While most car models are relatively inexpensive to insure, some are extremely expensive. However, the overall cost of car insurance will only change a few hundred dollars per year. The most expensive car to insure is a Nissan GT-R, and the least expensive is a Honda CR-V. You can save money on auto insurance by changing your coverage level to a lower liability limit or by eliminating the comprehensive and collision coverage entirely.
The type of vehicle you drive also plays a big role in the average cost of auto insurance. In most states, your credit score is one of the major determining factors when calculating your premium. According to the Federal Trade Commission, drivers with poor credit are more likely to file insurance claims, and their premiums tend to be higher than drivers with good credit. Insurers tend to charge less for a driver with excellent credit than a driver with a bad record.
The most expensive car to insure is a 2021 Mazda MX-5 Miata Club. The average monthly cost of insuring a 2021 MX-5 Miata Club is $4,780, compared to $5,318 for a driver aged 50 to 59. Insurers don’t differentiate between different car models – the average cost of insurance for a cab is $2,500 a year.
Auto Insurance Average Cost: What Factors Affect the Average Cost of Auto Insurance?
Your location and driving history also play a large part in the auto insurance average cost. If you drive a BMW or a Mercedes, you could easily pay $2,721 per year. In Louisiana, you may also be required to pay a minimum of $226 per month for full coverage. Other high-cost states include Michigan, Kentucky, and Florida. Increasing accident rates and higher costs of living all contribute to higher premiums. Conversely, Maine has the lowest average rate – $884 per year for full coverage.
Your age and gender are another factor in the auto insurance average cost. Generally, drivers aged 25 and younger tend to pay the lowest premiums, while those aged 45 and older tend to pay higher rates. Insurers also classify cars based on their use. For example, cars used by business will have a lower price than those used for pleasure. Moreover, insurance premiums vary by the type of driver. There is no one single factor that determines the actual cost of auto insurance, but the age of the driver and the type of vehicle can significantly affect the cost of your policy.
The average cost of car insurance depends on your age and ZIP code. For drivers under 25, the average rate can be around $1,560 per month. If you’re a homeowner, your premiums may be lower. A driver’s driving history, however, can affect their rate. While auto insurance costs vary by ZIP code, their rate will be different from driver to driver. A DUI driver is more likely to have higher car insurance rates, as they are at greater risk of getting into an accident.
Your age is another factor that impacts the average cost of auto insurance. The higher the ages of the drivers, the greater the risk of accidents. The lower the age of a driver, the lower the cost of auto insurance. Regardless of age, a person with a good driving history will usually enjoy lower premiums than a driver without a good credit history. If a person has a good credit rating, he or she will be more likely to get lower insurance premiums.
The costs of car insurance vary greatly by state. Michigan has the highest average cost of car insurance. The state minimum for liability coverage is $20,000 per person and $50,000 per accident. In the cheapest state, Maine, the minimum amount of coverage required is only $25. The average cost of car insurance can vary drastically by state. The most expensive states have the lowest premiums, and those with higher deductibles can expect to pay a lot more.
Among other factors, the age of a person and his ZIP code will affect the car insurance average cost. Women tend to drive less and are more likely to cause accidents. Therefore, the age of a driver will affect the car insurance average cost. Although it is not always possible to predict which state will have the lowest rates, the age of a driver will influence the amount of coverage they need. While the age of a driver is another factor that can affect the cost of car insurance, it is worth considering.