How Much Does Car Insurance Cost?
by Admin
Posted on 26-11-2022 10:04 PM
Car
insurance
costs are different for every driver, depending on the state they live in, their choice of insurance company and the type of coverage they have.
But when trying to save money on car insurance, it helps to know what the typical driver pays. On average, the typical person spent $1,190 on car insurance in 2018, based on the latest figures available from the national association of insurance commissioners (naic). According to the naic data, car insurance premiums rose 30% between 2014 and 2018, despite the number of insured vehicles only rising by 7%. Data from aaa put the average cost of car insurance for new vehicles in 2020 slightly higher, at $1,202 annually.
Auto insurance premiums are based in part on the car’s price, the cost to repair it, its overall safety record and the likelihood of theft. Many insurers offer discounts for features that reduce the risk of car theft or personal injuries, or for cars that are known to be safe. When you're comparing new or used vehicles to purchase, also research what each will cost to insure. To start, you can check safety rankings for specific models with the insurance institute for highway safety’s (iihs) online top safety pick ratings tool.
Switching from a $500 deductible to a $1,000 deductible can save as much as 20% on your insurance premium. But remember that a higher deductible means you might have to pay more out-of-pocket if you have a claim. When deciding what deductible is right for you , think about how much you can afford to pay if your car or home are damaged. If the cost of repairs is about the same as your deductible, you might not want to file a claim. Auto and home insurance companies can raise your future premium after you make certain claims. That is, a small claim could end up raising your premium.
We love car insurance! it protects you—not to mention your car, passengers and even other drivers—on the road. But we hate how much that protection costs. And we know you do too. That’s why we’re sharing our favorite tips for how to lower car insurance costs. We’ll start by taking a look at the real cost of car insurance. Then we’ll dive into how you can save.
How to Save on Car Insurance Costs
Many households with more than one vehicle maintain separate insurance policies for each, but they may be missing out on a multi-car discount of up to 25% on most coverages.
Move all your vehicles to geico and see how much more you could save. Depending on the state you live in, you could be eligible for a multi-policy/multi-line discount if you buy more than one type of coverage through the same insurer. Pairing auto and homeowners insurance is the most common scenario, but pairing auto insurance with renters , condo , or mobile home insurance could yield similar results. Get a fast, free quote on geico.
While many people first consider sticker price and the price of gas when it comes to the cost of owning a car , car insurance rates matter too. And depending on your circumstances, it might be a larger cost than you were expecting, especially as rates continue to increase. While there is a long list of car insurance providers you can choose from to save money on car insurance, you can also do other things to help make your car insurance more affordable.