulations, which can affect the cost of coverage. In some states, insurance companies are allowed to consider factors like credit scores when calculating premiums, while in other states, they’re not. Additionally, insurance rates tend to be higher in areas with higher rates of accidents and car thefts.

The type of car you drive also has an impact on the cost of car insurance. Cars with more safety features, such as anti-lock brakes and airbags, tend to be less expensive to insure than older cars with fewer safety features. Similarly, cars with high-performance engines tend to be more expensive to insure than cars with lower-performance engines.

How to get the best car insurance rates

If you’re looking to get the best car insurance rates, there are a few steps you can take. First, shop around and compare rates from different insurance companies. Different companies have different rate structures, and you may be able to find a better deal by comparing rates from multiple companies.

Second, consider raising your deductible. The higher your deductible, the lower your premiums will be. However, it’s important to make sure you have enough money set aside to cover the cost of your deductible in case you ever need to file a claim.

Finally, look for discounts. Many insurance companies offer discounts for things like good driving records, multiple cars, and good student discounts. Make sure to ask about any available discounts so you can get the best rate possible.

Ultimately, the cost of car insurance varies from person to person, but the average cost of car insurance in the United States is around $135 per month — or around $1,620 per year. By shopping around, raising your deductible, and looking for discounts, you can get the best rate possible and save money on your car insurance.