June Sham is an insurance writer for Bankrate. Before joining the team, she worked for nearly three years as an authorized producer drafting policies for cars, properties, umbrellas and earthquakes. Mark Friedlander is director of corporate communications at III, a non-profit organization that focuses on giving consumers a better understanding of insurance. Our mission is to provide readers with accurate and unbiased information, and we have editorial guidelines to ensure that this is the case.
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Our goal is to provide you with the best tips to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content isn't influenced by advertisers. Our editorial team doesn't receive any direct compensation from advertisers, and our content is thoroughly verified to ensure accuracy. So, whether you're reading an article or a review, you can trust that you'll get credible and reliable information.
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The content created by our editorial team is objective, fact-based and not influenced by our advertisers. With inflation reaching record highs, Bankrate knows that perhaps now more than ever, the cost of your car insurance is at the top of your mind. Our editorial team includes four licensed agents, and we've leveraged our 47 years of experience in the industry in the real world to help you better understand the average cost of car insurance and the science behind calculating rates. To find the average cost of car insurance, Bankrate's insurance editorial team evaluated dozens of companies based on a variety of factors.
These included car insurance rates by state, insurance company, vehicle manufacturer, driving history, age and gender of the driver (when allowed), among other factors. Founded in 1976, Bankrate has a long history of helping people make smart financial decisions. We have maintained this reputation for more than four decades by demystifying the financial decision-making process and giving people confidence in the actions to take next. Our insurance team is comprised of agents, data analysts and customers like you.
They focus on the points that consumers are most concerned about: price, customer service, policy features and savings opportunities so you can be sure which provider is right for you. On average, drivers in Maine, Vermont, Idaho, New Hampshire and Ohio pay the cheapest full-coverage car insurance rates in the country. Factors such as the lower cost of living, the lower likelihood of accidents and claims, and less traffic congestion could be contributing to lower average premiums in these states. According to our research, drivers in New York, Louisiana, Florida, Nevada and Michigan have the highest average annual cost of car insurance with full coverage.
This could be due in part to the frequent loss claims common in these states, making drivers riskier to insure overall. Get a quick estimate to make sure you're not overpaying. Answer a few questions to disclose your payment. We are unable to estimate your payment.
The table below shows the annual and monthly average of the total coverage premiums of some of the country's largest auto insurance companies, by market share. Car insurance companies use many different qualifying factors to determine your premium, and in most states, your age can significantly affect the amount you pay for coverage. Statistically speaking, younger drivers and older people are more likely to be involved in an accident, so these groups tend to pay more for car insurance. The table below shows the average cost of car insurance for various age groups.
It's important to note that your age won't affect your premium if you live in Hawaii or Massachusetts, as state regulations prohibit auto insurers from using age as a qualifying factor. Gender also affects your premium in most states. It generally costs more to insure men than women. This is because men tend to adopt riskier driving behaviors than women and have a higher accident severity rate, according to the Insurance Information Institute (Triple-I).
However, not all states allow gender to be a factor in rates. If you live in California, Hawaii, Massachusetts, Michigan, North Carolina or Pennsylvania, your gender doesn't affect the amount you pay for car insurance due to state regulations that prohibit this qualifying factor. The table below shows the difference in premiums that men and women can expect to pay at different ages. Notice how the price difference between genders narrows as people age but begins to increase again once drivers reach old age.
The type of vehicle you drive has a significant impact on your car insurance premium. The price and availability of parts, the cost of labor, the statistical likelihood of accidents and safety features of the vehicle could influence how much you pay for coverage. The vehicle makes and models in the table below are suitable for a variety of lifestyles and budgets. In addition to state requirements; vehicle type; age (except Hawaii and Massachusetts); driving history; gender (in most states); several other common qualifying factors will affect your car insurance premium too! By analyzing these rating factors auto insurance companies can get an idea of your risk profile and how much it might cost to insure you.Buying car insurance doesn't have to mean going broke; there are ways to save! Discounts are one of the best ways to lower your premium; most major auto insurance companies offer discounts! Here are...