Average Car Insurance Rates In USA 2023

How Much Does Car Insurance Cost?

The average cost of car insurance in the US is roughly $1,300 per year or about $110 per month. South Dakota and Missouri have substantially lower car insurance rates than other states, such as Michigan and California, which are recognized for having higher rates.

The best person to help you understand rates in your area will be your local independent agent, although several variables affect how your rates are determined.

What Does Your Auto Insurance Rates Look Like?

Among many states in the USA, Florida, Texas and Atlanta-GA have the following car insurance rates. Here, you can note that the rates can differ from various factors as mentioned by the state government.

Florida

According to the Florida Office of Insurance Regulation, the minimum insurance coverages needed to register the majority of personal automobiles in Florida are $10,000 in Property Damage (PD) Coverage and $10,000 in Personal Injury Protection. The total premium costs for this minimally required coverage are denoted as “PIP + PD” for the rating examples presented below.

Atlanta

According to Atlanta, Georgia law, the minimum liability insurance limits are:

• Bodily Injury Liability – $25,000 per individual and $50,000 per incident
• Property Damage Liability – $25,000 per incident

The Officer of Commissioner of Insurance mentioned that two factors determine your car insurance rates. Underwriting and rating are the first and second factors, respectively. Insurance firms use underwriting to evaluate the risk posed by applicants, classify them with other risks of a similar nature, and determine whether or not to accept their applications. The rating provides a price depending on what the insurer thinks it will cost to bear the financial responsibility for the applicant’s prospective claim based on the outcomes of the underwriting procedure.

Likewise, the rates can depend on the driving history, residing neighborhood, gender, age, marital status, or any past insurance coverage. Also, it may depend on how often the person drives the car, and the type and model of the car are all frequent factors that might affect how much you have to pay for auto insurance.

Texas

Texas Department of Insurance has stated that insurance rates for Texas auto insurance vary widely depending on the company. For instance, complete coverage from Fred Loya averages $2,889 annually, whereas it costs $1,339 annually from Geico. We gathered typical premiums from Texas’ top insurance providers based on market share to assist you in finding the best auto insurance. Here, all the rates may differ due to many factors such as age, cost of living, gender, credit score, and vehicle type.

We have collected some articles that may help you to save up your money on car insurance rates. Have more questions? Do not hesitate to comment down and we will get back to you with answers you need.