The average cost of car insurance by age and state ranges from $23 per month for 45-year-olds in Wyoming to $609 per month for 16-year-olds in New York. Monthly car insurance costs vary so widely based on a driver’s age and state because age reflects driving experience and states require different levels of coverage. State-to-state car insurance costs also vary based on population density, crime rates, and how many uninsured drivers there are.
Average Monthly Cost of Car Insurance by Age and State
In general, young drivers pay more for car insurance than older, more experienced drivers because young drivers are more likely to take risks—making them more expensive to insure. To learn more, check out WalletHub’s guide to the factors that affect car insurance rates.
Car insurance costs $60 per month, on average, for a minimum coverage policy, although individual rates might vary. Full coverage car insurance is more expensive because it also pays to repair or replace your car after it is damaged by a crash or something other than an accident, like vandalism.
The cost of car insurance varies by person, since insurers take individual risk factors into account when calculating premiums. For instance, insurance companies consider factors like the policyholder’s age and driving record, as well as their ZIP code and the covered vehicle’s make and model. As a result, the average monthly cost of car insurance will depend on the driver, the car, the location, and the amount of coverage purchased.
The age group that pays the most for car insurance is 16-19 years old. For example, 16-year-olds pay an average of $3,343 per year for minimum car insurance coverage, which is more than four times higher than what the average driver overall pays per year.
Teenagers pay the most for car insurance because they are the riskiest age group to insure. Statistically, teenagers are more likely to get into car accidents than older drivers with more experience, so insurance companies charge more to cover them.
No, $100 a month for car insurance is not expensive. The average cost of car insurance ranges from about $60 per month for state-minimum coverage to $166 per month for full coverage, and individual car insurance rates vary depending on several other factors including your driving record, age and location.
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