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Average Monthly Car Insurance Payment

How Monthly Payments Have Changed Since The Pandemic

Average monthly car payment hits all-new high

Quick Answer

Washington State residents currently have the highest average monthly payments for mortgages, credit cards and other debt of $1,301, followed by Maryland, Colorado and Delaware. Among the states with the least average monthly payments are Wisconsin at $810, followed by Missouri and Kentucky.

In this article:

It’s no secret that interest rates are on the rise. But Experian data shows that the average monthly payments consumers pay on their credit cards and other types of debt haven’t changed significantly this year. While up in some states and for some types of debt, monthly payments overall are still lower than they were during the pandemic.

Why Do Credit Scores And Marital Status Affect Auto Insurance Costs

Average Annual Auto Insurance Rates by Credit Rating

Insurance Company

Drivers with good credit pay around $123 per month, while those with fair credit scores pay around $150. Drivers with poor credit pay an average of $226 per month. If you have poor credit, you can earn lower insurance rates by paying your monthly bills on time and maintaining a good driving record.

Rates do not vary as dramatically between married and single drivers, but this variable can make a difference, depending on your driving record and claims history.

Hawaii and Massachusetts are the only states that do not allow insurance companies to use marital status or credit scores when determining rates. Michigan insurance companies dont use marital status but still consider credit score. On the other hand, California does not consider credit score but does use marital status.

So How Do I Get Car Insurance

Getting a car insurance estimate from Nationwide has never been easier. Get a free car insurance quote today. Simply enter your zip code to begin the auto insurance quote process. Within a few minutes, youll have an auto insurance estimate based on your specific circumstances. You can also talk to a Nationwide agent and get a quote over the phone.

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Additional Factors That Affect Your Car Insurance Rate

Vehicle. Expensive or luxury vehicles are usually much more costly to insure compared to cheaper models. The parts on these vehicles are pricey to replace and repair, so insurance companies typically charge you a higher premium to protect your car.

Drivers with excellent credit scores will likely receive more affordable rates than those with poor credit. Some insurers use credit scores as a rate factor because they believe there is a correlation between credit scores and the number of claims filed. However, certain states have banned the use of credit scores to calculate insurance premiums.

Gender. Our study shows that young male drivers spend more, on average, for car insurance compared to young women. This is attributed to the fact that young male drivers are more likely to be involved in accidents and receive traffic citations than young women. However, we found that as women get older, they are quoted slightly higher rates than their male counterparts.

Mileage. The more you drive, the higher chance you have of being in an accident. Driving less frequently can also make you eligible for low mileage discounts offered by your insurance company.

Find Out How Much You Can Expect To Pay For Insurance Based On A Variety Of Factors

How Much Is The Average Monthly Car Insurance Payment

Whether you are just getting your license or are a well-established driver, you may be asking yourself, “How much is car insurance in 2021?” There is a multitude of factors that go into determining an insurance premium, so to pull back the curtain, we looked into average car insurance payments based on driver age, gender, level of coverage, driving record, and more.

Whenever you shop for car insurance, we recommend getting quotes from multiple providers so you can compare coverage and rates. In addition to the insurance company you choose, factors such as your age, vehicle make and model, and driving history can affect your premium, so whats best for your neighbor might not be best for you.

You can either use the tool below to start comparing personalized car insurance quotes.

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Choosing The Best Credit Card For You

If you’re a beginner to credit cards, see our step-by-step guide to choosing a credit card. It starts by helping you figure out what cards you can qualify for, then walks you through deciding what kind of card best fits your needs. The process in short:

  • Check your credit. The higher your credit score, the more likely you are to qualify for the best cards. NerdWallet offers free access to credit scores.

  • Narrow your choices. If you want a rewards card, do you prefer cash back or points, and how much effort are you willing to put into managing your rewards? If you’re looking to save money on interest, do you need a 0% introductory period, or a low ongoing rate? Do you need to do a balance transfer? Are you a student or a business owner who could benefit from a specialized card?

  • Apply for a card that gives you the best overall value.

  • » MORE:How to pick the best credit card for you

    Average Car Insurance Costs For Good And Bad Credit

    Having bad credit has a surprisingly large impact on auto insurance rates in most states. On average, car insurance rates for drivers with poor credit are more than 71% higher than for people with good credit.

    Average car insurance rates for a driver with poor credit are:

    • $2,792 per year for full coverage.

    • $973 per year for minimum coverage.

    Read Also: Cheap And Best Car Insurance

    Average Cost For Seniors

    While insurance rates lower as drivers age and gain more experience, premiums for seniors typically begin to rise around the age of 65 as risk and vulnerability to injury increases. According to the CDC, drivers over the age of 70 have higher crash mortality rates than drivers aged 35-54.

    Average Costs for Seniors by Coverage
    • 100/300/100 Full Coverage

    How To Get Cheap Car Insurance

    Average monthly car payments reach record high, topping $700

    But you can still find cheap car insurance by shopping around for rates every year and every time something major happens in your life, including marriage, a new job, moving or buying a new car. Additionally, if youve had a recent at-fault accident, DUI or other traffic violation, be sure to shop in the month after the third and fifth anniversaries of the incident.

    If youre ready to shop, you can check out the cheapest companies in your own state for several driver profiles.

    Car insurance costs $136 per month on average, according to NerdWallets rates analysis. However, your rate will vary depending on factors such as where you live, the vehicle you drive and your driving history. Compare car insurance rates to find the cheapest car insurance for you.

    On average, full coverage insurance costs about $136 a month compared to $47 a month for minimum coverage. However, unlike minimum coverage, full coverage insurance pays out if your car is stolen or you need repairs after an accident. Minimum insurance covers damages to another person or vehicle only in an at-fault accident. It does not cover your own repairs or injuries.

    Its hard to say exactly who pays the most for car insurance since there are so many factors that affect your auto insurance rates. In general, teen drivers, drivers with a recent DUI and drivers with poor credit pay some of the highest car insurance rates on average.

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    How Can I Find Average Car Insurance Prices For My Vehicle

    To get an idea of car insurance prices for a particular vehicle, use Insure.coms Car Insurance Estimator, which shows rates for more than 3,000 2021 models. Car insurance prices should always be considered as part of the budget when shopping for a car. Insurance costs can quickly push an affordable vehicle out of reach. The Insure.com comparison tool, located at the bottom of this page, makes comparing insurance costs easy. It lets you compare the cost of insurance on up to 10 different vehicles at one time so you can narrow down your choices. Our tool makes it easy to go onto the next step and shop for a great car insurance policy at a price you can afford.

    Michelle Megna contributed to this article.

    What Are The Average Car Insurance Rates By Company

    Each insurer is different and will give you a separate insurance policy based on individual circumstances. Car insurance per month will vary depending on the company. Therefore, all of their costs are different. The least expensive auto insurance companies are Geico, Allstate, Progressive, State Farm, and Esurance. These are the most popular companies as well.

    For the average driver in an average area, the cost of car insurance for these companies are around $140150.

    Compare a car insurance monthly average to find the best rates!

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    Average Car Insurance Cost By Category

    • Minimum Coverage: $60 per month
    • Full Coverage: $166 per month
    • Drivers with a Violation: $75 per month
    • Young Drivers: $201 per month
    • Senior Drivers: $61 per month

    The cost of the average car insurance policy can be a good indication of how much a driver should expect to pay for coverage.

    $1,434

    Note: Premiums are representative only individual premiums will be different

    Drivers almost always pay more for auto insurance after a moving violation. The exact amount that your rates will go up depends mostly on your state and the specific infraction, but in some states your premium can rise to more than double the rate that a safe driver would pay.

    You can check your driving record to see how many infractions and points you have on your license, and if you practice good habits behind the wheel, your rates will eventually go back down. It usually takes 3-5 years to improve your driving record for insurance purposes after a moving violation.

    Annual Cost Of Car Insurance By Marital Status

    Car insurance average cost per month
    State

    Driving experience: Age affects your car insurance cost, but so does the number of years you’ve been insured and driving. A 30-year-old who’s had an insurance policy and been licensed since you were 16 should get cheaper car insurance prices than a 30-year-old who just took up driving.

    Location within a state: Auto insurance is regulated differently in each state, leading to average prices for a full-coverage policy ranging from just under $1,200 to over $7,000 . But even within a state, insurers considered certain locations â or territories, in insurance terms â to be higher risk.

    If you live in an area that’s considered to be higher risk due to car crashes, weather or crime, you may be subject to a higher rate than an equivalent driver living elsewhere.

    Insurance history: If you’ve maintained continuous auto insurance coverage, your insurer will be more confident that you’ve protected yourself and will usually charge a lower rate.

    Claims history: You’ll get cheaper rates than someone who has filed auto insurance claims in the past.

    Mileage: Cars that are driven less frequently are less likely to be involved in a crash or other damaging event. Vehicles with lower annual mileage may qualify for slightly lower rates.

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    Average Car Insurance Costs In Ohio

    How much is insurance in the Buckeye State?

    With a population of over 11.7 million, Ohio is the 7th most populated state in the country and features over 262,377 miles of road. There are many factors that go into calculating the rate you pay for car insurance. Below is a breakdown of how much drivers in Ohio pay for coverage based on different factors. To learn more about insurance requirements in Ohio, check out Ohio Car Insurance.

    How Much Should I Pay For Car Insurance

    A good rule of thumb is to buy as much car insurance as you can afford. You might be tempted to skimp and buy only your states minimum car insurance. But many optional forms of car insurance are worth considering, often providing benefits worth far more than the amount they add to your premium.

    Neither comprehensive insurance nor collision insurance is required, but both are smart choices. Comprehensive insurance covers damage from non-collision accidents, like vandalism or theft. Without it, youre stuck paying all the bills if a tree falls on your car during a storm, for instance. And collision insurance handles your car repair bills, even if you caused an accident. You might also consider buying medical coverage if your health insurance has a very high deductible.

    Finally, whether youre 16 years old or 65, make sure to shop around for the best deal on whatever coverage you decide to buy. This will ultimately allow you to afford higher coverage limits.

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    Average Car Insurance Costs For Full And Minimum Coverage By State

    State

    Here are the cheapest states for auto insurance:

  • Idaho: $1,027 a year, or about $86 a month, on average.

  • Ohio: $1,066 a year, or about $89 a month, on average.

  • Vermont: $1,074 a year, or about $89 a month, on average.

  • Maine: $1,074 a year, or about $90 a month, on average.

  • Hawaii: $1,128 a year, or about $94 a month, on average.

  • These are the most expensive states for auto insurance:

  • Louisiana: $2,986 a year, or about $249 a month, on average.

  • Florida: $2,775 a year, or about $231 a month, on average.

  • Nevada: $2,489 a year, or about $207 a month, on average.

  • Kentucky: $2,423 a year, or about $202 a month, on average.

  • Michigan: $2,084 a year, or about $174 a month, on average.

  • Note that full coverage isnt a type of policy you can select from a list. In our analysis, full coverage insurance rates include comprehensive and collision insurance, liability and uninsured/underinsured motorist coverage.

    What Else Affects My Car Insurance Rate

    Average car payment hits monthly cost of $700

    There are even more factors that can affect your car insurance rates besides location, coverage levels, age, gender, marital status, car type, driving history, and credit score. The cost of car insurance can also be influenced by:

    • The company you choose: Even if you live in a state where rates are higher than average, some companies offer more competitive rates than others, which is why its important to shop around.

    • Discounts: Some of the most common car insurance discounts include savings for bundling policies, completing a driving safety course, and paying your annual policy in full.

    • Insurance history: You may pay more for car insurance if you’ve had past coverage with a high-risk provider or if you have a lapse in coverage on your record. If you have a history of consistent coverage and on-time payments, on the other hand, you could see lower rates.

    • Your annual mileage: If you use your car often, your auto insurance will cost more than for someone who drives infrequently.

    • Your job and education: In some states it’s illegal for insurers to use your occupation and education to set rates. However, in many places you could pay more for car insurance if you’re unemployed or if you didn’t graduate from college

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    More About Geico Car Insurance

    Geico sells insurance for cars, motorcycles and classic cars. For those who enjoy a little more adventure, Geico also sells insurance for RVs, ATVs and boats.

    Optional coverage types for auto insurance includes emergency road service, rental reimbursement and mechanical breakdown insurance.

    If youre concerned about a rate increase after an accident, Geico offers accident forgiveness insurance, which you can pay to add to your policy or earn by maintaining a clean driving record. Geico will waive the first at-fault accident caused by an eligible driver listed on your policy.

    Geico also sells Mexico auto insurance if you plan to drive south of the border.

    How Much Is The Average Cost Of Car Insurance In The Us

    The average cost for car insurance in the United States is $1,483 per year, or $124 per month according to the Zebra.1 However, in some states you may pay as much as $211 per month, and in others as little as $80 per month. On an annual basis, auto insurance costs generally fall between $926 and $2,534 per year per vehicle, but these costs can vary based on the location, provider, and coverage chosen. Here are some of the factors that influence the cost of car insurance:

    Also Check: Full Coverage Car Insurance For Cheap

    How To Estimate Car Insurance

    If you know how to estimate car insurance before buying a car, youll be that much more prepared when the time comes to sign on the dotted line. The best way to do that is to simply compare quotes until you have a good sense of the ballpark cost youll be paying. But first, youll need to consider the factors that will determine those quotes.

    The minimum rates in your state determine the baseline coverage youll be required to get by law, so determining those will give you a good starting point. Decide on the kind of car youre going to purchase, its size, features and cost. The cost of insuring your car is influenced by everything from its safety features to the statistical probability that vehicles of its model will be stolen. That means the more you can decide upon before shopping for quotes, the better. Once youve figured out these details, shop around for those quotes and do side-by-side comparisons. Be sure to include the same amount of coverage on each quote so your comparisons are accurate.6

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