Car prices have been surging, but so have auto insurance rates. Consider these moves to try to keep your rate increases in check.
What to know first ; On average, drivers with poor credit pay 114 percent more for full coverage car insurance than those with excellent credit. ; California, Hawaii, Massachusetts and Michigan prohibit or limit the use of credit as a rating factor in determining auto insurance rates. ; Drivers with poor credit in New York pay one of the the highest average rates for full coverage car insurance at $7,572 per year.
The factors that affect car insurance rates include your age, driving history and marital status and details about your vehicle, such as its model year.
New vs. used car: which is cheaper to insure? ; Coverage levels for new and used cars ; Best used car insurance companies by vehicle
Looking for auto insurance rates by vehicle? Compare car insurance rates from leading companies today, and find the best price for your make and model.
Rates for used-car insurance start at $43 per month.
Key Takeaways ; USAA is rated highly for customer service, claims handling, and discounts. ; Auto-Owners was second in our rating and at or near the top of all subcategories we analyzed, including customer service and claims handling. ; Car insurance rates vary based on many factors. Shopping around can help you find a policy that fits your budget.
Key takeaways ; 18-year-old drivers on their own policy pay the highest car insurance premiums out of the age groups Bankrate analyzed. ; The most significant difference in premiums by gender occurs at age 18. On average, 18-year-old males cost 5 percent less to insure than their female counterparts. ; As drivers age, the difference in premium between genders narrows. At age 50, for instance, males only pay 5 percent more more on average per year for full coverage than 50-year-old females.
Car insurance rates have gone up over 17% in the past year, according to the U.S. Bureau of Labor Statistics. Key factors are inflation, supply shortages, climate change and reinsurance rates.
Key takeaways ; Average car insurance rates are $2,314 for full coverage and $644 for minimum coverage. ; Experts recommend comparing quotes with the same coverage limits from at least three carriers to find the best fit for your risk profile. ; Drivers under 25 or over 70 and those with violations or accidents tend to pay higher premiums based on insurer risk calculations.