How Much Does Car Insurance Cost on Average in 2024?

How much does auto insurance cost? Given the many factors that influence a driver’s rates, answering this issue is difficult. Wondering how much vehicle insurance costs might make you feel like you’re overpaying for coverage. Knowing the typical vehicle insurance cost for various sorts of drivers will help you answer this burning issue.

Nerdy Takeaways

  • The average national yearly auto insurance premium is $1,982 for full coverage and $549 for minimal coverage.
  • Young drivers, drivers with a recent DUI, and drivers with bad credit have some of the highest average auto insurance prices.
  • While typical auto insurance rates might provide a decent indication of what you could spend for coverage, your actual cost will most likely vary.

How much is auto insurance? It’s a difficult topic to answer considering all of the factors that influence a driver’s rates. Wondering how much vehicle insurance costs might make it difficult to escape the notion that you’re overpaying for coverage. Knowing the typical vehicle insurance cost for various sorts of drivers will help you answer this burning issue.

How much does auto insurance cost?

According to NerdWallet’s 2024 rate research, full coverage vehicle insurance costs an average of $1,982 per year, or about $165 per month, while minimal coverage costs an average of $549 per year, or about $46 per month. Your vehicle insurance premium will vary depending on a number of variables, including your age, driving history, region, coverage chosen, and car make and model.

Average cost of auto insurance for various driver characteristics

Here’s a glimpse of national average vehicle insurance prices depending on credit history, driving record, and insurance coverage:

Driving and credit historyAverage annual cost of full coverageAverage annual cost of minimum coverage
Good driver with good credit$1,982$549
Driver with one speeding ticket and good credit$2,486$693
Driver with an at-fault accident and good credit$2,936$817
Good driver with poor credit$3,222$866
Driver with a recent DUI and good credit$3,693$1,045

As you can see, the average cost of full coverage auto insurance is much greater than basic coverage. This is because, whereas minimum coverage plans only provide liability insurance and other state-mandated coverage, full coverage includes collision and comprehensive insurance, which protects your own car.

However, averages can only tell you so much about your individual auto insurance premiums. Several personal variables, both inside and beyond of your control, ultimately determine how much you spend.

NerdWallet cannot predict which criteria apply to you, thus we utilized a particular driver profile throughout this post (unless specified otherwise):

  • 35 years old.
  • Good driver. A person with a clean driving record is one who has had no accidents, DUIs, or other traffic offenses.
  • Good credit. Drivers with high credit ratings. In most jurisdictions, insurers determine rates using a credit-based insurance score, which is comparable to a standard credit score.

How much is auto insurance in my state?

Because every state has its own set of restrictions, where you reside might have a significant influence on your vehicle insurance premiums. Use our interactive state map to determine the average yearly rate for your state below.

The following states provide the lowest full-coverage vehicle insurance:

  1. Wyoming costs $1,069 per year, or around $89 per month on average.
  2. Vermont costs $1,251 per year, or around $104 per month on average.
  3. Massachusetts: $1,348 per year, or around $112 per month on average.
  4. Idaho costs $1,361 per year, or around $113 per month on average.
  5. Ohio: $1,380 per year, or around $115 per month on average.

Here are the states with the most costly full coverage vehicle insurance:

  1. Florida: $3,797 per year, or around $316 per month on average.
  2. Louisiana: $3,608 per year, or $301 per month on average.
  3. Rhode Island: $3,341 per year, or around $278 per month on average.
  4. Texas: $2,966 per year, or around $247 per month on average.
  5. Kentucky: $2,965 per year, or around $247 per month on average.

How much does auto insurance cost according to company?

Every auto insurance company bases its prices on a variety of criteria, including your driving history, location, vehicle, and demographics. They’re making an informed prediction about how likely you are to submit a claim and pricing it appropriately.

Each insurer approaches each element differently. If you have bad credit, one insurer may charge you 10% extra for a policy, while another may charge 40% more. A discount for being claim-free in recent years may get you 20% with one provider and 5% with another.

All of this leads to rates that vary from person to person. This is why the business that offers your buddy a super-low premium may not be the best deal for you.

Here are the yearly average prices for full and minimum coverage from some of the country’s top motor insurers.

Average yearly auto insurance prices from major corporations.

CompanyFull coverageMinimum coverage
Allstate$2,665$656
American Family$1,791$687
Farmers$3,106$938
Geico$1,846$491
Nationwide$2,279$785
Progressive$2,112$590
State Farm$1,976$471
Travelers$1,681$520
USAA*$1,432$362
*USAA is available only to active-duty military members, veterans and their families.

Smaller insurers may have lower rates than national carriers. However, many regional insurers only operate in a few states. We examined prices from major insurers to give the most useful information to all readers.

How much does vehicle insurance cost depending on your driving record?

A recent ding on your driving record might raise your car insurance premiums because insurers consider you a riskier driver than someone with a clean record. Traffic offenses and automobile accidents may remain on your record for three to five years.

Here are the typical vehicle insurance rates for drivers with an at-fault collision, a DUI, or a speeding citation on their record.

How much does vehicle insurance cost after an at-fault accident?

Following an accident, the typical vehicle insurance cost for an at-fault motorist is:

  • Full coverage costs $2,936 per year.
  • The basic level of coverage is $817 per year.

According to NerdWallet’s data, the average cost of full coverage vehicle insurance is 48% more for a motorist who has caused a collision than for one who has not.

Average yearly cost of auto insurance before and after an at-fault accident.

Type of policyClean recordAfter one at-fault accident
Full coverage$1,982$2,936
Minimum coverage$549$817

The amount your rates will raise is also determined by the severity of the damage and if you have accident forgiveness on your policy or any “good driver” discounts that you may lose. The hypothetical collision in our research was rather mild, causing $10,000 in property damage but no injuries. Accidents involving medical expenses may be costly, leading in greater premium hikes.

It’s critical to search around for the lowest insurance after an accident since each company weighs things such as a wreck differently when determining costs.

Average vehicle insurance rates after a speeding ticket

Speeding not only leads to more traffic fatalities on the road, but it may also result in increased vehicle insurance rates for individuals who are penalized. NerdWallet found that a motorist with a recent speeding citation pays 25% more for comprehensive coverage than a driver with a clean record.

And it may take some time to put the past behind you—speeding fines may linger on your record for three to five years, depending on the state you reside in.

How much does a speeding citation increase the average yearly vehicle insurance costs?

Type of policyClean recordRecent speeding ticket
Full coverage$1,982$2,486
Minimum coverage$549$693

Average vehicle insurance rates after a DUI

Getting caught drinking and driving can result in drastically higher vehicle insurance premiums. According to NerdWallet’s data, a motorist with a recent DUI sees an average increase in vehicle insurance premiums for full coverage of 86%. This corresponds to a national average cost of $1,712 per year for full coverage vehicle insurance after a DUI.

How much does a DUI boost the average yearly vehicle insurance costs?

Type of policyClean recordRecent DUI
Full coverage$1,982$3,693
Minimum coverage$549$1,045

How much does vehicle insurance cost for those with excellent or bad credit?

Poor credit has a significant influence on vehicle insurance prices in most jurisdictions. On average, drivers with weak credit pay 63% more for complete coverage than persons with strong credit.

The average vehicle insurance prices for a motorist with low credit are:

  • A full year of coverage costs $3,222.
  • The basic level of coverage is $866 per year.

Average yearly auto insurance expenses for drivers with excellent or low credit

Type of policyGood creditPoor credit
Full coverage$1,982$3,222
Minimum coverage$549$866

In most jurisdictions, insurers establish rates using a credit-based insurance score, which is comparable to a standard credit score. The insurance score considers the same elements as a standard credit score, such as on-time payments and delinquencies, but evaluates them differently.

California, Hawaii, and Massachusetts prohibit insurers from using credit to determine vehicle insurance prices.

Insurance firms use statistics relating bad credit to more frequent insurance claims to justify higher premiums. The influence of the score on your rate is determined by your location and the vehicle insurance provider you pick.

How much does vehicle insurance cost dependent on age?

Drivers of varying ages pay varied average yearly vehicle insurance prices. Here’s how they compared:

Age of driverFull CoverageMinimum Coverage
20$4,110$1,174
30$2,039$563
35$1,982$549
40$1,928$538
50$1,794$510
60$1,713$500
70$1,852$564

How much does vehicle insurance cost for teenage drivers?

Less experienced drivers are seen as a greater risk by insurers, who normally demand higher premiums. Young drivers may be defined by insurers as anybody aged 16 to 25, or sometimes as anyone under the age of 30. Our investigation focused on rates for 20-year-old drivers. Rates typically fall as you become older, until you reach your 70s.

The average yearly auto insurance expense for a 20-year-old motorist

For a 20-year-old motorist with excellent credit and a clean driving record, the typical vehicle insurance premiums are

  • $4,110 for complete coverage.
  • $1,174 for the minimum necessary coverage.

However, young drivers with weak credit or a less-than-perfect driving record are likely to pay extra for vehicle insurance.

Driver profileFull coverageMinimum coverage
Clean driving record, good credit$4,110$1,174
One speeding ticket, good credit$4,952$1,410
One at-fault crash, good credit$5,512$1,595
One DUI, good credit$6,746$1,967
Clean driving record, poor credit$6,597$1,814

The Consumer Financial Protection Bureau reports that over 40% of Americans aged 20-24 have no or insufficient credit history to earn a score. A short credit history, like your normal credit score, may have a negative impact on your credit-based insurance score, resulting in higher auto insurance prices.

Average yearly auto insurance prices for young drivers by business.

Knowing typical pricing gives you a sense of what to anticipate, but it’s just the beginning for a young driver shopping for cheap auto insurance. Rates might vary by hundreds of dollars each year, depending on where you reside and which insurance you choose. The following are the average prices for 20-year-old drivers from the biggest car insurance providers.

CompanyFull coverageMinimum coverage
Allstate$6,358$1,283
American Family$3,732$1,421
Farmers$6,950$2,109
Geico$3,375$951
Nationwide$5,252$1,851
Progressive$3,922$1,076
State Farm$4,452$1,202
Travelers$3,959$1,086
USAA*$2,971$737
*USAA is only accessible to active duty military personnel, veterans, and their families.

How much does vehicle insurance cost dependent on gender?

Car insurance premiums vary little by gender, compared to variances by firm, state, credit score, and driving history. That is not to say that a gender-based cost differential is inconsequential. Gender-based auto insurance pricing is prohibited by law in seven states: California, Hawaii, Massachusetts, Michigan, Montana, North Carolina, and Pennsylvania.

In general, young individuals face a significantly larger gender pricing disparity than older drivers. Across all age categories evaluated, males pay more than women for full coverage insurance.

For instance, in jurisdictions where gender-based pricing is permitted, we averaged full coverage insurance premiums for men and women individually and found that:

  • At age 20, males pay around $696 more per year than women.
  • At age 30, males pay around $34 more per year than women.
  • At age 35, males pay around $27 more per year than women.

How much does car insurance cost dependent on vehicle type?

In our research, we utilized a 3-year-old Toyota Camry (the most popular automobile in America in recent years) to demonstrate how rates fluctuate based on personal history and demographics. However, the brand and model of your car will undoubtedly effect rates.

Insurers charge extra to insure certain automobiles, including:

Sports vehicles have greater peak speeds. People prefer to drive them faster, increasing the chances of an accident or traffic penalty. If you get a speeding citation, insurers believe you are more likely to cause an accident, raising your premiums even higher.

Luxury vehicles often include pricey components and details that are more expensive to repair if destroyed in a collision.

Electric vehicles also have more costly engine components to repair. Electric car batteries may cost thousands of dollars apiece.

Cars that are often stolen are typically among the country’s most popular makes and models. These cars often have higher comprehensive insurance premiums, which is the portion of an auto policy that pays out when your car is stolen or destroyed by anything other than a traffic accident, such as floods, fire, or vandalism. It is usually voluntary, unless you have a loan or lease.

To evaluate how prices vary by vehicle, we conducted a secondary research in 2022 of average auto insurance costs for the most popular cars based on sales. As illustrated here, the Camry is far from the most affordable model. That award belongs to the Subaru Outback, which has an average annual auto insurance cost of $1,512.

RankMedian annual insurance premiumMSRPInsurance as % of MSRP
1. Subaru Outback$1,512$28,3955.3%
2. Subaru Crosstrek$1,516$23,6456.4%
3. Honda CR-V$1,517$28,4105.3%
4. Mazda CX-5$1,547$26,7005.8%
5. Hyundai Tucson$1,597$26,9005.9%
6. Ford Escape$1,609$28,0005.7%
7. Jeep Wrangler$1,617$31,1955.2%
8. Toyota Tacoma$1,647$28,2505.8%
9. Ford F-150$1,651$33,6954.9%
10. Toyota RAV4$1,652$28,2755.8%
11. Chevrolet Equinox$1,695$26,6006.4%
12. Toyota Highlander$1,716$39,0204.4%
13. GMC Sierra 1500$1,751$37,2004.7%
14. Nissan Rogue$1,751$27,7606.3%
15. Chevrolet Silverado 1500$1,762$36,3004.9%
16. Ford Explorer$1,780$38,5704.6%
17. Toyota Corolla$1,800$21,7008.3%
18. Toyota Camry$1,822$26,3206.9%
19. Honda Civic$1,832$23,7507.7%
20. Honda Accord$1,844$27,2956.8%
21. Jeep Grand Cherokee$1,883$40,0304.7%
22. Ram 1500$1,897$37,4105.1%
23. Nissan Altima$1,641$25,4907.9%
24. Tesla Model 3$2,296$40,2405.7%
25. Tesla Model Y$2,530$52,6304.8%

What other factors influence the cost of my auto insurance?

Additional variables that may impact automobile insurance premiums include:

  • More detailed location information, such as your zip code or city.
  • Your profession in many states.
  • Your prior insurance carrier. If it was a nonstandard insurer that specialized in high-risk drivers, you could notice higher insurance prices from certain firms.
  • Continuous insurance coverage. Companies charge extra for drivers with lapsed coverage.
  • Annual miles per vehicle.
  • Your current marital status. Some insurers assume that married individuals drive more responsibly, thus single people — including widows, widowers, and divorced persons — tend to pay higher insurance rates.
  • Whether you own a house (and whether you combine home and vehicle insurance).
  • How much schooling have you completed?
  • Additional coverage choices include new-car replacement coverage and gap coverage.
  • You are entitled for discounts, which vary greatly depending on the firm.
  • Who you live with. Some businesses will not let you remove individuals like housemates or non-driving adults from your coverage.

How to Get Cheap Auto Insurance

Your premium will very likely vary from whatever number of averages you look at.

However, you may still discover low-cost car insurance by searching around for prices every year and if anything significant occurs in your life, such as marriage, a new job, relocating, or purchasing a new automobile. Furthermore, if you’ve had a recent at-fault accident, DUI, or other traffic offense, be sure to shop in the month after the third and fifth anniversaries of the event.

If you’re ready to purchase, look at the cheapest firms in your state for many driver profiles.

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