Monthly Cost For Car Insurance

Average monthly car insurance rates by state are outlined in the chart below.

Monthly cost for car insurance. The average cost of a car insurance policy is 937 per year or 78 per month for a policy that meets the minimum requirements of each state. But the price of your policy will be unique to your situation. Each state has specific requirements for the type and amount of car insurance coverage that drivers must carry. How much does car insurance cost.

Rates are based on buying just the state minimum required to drive legally assuming good credit and a clean driving record. That works out to an average car insurance rate of about 119 per month for 40 year. For example some states require drivers to purchase 100 000 worth of liability coverage per accident while others require just 20 000 or 30 000 of liability coverage. Although it may seem like you re getting cheap monthly car insurance with no deposit it s a loan so interest is charged on top of the cost of insurance it ll cost you more overall than paying annually.

Car insurance monthly cost. Our research says that the average cost for a comprehensive car insurance policy in 2020 is 82 a month. You ll see that in all states except michigan car insurance is under 100 a month on average. You ll set up a direct debit and spread the cost into smaller regular payments over 12 months.

The national average cost of car insurance is 1 427 per year according to nerdwallet s 2020 rate analysis. Michigan is the most expensive with an average yearly premium of 3 466 while maine is the cheapest at 1 062. What is the average car insurance cost by state. One month car insurance faqs.

Paying for car insurance on an annual basis is the default payment option offered by most providers but some may offer the option to split that annual cost into monthly payments. Because quotes vary for every individual comparing rates is often the best way to find savings on car insurance. One of the most significant determinants of car insurance prices is your home state. If the total cost of the cover for a full year is 1 000 you will need to pay this amount even if you cancel it after a month if you have made a claim so make sure you check the policy for this when you compare quotes.

It may benefit you to ask how much of a discount your insurance provider might give you for paying annually as that could factor into your decision. According to the association of british insurers abi the average cost of car insurance in the uk for comprehensive cover costs 485 a year.