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How much does Car Insurance cost?

This is a popular question and one of the most important questions any driver should ask before buying a car. While car insurance rates fall in the same range for the majority of vehicles and individual profiles its not uncommon to forget about the cost of car insurance when upgrading to a newer car or assuming a minor speeding ticket will have no impact on your auto insurance premiums with a new policy.

There are over 100 car insurance companies offering coverage in most states and policy premiums can vary by 25% or more simply depending on who you speak with so its important to build knowledge of car insurance long before you need coverage.

Why are Car Insurance Rates Different by Insurer?

Every car insurance company has a different risk formula which means they calculate your risk as a driver differently. Some car insurance companies provide one time exceptions for single speeding tickets while others frown on any moving violation. In the same way similar cars are priced differently so are car insurance premiums so you need to shop around and compare car insurance rates as it’s the only way to know if your premiums are competitive in the marketplace.

There is lots of data on car insurance rates published which can help you estimate how much car insurance is per month. One of the most useful reports is the average car insurance premiums per state published annually by companies like Insure.com. The only downfall is that in order to extrapolate any kind of average premium paid means reducing the sample group to certain variables which may not pertain to you. For example, if you see average insurance rates of $1,521 in New York is this data based on a male driver or female driver, what age is the driver and what type of car is the average premium based on?

Any kind of generic report detailing average car insurance rates should just be used as a ballpark figure and before purchasing a car or committing to any one car insurance company you need to shop around for car insurance. Most consumers undertake a car insurance comparison search online where you can compare premiums based on your unique individual profile. While this takes a couple minutes to compile its certainly a much more accurate representation of insurance premiums for your situation.

What are  Ballpark Average Car Insurance Rates?

For those drivers not so lucky to have a Bugatti Veyron or Lamborghini Diablo most car insurance premiums will range from $1,000 to $2,500 annually for a typical vehicle. Your gender will certainly have something do to with how much you pay for auto insurance as women drivers pay less for car insurance but so do your driving record, the type of vehicle insured and many other factors. While this range is affordable for most consumers there is also significant room to have $100’s per year in premiums with the right discounts, deductible options and policy options.

How can you save money on car insurance? Shop around. While there are no studies we know about which measure the time it takes for a consumer to shop for car insurance we can say once you understand what kind of coverage you need it takes only a few minutes to compare policies equally and the amount of money saved can be substantial.

Before buying a car or renewing an auto insurance policy make your best effort to learn about car insurance and compare quotes. While average car insurance rates are nice to look at all that really matters is how much your monthly premiums are.

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