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.
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 ...
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
State, Minimum Coverage Required, Average Annual Minimum-Liability Premium, Average Annual Full-Coverage Premium ; Alabama, 25/50/25, $572, $2,048 ; Alaska, 50/100/25, $506, $2,116 ; Arizona, 25/50/15, $956, $3,127 ; Arkansas, 25/50/25, $589, $2,398 ; California, 15/30/5, $736, $3,040
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.
No matter where you live and what you drive, you want to know how to get the lowest car insurance rate for your circumstances.
Car insurance costs are rising but there are strategies you can use to try and lower your costs.
Key Takeaways: ; At $1,247, USAA has the lowest average annual rate for low-mileage car insurance, but Erie Insurance and Nationwide aren’t far behind. ; The definition of a low-mileage driver varies across insurance providers; however, it refers to those who drive infrequently or drive under a certain mileage every year. ; Some car insurance companies offer telematics apps that track your driving and provide usage-based discounts.
Compare the cheapest car insurance companies ; What are the best cheap car insurance companies? ; The cheapest car insurance companies by state
While paying for car insurance is far from the most enjoyable part of driving, it's a necessary part of getting behind the wheel. Here's where young drivers can find the lowest car insurance rates.