Average Cost of Car Insurance (June 2024)


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ByDevon Delfino
Reviewed byMark Friedlander
Contributions by6+ experts
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ByDevon Delfino
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Reviewed byMark Friedlander
Edited byVictoria Copans
Contributions by6+ experts
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Updated: June 7, 2024

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The average driver will pay $50 per month for a liability-only car insurance policy or $108 per month for a full coverage policy.

Your average cost may vary based on the coverage level, location or driver profile. For example, a driver with a DUI might pay 89% more for coverage, and a teen driver pays more than double what an older adult does on average.

Why Trust MoneyGeek? There are many factors that affect the cost of car insurance. To discover the most accurate average cost of car insurance for different drivers, MoneyGeek gathered data from Quadrant Information Services and state departments of insurance using sample driver profiles that accounted for how insurers typically calculate costs.

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How Much Car Insurance Costs

Car insurance rates vary based on many factors, such as age, driving record, credit-based insurance score, your state and vehicle type. Each insurer also weighs these factors differently when calculating rates.

Here is a snapshot of how much car insurance costs for different drivers:

The average car insurance costs above represent the average cost for a policy paid in full per annum. There is usually a discount for paying in full, and drivers should be aware that they may pay more for their policy if they opt for monthly payments.

Average Cost of Car Insurance

National car insurance premiums vary widely due to factors like location, age, driving record and credit history. Costs also depend on policy type and deductible, with middle-aged drivers often getting the most affordable options.

  • Full Coverage Policy: $1,296 per year, $108 per month
  • 100/300/100 Liability Only: $752 per year, $63 per month
  • State Minimum Liability Only: $595 per year, $50 per month

Explore the table below to find the right coverage option that meets your preferences and budget. Whether you seek state minimum coverage or a more comprehensive policy, the following data can help inform your insurance decisions.

State Minimum Liability OnlyAnnual Premium$595Monthly Premium$50
100/300/100 Liability OnlyAnnual Premium$752Monthly Premium$63
100/300/100 Full Cov. w/$1,000 Ded.Annual Premium$1,296Monthly Premium$108

Average Cost of Car Insurance by Company: Major Insurers

Car insurance rates differ significantly between companies and regions. Among the widely accessible insurers nationwide, here are the companies offering the cheapest average cost of car insurance:

  • Travelers: $1,124 per year and $94 per month
  • Nationwide: $1,141 per year and $95 per month

Use the table below to review the national average rates for one of three options: full coverage car insurance with 100/300/100 coverage, liability-only insurance with 100/300/100 coverage or state minimum liability-only.

Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 Full Cov. w/$1,000 Ded.
TravelersAnnual Premium$1,124Monthly Premium$94
NationwideAnnual Premium$1,141Monthly Premium$95
GEICOAnnual Premium$1,183Monthly Premium$99
State FarmAnnual Premium$1,222Monthly Premium$102
ProgressiveAnnual Premium$1,287Monthly Premium$107
AllstateAnnual Premium$1,460Monthly Premium$122
FarmersAnnual Premium$1,483Monthly Premium$124

Average Car Insurance Costs by Company: Midsized Insurers

Among regional insurance companies, North Carolina Farm Bureau has the lowest average rate for full coverage at $531 and Farmers Mutual of Nebraska has the cheapest state minimum liability-only car insurance at $208 per year, respectively.

Although many midsized insurers don’t have national availability, they still make up a large share of the car insurance market for the states where they’re available.

Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 Full Cov. w/$1,000 Ded.
North Carolina Farm BureauAnnual Premium$531Monthly Premium$44
Vermont MutualAnnual Premium$635Monthly Premium$53
MAPFREAnnual Premium$667Monthly Premium$56
Idaho Farm BureauAnnual Premium$718Monthly Premium$60
Farmers Mutual of NebraskaAnnual Premium$721Monthly Premium$60
Root Insurance CompanyAnnual Premium$722Monthly Premium$60
Virginia Farm BureauAnnual Premium$743Monthly Premium$62
Concord GroupAnnual Premium$745Monthly Premium$62

Average Car Insurance Cost by Age

Car insurance rates tend to decrease as a driver ages. However, premiums may slightly increase for those over the age of 65. Here are average rates for various age groups:

  • 16 years old: $5,486 per year, $457 per month
  • 40 years old: $1,220 per year, $102 per month
  • 70 years old: $1,252 per year, $104 per month

Young drivers are charged more expensive premiums due to a lack of experience on the road and higher rates of accidents. Teens between 16 and 19 account for 8.9% of drivers in all crashes and 6% of drivers in fatal crashes.

Drivers over 70 also face higher risks as they are more prone to accidents, which can be particularly dangerous at their age. Some states, like California, have implemented stricter renewal processes for senior drivers — seniors are required to take vision, written and driving tests to renew their licenses at the Department of Motor Vehicles.

16Average Annual Premium$5,486Average Monthly Premium$457
17Average Annual Premium$4,578Average Monthly Premium$381
18Average Annual Premium$3,956Average Monthly Premium$330
19Average Annual Premium$2,761Average Monthly Premium$230
20Average Annual Premium$2,481Average Monthly Premium$207
21Average Annual Premium$1,958Average Monthly Premium$163
22Average Annual Premium$1,810Average Monthly Premium$151
23Average Annual Premium$1,674Average Monthly Premium$139

Average Car Insurance Cost by State

Car insurance rates vary significantly based on your location, influenced by state regulations, crime rates and traffic conditions. Urban areas typically have higher premiums due to increased risk factors, whereas rural regions enjoy lower costs because there are fewer risks.

To understand how these factors might affect your insurance costs, select a state from the table below to view the average rates for both full and minimum coverage policies in your area.

Key Takeaways

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States With the Cheapest Car Insurance Rates

  1. New Hampshire - $748 per year, $62 per month
  2. Vermont - $772 per year, $64 per month
  3. Ohio - $803 per year, $67 per month
  4. Idaho - $815 per year, $68 per month
  5. Hawaii - $852 per year, $71 per month
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States With the Most Expensive Car Insurance Rates

  1. New York - $2,228 per year, $186 per month
  2. Louisiana - $2,170 per year, $181 per month
  3. Delaware - $2,048 per year, $171 per month
  4. Florida - $2,011 per year, $168 per month
  5. Michigan - $1,924 per year, $160 per month
Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 Full Cov. w/$1,000 Ded.
New HampshireAnnual Premium$748Monthly Premium$62
VermontAnnual Premium$772Monthly Premium$64
OhioAnnual Premium$803Monthly Premium$67
IdahoAnnual Premium$815Monthly Premium$68
HawaiiAnnual Premium$852Monthly Premium$71
IndianaAnnual Premium$856Monthly Premium$71
MaineAnnual Premium$857Monthly Premium$71
WyomingAnnual Premium$896Monthly Premium$75
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MONEYGEEK EXPERT TIP

While a driver's age may play a role in car insurance rates in most states, Hawaii and Massachusetts do not allow insurers to use age as a rating factor. — Mark Friedlander, Director, Corporate Communications, Insurance Information Institute

Average Cost of Car Insurance by Coverage

Liability-only car insurance coverage offers financial protection against the cost of damage or injuries to the other driver when you are at fault. Full coverage includes liability insurance and comprehensive and collision coverage, covering non-collision incidents and damage to your vehicle.

Choose your coverage level wisely to ensure you get the best car insurance for your particular needs and circumstances.

State Minimum Liability OnlyAnnual Premium$595Monthly Premium$50
100/300/100 Liability OnlyAnnual Premium$752Monthly Premium$63
300/500/300 Liability OnlyAnnual Premium$886Monthly Premium$74
State Minimum Liability w/ Full Cov. w/$1,500 Ded.Annual Premium$1,127Monthly Premium$94
State Minimum Liability w/ Full Cov. w/$1,000 Ded.Annual Premium$1,159Monthly Premium$97
100/300/100 Full Cov. w/$1,500 Ded.Annual Premium$1,265Monthly Premium$105
State Minimum Liability w/ Full Cov. w/$500 Ded.Annual Premium$1,283Monthly Premium$107
100/300/100 Full Cov. w/$1,000 Ded.Annual Premium$1,296Monthly Premium$108
300/500/300 Full Cov. w/$1,500 Ded.Annual Premium$1,369Monthly Premium$114
300/500/300 Full Cov. w/$1,000 DedAnnual Premium$1,400Monthly Premium$117
100/300/100 Full Cov. w/$500 Ded.Annual Premium$1,420Monthly Premium$118
300/500/300 Full Cov. w/$500 Ded.Annual Premium$1,525Monthly Premium$127

Average Cost of Multi-Car Auto Insurance

On average, households with multiple cars can save 52% or $736 per year with a multi-car policy.

A multi-car insurance policy allows you to insure several vehicles together under one plan. If you live with another driver or drivers, getting a single policy makes the most financial sense. Even if you live alone but have multiple vehicles, you can get discount by insuring multiple cars.

GEICOMulti-Car Annual Premium$1,407Two Single Drivers Annual Premium$2,143Price Difference$736
NationwideMulti-Car Annual Premium$1,417Two Single Drivers Annual Premium$2,157Price Difference$740
State FarmMulti-Car Annual Premium$1,426Two Single Drivers Annual Premium$2,075Price Difference$649
FarmersMulti-Car Annual Premium$1,460Two Single Drivers Annual Premium$2,821Price Difference$1,361
ProgressiveMulti-Car Annual Premium$1,555Two Single Drivers Annual Premium$2,530Price Difference$976
TravelersMulti-Car Annual Premium$1,656Two Single Drivers Annual Premium$2,321Price Difference$665
AllstateMulti-Car Annual Premium$1,685Two Single Drivers Annual Premium$2,543Price Difference$857

Average Car Insurance Costs by Car Model

The top-selling car models in the U.S. cost an average of $1,203 to $3,212 a year to insure.

  • Sedan: Toyota Camry, $1,434 per year
  • Compact SUV: Toyota RAV4, $1,334, per year
  • Pickup Truck: Ford F-150, $1,280per year

The type of car you drive impacts insurance rates as different models have varying repair costs, risk of theft and safety features. Expensive cars typically have higher insurance premiums due to the higher cost of repairs and replacements.

Cars with lower insurance premiums

Data filtered by:Results filtered by:
Category:
Category:Sedan
Coverage:
Coverage:Full Coverage
Subaru OutbackAnnual Premium$1,203
Subaru LegacyAnnual Premium$1,387
Subaru ImprezaAnnual Premium$1,388
Ford TaurusAnnual Premium$1,389
Honda AccordAnnual Premium$1,417
VW PassatAnnual Premium$1,431
Honda InsightAnnual Premium$1,431
Toyota CamryAnnual Premium$1,434

Average Cost of Car Insurance: Used Car vs. New Car

Old, used cars are generally cheaper to insure than new cars:

  • 10-year-old car: $1,299 per year
  • 5-year-old car: $1,407 per year
  • New car: $1,569 per year

The cheapest cars to insure usually have high safety ratings, are affordable to repair and have low market values. To find the cheapest full coverage car insurance policy, look up the cost to insure your car before you buy it. But if your car is new and expensive to replace, consider getting collision and comprehensive insurance.

For older cars, it’s usually more effective to buy the cheapest liability-only car insurance policy. The rates for this policy type are independent of your car's value, and older cars generally incur lower out-of-pocket expenses. If your insurance premium exceeds 10% of your car's actual cash value (ACV), consider switching to liability-only or reducing your coverage.

Data filtered by:Results filtered by:
Make/Model:
Make/Model:Toyota Camry
$1,2995-Year-Old Car$1,407New Car$1,569

Average Cost of Car Insurance for Drivers With Violations

Drivers can anticipate an average annual car insurance cost based on their driving history, which is a critical factor in premium calculations.

  • With a ticket: $1,621 per year, $136 per month
  • With an at-fault accident: $1,903 per year, $158 per month
  • With a DUI: $2,280 per year, $190 per month

The severity of a driving violation significantly influences the additional amount you'll pay for car insurance. This higher premium persists as long as the infraction remains on your record. In California, for example, a DUI can impact insurance rates for up to 10 years, whereas in Texas, it might only affect them for five.

Average Car Insurance Costs With Tickets

A driver with a traffic ticket on their record pays an average of $1,621 per year, $325 higher than a driver with a clean record.

Insurance companies take your moving violation history into account when determining rates. A traffic ticket can remain on your record for three to seven years. However, some states offer the option to reduce this time by completing driving courses. And not all insurers raise rates after the first offense.

Check the table below for the national average rates of major car insurance providers offering full coverage car insurance with a ticket on your record.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
State Minimum Liability OnlySpeeding Annual Premium$738Clean Annual Premium$595Increase in Premium$143
100/300/100 Liability OnlySpeeding Annual Premium$940Clean Annual Premium$752Increase in Premium$188
100/300/100 Full Cov. w/$1,000 Ded.Speeding Annual Premium$1,621Clean Annual Premium$1,296Increase in Premium$325

Average Cost of Car Insurance After an Accident

A driver with an at-fault accident on their record will pay $1,903 per year, $607 more than the average driver, for a full coverage policy.

Depending on your state and insurer, an at-fault accident can increase your insurance rates for three to five years. In no-fault states, your rates might spike even if you weren't responsible for the accident. However, some no-fault states limit the extent to which insurers can raise your rates based on your degree of fault in the accident.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
State Minimum Liability OnlyAt-Fault Accident Annual Premium$876Clean Annual Premium$595Increase in Premium$281
100/300/100 Liability OnlyAt-Fault Accident Annual Premium$1,122Clean Annual Premium$752Increase in Premium$369
100/300/100 Full Cov. w/$1,000 Ded.At-Fault Accident Annual Premium$1,903Clean Annual Premium$1,296Increase in Premium$607

Average Cost of Car Insurance After a DUI

Drivers with a DUI (driving while under the influence) pay an average of $2,283 annually for full coverage, which is $983 more than drivers with a clean record.

A DUI can stay on your driving record for years — the exact length of time will depend on the state in which you live. Additionally, having a DUI on your record may mean you are required to file an SR-22 or financial responsibility form (FR-44).

For national average rates for drivers with a DUI, see the table below.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
State Minimum Liability OnlyDUI Annual Premium$1,054Clean Annual Premium$595Increase in Premium$459
100/300/100 Liability OnlyDUI Annual Premium$1,334Clean Annual Premium$752Increase in Premium$582
100/300/100 Full Cov. w/$1,000 Ded.DUI Annual Premium$2,280Clean Annual Premium$1,296Increase in Premium$983
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MONEYGEEK EXPERT TIP

Accident forgiveness coverage will help you avoid a premium surcharge after your first at-fault accident. While accident forgiveness isn't available in every state and from every insurer, these programs can help you save in the event of an accident. Accident forgiveness typically only applies to one accident per policy, even if there are multiple drivers on the policy. – Mark Friedlander, Director, Corporate Communications, Insurance Information Institute

Average Cost of Car Insurance by Credit Score

Raising your credit score can help you get lower car insurance rates and other benefits. For example, a full coverage policy for a driver with poor credit costs an average of $4,064 per year, $2,767 higher than if you have a good credit score.

Four states don’t allow your credit history to factor into your rates: Hawaii, Massachusetts, Michigan and California. For those who live elsewhere in the U.S., even having average credit can increase your costs as insurers use your credit information to determine your risk and the appropriate premium. However, it's still only one factor that goes into your rates, and every insurer weighs it differently.

Data filtered by:Results filtered by:
Age Group:
Age Group:22-29
100/300/100 Full Cov. w/$1,000 Ded.Poor Annual Premium$5,094Good Annual Premium$1,599Increase in Premium$3,495
100/300/100 Liability OnlyPoor Annual Premium$3,095Good Annual Premium$908Increase in Premium$2,188
State Minimum Liability OnlyPoor Annual Premium$2,416Good Annual Premium$717Increase in Premium$1,700

Other Factors That Impact Average Car Insurance Rates

Car insurance rating factors are criteria used by insurers to determine your premium. They include driving history, age, vehicle type, location and credit score. Insurers use these factors to assess the risk level associated with insuring you.

Our car insurance cost calculator can help see how these factors impact estimated costs. Here’s a breakdown of some other aspects you should be aware of and how they can influence your cost of getting car insurance.

    carVsCar icon

    Vehicle type

    Your car’s make, model and year all impact how much you’ll pay in insurance costs. For example, classic car insurance companies come with special requirements as those cars have a different kind of value than a typical vehicle. On the other hand, a car that’s rated highly for safety and can qualify for eco-friendly discounts can lower your car insurance costs.

    coupleS icon

    Gender

    Your gender can be another factor that influences your rates. Generally, young men under 25 tend to pay more for auto insurance. However, six states — California, Hawaii, Massachusetts, Michigan, North Carolina and Pennsylvania — do not allow gender to be used as a factor in insurance pricing.

    creditCardsMagnifyingGlass icon

    Insurance history

    Those who have a gap in coverage are generally seen as being less credible or safe from the perspective of car insurance companies. Make sure that you have at least the minimum required insurance for your vehicle at all times to avoid inflated rates.

    usMap icon

    Your ZIP code

    Where you live can have a significant impact on your rates as well. For example, more densely populated areas and those with higher vehicle crime rates tend to be more expensive. On the other hand, more sparsely populated areas or places with lower crime rates can help you get a better deal. California and Michigan, however, do not allow location as a rating factor for auto insurance pricing.

    gauge icon

    Annual mileage

    The more you drive, the more opportunities there are for an accident or other damages. So your rates will vary depending on your annual mileage as well.

    wage icon

    Deductible amounts

    Opting for higher deductibles will lower your monthly costs and vice versa for optional comprehensive and collision coverages. Keep in mind that if you need to file a claim, you will have to pay more. If you choose higher deductibles, it’s important to have that amount saved, if possible, to lessen potential financial burden if you need to file a claim.

    signupBonus icon

    Claims history

    Car insurance companies tend to assume that those who have had claims filed in the past are more likely to do so in the future. In general, having fewer claims on your record is better for getting a lower rate.

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    Number of drivers in household

    Having more drivers in your household will increase your total premium, but you can also lower your rates per driver if your insurer offers a multi-driver discount. Similarly, being a homeowner can reduce your premiums if you bundle your policies.

    coupleL icon

    Marriage status

    Marital status also impacts your rates as single people tend to pay more than married drivers. Three states — Hawaii, Massachusetts and Michigan – ban the use of marital status as a rating factor.

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FACTORS YOU CONTROL TO LOWER CAR INSURANCE RATES

To lower car insurance rates, focus on these controllable rating factors:

  • Maintain a Clean Driving Record: Avoiding accidents and traffic violations can significantly reduce your premiums.
  • Choose a Car With Lower Insurance Costs: Opt for models known for safety and low repair costs.
  • Increase Your Deductibles: Opting for higher deductibles can lower your monthly premiums.
  • Improve Your Credit: A better credit history can lead to lower insurance rates.
  • Take Defensive Driving Courses: Some insurers offer discounts for completing approved driving courses.

Taking advantage of all possible discounts will also help you drive down rates immediately. Pay-per-mile car insurance is also ideal for drivers who don’t drive often but need to maintain coverage.

How to Save on Car Insurance

Shopping around, bundling your policies and stacking discounts can save you hundreds of dollars in car insurance costs.

    workplace icon

    Shop around for quotes

    Regularly compare insurance quotes from different providers to ensure you're getting the best rate. Providers offer varying rates, so shopping around can lead to savings.

    homeInsurance icon

    Bundle insurance policies

    Bundling auto insurance with other policies like home insurance often leads to discounts. Insurers reward multiple policies under one account with reduced rates. Most major insurers offer home and auto bundles.

    barChart icon

    Increase your deductibles

    Opting for higher car insurance deductibles reduces your insurance premium. It means you'll pay more out-of-pocket in an accident, but your monthly costs will be lower.

    points icon

    Maintain a clean driving record & improve your credit

    Safe driving over time can significantly lower your rates. Avoiding accidents and traffic violations shows insurers you're a lower risk.

    Additionally, insurers often use credit history to determine rates. A better credit record can qualify you for better rates, as it indicates financial responsibility.

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    Take advantage of discounts

    Many insurers offer various car insurance discounts, such as for good driving, being a good student or having anti-theft devices in your vehicle. Always ask about available discounts.

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    Reduce coverage on older vehicles

    As a car ages, its value decreases. You might not need full coverage on an older car, and reducing coverage can lower premiums.

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    Use telematics programs

    Some insurers offer programs that track driving habits and reward safe driving with lower rates. This can be particularly beneficial for drivers with a record.

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    Attend a defensive driving course

    Completing approved driving courses can lower rates, especially for drivers with a record. In some states, it might shorten how long an offense stays on your record. However, if you have SR-22 or FR-44 insurance, a driving course will not lower your rates for the duration of the SR-22 term.

    seatbelt icon

    Drive a car with safety features

    Vehicles equipped with safety features like airbags and antilock brakes often qualify for lower insurance rates due to reduced injury risks.

Expert Advice: Factors That Influence the Cost of Auto Insurance

  1. Why does the average cost of car insurance change so much depending on what state you live in?
  2. My insurance rates seem much more expensive than average. What factors could be driving that?
  3. Insurance companies give me very different quotes. Why is the average cost of car insurance so different between insurance companies?
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FAQ About the Average Cost of Car Insurance

MoneyGeek addressed some of the most commonly asked questions on this topic to provide more insight into the average cost of car insurance in the U.S.

How much is car insurance per month?
Who pays most for car insurance?
Is car insurance higher for expensive cars?

About Devon Delfino


Devon Delfino headshot

Devon Delfino is an independent financial journalist covering topics in finance and marketing for six years. Her personal finance reporting has been featured in publications such as the L.A. Times, Teen Vogue, Mashable, MarketWatch, CNBC and USA Today, among others.

Devon earned a Bachelor of Science degree in Journalism from Boston University.


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