in fifth with just over $2000 per year in annual auto insurance rates. Michigan was in second, followed by Georgia and Oklahoma and then we slide across the eastern United States to the north and list Washington, D.C. The first is obviously Louisiana, as we previously discussed, with an average of $2,699 per year. There are ten states that were named by as having the highest yearly auto insurance rates for last year. However, this year, Detroit, MI is the area with the highest car insurance rates, with rates averaging $400 to $500 a month. These judges often side with consumers, so auto insurance companies lose money. Those that are for $50,000 or less will go before judges that are elected by the people. Experts say the reason for that is that there are personal (bodily) injury lawsuits filed each year. People in that state were paying $2,700 on average for a year of car insurance coverage. Last year, Louisiana got some attention for having the highest car insurance rates. So, bear in mind that the type of car is an important decider. They rose almost 3.5 percent last year alone. Right now, family sedans are increasing in price, according to AAA. But your car has a lot to do with what you pay as well – particularly what kind of a safety rating a vehicle has.
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However, here are some key facts that you can use to calculate a general auto insurance rate for just about anyone.Īs discussed, your monthly or yearly premium is partly based on your driving record and demographics. So, now that you know what affects car insurance rates you can see how an average that would apply to everyone is almost impossible. Secured with SHA-256 Encryption The Average Car Insurance Prices One bit of good news: if you are a college student, you might just be able to wrangle a discount. Males under 25 are much more likely to have an accident than other demographics and there is evidence based on marital status as well. That’s because of the research that we discussed earlier. Your Vital StatisticsĪge, gender, and marital status are all factors that affect car insurance rates. That seems strange at first glance, but research has shown that using credit information to set prices has had a positive effect on claims and so the better your credit score, and the more positive your credit history, the better your premium for car insurance is apt to be. Your credit history and score will affect average car insurance rates. If you currently have accidents on your record, you will probably have to wait five years or so before your record is clean. Car insurance companies naturally want to reward those who have not cost them money in claims since they are in the business to make a profit. It makes sense that people with poor driving skills that have tickets and fender-benders on their motor vehicle record will have higher premiums than someone who has driven carefully and only had one or two tickets in the past five years, and no accidents. Secured with SHA-256 Encryption How Clean is Your MVR? Detroit has one of the highest average premiums for car insurance in the U.S.
In some areas of the country, like the city of Detroit, the prices for car insurance are so drastically different that you’ll think you’re living in another time. Those who live in rural areas, or in the suburbs where crime rarely happens, is unlikely to see these higher premiums. Your insurance company may charge you a higher rate simply because there are more thefts, accidents and other incidents in your neighborhood. Insurance companies base this on mileage, so find out what the threshold is. If you use your car for business purposes, you’re going to pay more. Your Driving HabitsĪ person that only uses their car once a week for errands and groceries is much less likely to get into an accident than a person that commutes an hour each way on workdays, and uses the car to entertain clients on the town in the evenings. Then, they come up with safety rating for vehicles and lower the premiums of customers who choose to drive safer vehicles. Insurance companies – especially the big ones – collect a lot of customer data and have people that do nothing but data analysis on information that is collected along with examining industry reports on safety and other topics.
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They especially love data that tells them how to behave so that they can save money.
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Secured with SHA-256 Encryption The Type of Car You Drive