If your car model has high rates of theft or accidents, like many sports cars, your insurance premium may be higher. The table below shows the annual and monthly average of the total coverage premiums of some of the country's largest auto insurance companies, by market share. These included car insurance rates by state, insurance company, vehicle manufacturer, driving history, age and gender of the driver (when allowed), among other factors. If you're looking for car insurance online and you're getting quotes that are out of your budget, here are several strategies for saving money on car insurance.
The monthly cost of car insurance is different for each driver and depends on several factors, such as their age, driving history, vehicle, location, and level of coverage. The average auto insurance costs shown above represent the average cost of a fully paid policy per year. Choosing your level of coverage wisely can help you find the best car insurance for your particular needs and circumstances. Here's a breakdown of some of those other things to consider and how they can influence the cost of taking out car insurance.
Liability-only auto insurance coverage offers protection against the cost of damage or injury to the other driver when you are at fault. By analyzing these rating factors, auto insurance companies can get an idea of your risk profile and how much it might cost to insure you. Statistically speaking, younger drivers and older people are more likely to be involved in an accident, so these groups tend to pay more for car insurance. Certain car models can be extremely expensive to insure, but most car models alter driver rates by less than a few hundred dollars a year.
However, since each auto insurance company has its own underwriting system, the cost of car insurance for each individual will vary from company to company. While the driver's age can influence car insurance rates in most states, Hawaii and Massachusetts do not allow insurers to use age as a qualifying factor.
