What Is The Average Car Insurance Premium
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The cost of insurance depends in part on your age. Find out why age is considered and at what age you can expect to pay the most and least for your car insurance.
What Is The Average Car Insurance Premium
What Is The Average Car Insurance Premium
Laura is an award-winning editor with experience in auto insurance and personal finance content and communications. He has written for numerous media outlets, including the USA TODAY Network. He most recently worked in the public sector for the Nevada Department of Transportation.
Car Insurance Industry Statistics In 2023
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Car insurance rates depend on many factors, with age being one of the most important factors. After all, teen drivers ages 16 to 19 are nearly three times more likely to be involved in a fatal crash than drivers 20 and older, according to the CDC.
The average cost of car insurance is relatively high for people under 25 years of age. Teens and young drivers are generally inexperienced behind the wheel and have a higher risk of getting into accidents, making them a higher risk for auto insurance providers. Higher risk equals higher stakes.
The editors broke down the average cost of auto insurance in each state by age from 16 to 75. Here's how much you can expect to pay for car insurance at each age.
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California Car Insurance Rates by Zip Code Enter your zip code to see the average rate. Then enter your age, gender and cover level to get your personalized rate.
State Minimum: Liability insurance required to drive legally in your state; Some states require additional coverage, such as personal injury protection, uninsured motorist, or underinsured motorist. Liability 50/100/50 only: $50,000 per person/maximum $100,000 per accident for personal injury; $50,000 for property damage. Liability pays for injuries/damages you cause to others. Comprehensive Coverage 100/300/100: $100,000 per person/maximum $300,000 per personal injury accident; $100,000 for property damage; Comprehensive and Collision Insurance with a $500 Deductible. Liability pays for injuries/damages you cause to others. Comprehensive and spot-on payments for damage caused to your car.
Quadrant Information Service was commissioned to provide a report on average auto insurance rates for the 2017 Honda Accord for nearly every zip code in the United States. We calculated tariffs using data from the six largest telecom operators. The average default result is based on monthly insurance for a male driver age 30 with the state's minimum required liability coverage. Individual rates are averaged based on driver age and gender for the following coverage levels: minimum liability, comprehensive with 50/100/50 and 100/300/100 liability, and a $500 collision deductible. These bogus drivers have a clean record and good credit history. Average rates are provided for comparison. Your own rate will depend on your personal factors and the vehicle.
What Is The Average Car Insurance Premium
In the table below you will see average car insurance rates by age for the following coverage packages:
How Much Does Car Insurance Cost?
As you'll see in the table below for car insurance rates by age, drivers in their 40s, 50s, and 60s have the lowest rates. The average cost of car insurance is higher for teenagers, but decreases as they reach their 20s.
Your rates will start to decline when you turn 20, but by the time you're 26, you'll still be paying more than most drivers. The charts below show the average cost of auto insurance by age for standard coverage installed when your teen is in the rearview mirror.
For a 20-year-old man, the cost is $1,159 per year; For a female driver, the same state minimum policy can cost an average of about $1,058 per year. Below are insurance rates for different levels of coverage:
For a 21-year-old male, the average cost is $917 per year, but for a female driver, the same policy could cost about $850 per year under the state minimum policy. The table below provides a breakdown of insurance rates for different levels of coverage:
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For a 22-year-old male, the average cost is $819 per year, while for a female driver, the same policy could cost about $769 per year under the state minimum policy.
For a 23-year-old male, the average cost is $755 per year, but for a female driver, the same policy could cost about $717 per year under the state minimum policy. The table below provides a breakdown of insurance rates for different levels of coverage:
For a 24-year-old male, the average cost is $705 per year, while for a female driver, the same policy could cost about $676 per year under the state minimum policy. Below are insurance rates for different levels of coverage:
What Is The Average Car Insurance Premium
Under the state's minimum policy, at age 25, costs become nearly equal for men and women: $612 per year for men and $605 per year for women. Below are insurance rates for different levels of coverage:
Average Cost Of Car Insurance In 2023
Check out the table below to see the average car insurance cost by age and state for full coverage. Enter your state in the search box to see how much you can expect to pay.
Select your state below to see average auto insurance rates by age for a full coverage policy.
Age is just one factor that car insurance companies evaluate when deciding how much you'll pay. Another factor is gender, although some states do not allow gender to be used as a factor in calculating rates (California, Hawaii, Massachusetts, Michigan, North Carolina and Pennsylvania).
Each rating factor, as well as the type of coverage, deductibles, and discounts you choose, affects the rate you pay for your auto insurance policy.
The Average Cost Of Car Insurance
Regardless of age or man or woman, you can save hundreds of dollars when you compare car insurance companies and find the company that gives you the best rates. Our guide to the best cheap car insurance for seniors shows how much drivers aged 65, 75 and 85 can save.
Car/Home package discounts resulted in savings of 13% on average, and for young drivers, student travel discounts resulted in savings of 16% on average. A good student discount saves drivers an average of 14%, while the married discount is 8%.
Senior drivers can also cut their costs. Drivers over 65 who take a driver's improvement course can save an average of 4%.
What Is The Average Car Insurance Premium
Quadrant Information Services was hired to determine auto insurance rates for the 2022 Honda Accord LX at multiple levels of coverage for drivers with a clean driving record in all zip codes in every state.
Car Insurance Rates By State (2023)
Leslie Kasprowicz is an insurance educator and content creator with nearly two decades of experience, first directly in the insurance industry at Farmers Insurance and then as a writer, researcher and expert for insurance buyers at InsuranceReview.com and InsuranceHotline.com. I like the sites. Manage content now.
Nupur Gambhir is a content editor and a licensed life, health and disability insurance professional. He has extensive experience in bringing brands to life and has created award-winning travel and technology campaigns. His insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, LifeHacker, The Financial Gym, and End of Life Planning Service.
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Factors that affect your car insurance rates include your age, driving history and marital status, as well as details about your car, such as the year it was made.
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Author: Heidi Wallis Author: Heidi Wallis Author Heidi is a writer based in Virginia City, Nevada with over 15 years of experience creating insurance content for companies like Allstate and Assurance. Heidi is an authority on auto insurance.
Editor: Rashawn Mitchner Editor: Rashawn Mitchner Editor-in-Chief Rashawn Mitchner is an editor on the Guides team with over 10 years of experience in the personal finance and insurance industries.
The cost of car insurance is not the same for everyone. There are many factors that affect your car insurance rates, including your personal information and details about your vehicle. Our team of guides will explain 10 of these factors and tell you how you can get a lower rate. We'll also recommend two of the best car insurance companies to ensure you get a policy from a reputable provider.
The Guide team is committed to providing reliable information to help you make the best decisions about your car insurance. Because consumers trust us to provide unbiased and accurate information, we have created a comprehensive rating system.
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