How Much Is Car Insurance in Vermont? (2023 Averages)
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The average cost of car insurance depends on driving profile and policy coverage limits. In Vermont, the average cost of full coverage car insurance is $812 per year, but a state minimum policy is around $412 annually. MoneyGeek found that having a violation on your record increases the policy cost to an average of $963 per year. If you add a young driver to your policy, you may pay an average of $2,238 annually.
The company you buy an auto policy from in Vermont also impacts your premium. For example, a full coverage policy from Vermont Mutual costs around $479 per year, and the same policy from Progressive is roughly $1,432 annually.
The Average Cost of Car Insurance in Vermont
MoneyGeek researched the average cost of car insurance in Vermont based on the factors that have the biggest impact.
The most important factors that affect the average car insurance costs in Vermont are your age and your credit score. You can find out more about the average costs for different driver profiles by reading our complete review.
Average Costs of Car Insurance in Vermont
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- DriverAverage Annual PremiumAverage Monthly Premium
- The Average Driver$812$68
- Drivers Buying Minimum Coverage$412$34
- Adding a Young Driver$2,238$187
- Drivers With a Violation$963$80
- Drivers With Poor Credit$1,443$120
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Why are Car Insurance Rates Cheap in Vermont?
Our research shows that Vermont has the ninth cheapest average car insurance rates in the country due to its low traffic density, a lesser rate of uninsured vehicle owners and a low urban population out of its overall population.
The low traffic density and urban population mean lesser congestion and lower incidents of accidents.
At 9%, Vermont has one of the lowest rates of uninsured drivers in the country. The state also ranks in the bottom ten when it comes to vehicle density on the highways and sees the least instances of vehicle theft, all of which reduce the probability of vehicle damage.
These factors have led to lower annual premiums for car insurance in the state.
Average Cost of Car Insurance in Vermont: Full Coverage vs. Minimum Coverage
As per MoneyGeek’s methodology, a car insurance policy that meets minimum coverage requirements costs $412 per year on average in Vermont, whereas the average cost of a full coverage policy is $812 per year. This means a difference of $400 between the average minimum and maximum coverage policies.
The cost of car insurance in Vermont can vary significantly based on the type of coverage you choose. For example, if you choose a policy with more features, the premium for the same will be higher.
There are several types of car insurance policies, such as liability coverage, collision insurance and comprehensive coverage. A full coverage policy will provide maximum coverage but costs you more.
Average Cost of Car Insurance in Vermont by Coverage Level
If you’re looking for the cheapest car insurance, buying a state minimum policy in Vermont is the most affordable choice. Given its low coverage limits, though, you may consider increasing liability coverage to 50/100/50 or 100/300/100, for example.
These numbers define your policy’s liability coverage limits. For example, a 50/100/50 coverage policy includes:
- $50,000 in bodily injury liability per person
- $100,000 in bodily injury liability per accident
- $50,000 in property damage liability per accident
With a full coverage policy, you have liability and comprehensive and collision coverage to pay for damage to your car.
Average Cost of Car Insurance in Vermont By Company
The company you choose has a profound effect on the cost of your policy. Vermont Mutual provides the cheapest minimum liability as well as the cheapest full coverage policies in the state, on average. USAA is another affordable option, although it is available only for military families.
MetLife offers the most expensive minimum coverage policy, whereas Progressive offers the costliest full coverage car insurance in Vermont, on average.
Average Annual Costs of Car Insurance in Vermont - By Company
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How Much Is Car Insurance in Vermont by Age?
Your age is an important factor that determines the average cost of car insurance. This is because younger drivers are considered riskier as they tend to get involved in accidents more often, which results in higher insurance costs.
Our data shows an average difference of $1,426 per year between the cost of adding a 16-year old to a policy compared to a 40-year old buying their own policy.
If you are a young driver, you can save money on insurance premiums by getting added to your parent’s car insurance plan. If you have just started driving in the state of Vermont, you will get similar insurance rates as teenagers since first-time drivers are considered the same as young ones.
Average Costs of Full Coverage Car Insurance in Vermont - By Age
How Does Driving History Affect Car Insurance Costs in Vermont?
Those who’ve been involved in road accidents or have prior violations against their names are considered high-risk individuals by insurers and will have to pay a higher premium for car insurance. Such applicants can still find affordable car insurance by choosing from some of the available options in Vermont.
MoneyGeek’s research shows that having a speeding ticket in Vermont can lead to a higher premium by as much as $151 on average per year as compared to someone with a clean driving record. The more serious the violation, the higher the cost difference.
Average Costs of Full Coverage Car Insurance in Vermont - By Driving History
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- Driving ViolationAnnual Premium
- Safe Driver$812
- Speeding Ticket$963
- At-Fault Accident$1,158
- DUI$1,484
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Credit Scores and the Cost of Car Insurance in Vermont
MoneyGeek has evaluated that those with a poor credit score in Vermont pay an average of $638 more in insurance costs as compared to people with a good credit score.
If you reside in Vermont and have an excellent credit score, you are likely to pay as much as $172 less on average than those with a good credit score. Drivers with good credit pay roughly $638 less than drivers with poor credit. Having a good credit score is a very important factor in determining your average annual car insurance premiums.
You can save substantial amounts on car insurance expenses if you have a good credit score in Vermont. On the other hand, having a bad credit score can lead to expensive premiums, although you can still find many affordable insurance plans in Vermont.
Average Costs of Full Coverage Car Insurance in Vermont - By Credit Score
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- Credit ScoreAnnual Premium
- Excellent$633
- Good$805
- Fair$975
- Below Fair$1,178
- Poor$1,443
How Much Is Car Insurance in Your City?
MoneyGeek’s review about car insurance costs in Vermont is from the city of Burlington. It is important to keep in mind that car insurance rates can vary significantly within states.
Cities that are more densely populated or those that have higher chances of road accidents tend to have higher car insurance rates. Other factors that lead to higher car insurance rates in urban areas are increased incidences of theft and vandalism.
Car insurance costs also tend to be on the higher side in areas that are prone to natural disasters.
Average Costs of Full Coverage Car Insurance in Vermont - By City
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- CityAnnual Premium
- $812
Frequently Asked Questions About Vermont Car Insurance Rates
Knowing some of the most frequently asked questions by people who are looking for car insurance rates in Vermont could give you important insight into which insurer is right for you.
About Mark Fitzpatrick
sources
- Insurance Information Institute. "What determines the price of an auto insurance policy?." Accessed September 13, 2021.
- Insurance Information Institute. "What is covered by a basic auto insurance policy?." Accessed September 13, 2021.