How Much Is Car Insurance
How Much Is Car Insurance
The average cost of auto insurance in the U.S. is around $1,099 per year (or about $92 per month), according to a report from the National Association of Insurance Commissioners. The report, from December 2017, comprises the NAIC’s most recent data.
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Per NAIC, Americans pay around $538.73 a year for liability insurance (which includes bodily injury liability and property damage liability), $322.61 for collision coverage, and $148.04 for comprehensive coverage. If you have no idea what any of that jargon means, we have a handy explainer on how car insurance works. Some of the other components of car insurance include personal injury protection (PIP), which protects you and your passengers, and uninsured motorist coverage, for when the other party doesn’t have insurance coverage.
Auto Insurance Rates by Age
Auto insurance rates vary by age as well.
That’s understandable, as insurance companies deem younger drivers as a bigger accident risk than older drivers. The younger set is more likely than other demographics to get in an accident, get a speeding ticket, and get cited for driving under the influence.
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In the Value Penguin report, teenage drivers pay four times the auto insurance rates paid by the next younger demographic – U.S. drivers in their 20s. Dollar-wise, that “risk” gap can really cost teen drivers. Consider that the average 16-year-old U.S. driver pays $344.78 a month compared to a 25-year-old driver who only has to pay $118.89 a month for vehicle insurance.
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