Depending on which factors are used to determine your rate, the average auto insurance cost per month can vary from very expensive to amazingly cheap. There are many factors that can influence the cost of an average auto insurance premium. For example, where you live will have a significant effect on what your monthly auto insurance costs. Here are a few examples:
According to recent research, the average full coverage car insurance cost per month for drivers in Arizona, California, Florida, Illinois, Missouri, and New Jersey is about $113 per year or about $1320 per year for a full coverage policy. By contrast, the cost is much higher for drivers in Nevada, Oklahoma, Colorado, Arkansas, and Arizona. The typical monthly premium in those states is about $120 per year or about $asaki per year or less. If you live in any of these states, you probably want to look at other options.
According to a recent study by JD Power and Associates, the average car insurance cost for drivers aged 21 through 29 years old is about $900 per year. Drivers in this age group can expect to pay between eight and nine percent of their annual income for their car. These are high estimates, however, since some drivers do pay more. An easy way to find average cost quotes for your situation is to access a car insurance quote generator, such as the one that J.D. Power and Associates use.
The average car insurance coverage cost per month for drivers in Florida is about $429. Drivers in Florida who own a car and carry liability insurance will pay between seven and ten percent per year on their premiums. A driver in Florida who does not own a vehicle but has a good driving record and is involved in only one accident over the course of his or her life will pay less per year in liability car insurance than he or she would if they take out liability insurance and just charged for non-collision damage only. Someone who does not have liability coverage will pay between twenty-five and thirty percent per year in premiums for collision and no-fault damage only.
In North Carolina, the average car insurance cost per monthly month for women is lower than men’s. Women drivers in this state will pay between seven and nine percent on their premiums. The average cost for males across all car insurance companies in North Carolina is about fifteen percent per year on average. Factors considered in determining the average car insurance costs include age, gender, driving experience, marital status, where a driver lives, type of car, credit score, and whether the car is financed or not.
Average auto insurance cost per monthly by area is very different for several different types of drivers. This is especially true of those people who own cars that are not totaled. People who own older, less expensive cars will generally pay more per month in premiums than those who own high-end, exotic cars. While some may look at this as a form of “sticking it to them,” other people see it as necessary protection against major repairs or injuries. No matter what a person’s motivation is, one thing is clear; most auto insurance companies are going to charge more for car insurance if you have made past claims or have bad credit.
One of the biggest factors that determines the average auto insurance cost per month is the amount of deductible that you choose. Your deductible will be the maximum amount that you will be responsible for without any reimbursement from the insurance company. Raising your deductible will keep your costs down, but it will also increase your premiums. You should consult with an auto insurance professional in order to determine what deductible level will be the best choice for you. In order to get a price quote on the type of policy that you want, you will need to know the make and model of your car and the amount of coverage you require.
Lastly, as an added consideration when you are looking for the average commercial auto insurance cost per monthly, consider the gap insurance policy. Gap insurance helps to protect your financial future if your car is totaled in an accident. This insurance policy pays up to five hundred dollars per day for the period the vehicle is off the road, which could be up to three years depending on the policy.