Average cost of car insurance in May 2024
Learn from Bankrate about the current average cost of car insurance and ensure that you're not overpaying for this necessary financial protection.
Your life doesn't look the same as it did five years ago and neither should your insurance policy. Making sure your home and auto insurance coverage is adjusted appropriately as your life evolves can help protect the financial future you are working toward.
— Shannon Martin
Shannon Martin is a licensed insurance agent and content writer for Bankrate. With a Bachelor of Science from the University of Louisiana at Lafayette and over 16 years in the insurance industry, she enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.
Before working at Bankrate, Shannon got her start in insurance by working with insurance companies like Geico, Jerry and the AARP division of The Hartford. She knows firsthand how important it is for policyholders to be well-informed about how coverage selection on their auto, home and umbrella policies can impact their financial security. Now Shannon uses her extensive insurance knowledge to write insurance content, create insurance resources and train future agents and writers.
When Shannon isn't writing about insurance, she enjoys spending time with her kids, debating with her husband about time travel paradoxes, sewing, bowling, and hiking the trails around Niagara Falls.
In this economy, people live paycheck to paycheck, and their cars matter to them now more than ever. My biggest tip for drivers who hold on to their vehicles for the long haul is to keep comprehensive coverage on your policy for as long as possible. Comprehensive coverage is incredibly versatile — broken windshields, vandalism, fire, hail, flood and wind damage, all perils out of your control and covered by comprehensive. For older vehicles, comprehensive coverage can cost a few dollars a month with only a $50 or $100 deductible — a windshield replacement can easily cost drivers $300. The concern with keeping a physical damage coverage on your car insurance policy is that the cost of maintaining the coverage may exceed the value of your vehicle. If this is the case, speak with your agent about removing the coverage. But if your car is deemed a total loss due to a comprehensive claim, you could use the claim insurance payout as a down payment toward your next vehicle, even if your car's value is just a few thousand dollars.
Your life doesn't look the same as it did five years ago and neither should your insurance policy. Making sure your home and auto insurance coverage is adjusted appropriately as your life evolves can help protect the financial future you are working toward.
— Shannon Martin
Learn from Bankrate about the current average cost of car insurance and ensure that you're not overpaying for this necessary financial protection.
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