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Car Insurance Cost Calculator
Estimate the Cost of Car Insurance for You.
MoneyGeeks's car insurance calculator will give you a ballpark estimate of your auto insurance cost - it's free, no personal information required, no spam.
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Sep, 29, 2023
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MoneyGeek’s calculator considers several important factors that insurance providers in Michigan use to arrive at insurance costs. Knowing those factors that drive the cost of car insurance in Michigan can help you understand how much insurance coverage you can afford.
By using our calculator, you can get a quick estimate of car insurance costs in Michigan for your particular driver profile. That way, you’ll know ahead of time what kind of budget you need for the type of insurance you want.
Michigan Car Insurance Calculator: How it Gets You an Instant, Free Estimate
It usually takes 10–15 minutes to get a finalized car insurance quote in Michigan. You’ll have to provide personal information to do so.
You can get an estimate of how much your yearly premium might be using MoneyGeek’s calculator. This number will be based on your age, driving history, the type of car you own and how much coverage you want.
According to our calculator, the factors that impact car insurance costs most in Michigan are your credit score, adding a teen driver to your policy, and your driving record. That said, the most significant factor for you may be different than those stated here, depending on your combination of these characteristics.
Although many factors can impact the cost of car insurance in Michigan, our calculator can help you get a close estimate.
Our analysis determined that our default driver pays $896 per year on average for car insurance with Nationwide, the most affordable widely available insurer in Michigan. In addition to cost, you should also determine whether the insurer offers the coverages you need and the kind of customer service you want.
If you’re looking for the cheapest car insurance in Michigan, we recommend using our car insurance calculator to get estimates.
You can also use MoneyGeek’s research to find the average cost of car insurance in Michigan to see how rates in this state compare to others.
If cost is not your only focus, you can find the best car insurance providers in Michigan using MoneyGeek’s scoring system, which ranks insurers that balance affordability and service.
How Car Insurance Premiums are Calculated in Michigan
In Michigan, auto insurance companies consider multiple factors before providing a quote for insurance premiums. The factors that have the greatest influence on insurance premiums in the state are your credit score, adding a teen driver, and your driving record.
Out of these, your credit score has the highest impact on insurance premiums. In Michigan, your credit score can increase your car insurance costs by as much as 3.7x.
How Much Credit Score Matters in Calculating Car Insurance in Michigan
A poor credit score will lead to higher auto insurance costs in Michigan. This is because insurance companies feel applicants with a poor credit score are more likely to default on their annual premium payments.
The higher your credit score, the more likely you will get cheap auto insurance in Michigan. Having a low credit score can multiply your car insurance rates by as much as 3.7x.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Michigan
You’ll pay more for car insurance in Michigan if you add a young driver to an existing policy. This is because teen drivers are inexperienced and tend to indulge in riskier driving, which leads to a higher probability of accidents. Compared to drivers older than 20, teen drivers are almost three times as likely to be involved in a fatal crash.
Adding a young driver to an existing car insurance policy is the second most expensive factor in Michigan and can increase the cost of your yearly premium by approximately 2.8x.
How Much Driving Record Matters in Calculating Car Insurance in Michigan
Michigan drivers with a bad driving history may have to pay more for auto insurance. Drivers with prior violations such as DUIs, speeding tickets and accidents on their record are considered high-risk by insurance companies.
Car insurance costs for drivers with a poor driving record in Michigan can be as much as 2.6x higher. Drivers with clean records typically have the most affordable rates, while those with poor driving records have the most expensive premiums.
How Much Age of Driver Matters in Calculating Car Insurance in Michigan
Your age is another important consideration that insurers factor in when determining car insurance costs in Michigan. Young drivers usually have to pay up to 2.1x more than their older counterparts.
A 40-year-old driver typically has the most affordable auto insurance in Michigan, whereas the most expensive auto insurance is for a 19- to 20-year-old driver.
How Much Car Model Matters in Calculating Car Insurance in Michigan
The type of car you have is another determining factor in how much your car insurance in Michigan costs. This is because repairs for high-end car models tend to cost more than standard models and lead to higher premiums. Certain car models also have a higher risk of theft and vandalism than others.
Drivers who own an expensive vehicle may pay up to 2x more for car insurance in Michigan than those insuring who drive a standard car model.
How to Calculate How Much Car Insurance You Need in Michigan
The cost of your car insurance in Michigan is significantly impacted by the level of coverage you select. It’s therefore essential to understand how much coverage you should choose when you insure your car so that you can balance the cost with the level of protection.
Michigan law requires all drivers to include bodily injury liability coverage in their insurance, personal injury protection and property protection. Depending on your requirements, you may choose to include additional comprehensive and collision coverage in your car insurance policy.
Understand Michigan car insurance requirements
The mandatory minimum car insurance in Michigan is a 20/40/10 no-fault insurance policy. That includes coverage of at least $20,000 in liability per person, $40,000 per accident in bodily injury liability per accident and $10,000 of property damage coverage.
Michigan law does not require drivers to have comprehensive and collision insurance that pays for vehicle damage. You can find out more about insurance requirements in Michigan by reading our detailed guide.
Consider Purchasing Additional Liability Insurance
You may need higher liability insurance limits than the minimum requirements mandated in Michigan. This will give you increased protection if you’re in an accident. A policy with a $300,0000 bodily injury liability limit costs $3,199 per year, whereas a state minimum policy costs $2,870 per year on average. In case of an accident, you get significantly higher protection by paying slightly more for full coverage than you would for a minimum coverage policy.
Decide whether or not to buy comprehensive and collision insurance
Drivers in Michigan can choose to include comprehensive and collision insurance by paying more. You may be required to purchase a full coverage policy if your car is leased or financed as it pays for any damage to your vehicle.
In Michigan, the cost of adding comprehensive and collision insurance with a $1,000 deductible is $1,113 per year, although if you have an older car, you may not need these coverages.
Consider buying additional protection besides these core coverages
Although Michigan does not require uninsured/underinsured motorist coverage, you may choose to include this as it pays for damages if the other driver is uninsured or does not have sufficient insurance cover. With one in four drivers uninsured, Michigan is in the top ten list of states with the highest percentages of uninsured drivers, which is why including uninsured/underinsured motorist coverage may be a good idea for Michigan drivers.
Michigan’s mandatory no-fault insurance includes unlimited PIP coverage, so you don’t have to purchase it separately. PIP coverage refers to personal injury protection and covers you for any medical expenses and lost wages that you incur due to an accident.
Frequently Asked Questions About How Car Insurance is Calculated in Michigan
Insurance companies in Michigan consider several factors to calculate auto insurance rates. Here are answers to some of the most frequently asked questions about which factors are more likely to impact your insurance costs.
Methodology
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Michigan. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick
sources
- Centers for Disease Control and Prevention. "Teen Drivers: Get the Facts." Accessed February 9, 2022.