Average cost of car insurance in October 2022

In October 2022, the average cost of car insurance

In October 2022, it's anticipated that auto insurance will cost on average about $200 per month. This is based on present patterns and the supposition that the insurance sector won't undergo any significant changes.

How much is car insurance?

The cost of car insurance can vary depending on a number of factors, including the make and car model, where you reside, and the coverage you require. However, the average annual cost of a mid-range sedan is roughly $600.

What is the average cost of auto insurance in each state?

There is no clear-cut answer to this query because the cost of auto insurance varies significantly from state to state and is also influenced by a wide range of variables, including the age of the driver, their driving record, and the type of vehicle they are insuring. The National Association of Insurance Commissioners recently conducted research, and it found that the average cost of auto insurance in the US in 2021 was $1548.

1: be honest about your teenager's driving. Many insurance companies consider a teenager's driving experience into the cost of the premium, so if your teenager is inexperienced, be sure to let the company know. 2: Let your teenager take a defensive driving course. Many teenagers are involved in car accidents simply because they lack the experience and skills to avoid them. A defensive driving course can teach them how to avoid accidents and how to deal with them if they do occur. 3: Increase your deductible. By increasing your deductible, you can lower your car insurance cost by state. Just be sure that you have the financial ability to pay the increased deductible if you do have an accident. 4: Shop around. Get quotes from several different insurance companies and compare them side by side. You may be surprised at how much rates can vary from company to company, so it's important to shop around and get the best rate possible.

State-by-state average cost of auto insurance in 2022

How much does car insurance cost by state?

On average, car insurance costs around $1,771 per year for full coverage and $545 per year for minimum coverage. However, when determining “how much does car insurance cost” in a specific area, the answer can vary depending on a variety of factors. The state where you live, individual rating factors, accident and claim reporting frequency, and even cost of labor and parts can cause one city or state to be more expensive than others.

Average car insurance cost by state in 2022

State	Average annual premium for full coverage insurance	Average annual premium for minimum coverage insurance
Alabama	$1,760	$443
Alaska	$1,770	$417
Arizona	$1,743	$579
Arkansas	$1,806	$437
California	$2,190	$619
Colorado	$2,019	$495
Connecticut	$1,533	$646
Delaware	$1,963	$747
Florida	$2,762	$997
Georgia	$2,009	$642
Hawaii	$1,206	$338
Idaho	$1,065	$271
Illinois	$1,533	$475
Indiana	$1,242	$329
Iowa	$1,254	$227
Kansas	$1,802	$419
Kentucky	$1,954	$658
Louisiana	$2,864	$807
Maine	$876	$227
Maryland	$1,931	$836
Massachusetts	$1,296	$446
Michigan	$2,345	$946
Minnesota	$1,692	$600
Mississippi	$1,701	$450
Missouri	$1,893	$515
Montana	$1,795	$310
Nebraska	$1,538	$367
Nevada	$2,426	$846
New Hampshire	$1,182	$324
New Jersey	$1,891	$855
New Mexico	$1,489	$347
New York	$2,996	$1,339
North Carolina	$1,392	$431
North Dakota	$1,225	$268
Ohio	$1,200	$336
Oklahoma	$1,902	$408
Oregon	$1,371	$625
Pennsylvania	$2,002	$441
Rhode Island	$1,847	$569
South Carolina	$1,464	$518
South Dakota	$1,542	$274
Tennessee	$1,383	$372
Texas	$1,868	$551
Utah	$1,449	$544
Vermont	$1,000	$242
Virginia	$1,347	$483
Washington	$1,313	$482
Washington, D.C.	$1,948	$613
West Virginia	$1,527	$427
Wisconsin	$1,246	$363
Wyoming	$1,510	$262

What does car insurance cost, and which companies?

On average, car insurance from some of the top insurance carriers in the nation can range from $1,200 to $2,500 per year for full coverage, the cheapest being from USAA and Geico. But because each auto insurance company has its own proprietary underwriting system, the cost of car insurance will vary from carrier to carrier. For drivers looking for the best car insurance company, keep in mind that the coverage you choose plays a role too. The average cost of full coverage car insurance is about 225% more than minimum coverage.

The table below showcases the average annual and monthly full coverage premiums for some of the largest car insurance companies in the nation by market share. 

Insurance company	Annual full coverage premium	Monthly full coverage premium
Allstate	Annual full coverage premium $2,438	Monthly full coverage premium $203
American Family	Annual full coverage premium $1,627	Monthly full coverage premium $136
Amica	Annual full coverage premium $1,495	Monthly full coverage premium $125
Auto-Owners	Annual full coverage premium $1,305	Monthly full coverage premium $109
Erie	Annual full coverage premium $1,321	Monthly full coverage premium $110
Farmers	Annual full coverage premium $1,524	Monthly full coverage premium $127
Geico	Annual full coverage premium $1,297	Monthly full coverage premium $108
Mercury	Annual full coverage premium $1,483	Monthly full coverage premium $124
Nationwide	Annual full coverage premium $1,383	Monthly full coverage premium $115
Progressive	Annual full coverage premium $1,561	Monthly full coverage premium $130
State Farm	Annual full coverage premium $1,397	Monthly full coverage premium $116
The Hartford	Annual full coverage premium $2,002	Monthly full coverage premium $167
Travelers	Annual full coverage premium $1,447	Monthly full coverage premium $121
USAA	Annual full coverage premium $1,209	Monthly full coverage premium $101

What is the cost of car insurance by age and gender?

Age and gender are just two of the many variables that affect car insurance rates. In general, male and young drivers typically pay more for auto insurance than older and female drivers.

Young drivers pay the highest average premiums for auto insurance, according to 2022 rates, with insurers typically taking age into account when determining rates. According to actuarial data used by auto insurers, elderly and young adult drivers are both more likely to be involved in collisions. As a result, these drivers' car insurance premiums are typically higher to reflect the higher risk. It should be noted that if you reside in Hawaii or Massachusetts, your age won't have an impact on your premium because state regulations forbid auto insurers from using age as a rating factor.

Furthermore, in most states, your gender influences your premium. Men are typically more expensive to insure than women. According to the Insurance Information Institute, this is due to men engaging in riskier driving behaviours than women and having a higher rate of accident severity (Triple-I). However, not all states allow gender to be considered when calculating rates. Because state regulations prohibit this rating factor, if you live in California, Hawaii, Massachusetts, Michigan, North Carolina, or Pennsylvania, your gender has no bearing on how much you pay for car insurance.

Age	Male	Female	Difference	Percent difference between rates
16-year-old*	$4,004	$3,669	$335	8.7%
17-year-old*	$3,740	$3,420	$320	8.9%
18-year-old**	$5,694	$4,946	$748	14.1%
19-year-old**	$4,440	$3,819	$621	15.0%
20-year-old**	$4,060	$3,504	$556	14.7%
21-year-old**	$3,188	$2,822	$366	12.2%
22-year-old**	$2,931	$2,627	$304	10.9%
23-year-old**	$2,759	$2,491	$268	10.2%
24-year-old**	$2,614	$2,374	$240	9.6%
25-year-old**	$2,196	$2,059	$137	6.4%
30-year-old	$1,888	$1,854	$34	1.8%
40-year-old	$1,778	$1,764	$14	0.8%
50-year-old	$1,661	$1,652	$9	0.5%
60-year-old	$1,612	$1,597	$15	0.9%
70-year-old	$1,755	$1,729	$26	1.5%

*Rates for 16- and 17-year-olds reflect the total cost of adding a teen driver to their parent's policy after student discounts are applied.

**Rates for renters (not homeowners) aged 18 to 25 are calculated on their own policy.

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