What is the Average Cost of Auto Insurance?

The average cost of auto insurance varies by age and the type of vehicle you drive. A new driver in a Corvette will pay more than a seasoned driver in a sedan. To get the cheapest insurance, shop around. If possible, raise your deductible to $1,000 and make an emergency fund of that same amount. While you’re new to driving, you can find discounts by joining a professional association, taking a driving course, or paying twice a year Newmags.

Insurance companies vary widely. In the U.S., drivers who cause accidents pay an average of $2,521 per year. In states where they’re available, mid-sized insurance companies dominate the market. These companies offer low-cost coverage, but can be costly, too europixhdpro. Erie, a subsidiary of Nationwide, charges $934 for a policy that protects you against losses arising from an accident. Allied Insurance, another company owned by Nationwide, charges $1633 per year f95web.

Young drivers with excellent credit scores will pay less than those with bad credit. In fact, drivers with good credit will pay $783 less than those with poor credit. Young drivers with blemished credit and a less than perfect driving history will pay more. Regardless of your age, your credit score is a major factor in determining your insurance rate. Fortunately, there are ways to reduce your premiums wolowtube.

The cost of auto insurance depends on your location. Some states have higher crime rates or natural disasters that make insurance more expensive. For example, in Louisiana, car insurance is more expensive than in North Dakota. The lowest cost state for minimum auto insurance is North Dakota, with an average price of $304.

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