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Average Car Insurance Cost (October 2022) – WalletHub | How Much is Car Insurance?

The average cost of auto insurance is $716 per year, or about $60 per month, for drivers with minimal coverage and a clean record, according to WalletHub’s analysis of 2022. Individual rates may vary based on factors such as driving history, age, type of car, and credit history.

average cost of car insurance by category

  • minimum coverage: $60 per month
  • full coverage: $166 per month
  • controllers with a violation: $75 per month
  • young drivers: $201 per month
  • older drivers: $61 per month

The cost of the average car insurance policy can be a good indicator of how much a driver should expect to pay for coverage.

Reading: How much does it cost for car insurance per month

average cost of car insurance by company

Each insurance company has its own algorithm for calculating premiums, so different insurers may quote different premiums for the same driver. As a result, drivers should always get quotes from at least three different insurers before buying a policy.

average cost of car insurance by state

note: premiums are representative only; individual premiums will be different

average cost of car insurance per violation

See also: The Four Types of Rental Car Insurance, Explained | Allianz Global Assistance

note: premiums are representative only; individual premiums will be different

Drivers almost always pay more for car insurance after a traffic violation. the exact amount your rates will increase depends primarily on your state and the specific violation, but in some states your premium can increase to more than double the rate a prudent driver would pay.

You can check your driving record to see how many violations and points you have on your license, and if you practice good driving habits, your rates will eventually go down again. It typically takes 3-5 years to improve your driving record for insurance purposes after a traffic violation.

average cost of auto insurance by age

See also: The Four Types of Rental Car Insurance, Explained | Allianz Global Assistance

note: premiums are representative only; individual premiums will be different

Your age can affect your car insurance rates because younger drivers with less experience on the road tend to have more accidents than older, more mature drivers. as a result, they also pay more for car insurance.

Premiums typically drop between 12% and 20% when the driver turns 25. after that, the driver’s average rate will gradually decrease over time until he hits seventy. at that point, costs rise again due to the increased risk posed by older drivers.

average cost of car insurance by gender

See also: The Four Types of Rental Car Insurance, Explained | Allianz Global Assistance

note: premiums are representative only; individual premiums will be different

Female drivers pay an average of 6% more than male drivers, according to analysis by wallethub. however, several states, including california and hawaii, have laws that prohibit using gender to influence car insurance rates.

average cost of car insurance by type of car

See also: The Four Types of Rental Car Insurance, Explained | Allianz Global Assistance

note: premiums are representative only; individual premiums will be different

The most expensive type of car to insure is a sports car, followed by a truck. In general, the faster a car can go or the more expensive it is to repair or replace, the more your insurance will cost.

drivers tend to assume that if a car is more expensive, it automatically costs more to insure than a cheaper car. However, this is not always the case. Wallethub’s analysis found that only 22% of the difference in insurance premiums for cars in the same category can be attributed to the cost of the car. the remaining 78% depends on other factors, such as the body type, make, and age of the car, which affect the damage a car can cause and the cost to repair.

average cost of car insurance per specific vehicle

note: premiums are representative only; individual premiums will be different.

The vehicles listed above are the cheapest cars to insure overall, based on analysis by wallethub. These specific cars represent a mix of SUVs and minivans, which are typically cheaper to insure than other types of cars due to their high safety ratings, low repair costs, and low accident rates.

average cost of car insurance by category

See also: The Four Types of Rental Car Insurance, Explained | Allianz Global Assistance

note: premiums are representative only; individual premiums will be different

Because car insurance costs are based on the driver’s expected level of risk and the likelihood of filing claims, some drivers pay more than others. students and teens tend to pay more for insurance due to their lack of experience, while married people are seen as more stable and less likely to take risks, leading to lower premium costs. Seniors pay slightly more for car insurance than middle-aged drivers because, statistically, seniors are more likely to be involved in serious accidents on the road.

average car insurance cost by credit score

See also: The Four Types of Rental Car Insurance, Explained | Allianz Global Assistance

note: premiums are representative only; individual premiums will be different

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Drivers with poor credit pay an average of 71% more for auto insurance than drivers with good credit, according to wallethub analysis. Insurance companies consider drivers’ credit history because it generally correlates with their likelihood of filing an insurance claim. They don’t use credit scores directly when calculating the cost of premiums, but they use the same underlying information: your credit report.

how to find cheap car insurance

Each state has its own laws and requirements for auto insurance, and any company’s premiums can vary greatly depending on where you live. As a result, the cheapest companies for certain drivers will differ from state to state. For your convenience, we’ve listed below wallethub’s guides to finding cheap car insurance in the 10 largest states.

video: how much does car insurance cost?

ask the experts

To learn more about the average cost of auto insurance, Wallethub posed the following questions to a panel of experts. Click on the experts below to see their biographies and responses.

1. Why have car insurance premiums increased in recent years? 2. How can drivers lower their average car insurance costs? 3. Why do some groups pay so much more for car insurance than others? 4. Can insurers really save drivers as much as they advertise on their average car insurance costs?

methodology

Wallethub’s analysis of average auto insurance rates is based on data from Quadrant Information Services. Along with that data, Wallethub used the features listed below to create a driver profile designed to identify average auto insurance rates nationwide. Since prices and data availability vary widely across the country, Wallethub compared the cost of major auto insurance companies by averaging each carrier’s premiums across all 50 states.

In the table below, you can see all the profile characteristics that were used in the wallethub analysis.

The following are additional details about the terminology and specifics of the variables in the table above:

  • Minimum Coverage: State minimum coverage requirements.
  • Standard Coverage: 50k/100k/25k coverage levels of liability coverage and 50k/100k/25k uninsured motorist coverage.
  • full coverage: coverage levels of 100k/300k/50k liability coverage, 100k/ 300k/50k uninsured motorist coverage and collision and comprehensive coverage with a $500 deductible.
  • sedan: toyota camry 2018.
  • minivan: dodge grand caravan 2018.
  • suv: 2018 toyota rav4.
  • coupe: 2018 ford mustang.
  • truck: 2018 ford f-150.

where driver profiles are not specified, wallethub used the good driver profile described above.

wallethub also collected quotes for 26 of the most popular vehicle models on us roads. USA, of 10 of the main car insurance companies. for more details on how they were determined, check out wallethub’s methodology for securing the cheapest cars.

Listing information is provided by quadrant information services and is representative only. individual rates will be different.

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