Car insurance costs continue to rise. According to a report from Bankrate, average premiums for full coverage auto insurance hit $2,543 in 2024, a 26% increase from 2023. ; Unsurprisingly, drivers across the U.S. are looking for ways to save. Nearly half (49%) of auto insurance customers are actively shopping for a new plan, according to J.D. Power. ; Full coverage car insurance combines three kinds of coverage and is usually required if you lease or finance your car.
Car insurance costs in Texas are slightly higher than the national average, with drivers paying $960 per year for a liability policy or $3,156 for full coverage.
Michigan drivers pay an average of $1,360 per year or $113 per month for minimum coverage and $3,643 a year or $304 a month for full-coverage car insurance. ; Michigan car insurance rates are as much as 81% to 117% higher than the national average. ; Unlike with most other states, Michigan car insurance companies cannot use location, gender, marital status or select other factors to set car insurance premiums.
Learn from Bankrate about the current average cost of car insurance and ensure that you're not overpaying for this necessary financial protection.
On average, you can expect car insurance in the United States to cost $223 per month for full coverage and $72 per month for minimum coverage.
Forbes Advisor analyzed car insurance rates to find the average cost of car insurance by age, coverage level, driver history, gender and state.
Annual average car insurance costs by state can vary from as little as $303 to as much as $4,357 depending on your chosen coverage and where you live.
Key takeaways ; In Florida, full coverage car insurance costs an average of $300 per month, while minimum coverage is $93 per month. ; Full coverage car insurance in Florida costs 51 percent more than the average cost of car insurance nationwide. ; Minimum coverage car insurance in Florida costs around 67 percent more than the national average. ; Men often pay more for insurance coverage than women, but that gap starts to close around age 30 for Florida drivers.
Car insurance pricing takes numerous factors into account. We'll show you the average cost of car insurance in the United States so you know what to expect.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate auto insurance products to write unbiased product reviews. Car insurance provides financial protection after a car accident. Driving uninsured can lead to tens of thousands of dollars in damages and injuries. A crucial component of your policy is your car insurance rates. Understanding how rates work can help you get the most competitive ...