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On This Page How much is car insurance?The average cost of car insurance is $1,771 per year for full coverage, or about $148 per month, according to Bankrate’s 2022 analysis of average quoted premiums from Quadrant Information Services. Minimum coverage costs an average of $545 per year. But because auto insurance premiums are based on more than a dozen individual rating factors, the actual cost will differ for every driver. 47 years of industry expertise Lightbulb Key insights from Bankrate's car insurance rates analysis:
How much does car insurance cost by state?On average, car insurance costs around $1,771 per year for full coverage and $545 per year for minimum coverage. However, when determining “how much does car insurance cost” in a specific area, the answer can vary depending on a variety of factors. The state where you live, individual rating factors, accident and claim reporting frequency, and even cost of labor and parts can cause one city or state to be more expensive than others. Average car insurance cost by state in 2022
Top 5 cheapest states for car insuranceDrivers in Maine, Vermont, Idaho, New Hampshire and Ohio pay the cheapest annual full coverage car insurance rates in the nation, on average. Factors like cheaper cost of living, lower probability of accidents and claims, and less traffic congestion could be contributing to these states' lower average premiums.
Top 5 most expensive states for car insuranceBased on our research, drivers in New York, Louisiana, Florida, Nevada and Michigan have the highest average annual cost of full coverage car insurance. This could be due in part to frequent claims for common losses in these states, making drivers riskier to insure overall.
Auto Car Guides Looking to save money on auto insurance?ADVERTISEMENT Powered by Coverage.com (NPN: 19966249) Advertising Disclosure This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. How much does car insurance cost by company?On average, car insurance from some of the top insurance carriers in the nation can range from $1,200 to $2,500 per year for full coverage, the cheapest being from USAA and Geico. But because each auto insurance company has its own proprietary underwriting system, the cost of car insurance will vary from carrier to carrier. For drivers looking for the best car insurance company, keep in mind that the coverage you choose plays a role too. The average cost of full coverage car insurance is about 225% more than minimum coverage. The table below showcases the average annual and monthly full coverage premiums for some of the largest car insurance companies in the nation by market share.
Powered by Coverage.com (NPN: 19966249) Advertising Disclosure This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Powered by Coverage.com (NPN: 19966249) Advertising Disclosure This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Auto Car Guides Looking to save money on auto insurance?ADVERTISEMENT Powered by Coverage.com (NPN: 19966249) Advertising Disclosure This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. How much does car insurance cost by age and gender?Insurers typically consider age as a significant factor in setting auto insurance rates, with young drivers paying the highest premiums on average based on 2022 rates. Auto insurers use actuarial data to determine that teens and young adult drivers — as well as the elderly — are more likely to get in an accident, so the car insurance costs that these drivers pay are typically higher to compensate for the greater risk. Note that your age will not affect your premium if you live in Hawaii or Massachusetts, as state regulations prohibit auto insurers from using age as a rating factor. Additionally, gender impacts your premium in most states. Men typically cost more to insure than women. This is because men generally engage in riskier driving behaviors than women and have a higher rate of accident severity, 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 does not affect how much you pay for car insurance because of state regulations prohibiting this rating factor.
*16- and 17-year-old rates reflect the total cost of the teen driver added to their parent’s policy with student discounts applied. **18- through 25-year-old rates reflect renters (not homeowners) calculated on their own policy. Lightbulb Why rates vary Men are statistically riskier drivers than women — as supported by crash rate fatalities data from 1975 to 2020 — resulting in higher insurance premiums on average. Based on data from the U.S. Department of Transportation’s Fatality Analysis Reporting System, the Insurance Institute for Highway Safety (IIHS) found that in 2020, male drivers accounted for 72% of passenger vehicle driver deaths, while female drivers accounted for 28%. Other key IIHS report findings include:
How does driving record impact the cost of car insurance?Drivers with an at-fault accident on their record pay around 42% more for car insurance on average compared to drivers with a clean record. This average increase is even higher for drivers with a DUI conviction, at 93%, showing how the severity of an incident and being considered a high-risk driver could impact your premium.
Average car insurance cost with driving incidents
How much does car insurance cost by credit score?Average car insurance cost by credit score
Drivers with poor credit pay nearly 70% more for full coverage car insurance compared to those with good credit. In states where using a credit-based insurance score as a rating factor is allowed, insurers review your insurance credit tier, which is not necessarily identical to your credit score from services like Experian, TransUnion or Equifax. Regulations in California, Hawaii, Massachusetts and Michigan prohibit auto insurers from using credit as a factor when setting rates. How much does car insurance cost by vehicle type?The type of vehicle you drive has a significant impact on your car insurance premium. The price and availability of parts, cost of labor, statistical likelihood of accidents and the vehicle’s safety and crash prevention features could all influence how much you pay for coverage. The vehicle makes and models in the table below are well-suited for a variety of lifestyles and budgets. Some vehicle makes and models are considered more expensive to insure by insurance companies. These shared features can include:
Average car insurance cost by vehicle type
What factors affect my car insurance price?In addition to your state requirements, vehicle type, age (except in Hawaii and Massachusetts), driving record and gender (in most states), several other common rating factors will impact your auto insurance premium. By looking at these rating factors, car insurance companies can get a sense of your risk profile and what it might cost to insure you.
Invest Rate Industry news: Car insurance rates are rising in 2022 Across the country, average car insurance rates are in flux. Due to recent inflation, supply chain issues and an increase in claims, car insurance companies are continuing to file for auto insurance rate changes throughout the country. Rates have increased 4.9% in 2022 compared to 2021, and could affect more than 62.5 million policyholders across the country. For this reason, when you receive your latest policy renewal letter, you might notice a change compared to the previous period, although because of how individualized car insurance rates are, it’s possible that not all drivers will experience a rate increase. How to find the best car insurance pricesBuying car insurance doesn’t have to mean breaking the bank; there are ways to save. Discounts are one of the best ways to lower your premium. Most major car insurance carriers offer discounts. Here are some of the most common insurance discounts in the U.S.
Because every auto insurer offers a different suite of discounts, speaking with your insurance agent or company representative may be the best way to learn about savings opportunities. Additionally, getting quotes from several car insurance companies can help you compare rates. Each company sets its own rates, so the same level of coverage can cost vastly different amounts with different providers. Comparing quotes might help you find the lowest price for the coverage you need. Frequently asked questionsMethodologyBankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually. These are sample rates and should only be used for comparative purposes. Age: Rates were calculated by evaluating our 2022 base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Rates for 18-year-old are based on a driver of this age that is a renter (not a homeowner) and on their own policy. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations. 16-year-old driver: Rates were calculated for 16 year olds by evaluating our 2022 base profile, based on a driver of this age added to their parents’ policy. Model: To determine the cost by vehicle type, we evaluated our 2022 base profile with the following vehicles applied: BMW 330i, Ford F-150, Honda Odyssey and Toyota Prius. Incidents: Rates were calculated by evaluating our 2022 base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction and lapse in coverage. Gender: The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, North Carolina, and Pennsylvania. Credit-based insurance scores: These 2022 rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit insurers from using credit-based insurance scores as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan. Which insurance is cheapest for new drivers?MoneyGeek found that GEICO is the cheapest for new drivers in their early 20s; Allstate, GEICO and State Farm are cheapest for new teen drivers and State Farm is cheapest for adults who are new to driving.
What is the average cost of car insurance in the UK?Powered by QuoteZone. In the second quarter of 2022, the average cost paid for car insurance in the UK was £419 a year according to the ABI. Motor insurance rates have generally dropped in recent years—however, car insurance is still one of the biggest costs of owning and running a car.
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