USAA offers the cheapest low-mileage car insurance at $939 per year or $78 per month. Erie Insurance and Auto-Owners Insurance also have affordable rates.
Car insurance is a big expense these days: Drivers paid an average of $212 a month for full coverage in February 2024, according to data compiled by Bankrate, a 26% increase from 2023. Savvy shoppers know you can save money by comparing rates, bundling home and auto insurance and maintaining a good credit score. But you can also trim your premiums by eliminating unnecessary fees and options. You might be paying a surcharge and not even realize it.
Looking for an alternative to traditional car insurance? If you don't drive much, check out these cheap companies for low-mileage car insurance.
State · Age · Gender · Company and coverage amount · Driving history · Vehicle type · Usage
Key Takeaways ; The average annual cost of a car insurance policy is $2,068, according to our study. ; Traffic offenses like speeding tickets and DUIs can significantly increase average costs. ; Teens are among the costliest drivers to insure, while seniors enjoy relatively low rates.
Insurance company, Average annual full coverage premium, Average monthly full coverage premium ; State Farm, $2,364, $197 ; Geico, $1,741, $145 ; Progressive, $1,988, $166
No matter where you live and what you drive, you want to know how to get the lowest car insurance rate for your circumstances.
Elderly drivers have not been as lucky as other age groups. Those aged 80 and above have seen their average premiums only decline £8 year-on-year to £637. ; At the other end of the spectrum, drivers under 25 saw the largest drop in premiums, falling by £107 year-on-year. However, the average price is still a staggering £1,786. ; Julie Daniels, motor insurance expert at Compare the Market, said many motorists would be "thrilled" that prices are finally falling, especially after such a long time with steep hikes.
The value of car insurance can shine brightest after an unexpected disaster. That’s what Kathleen Flynn in Missouri discovered when her family lost their car in an EF4 tornado that also took their newly remodeled house. “We made a split-second decision to go into our 120-year-old cellar, clinging to family as we felt everything being blown away above,” she recalls. “The aftermath looked like a war zone. Fortunately, our car insurance was amazing. We had a total loss of $8,000, and our ca...
Key insights from Bankrate's 2024 car insurance cost analysis: Full coverage car insurance costs an average of $2,458 per year, while minimum coverage is $678 per year. On a monthly basis, full coverage averages $205, with minimum coverage averaging $56 per month. USAA, Auto-Owners and Geico offer some of the cheapest full coverage car insurance but are not all available to all drivers. Men tend to pay more than women for car insurance, on average, since data show they are more likely to engage ...