Car insurance prices include a variety of factors, and every insurance company looks at those factors differently. According to premium information gathered by Business Insider, the average cost for car insurance between 2017 and 2019 was $1,566 per year. But, every person’s quote will be different.
The state you live in, the level of coverage you’d like to have, and your gender, age, credit history, and driving history will all factor into your premium.
While a California driver might pay between $987 and $1,815 per year, a driver in New York may pay between $1,352 and $2,752 per year for coverage.
That said, you’ll want to shop around and see which insurance company will have the best price for you. Before you start shopping, use this guide to get an idea of car insurance prices.
What To Look For When Shopping For A New Policy
If you’re in the market for your next car insurance policy, it’s important to understand all the factors that can go into the price you’ll pay for coverage.
Car insurance policies have lots of moving parts, and your premium, or the cost you’ll pay for coverage, is just one of them. Insurance is regulated at the state level, and laws on required coverage and auto insurance pricing are different in every state. Insurance companies take into account many different factors, including the state and area where you live, as well as your gender, age, driving history, and the level of coverage you’d like to have.
Business Insider compiled data from industry regulators, personal finance publications, and comparison sites to find out which factors affected car insurance costs the most, and what the typical driver can expect to pay. Here are the biggest factors that will influence the price you’ll pay for coverage, and what to consider when looking at your car insurance options.
Cost of car insurance by state
- Every state handles car insurance differently. States regulate their own laws and policies about car insurance coverage, including how much coverage is required, how much insurance is responsible for covering, and what factors insurance companies can use to determine rates.
- In some states, like New Hampshire, car insurance isn’t even required. In Michigan, car insurance is expensive because of a no-fault law requiring unlimited coverage for personal injury protection. Regulations like these will be big factors in the amount you’ll pay for coverage.
- Business Insider put together a list of average car insurance prices for each state. These rates were determined as an average of rates reported by Nerdwallet, The Zebra, ValuePenguin, Bankrate, and the National Association of Insurance Commissioners. Here’s a range of what you can expect to pay each year for coverage in every US state.
Source – Business Insider
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