Car insurance rates aren’t set in stone: Here are 6 tips for reducing your costs
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.
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.
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
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.
Looking for an alternative to traditional car insurance? If you don't drive much, check out these cheap companies for low-mileage car insurance.
To ensure you’re getting the right coverage and best price, shop for car insurance with a quote tool to compare rates from multiple companies side by side.
Are you overpaying for car insurance? Compare policies and companies with the cheapest rates, starting as low as $39/month.
We are all searching for the cheapest car insurance companies. Bankrate found them.