How Much More Expensive Is Commercial Car Insurance – Because quotes are different for every person, the best way to find savings on car insurance is to compare rates. Our analysis, based on hundreds of thousands of citations collected nationwide, supports this. We always recommend getting quotes from multiple auto insurers to find the best rate for you.
Compare average auto insurance costs by company, location, age and gender, vehicle and model, accident history, DUI record, credit score and marital status.
How Much More Expensive Is Commercial Car Insurance
A minimum coverage policy is the cheapest policy you can buy because it only meets the minimum requirements for an auto insurance policy in that state.
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A full-coverage auto insurance policy includes comprehensive and collision coverage in addition to liability. Full coverage insurance costs 159% more but covers you for almost anything that could happen to your car.
Your location is an important factor for auto insurance rates. Your costs may vary based on your state, city and zip code.
Auto insurance quotes also vary based on the driver’s age and years of experience. Younger and inexperienced drivers are more likely to get into an accident behind the wheel, which is why young drivers have higher auto insurance rates.
Average annual car insurance costs can be significantly lower between the ages of 18 and 25, as insurers rate older drivers as less risky and more likely to make a claim.
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Among drivers age 30 and older, auto insurance rates differ slightly by gender. But among younger drivers, men may be charged 7% or more than women.
Why is this the case? Insurance companies see data trends that show that compared to young women, young men are more likely to:
Because of the likelihood that car insurance companies will have to pay for claims by insuring these drivers, they often charge young people more for coverage.
Some states prohibit insurance companies from using gender when setting auto insurance rates. This means that male and female drivers in the state will pay the same amount for car insurance in those locations, if other factors affecting rates are equal.
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Car insurance costs can vary based on the make and model of the car. The Nissan Rogue was the cheapest car model to insure compared to the latest base model of the country’s best-selling car.
Cars and trucks with higher prices or MSRPs may cost more to insure than cheaper cars, but this is not universally the case. The Ford F-150 has the cheapest annual insurance premiums despite having a higher MSRP than other vehicle models. Higher safety features and lower likelihood of total loss can contribute to making larger, more expensive cars affordable.
Car insurance prices are based on risk, and drivers with a history of accidents usually pay more for car insurance.
Geico saw the largest increase in insurance rates, with premiums for drivers with at-fault accidents on their record increasing by nearly 65%. In contrast, State Farm penalizes drivers the least after accidents. For our sample driver the rate rose to just 24%.
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Drivers with a history of accidents or traffic violations should take special care when shopping for auto insurance policies. A combination of your accident history, vehicle, location and other factors can result in different prices with other insurance companies, and switching to an equivalent policy with a competing insurer can save you hundreds of dollars each year.
Insurers typically charge drivers with a DUI history higher rates because of the increased accident risk associated with such behavior.
Drivers with a DUI history pay an average of 88% more for car insurance than drivers with a clean record. That’s another $1,723 per year for car insurance.
In our analysis, North Carolina saw the largest relative increase in insurance rates, with premiums rising nearly 300% for a driver with a DUI on his or her record. By contrast, Nebraska penalized the fewest drivers after a DUI. For our sample driver the rate rose to just 45%.
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Drivers with a history of driving under the influence or intoxicated should consider getting free car insurance quotes from multiple carriers. Your record may be valued differently among insurers, so getting multiple rates can help you find savings.
Average car insurance costs are 20% lower for drivers with excellent credit history than drivers with average credit.
Drivers with good credit are considered low risk by insurance companies and, as a result, can get substantial savings on their auto insurance costs.
State Farm offers the best overall rates and biggest discounts for drivers with very good credit. Firms had the highest rate, while the Farm Bureau had a small percentage discount for those with very good credit.
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Bad credit increases your rate by 59% compared to having average credit. Nationwide rates increased the least (27%), while the Farm Bureau had the lowest rate ($2,555 per year) for those with no credit.
Insurers typically charge single drivers more for car insurance than married drivers. Married drivers are often seen as financially stable and risk averse and are therefore charged lower rates than single drivers.
Driving experience: Age affects the cost of your car insurance, but so does the number of years you’ve been insured and driving. A 30-year-old who has an insurance policy and you’ve been licensed since age 16 should get cheaper car insurance rates than a 30-year-old who has just been driving.
Location within a state: Auto insurance is regulated differently in each state, resulting in the average price of a full-coverage policy ranging from $1,200 (Maine) to $7,000 (Michigan). But even within a state, insurers consider certain locations — or areas, in insurance terms — to be high risk.
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If you live in an area considered high risk due to car accidents, weather or crime, you may be subject to higher rates than equivalent drivers who live elsewhere.
Insurance History: If you maintain continuous auto insurance coverage, your insurer will be more confident that you are protected and will usually charge a lower rate.
Mileage: Cars that are driven less are less likely to be involved in accidents or other harmful incidents. Vehicles with low annual mileage may qualify for slightly lower rates.
Discounts: Auto insurance companies offer a variety of discounts for being a safe driver or demonstrating responsible behavior. For example, adults can take defensive driving lessons, while young adults can qualify for good student discounts.
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You can start with a personal car insurance calculator, but the only way to find the cheapest and best car insurance for you is to do your own research or talk to an agent or broker to get quotes and shop around for options. The cost of your policy will depend on factors such as your vehicle, age, gender and location.
To find the best car insurance for you, you should comparison shop online or talk to an insurance agent or broker.
When you’re shopping online for car insurance, make sure you’re comparing the same amount of coverage and features to compare apples to apples between companies.
Alternatively, you can talk to an insurance agent or insurance broker who can help you find the best combination of price and fit. Agents and brokers work on commission paid by the insurers themselves. Independent agents work for multiple insurance companies and can compare between them, while captive agents work for only one insurance company.
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The national average cost of insurance for minimum coverage is $65 per month, or $785 per year. Your rate will vary depending on where you live, what coverage you have, and your driving history.
The cheapest major insurers are State Farm, Farm Bureau and USAA. USAA has the best rate, but it’s only available to people who have served in the military and their families. State farms and farm bureaus are more widely available and have cheaper rates.
Depending on your car and driving history, full coverage insurance is usually twice as expensive as liability-only coverage. These include collision coverage, which pays for damage to your vehicle in an accident, and comprehensive coverage, which covers other types of damage such as hail.
We’ve collected quotes for 37 insurance companies in all 50 states and the District of Columbia. Although the analysis included 37 insurance companies, insurance company rates were included in our list of companies only if the company was one of the largest national insurers.
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Our base driver was a 30-year-old man who drove a 2015 Honda Civic EX, and citations were drawn from all available zip codes in each state. According to our data source, Quadrant Information Services, the driver was profiled as having average credit.
Although our driver had a full-coverage policy, we gave him a coverage limit slightly higher than any state’s minimum requirement.
Our rates for minimum-coverage policies represent the average cost of a policy that meets any state’s minimum required auto insurance coverage.
Its analysis used insurance rate data from Quadrant Information Services. These rates were obtained from publicly available insurer filings and should be used for comparison purposes only — your own quotes may
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