What is the Average Price of Car Insurance?
If you feel that you are paying too much for car insurance, you may be wondering if everyone else is paying as much as you are. You may wonder what the average price is for car insurance – this would help you decide if your own rates are too high.
The Average Price of Car Insurance in Your State
In the United States, the average price of car insurance is about $870. This figure is based on a full coverage policy, which included bodily injury and property damage coverage, comprehensive and collision coverages, and any state mandated personal injury protection coverages. Average insurance rates vary by state, so using a national average may not provide an accurate comparison – your state’s averages may be much higher or lower than the national average.
States with the Lowest Rates for Car Insurance
North Dakotans pay the lowest average price for car insurance – the state average for full coverage is just $554 per year. Other states with low average premiums include Iowa ($555), South Dakota ($565), Idaho ($583), and Kansas ($590). These states tend to have lower insurance rates because they are less densely populated, and because drivers in these states tend to have fewer accidents.
States with the Highest Rates for Car Insurance
Several states are known for having much higher than average car insurance rates. New Jersey tops the list at $1,184 per year, largely because of high population density and heavy government regulation. Other states with high average insurance rates include New York ($1,122), Massachussetts ($1,113), Louisiana ($1,076), and Florida ($1063). Drivers in all of these states tend to have more accidents, which increases insurance company costs and drives up insurance premiums. Also, insurance claims in these states are tightly controlled by state government, so it costs insurance companies more to provide the level of protection drivers need.
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