average cost of car insurance

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Data from various states’ Departments of Insurance show that annual car insurance premiums are on the rise in the majority of states across the nation. The average cost of insurance for car owners of insuring their vehicles from accidents and other events has generally increased, with the exceptions of Arkansas, Georgia, North Carolina, and Virginia, who all saw their car insurance premiums drop between 1% and 5% in the last year. These quotes for automobile insurance in select states across the country should give you a ballpark estimate for average annual car insurance.
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Home insurance is designed to cover homeowners in the event of any unforeseen catastrophe that damages their home. The average cost of home insurance will be influenced primarily by the location of your residential property and the extent of your insurance coverage. Several types of home insurance are common or typical to specific regions or locales, such as damage to floodwaters, hurricanes, earthquakes, etc. As a general rule, the Federal Reserve Bureau says you can estimate the expense of homeowners insurance by dividing the value of your home by 1,000 and then multiplying that number by $3.50. Using average home price data from AARP, here are some typical annual homeowners insurance prices from around the country, ValuePenguin has constructed a table for your reference.
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As stated earlier, when you use average car insurance rates to help with your car insurance shopping, you should keep in mind that several factors go into your specific rate. Your car insurance policy may not reflect the national or your state’s average car insurance rates.
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Insurance companies providing pet health coverage factor in the geographical region your pet lives in when determining quotes for your premium. In a 2014 survey of the market, ValuePenguin found that on average, medical insurance prices for pooches in urban households could be 20 – 40% higher than quotes for the same dog living in a smaller town or different geography. The above table has estimated monthly cost of veterinary insurance for a two-year old Yorkshire Terrier, averaged across the expected monthly premiums of the different plans at several major pet insurance providers. To compare across different insurance policies for your pet, use ValuePenguin’s pet insurance comparison tool here.
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Location also has a huge impact on your car insurance rates. State laws that regulate car insurance can have a big effect. Michigan, the most expensive state for car insurance premiums according to Insure.com, tops the list because residents get unlimited lifetime personal injury protection for medical expenses resulting from crashes. Montana comes in second, in part because crash fatality rates are very high, and insurers think driver safety laws are too lax.
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If you own a car, the chances are extremely high that you need car insurance not only to provide you with financial protection, but also to comply with your state’s laws.With so many options to choose from for your car insurance, it can help you choose your provider and policy to know what other drivers are paying for their policies. We’ll review some typical auto insurance rates for several different areas across the country.
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When you start shopping for car insurance, the cost can be shocking. Those premiums can put a major dent in your monthly budget, especially if you have factors that raise your car insurance costs above average.
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How much is car insurance going to cost you? It’s not an easy question to answer. The quote you receive could be painfully high or comfortably low based on a number of different factors. But for what it’s worth, the average amount spent to insure a car in the U.S. was $815 a year in 2012, according to the National Association of Insurance Commissioners.
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Car insurance is pricey but unavoidable. What you pay depends on your age, your gender, your car, and even your job. Learn more about the factors affecting the cost of car insurance.
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If you’re one of the millions of Americans who have forgone buying a house in exchange for renting a place, you may want to consider renters insurance as a way to protect your personal belongings. Renters insurance protects your studio, walk-up apartment, or elevator apartment against events such as destruction of property from fire, vandalism, and theft. Looking at some of the average costs of renters insurance in our four representative states, ValuePenguin thinks the monthly premium is cheap enough and worth the peace of mind knowing you can at least recover the cost of any lost or damaged items.
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Determining how much your auto insurance will, or should, cost is complicated. Insurance companies use your driving history, age, gender, location, how much you drive and other factors when setting car insurance rates, and quotes can swing wildly from one provider to the next. Your rate also hinges on how much coverage you buy.
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Age is one of the primary factors that insurance companies consider when coming up with a car insurance quote. To an auto insurance company, a driver’s age is a general measure of driving experience and accident risk. Based on insurers’ statistics and past experience insuring other drivers, the more years behind the wheel that a driver has, the less likely he or she is to get into an accident and submit a claim for reimbursement. This typically means that he or she will cost less to insure, which means a cheaper quote.
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Most car insurance policies are issued for six months to a year, but you can usually arrange for a monthly payment schedule. If you set up a monthly schedule, you will be able to estimate your average monthly price of car insurance.
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Some of the least expensive states for car insurance are Arkansas, Illinois, Iowa, South Dakota, and Vermont. Depending on the state you live in, your average car insurance rates could drastically change.
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Your monthly car insurance payment may not reflect the average car insurance payment for the state because of all of the factors that apply to your personal policy. Your premium could be higher or lower depending on the type and amount of coverage you select, the deductible you choose, and the discounts you earn.
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Below, you’ll see how the cost of car insurance varies by state, according to two measures. The first number is the average expenditure per state, drawn from 2012 data from the National Association of Insurance Commissioners. This figure is the total amount collected in each state for liability, comprehensive, and collision premiums, divided by the total number of insured vehicles.
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You probably didn’t think about how your car would affect your insurance rates when you bought it, and you probably won’t trade it in just because of your rate. However, just as your insurance company assumes you’re a bigger or smaller risk based on your own demographics, it assigns risk based on the car you drive, too.
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By understanding the different variables that impact car insurance costs, you can shop more confidently for the best rates. Instead of looking at only one company, do some comparison shopping by asking for quotes from multiple companies. By working on the above factors, you can put yourself into place to get an optimal price for car insurance.
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Surprisingly, driving an older car may raise your insurance premiums. This is because older cars are worth less and are more often totaled in an accident, costing the insurance company money. New cars can be repaired for less than it would cost to replace it, so they usually have lower rates.
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Quotes for teenagers are 3.5x as expensive than quotes for a driver in their mid-thirties, and cost nearly 4x the rate for an experienced driver in their mid-fifties. Once teenagers gain more experience under their belt and hit 25, their car insurance costs drop about 60%. Costs continue to generally decline with each birthday, with drivers in their 50s seeing the best rates. Around 60, however, auto insurance costs reverse their trend and begin to increase slightly, although rates comparable to what drivers in their 40s see.
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Coverage choices and state requirements: Almost every state requires auto insurance, but the minimum amount required varies. Some states mandate only bodily injury and property damage liability insurance. For example, in “no-fault insurance” states like Florida, where drivers make injury claims through their own insurers regardless of who caused the accident, you’ll need personal injury protection. The requirements imposed by your state play a role in how much you pay.
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Insurance companies ask you to self-report how many miles you drive each year, and may adjust your rate if you drive more or less than the average of about 12,000 to 15,000 miles a year. Again, you’ll score the best discount if you drive less than 12,000 miles a year and install a tracker that proves this to your insurance carrier.
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Your age, sex, marital status, and location all weigh heavily on how much you car insurance costs. That’s because your insurance company has an enormous amount of data that tells them how each of these things makes you more or less of a risk for filing claims.

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