As of August 2024, the average monthly cost of car insurance in the U.S. is $194 for full coverage and $53 for minimum coverage.
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- Car insurance costs by state
- Car insurance costs by company
- Car insurance costs by age and gender
- Car insurance costs by driving record
- Car insurance costs by credit score
- Car insurance costs by vehicle
- Other factors affecting car insurance prices
- Tips to lower your car insurance cost
- Frequently Asked Questions
- Methodology
How Much is Car Insurance?
Bankrate’s research indicates that the average annual cost of car insurance in the U.S. is $2,329 for full coverage and $633 for minimum coverage. While these averages can provide a general idea, your actual premium may differ based on your unique circumstances.
Key Insights from Bankrate’s 2024 Car Insurance Analysis:
- Full coverage averages $2,329 per year, or $194 per month, while minimum coverage averages $633 annually or $53 monthly.
- USAA, Auto-Owners, and Geico offer some of the most affordable full coverage options, though availability may vary.
- Men generally pay higher premiums than women due to higher risk factors.
- Insurance costs vary by vehicle type, influenced by factors such as MSRP, safety features, and repair costs.
Factors Influencing Car Insurance Costs
- Location
- Age & Gender
- Driving Record
- Credit Score
- Vehicle Type
- Other Factors
Why Trust Bankrate?
Bankrate uses extensive data to track auto insurance rates, including insights from 46 years of industry experience, reviews of 122 carriers, and analysis of 1.2 million quotes.
Average Car Insurance Costs by State in 2024
| State | Avg. Annual Full Coverage | Avg. Annual Minimum Coverage |
|---|---|---|
| Alabama | $1,994 | $481 |
| Alaska | $2,205 | $456 |
| Arizona | $2,585 | $764 |
| Arkansas | $2,271 | $453 |
| California | $2,599 | $641 |
| Colorado | $3,259 | $582 |
| Connecticut | $2,467 | $946 |
| Delaware | $2,392 | $872 |
| Florida | $3,451 | $1,055 |
| Georgia | $2,562 | $861 |
Cheapest and Most Expensive States for Car Insurance in 2024
Cheapest States:
- Idaho: $1,322/year (42% below the national average)
- Vermont: $1,385/year (39% below the national average)
- Ohio: $1,497/year (35% below the national average)
- Maine: $1,505/year (34% below the national average)
- Hawaii: $1,543/year (33% below the national average)
Most Expensive States:
- New York: $3,697/year (62% above the national average)
- Louisiana: $3,646/year (59% above the national average)
- Florida: $3,451/year (51% above the national average)
- Colorado: $3,259/year (43% above the national average)
- Nevada: $3,074/year (34% above the national average)
How to Lower Your Car Insurance Costs
- Compare Multiple Quotes: Insurance rates vary by company, so regularly comparing quotes can help you find better deals.
- Bundle Policies: Combining auto insurance with other policies can lead to savings.
- Reduce Mileage: Driving less can lower your insurance premium.
- Raise Your Deductible: Increasing your deductible can lower your monthly premium.
- Look for Discounts: Many insurers offer discounts for safe driving, good student status, and more.
Additional Information
Methodology:
Bankrate’s data is based on extensive research and analysis, using a base profile of a 40-year-old driver with a clean driving record and good credit. We examine rates across various factors including age, gender, driving record, and vehicle type.