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Written by Shannon Martin Shannon Martin
Edited by Lisa McArdle Lisa McArdle
Reviewed by Mark Friedlander Mark Friedlander
Edited by Lisa McArdle Lisa McArdle
Reviewed by Mark Friedlander Mark Friedlander
Updated Mar 01, 2024
The monthly average cost of car insurance for drivers in the U.S. is $212 for full coverage and $62 for minimum coverage.
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On This Page
On This Page
- Car insurance costs by state
- Car insurance costs by company
- Car insurance costs by age and gender
- Car insurance costs by driving record
- Car insurance costs by credit score
- Car insurance costs by vehicle
- What other things affect my car insurance price?
- How to lower your car insurance cost
- Frequently asked questions
- Methodology
How much is car insurance?
According to Bankrate’s extensive research, the average cost of car insurance in the U.S. is $2,545 per year. Minimum coverage, on the other hand, has an average annual cost of $741. However, car insurance is like a fingerprint: although your circ*mstances may seem similar, your personalized rating factors will cause your premium to vary from that of friends, family and the national average. Still, knowing the average cost of car insurance might give you the information you need to ensure you’re not overpaying for this necessary financial protection.
Key insights from Bankrate's 2024 car insurance cost analysis:
- Full coverage car insurance costs an average of $2,545 per year, while minimum coverage is $741 per year. On a monthly basis, full coverage averages $212, with minimum coverage averaging $62 per month.
- NJM, Auto-Owners and Erie offer some of the cheapest full coverage car insurance but are not all available to all drivers. Auto-Owners, USAA and Geico offer the cheapest average minimum coverage car insurance among companies we analyzed.
- Men tend to pay more than women for car insurance, on average, since data show they are more likely to engage in riskier driving behaviors.
- Some vehicles experience higher average insurance premiums than others because of MSRPs, safety features, repair costs, parts availability and other variable characteristics.
What factors impact the cost of car insurance?
Your location
Your driving record
Your credit score
Your vehicle type
Other factors
Why you can trust Bankrate
Bankrate closely tracks the average cost of auto insurance premiums. For the past several years, our research has shown that rates are on the rise. If you’re struggling to wrap your head — or your budget — around this increase, we’re here to help.
46
years of industry expertise
122
carriers reviewed
20.7K
ZIP codes examined
1.2M
quotes analyzed
How much does car insurance cost by state?
The average cost of car insurance varies between states for many reasons, like accident and claim frequency, the cost of labor and vehicle parts, vehicle theft frequency and even road conditions. The coverage levels you choose also play a significant role. Here, we cover the two most common coverage limits for a holistic view of average rates — full coverage and minimum coverage. It is typical for drivers who have leases or loans on their vehicles to have comprehensive and collision coverage, along with higher liability limits of 100/300/50, and for drivers of older cars to have liability-only limits at the state-required amounts.
Keep in mind that there are various degrees of coverage between these two options. Even if you are driving an older vehicle, liability coverage helps protect your financial future if you are found at fault for an accident. And insurance experts agree that carrying more liability coverage offers better financial protection at a relatively low cost to you. While making the jump from minimum coverage to full coverage can throw a wrench in your budget, raising your liability limits can be an affordable way to protect your finances if you are at fault for an accident. It’s a good idea to speak with a licensed insurance agent to better understand the limits that will work best for you.
Average car insurance cost by state in 2024
State | Avg. annual full coverage premium | Avg. annual min. coverage premium |
---|---|---|
Alabama | Avg. annual full coverage premium $2,207 | Avg. annual min. coverage premium $541 |
Alaska | Avg. annual full coverage premium $2,330 | Avg. annual min. coverage premium $498 |
Arizona | Avg. annual full coverage premium $2,515 | Avg. annual min. coverage premium $795 |
Arkansas | Avg. annual full coverage premium $2,193 | Avg. annual min. coverage premium $457 |
California | Avg. annual full coverage premium $2,692 | Avg. annual min. coverage premium $653 |
Colorado | Avg. annual full coverage premium $3,200 | Avg. annual min. coverage premium $650 |
Connecticut | Avg. annual full coverage premium $2,187 | Avg. annual min. coverage premium $826 |
Delaware | Avg. annual full coverage premium $2,636 | Avg. annual min. coverage premium $998 |
Florida | Avg. annual full coverage premium $3,950 | Avg. annual min. coverage premium $1,308 |
Georgia | Avg. annual full coverage premium $2,610 | Avg. annual min. coverage premium $813 |
Hawaii | Avg. annual full coverage premium $1,652 | Avg. annual min. coverage premium $415 |
Idaho | Avg. annual full coverage premium $1,425 | Avg. annual min. coverage premium $343 |
Illinois | Avg. annual full coverage premium $2,316 | Avg. annual min. coverage premium $682 |
Indiana | Avg. annual full coverage premium $1,639 | Avg. annual min. coverage premium $424 |
Iowa | Avg. annual full coverage premium $1,683 | Avg. annual min. coverage premium $317 |
Kansas | Avg. annual full coverage premium $2,630 | Avg. annual min. coverage premium $631 |
Kentucky | Avg. annual full coverage premium $2,558 | Avg. annual min. coverage premium $771 |
Louisiana | Avg. annual full coverage premium $3,626 | Avg. annual min. coverage premium $953 |
Maine | Avg. annual full coverage premium $1,517 | Avg. annual min. coverage premium $398 |
Maryland | Avg. annual full coverage premium $2,496 | Avg. annual min. coverage premium $984 |
Massachusetts | Avg. annual full coverage premium $1,646 | Avg. annual min. coverage premium $416 |
Michigan | Avg. annual full coverage premium $3,375 | Avg. annual min. coverage premium $1,210 |
Minnesota | Avg. annual full coverage premium $2,044 | Avg. annual min. coverage premium $650 |
Mississippi | Avg. annual full coverage premium $2,061 | Avg. annual min. coverage premium $514 |
Missouri | Avg. annual full coverage premium $2,437 | Avg. annual min. coverage premium $610 |
Montana | Avg. annual full coverage premium $2,228 | Avg. annual min. coverage premium $380 |
Nebraska | Avg. annual full coverage premium $1,994 | Avg. annual min. coverage premium $516 |
Nevada | Avg. annual full coverage premium $3,564 | Avg. annual min. coverage premium $1,142 |
New Hampshire | Avg. annual full coverage premium $1,646 | Avg. annual min. coverage premium $419 |
New Jersey | Avg. annual full coverage premium $2,563 | Avg. annual min. coverage premium $1,030 |
New Mexico | Avg. annual full coverage premium $2,216 | Avg. annual min. coverage premium $523 |
New York | Avg. annual full coverage premium $3,848 | Avg. annual min. coverage premium $1,661 |
North Carolina | Avg. annual full coverage premium $1,702 | Avg. annual min. coverage premium $491 |
North Dakota | Avg. annual full coverage premium $1,655 | Avg. annual min. coverage premium $362 |
Ohio | Avg. annual full coverage premium $1,530 | Avg. annual min. coverage premium $404 |
Oklahoma | Avg. annual full coverage premium $2,560 | Avg. annual min. coverage premium $510 |
Oregon | Avg. annual full coverage premium $1,956 | Avg. annual min. coverage premium $789 |
Pennsylvania | Avg. annual full coverage premium $2,791 | Avg. annual min. coverage premium $522 |
Rhode Island | Avg. annual full coverage premium $2,683 | Avg. annual min. coverage premium $800 |
South Carolina | Avg. annual full coverage premium $1,886 | Avg. annual min. coverage premium $657 |
South Dakota | Avg. annual full coverage premium $1,939 | Avg. annual min. coverage premium $334 |
Tennessee | Avg. annual full coverage premium $1,807 | Avg. annual min. coverage premium $459 |
Texas | Avg. annual full coverage premium $2,627 | Avg. annual min. coverage premium $697 |
Utah | Avg. annual full coverage premium $1,942 | Avg. annual min. coverage premium $700 |
Vermont | Avg. annual full coverage premium $1,359 | Avg. annual min. coverage premium $311 |
Virginia | Avg. annual full coverage premium $1,990 | Avg. annual min. coverage premium $677 |
Washington | Avg. annual full coverage premium $1,674 | Avg. annual min. coverage premium $563 |
West Virginia | Avg. annual full coverage premium $1,904 | Avg. annual min. coverage premium $488 |
Wisconsin | Avg. annual full coverage premium $1,739 | Avg. annual min. coverage premium $425 |
Wyoming | Avg. annual full coverage premium $1,581 | Avg. annual min. coverage premium $270 |
District of Columbia | Avg. annual full coverage premium $2,437 | Avg. annual min. coverage premium $762 |
Average auto insurance premiums based on a 40-year-old driver with a clean driving record and good credit.
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What are the cheapest states for car insurance in 2024?
Drivers in Vermont, Idaho, Maine, Ohio and Wyoming 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 contribute to these states' lower average premiums.
- Vermont: $1,359 per year — 46 percent below national average
- Idaho: $1,425 per year — 44 percent below national average
- Maine: $1,517 per year — 40 percent below national average
- Ohio: $1,530 per year — 40 percent below national average
- Wyoming: $1,581 per year — 38 percent below national average
What are the most expensive states for car insurance in 2024?
Based on our research, drivers in Florida, New York, Louisiana, 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.
- Florida: $3,950 per year — 56 percent above national average
- New York: $3,848 per year — 52 percent above national average
- Louisiana: $3,626 per year — 43 percent above national average
- Nevada: $3,564 per year — 41 percent above national average
- Michigan: $3,375 per year — 33 percent above national average
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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.
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Estimate your monthly car insurance cost
Despite car insurance being a highly individualized product, there are ways to help estimate car insurance costs. By understanding how insurance companies calculate rates, you can be better prepared to shop for car insurance and find a competitive price. While the rate you get from the calculator below is not an exact quote, it can help you budget better. Our rates database is updated monthly and represents the most accurate estimates based on rate change approvals insurers file with state insurance departments.
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This advertisem*nt 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 advertisem*nt 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 advertisem*nt. All offers are subject to additional terms and conditions.
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How much is car insurance by company?
On average, car insurance from some of the top insurance carriers in the nation ranges from around $1,300 to $2,800 per year for full coverage, some of the cheapest rates being from Auto-Owners, Erie and Geico. But because car insurance companies have their own proprietary underwriting systems, the cost of car insurance for each individual will vary from carrier to carrier. This can make choosing an insurer a difficult decision.
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 243 percent more than minimum coverage. The table below showcases the average annual and monthly full and minimum coverage premiums from some of the largest car insurance companies in the nation by market share.
Insurance company | Annual full coverage premium | Monthly full coverage premium |
---|---|---|
Allstate | $2,936 | $245 |
American Family | $1,521 | $127 |
Amica | $2,530 | $211 |
Auto-Owners | $1,646 | $137 |
Erie | $1,680 | $140 |
Farmers | $2,757 | $230 |
Geico | $1,735 | $145 |
Mercury | $1,914 | $159 |
Nationwide | $1,803 | $150 |
Progressive | $2,044 | $170 |
State Farm | $2,248 | $187 |
The Hartford | $2,681 | $223 |
Travelers | $1,761 | $147 |
USAA | $1,683 | $140 |
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Insurance company | Annual min coverage premium | Monthly min coverage premium |
---|---|---|
Allstate | $666 | $56 |
American Family | $526 | $44 |
Amica | $647 | $54 |
Auto-Owners | $377 | $31 |
Erie | $566 | $47 |
Farmers | $908 | $76 |
Geico | $464 | $39 |
Mercury | $598 | $50 |
Nationwide | $740 | $62 |
Progressive | $592 | $49 |
State Farm | $668 | $56 |
The Hartford | $687 | $57 |
Travelers | $522 | $43 |
USAA | $435 | $36 |
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Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Feb 2024
Read our full methodology
How much does car insurance cost by age?
Car insurance companies use many different rating factors to determine your premium, and in most states, your age significantly impacts how much you pay for coverage. Statistically speaking, younger drivers (especially teens) are more likely to be involved in an accident and engage in distracted driving. Because of the added risk, younger drivers tend to pay more for auto insurance compared to drivers with more experience behind the wheel.
Average rates tend to decrease from ages 25 to 60 but begin to creep back upward when a driver reaches their 70s. Advanced age can cause decreased reaction time and poorer eyesight, which in turn can increase the likelihood of an accident. Because of this, senior drivers typically see elevated insurance rates.
Age | Annual full coverage premium | Annual min coverage premium |
---|---|---|
16-year-old* | Annual full coverage premium $5,374 | Annual min coverage premium $1,699 |
18-year-old* | Annual full coverage premium $4,720 | Annual min coverage premium $1,463 |
20-year-old | Annual full coverage premium $5,351 | Annual min coverage premium $1,571 |
25-year-old | Annual full coverage premium $3,142 | Annual min coverage premium $898 |
30-year-old | Annual full coverage premium $2,696 | Annual min coverage premium $771 |
40-year-old | Annual full coverage premium N/A | Annual min coverage premium N/A |
50-year-old | Annual full coverage premium $2,382 | Annual min coverage premium $703 |
60-year-old | Annual full coverage premium $2,307 | Annual min coverage premium $689 |
70-year-old | Annual full coverage premium $2,494 | Annual min coverage premium $775 |
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Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Feb 2024
Read our full methodology
How does driving record impact the cost of car insurance?
Drivers with an at-fault accident on their driving record pay around 40 percent more for car insurance on average compared to drivers with a clean driving record. This average increase is even higher for drivers with a DUI conviction, at 86 percent more, showing how the severity of an incident and being considered a high-risk driver could impact your premium.
Driving record | Avg. monthly cost* | Avg. annual cost* | Increase above national avg. |
---|---|---|---|
Clean driving record | Avg. monthly cost* $212 | Avg. annual cost* $2,545 | Increase above national avg. 0% |
Speeding ticket | Avg. monthly cost* $256 | Avg. annual cost* $3,070 | Increase above national avg. 21% |
At-fault accident | Avg. monthly cost* $298 | Avg. annual cost* $3,575 | Increase above national avg. 40% |
DUI conviction | Avg. monthly cost* $395 | Avg. annual cost* $4,740 | Increase above national avg. 86% |
*rates are for full coverage
Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Feb 2024
Read our full methodology
- Speeding ticket: Earning a speeding ticket conviction may be one of the most common driving infractions and it can increase your full coverage premiums by, on average, 21 percent more. Every car insurance carrier will have its own algorithm for determining rates after a speeding ticket. For example, even after a speeding ticket conviction, Erie and Auto-Owner’s average car insurance rates are both well below the national average cost of auto insurance.
- At-fault accident: An at-fault accident on your record could raise your monthly full coverage car insurance payment from $212 to $298, and increase your annual premium by, on average, 40 percent more. If this is your first accident and you’ve previously added optional coverage like accident forgiveness to your policy, you may be able to avoid the surcharge.
- DUI conviction: Being convicted of a DUI could cause your monthly full coverage premium to be 86 percent more, and stay on your driving record for 10 years or more. The amount surcharged will also vary in each state. For example, the average cost of car insurance after a DUI for a full coverage policy is $2,281 per year in Idaho, but around $8,319 per year in Michigan.
How much does car insurance cost by credit score?
Drivers with poor credit pay nearly 71 percent more for full coverage car insurance compared to those with good credit. This is because drivers with poor credit are seen as more likely to file claims and thus pose a larger financial risk to an insurer versus a driver 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 or severely limit auto insurers from using credit as a factor when setting rates.
Credit range | Avg. monthly cost* | Avg. annual cost* |
---|---|---|
Poor credit | Avg. monthly cost* $363 | Avg. annual cost* $4,360 |
Average credit score | Avg. monthly cost* $231 | Avg. annual cost* $2,772 |
Good credit score | Avg. monthly cost* $212 | Avg. annual cost* $2,545 |
Excellent credit score | Avg. monthly cost* $184 | Avg. annual cost* $2,207 |
*rates are for full coverage
Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Feb 2024
Read our full methodology
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, how much damage your vehicle could cause during an accident 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.
Vehicle | Avg. monthly full coverage cost | Avg. annual full coverage cost |
---|---|---|
BMW 330i | Avg. monthly full coverage cost $258 | Avg. annual full coverage cost $3,091 |
Ford F-150 | Avg. monthly full coverage cost $193 | Avg. annual full coverage cost $2,315 |
Honda Odyssey | Avg. monthly full coverage cost $182 | Avg. annual full coverage cost $2,178 |
Toyota Prius | Avg. monthly full coverage cost $211 | Avg. annual full coverage cost $2,537 |
Tesla Model 3 | Avg. monthly full coverage cost $307 | Avg. annual full coverage cost $3,679 |
Audi Q5 | Avg. monthly full coverage cost $236 | Avg. annual full coverage cost $2,827 |
Toyota RAV4 | Avg. monthly full coverage cost $184 | Avg. annual full coverage cost $2,206 |
Subaru Outback | Avg. monthly full coverage cost $166 | Avg. annual full coverage cost $1,991 |
Jeep Wrangler | Avg. monthly full coverage cost $184 | Avg. annual full coverage cost $2,212 |
Nissan Altima | Avg. monthly full coverage cost $230 | Avg. annual full coverage cost $2,760 |
Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Feb 2024
Read our full methodology
The vehicles listed above are representative of common model types seen across the United States. Our list includes a variety of luxury and standard brands and a broad selection of model sizes. Some vehicle makes and models are considered more expensive to insure by insurance companies. These shared features can include:
- High-end vehicles, like luxury or sports cars: The high price tag of these vehicles is often coupled with expensive parts, leading to more costly repairs in the event of a claim, as well as higher speed maximums compared to standard vehicles, increasing the risk of at-fault accidents.
- SUVs, vans and other large vehicles: Larger vehicles may weigh more and carry more passengers, which could cause more damage in accidents compared to smaller vehicles.
- Common, more affordable vehicles: Though economy cars may be easier on a budget, they may also be more susceptible to vandalism and theft due to having fewer security measures, raising the likelihood of comprehensive claims.
- Hybrid and electric vehicles: Hybrid and electric vehicles may help you save on fuel costs, but they might be more expensive to insure. Like luxury and sports cars, parts and labor for hybrid and electric cars can be pricey, leading insurers to typically charge more for comprehensive and collision coverage.
- Vehicles with high safety ratings: Vehicles with high safety ratings tend to have lower base rates because you may be less likely to be injured in an accident (or get into an accident in general). As a bonus, vehicles with features like anti-lock brakes and passive restraint systems might earn extra discounts, depending on your carrier.
What other things 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.
How to lower your car insurance cost
Buying car insurance doesn’t have to break the bank. If you’re overwhelmed by the car insurance quotes you receive, there are a couple of different strategies you can employ to unlock some savings:
- Bundle your auto policy: If your auto insurance company also writes home or renters insurance, you may be able to bundle the two policies together for a lower premium.
- Drive less: Your auto insurance rate takes into account mileage. Reduce your mileage by taking advantage of public transportation or carpooling. If you're a very low mileage driver, you could consider a pay-per-mile policy.
- Raise your deductible: Your deductible is the amount you are financially responsible for in the event of a covered claim. Raising your deductible will almost always lower your premium, but you'll want to ensure it is still low enough that you could comfortably pay it out of pocket in the event of a claim.
- Take advantage of discounts: While shopping for car insurance, do not neglect car insurance discounts. You may already qualify for multiple discounts with a potential insurer, which can dramatically lower your rate. If you play your cards right, and you choose an insurer with a long list of discounts, you could see savings as high as 40 percent in some cases.
Auto insurance discounts
Drivers who have no auto claims on their record for the past 3-5 years typically qualify for savings. This could include either a claims-free or safe driving discount.
Adding a young driver could drastically increase your overall auto insurance premium. Many auto insurers offer discounts for young drivers who earn good grades in high school or college.
If you can afford to pay your car insurance premium in full, versus monthly or quarterly, you might qualify for a discount on your car insurance cost.
Today, many car insurance companies offer telematics programs that track your driving habits with an app or device. This allows providers to potentially reward safe driving habits and accurately track annual mileage.
Many insurance providers offer savings when policyholders agree to receive their bills and policy documents electronically instead of through the mail.
While not technically a discount, the majority of insurance companies charge service fees any time a payment is processed on an insurance policy, unless the customer opts to pay the bill in full each renewal. Many companies will waive or lower the service fee if the account is set up on auto pay through a checking account instead of a credit or debit card.
The home and auto bundle is not the only kind of bundling discount available. Depending on your insurer, you may also be able to bundle your auto policy with a renters, umbrella, motorcycle or other insurance lines.
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The cheapest car insurance companies in 2024
Whether you are looking for the lowest car insurance rates or more specialized policies, Bankrate can help find the best cheap car insurance option for you.
How are car insurance rates changing?
Record inflation, unprecedented supply chain issues and increased post-pandemic claims contributed to rising insurance rates in 2022. Although signs point to cooling inflation in 2024, Bankrate has found that rates are continuing to increase in 2024, due to factors like social inflation and increased claim severity. According to our research, auto insurance rates are 26 percent more in February 2024 than in 2023. Additionally, computer chip and vehicle production shortages continue to present a challenge. While there’s no guarantee that your rate will increase (or decrease) in 2024 due to the highly personalized nature of insurance, you may want to prepare for your car insurance bill to be a little higher than it was last year.
Our industry experts weigh in
How is inflation impacting the auto insurance industry compared to the economy as a whole?
"Inflation has impacted the auto insurance industry similarly to many other industries. Over the last few years, we’ve seen a sharp rise in the cost of premiums for auto insurance driven in part by inflation. This is specifically due to higher labor and parts costs for repairs and higher replacement costs for vehicles."
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze the latest rates in February 2024 for ZIP codes and carriers in all 50 states and Washington, D.C. Rates include the most recent approved rate changes filed by insurance companies that affect our profile. These revised rates are then weighted based on the population density in each geographic region so that policyholders can see the impact rates have in their areas. 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:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 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.
Credit-based insurance scores: 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 or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction and lapse in coverage.
Model: To determine cost by vehicle type, we evaluated our base profile with the following vehicles applied: BMW 330i, Ford F-150, Honda Odyssey, Toyota Prius and Toyota Camry (base). For new vs used vehicles, we also included the following years in our calculations: 2016, 2017, 2018, 2019 (base) and 2021.
Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Gender: The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, North Carolina, Pennsylvania.
Teens: Rates were determined by adding a 16- or 17-year-old teen to a 40-year-old married parents’ policy. The rates displayed reflect the total cost of a driver this age added to their parents’ policy.
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Shannon Martin is a licensed insurance agent and Bankrate analyst with over 15 years of experience in the industry. She enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.