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Average cost of car insurance in January 2024

Updated Apr 11, 2024
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How much is car insurance?

According to Bankrate’s extensive research, the average cost of car insurance in the U.S. is $2,299 per year. Minimum coverage, on the other hand, has an average annual cost of $637. However, car insurance is like a fingerprint. Although your circumstances may seem similar, your personalized rating factors will cause your premium to vary from that of friends, family and the national average. Still, knowing the average cost of car insurance might give you the information you need to ensure you’re not overpaying for this necessary financial protection

Key takeaways:

  • Full coverage car insurance costs an average of $2,299 per year, while minimum coverage is $637 per year. On a monthly basis, full coverage averages $192, with minimum coverage averaging $53 per month.
  • Geico, Erie and USAA offer some of the cheapest full coverage car insurance. Auto-Owners, Geico and USAA offer the cheapest minimum coverage car insurance among companies we analyzed, on average.
  • Men tend to pay more than women for car insurance, on average, since data show they are more likely to engage in riskier driving behaviors.
  • Some vehicles experience higher average insurance premiums than others because of MSRPs, safety features, repair costs, parts availability and other variable characteristics.
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Car insurance premiums are rising. If you’ve gotten your renewal, you may have noticed that your rates are more expensive in 2024. We’re here to help. Bankrate has been a trusted source in personal finance for nearly 50 years. We’ve evolved into a consumer-driven leading voice in the financial services space and help millions of readers make smarter financial decisions every year. To find the average cost of car insurance, our insurance editorial team evaluated dozens of carriers based on a variety of factors, including car insurance rates by state, insurance carrier, vehicle manufacturer, driving record and driver’s age and gender. As we forge ahead in this uncertain economy, Bankrate is with you every step of the way.

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

How much does car insurance cost by state?

On average, car insurance costs around $2,299 per year for full coverage and $637 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 can influence accidents and claim reporting frequency, and even cost of labor and parts, which impact insurance premiums.

Average car insurance cost by state in 2024

The average cost of car insurance varies between states for many reasons, and the coverage levels you choose play a significant role. Here, we cover the two most common coverage limits for a holistic view of average rates — full coverage and minimum coverage. It is typical for drivers who have leases or loans to have comprehensive and collision coverage, along with higher liability limits of 100/300/50, and for drivers of older cars to have liability-only limits at the state-required amounts.

Keep in mind that there are various degrees of coverage between these two options. Even if you are driving an older vehicle, liability coverage helps protect your financial future if you are found at fault for an accident. And insurance experts agree that carrying more liability coverage offers better financial protection. It’s a good idea to speak with a licensed insurance agent to better understand the limits that will work best for you. 

Avg. annual full coverage premium
$1,989
Avg. annual min. coverage premium
$478
Avg. annual full coverage premium
$2,405
Avg. annual min. coverage premium
$518
Avg. annual full coverage premium
$2,543
Avg. annual min. coverage premium
$758
Avg. annual full coverage premium
$2,154
Avg. annual min. coverage premium
$442
Avg. annual full coverage premium
$2,633
Avg. annual min. coverage premium
$645
Avg. annual full coverage premium
$2,945
Avg. annual min. coverage premium
$551
Avg. annual full coverage premium
$2,506
Avg. annual min. coverage premium
$976
Avg. annual full coverage premium
$2,484
Avg. annual min. coverage premium
$893
Avg. annual full coverage premium
$3,462
Avg. annual min. coverage premium
$1,091
Avg. annual full coverage premium
$2,578
Avg. annual min. coverage premium
$863
Avg. annual full coverage premium
$1,592
Avg. annual min. coverage premium
$384
Avg. annual full coverage premium
$1,339
Avg. annual min. coverage premium
$345
Avg. annual full coverage premium
$2,068
Avg. annual min. coverage premium
$553
Avg. annual full coverage premium
$1,652
Avg. annual min. coverage premium
$390
Avg. annual full coverage premium
$1,767
Avg. annual min. coverage premium
$324
Avg. annual full coverage premium
$2,556
Avg. annual min. coverage premium
$617
Avg. annual full coverage premium
$2,694
Avg. annual min. coverage premium
$774
Avg. annual full coverage premium
$3,623
Avg. annual min. coverage premium
$961
Avg. annual full coverage premium
$1,481
Avg. annual min. coverage premium
$397
Avg. annual full coverage premium
$2,518
Avg. annual min. coverage premium
$919
Avg. annual full coverage premium
$1,711
Avg. annual min. coverage premium
$464
Avg. annual full coverage premium
$2,933
Avg. annual min. coverage premium
$916
Avg. annual full coverage premium
$2,381
Avg. annual min. coverage premium
$703
Avg. annual full coverage premium
$2,133
Avg. annual min. coverage premium
$492
Avg. annual full coverage premium
$2,584
Avg. annual min. coverage premium
$696
Avg. annual full coverage premium
$2,404
Avg. annual min. coverage premium
$402
Avg. annual full coverage premium
$2,303
Avg. annual min. coverage premium
$582
Avg. annual full coverage premium
$3,004
Avg. annual min. coverage premium
$962
Avg. annual full coverage premium
$1,660
Avg. annual min. coverage premium
$457
Avg. annual full coverage premium
$2,402
Avg. annual min. coverage premium
$984
Avg. annual full coverage premium
$2,239
Avg. annual min. coverage premium
$543
Avg. annual full coverage premium
$3,672
Avg. annual min. coverage premium
$1,585
Avg. annual full coverage premium
$1,775
Avg. annual min. coverage premium
$522
Avg. annual full coverage premium
$1,712
Avg. annual min. coverage premium
$366
Avg. annual full coverage premium
$1,485
Avg. annual min. coverage premium
$406
Avg. annual full coverage premium
$2,589
Avg. annual min. coverage premium
$523
Avg. annual full coverage premium
$1,920
Avg. annual min. coverage premium
$788
Avg. annual full coverage premium
$2,490
Avg. annual min. coverage premium
$520
Avg. annual full coverage premium
$2,698
Avg. annual min. coverage premium
$832
Avg. annual full coverage premium
$1,893
Avg. annual min. coverage premium
$606
Avg. annual full coverage premium
$2,237
Avg. annual min. coverage premium
$340
Avg. annual full coverage premium
$1,933
Avg. annual min. coverage premium
$468
Avg. annual full coverage premium
$2,445
Avg. annual min. coverage premium
$695
Avg. annual full coverage premium
$2,070
Avg. annual min. coverage premium
$786
Avg. annual full coverage premium
$1,376
Avg. annual min. coverage premium
$298
Avg. annual full coverage premium
$1,963
Avg. annual min. coverage premium
$677
Avg. annual full coverage premium
$1,576
Avg. annual min. coverage premium
$492
Avg. annual full coverage premium
$2,037
Avg. annual min. coverage premium
$532
Avg. annual full coverage premium
$1,735
Avg. annual min. coverage premium
$419
Avg. annual full coverage premium
$1,667
Avg. annual min. coverage premium
$263
Avg. annual full coverage premium
$2,520
Avg. annual min. coverage premium
$780
Avg. annual full coverage premium
$1,592
Avg. annual min. coverage premium
$384
Avg. annual full coverage premium
$1,339
Avg. annual min. coverage premium
$345
Avg. annual full coverage premium
$2,068
Avg. annual min. coverage premium
$553
Avg. annual full coverage premium
$1,652
Avg. annual min. coverage premium
$390
Avg. annual full coverage premium
$1,767
Avg. annual min. coverage premium
$324
Avg. annual full coverage premium
$2,556
Avg. annual min. coverage premium
$617
Avg. annual full coverage premium
$2,694
Avg. annual min. coverage premium
$774
Avg. annual full coverage premium
$3,623
Avg. annual min. coverage premium
$961
Avg. annual full coverage premium
$1,481
Avg. annual min. coverage premium
$397
Avg. annual full coverage premium
$2,518
Avg. annual min. coverage premium
$919
Avg. annual full coverage premium
$1,711
Avg. annual min. coverage premium
$464
Avg. annual full coverage premium
$2,933
Avg. annual min. coverage premium
$916
Avg. annual full coverage premium
$2,381
Avg. annual min. coverage premium
$703
Avg. annual full coverage premium
$2,133
Avg. annual min. coverage premium
$492
Avg. annual full coverage premium
$2,584
Avg. annual min. coverage premium
$696
Avg. annual full coverage premium
$2,404
Avg. annual min. coverage premium
$402
Avg. annual full coverage premium
$2,303
Avg. annual min. coverage premium
$582
Avg. annual full coverage premium
$3,004
Avg. annual min. coverage premium
$962
Avg. annual full coverage premium
$1,660
Avg. annual min. coverage premium
$457
Avg. annual full coverage premium
$2,402
Avg. annual min. coverage premium
$984
Avg. annual full coverage premium
$2,239
Avg. annual min. coverage premium
$543
Avg. annual full coverage premium
$3,672
Avg. annual min. coverage premium
$1,585
Avg. annual full coverage premium
$1,775
Avg. annual min. coverage premium
$522
Avg. annual full coverage premium
$1,712
Avg. annual min. coverage premium
$366
Avg. annual full coverage premium
$1,485
Avg. annual min. coverage premium
$406
Avg. annual full coverage premium
$2,589
Avg. annual min. coverage premium
$523
Avg. annual full coverage premium
$1,920
Avg. annual min. coverage premium
$788
Avg. annual full coverage premium
$2,490
Avg. annual min. coverage premium
$520
Avg. annual full coverage premium
$2,698
Avg. annual min. coverage premium
$832
Avg. annual full coverage premium
$1,893
Avg. annual min. coverage premium
$606
Avg. annual full coverage premium
$2,237
Avg. annual min. coverage premium
$340
Avg. annual full coverage premium
$1,933
Avg. annual min. coverage premium
$468
Avg. annual full coverage premium
$2,445
Avg. annual min. coverage premium
$695
Avg. annual full coverage premium
$2,070
Avg. annual min. coverage premium
$786
Avg. annual full coverage premium
$1,376
Avg. annual min. coverage premium
$298
Avg. annual full coverage premium
$1,963
Avg. annual min. coverage premium
$677
Avg. annual full coverage premium
$1,576
Avg. annual min. coverage premium
$492
Avg. annual full coverage premium
$2,037
Avg. annual min. coverage premium
$532
Avg. annual full coverage premium
$1,735
Avg. annual min. coverage premium
$419
Avg. annual full coverage premium
$1,667
Avg. annual min. coverage premium
$263
Avg. annual full coverage premium
$2,520
Avg. annual min. coverage premium
$780
Average auto insurance premiums based on a 40-year-old driver with a clean driving record and good credit.
 

What are the cheapest states for car insurance?

Drivers in Idaho, Vermont, Maine, Ohio and Washington pay the cheapest annual full coverage car insurance rates in the nation, on average. Factors like cheaper cost of living, lower probability of accidents and claims, and less traffic congestion could contribute to these states' lower average premiums.

  • Idaho: $1,339 per year — 42 percent below national average
  • Vermont: $1,376 per year — 40 percent below national average
  • Maine: $1,481 per year — 35 percent below national average
  • Ohio: $1,485 per year — 35 percent below national average
  • Washington: $1,576 per year — 31 percent below national average

What are the most expensive states for car insurance?

Based on our research, drivers in New York, Louisiana, Florida, Nevada and Colorado have the highest average annual cost of full coverage car insurance. This could be due in part to frequent claims for common losses in these states, making drivers riskier to insure overall.

  • New York: $3,672 per year — 60 percent above national average
  • Louisiana: $3,623 per year — 58 percent above national average
  • Florida: $3,462 per year — 51 percent above national average
  • Nevada: $3,004 per year — 31 percent above national average
  • Colorado: $2,945 per year — 29 percent above national average

Estimate your car insurance cost

Despite car insurance being a highly individualized product, there are ways to help estimate car insurance costs. By understanding how insurance companies calculate rates, you can be better prepared to shop for car insurance and find a competitive price. 

Calculate your monthly car insurance payment

Get a quick estimate to make sure you're not overpaying.

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How much does car insurance cost by company?

On average, car insurance from some of the top insurance carriers in the nation can range from around $1,300 to $2,600 per year for full coverage, the cheapest being from Union Mutual and American National. But because car insurance companies have their own proprietary underwriting systems, the cost of car insurance for each individual will vary from carrier to carrier. This can make choosing an insurer a difficult decision. 

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 261 percent more than minimum coverage. The table below showcases the average annual and monthly full and minimum coverage premiums from some of the largest car insurance companies in the nation by market share. 

Insurance company Annual full coverage premium Monthly full coverage premium
$2,977
$248
$1,895
$158
American National
$888
$74
$2,662
$222
$1,631
$136
$1,703
$142
$2,970
$247
$1,782
$148
$1,896
$158
$1,564
$130
$2,021
$168
$2,406
$201
$2,352
$196
$1,565
$130
$1,709
$142
$1,703
$142
$2,970
$247
$1,782
$148
$1,896
$158
$1,564
$130
$2,021
$168
$2,406
$201
$2,352
$196
$1,565
$130
$1,709
$142
Insurance company Annual min coverage premium Monthly min coverage premium
$796
$66
$663
$55
American National
$193
$16
$673
$56
$415
$35
$584
$49
$1,010
$84
$465
$39
$587
$49
$698
$58
$576
$48
$713
$59
$691
$58
$459
$38
$435
$36
$584
$49
$1,010
$84
$465
$39
$587
$49
$698
$58
$576
$48
$713
$59
$691
$58
$459
$38
$435
$36

How much does car insurance cost by age and gender?

Car insurance companies use many different rating factors to determine your premium, and in most states, your age may significantly impact how much you pay for coverage. Statistically speaking, younger drivers and the elderly are most likely to be involved in an accident due either to inexperience or a delayed response time when faced with a sudden hazard, so these groups usually pay the most for car insurance. 

Car insurance costs by age group

The table below demonstrates the average cost of car insurance for various age groups. It’s important to note that your age will not affect your premium if you live in Hawaii, as state regulations prohibit auto insurers from using age as a rating factor. Massachusetts also prohibits the use of age as a rating factor, but does permit factoring the years of driving experience a person has. Since this often correlates with age — with newer drivers generally being younger — rates still vary between age groups in Massachusetts.

Annual full coverage premium
$4,671
Annual min coverage premium
$1,326
Annual full coverage premium
$2,852
Annual min coverage premium
$782
Annual full coverage premium
$2,450
Annual min coverage premium
$667
Annual full coverage premium
$2,299
Annual min coverage premium
$637
Annual full coverage premium
$2,120
Annual min coverage premium
$610
Annual full coverage premium
$2,087
Annual min coverage premium
$597
Annual full coverage premium
$2,248
Annual min coverage premium
$670

Car insurance costs for young drivers

Statistically speaking, young drivers are more likely to be involved in a car accident, and the accidents these drivers are involved in are also more deadly. The fatal crash rate is almost three times higher for 16- to 19-year-old drivers compared to those 20 and older. Since car insurance companies are more likely to pay out when insuring a young driver, they charge higher premiums to offset the risk.

In the tables below, you’ll see the higher-than-average premiums that young drivers tend to pay due to their inexperience behind the wheel. You may notice that, based on this data, 18-year-olds pay more for car insurance than 16-year-olds. This is because we’ve rated 18-year-olds as if they were on their own policy rather than as listed drivers on their parents’ policy (as is the case with 16- and 17-year-old drivers). 

Additionally, it may be worth mentioning that many car insurance companies offer discounts for young drivers who complete driving training programs and telematics programs, which can be a great way to save on your premium while instilling safe driving habits in your younger driver.

Annual full coverage premium
$5,015
Annual min coverage premium
$1,540
Annual full coverage premium
$4,633
Annual min coverage premium
$1,411
Annual full coverage premium
$2,450
Annual min coverage premium
$667
Annual full coverage premium
$5,154
Annual min coverage premium
$1,490
Annual full coverage premium
$4,671
Annual min coverage premium
$1,326
Annual full coverage premium
$3,881
Annual min coverage premium
$1,085
Annual full coverage premium
$3,579
Annual min coverage premium
$990
Annual full coverage premium
$3,361
Annual min coverage premium
$924
Annual full coverage premium
$3,187
Annual min coverage premium
$874
Annual full coverage premium
$2,852
Annual min coverage premium
$782

Car insurance costs by gender

Gender also impacts your premium in most states — women tend to pay lower premiums than men. However, the difference between male and female drivers is typically negligible after the age of 25. Male drivers ages 20 and 25 pay about 12 percent more and 5 percent more for car insurance, respectively. By age 30, the difference drops down to an average of 2 percent more and, moving forward, is usually under 1 percent. That is until age 70, when it increases again to 1 percent more. 

Not all states allow gender to be a factor in rates, though. If you live in California, Hawaii, Massachusetts, Michigan, North Carolina or Pennsylvania, your gender does not affect how much you pay for car insurance because of state regulations prohibiting this rating factor.

Men typically pay more for insurance than women across most age groups. This is because men generally engage in riskier driving behaviors and have a higher rate of accident severity, according to the Insurance Information Institute (Triple-I). The table below shows the premiums that men can expect to pay across different ages.

20-year-old
Annual full coverage premium
$4,925
Annual min coverage premium
$1,372
25-year-old
Annual full coverage premium
$2,922
Annual min coverage premium
$784
30-year-old
Annual full coverage premium
$2,472
Annual min coverage premium
$662
40-year-old
Annual full coverage premium
$2,308
Annual min coverage premium
$630
50-year-old
Annual full coverage premium
$2,166
Annual min coverage premium
$604
60-year-old
Annual full coverage premium
$2,099
Annual min coverage premium
$596
70-year-old
Annual full coverage premium
$2,265
Annual min coverage premium
$672

The table below shows the premiums that women can expect to pay across different ages. Around age 50, women tend to pay slightly more for car insurance than men.

20-year-old
Annual full coverage premium
$4,417
Annual min coverage premium
$1,279
25-year-old
Annual full coverage premium
$2,782
Annual min coverage premium
$780
30-year-old
Annual full coverage premium
$2,428
Annual min coverage premium
$673
40-year-old
Annual full coverage premium
$2,290
Annual min coverage premium
$644
50-year-old
Annual full coverage premium
$2,075
Annual min coverage premium
$616
60-year-old
Annual full coverage premium
$2,075
Annual min coverage premium
$597
70-year-old
Annual full coverage premium
$2,232
Annual min coverage premium
$669

How does driving record impact the cost of car insurance?

Drivers with an at-fault accident on their driving record pay around 43 percent more for car insurance on average compared to drivers with a clean driving record. This average increase is even higher for drivers with a DUI conviction, at 91 percent more, showing how the severity of an incident and being considered a high-risk driver could impact your premium.

 
  • Speeding ticket: Earning a speeding ticket conviction may be one of the most common driving infractions and, can lead your full coverage premiums to be, on average, 21 percent more. Every car insurance carrier will have its own algorithm for determining rates after a speeding ticket. For example, even after a speeding ticket conviction, Erie and Auto-Owner’s average car insurance rates are both well below the national average cost of auto insurance. 
  • At-fault accident: An at-fault accident on your record could raise your monthly full coverage car insurance payment from $192 to $273, and increase your annual premium by, on average, 43 percent more. If this is your first accident and you’ve previously added optional coverage like accident forgiveness to your policy, you may be able to avoid the surcharge.
  • DUI conviction: Being convicted of a DUI could cause your monthly full coverage premium cost to be 91 percent more, and stay on your driving record for 10 years or more. The amount surcharged will also vary in each state. For example, the average cost of car insurance after a DUI for a full coverage policy is $344 per year in Kentucky, but around $512 per year in Louisiana. 
Clean driving record
Avg. monthly cost*
$192
Avg. annual cost*
$2,299
Increase above national avg.
0%
Avg. monthly cost*
$231
Avg. annual cost*
$2,773
Increase above national avg.
21%
Avg. monthly cost*
$273
Avg. annual cost*
$3,280
Increase above national avg.
43%
Avg. monthly cost*
$367
Avg. annual cost*
$4,399
Increase above national avg.
91%
*rates are for full coverage

How much does car insurance cost by credit score?

Drivers with poor credit pay nearly 85 percent more for full coverage car insurance compared to those with good credit. In states where using a credit-based insurance score as a rating factor is allowed, insurers review your insurance credit tier, which is not necessarily identical to your credit score from services like Experian, TransUnion or Equifax.
 
Regulations in California, Hawaii, Massachusetts and Michigan prohibit or severely limit auto insurers from using credit as a factor when setting rates. 
Avg. monthly cost*
$354
Avg. annual cost*
$4,248
Average credit score
Avg. monthly cost*
$211
Avg. annual cost*
$2,530
Avg. monthly cost*
$192
Avg. annual cost*
$2,299
Excellent credit score
Avg. monthly cost*
$165
Avg. annual cost*
$1,978
*rates are for full coverage

How much does car insurance cost by vehicle type?

The type of vehicle you drive has a significant impact on your car insurance premium. The price and availability of parts, cost of labor, statistical likelihood of accidents and the vehicle’s safety and crash prevention features could all influence how much you pay for coverage. The vehicle makes and models in the table below are well-suited for a variety of lifestyles and budgets.

Some vehicle makes and models are considered more expensive to insure by insurance companies. These shared features can include:
 
  • High-end vehicles, like luxury or sports cars: The high price tag of these vehicles is often coupled with expensive parts, leading to more costly repairs in the event of a claim, as well as higher speed maximums compared to standard vehicles, increasing the risk of at-fault accidents.
  • SUVs, vans and other large vehicles: Larger vehicles may weigh more and carry more passengers, which could cause more damage in accidents compared to smaller vehicles.
  • Common, more affordable vehicles: Though economy cars may be easier on a budget, they may also be more susceptible to vandalism and theft due to having fewer security measures, raising the likelihood of comprehensive claims.
  • Hybrid and electric vehicles: Hybrid and electric vehicles may help you save on fuel costs, but they might be more expensive to insure. Like luxury and sports cars, parts and labor for hybrid and electric cars can be pricey, leading insurers to typically charge more for comprehensive and collision coverage.
  • Vehicles with high safety ratings: Vehicles with high safety ratings tend to have lower base rates because you may be less likely to be injured in an accident (or get into an accident in general). As a bonus, vehicles with features like anti-lock brakes and passive restraint systems might earn extra discounts, depending on your carrier. 
BMW 330i
Avg. monthly cost*
$229
Avg. annual cost*
$2,744
Ford F-150
Avg. monthly cost*
$179
Avg. annual cost*
$2,149
Honda Odyssey
Avg. monthly cost*
$166
Avg. annual cost*
$1,987
Toyota Prius
Avg. monthly cost*
$194
Avg. annual cost*
$2,331
Tesla Model 3
Avg. monthly cost*
$279
Avg. annual cost*
$3,349
Audi Q5
Avg. monthly cost*
$211
Avg. annual cost*
$2,533
Toyota RAV4
Avg. monthly cost*
$166
Avg. annual cost*
$1,993
Subaru Outback
Avg. monthly cost*
$155
Avg. annual cost*
$1,854
Jeep Wrangler
Avg. monthly cost*
$169
Avg. annual cost*
$2,033
Nissan Altima
Avg. monthly cost*
$205
Avg. annual cost*
$2,466
*rates are for full coverage

What other things affect my car insurance price?

In addition to your state requirements, vehicle type, age (except in Hawaii and Massachusetts), driving record and gender (in most states), several other common rating factors will impact your auto insurance premium. By looking at these rating factors, car insurance companies can get a sense of your risk profile and what it might cost to insure you.

How to find the best car insurance prices

While insurance premiums have risen across the country, there are still ways to save money when renewing or buying car insurance. Take a look at your declaration page and review the information for accuracy. Some life events like changing jobs, driving less or merging households may decrease your insurance rate based on your new personal risk factors. You can also speak with your insurance agent about eliminating duplicate or unnecessary policy coverage.

Taking advantage of auto policy discounts is another impactful way to lower your premium. Most major car insurance carriers offer discount opportunities that many drivers are eligible for, from policy payment method to being claims-free. 

Here are some of the most common auto insurance discounts in the U.S.

Auto insurance discounts

Drivers who have no auto claims on their record for the past 3-5 years typically qualify for savings. This could include either a claims-free or safe driving discount.
Adding a young driver could drastically increase your overall auto insurance premium. Many auto insurers offer discounts for young drivers who earn good grades in high school or college.
If you can afford to pay your car insurance premium in full, versus monthly or quarterly, you might qualify for a discount on your car insurance cost.
Today, many car insurance companies offer telematics programs that track your driving habits with an app or device. This allows providers to potentially reward safe driving habits and accurately track annual mileage.
Many insurance providers offer savings when policyholders agree to receive their bills and policy documents electronically instead of through the mail.
While not technically a discount, the majority of insurance companies charge service fees any time a payment is processed on an insurance policy, unless the customer opts to pay the bill in full each renewal. Many companies will waive or lower the service fee if the account is set up on auto pay through a checking account instead of a credit or debit card.

Bundling insurance policies

Many insurance providers offer a bundle or multi-line discount. While not all auto insurance companies offer homeowners insurance, you may be able to bundle your auto policy with renters, motorcycle, RV or other insurance policy types offered under the same insurer. Speaking with your insurance agent or company representative can help you determine what savings opportunities are available.

Additionally, getting quotes from several companies can help you compare car insurance rates. Each company sets its own rates, so the same level of coverage can cost vastly different amounts with different providers. Comparing quotes might help you find the lowest price for the coverage you need.

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Bundling home and auto insurance

You can often reduce your auto insurance premium when you bundle your car insurance policy with a home insurance policy or another type of policy offered by your insurer.

Arrow Right

How are car insurance rates changing? 

Record inflation, unprecedented supply chain issues and increased post-pandemic claims contributed to rising insurance rates in 2022. Although signs point to cooling inflation in 2024, Bankrate has found that rates are continuing to increase in 2024, due to factors like social inflation and increased claim severity. According to our research, auto insurance rates are 14 percent more in May 2024 than in 2023. Additionally, computer chip and vehicle production shortages continue to present a challenge. While there’s no guarantee that your rate will increase (or decrease) in 2024 due to the highly-personalized nature of insurance, you may want to prepare for your car insurance bill to be a little higher than it was last year.  

Our industry experts weigh in

How is inflation impacting the auto insurance industry compared to the economy as a whole?


Senior wealth advisor at Versant Capital Management

"Inflation has impacted the auto insurance industry similarly to many other industries. Over the last few years, we’ve seen a sharp rise in the cost of premiums for auto insurance driven in part by inflation. This is specifically due to higher labor and parts costs for repairs and higher replacement costs for vehicles."

Jon Schnautz

Assistant Vice President of State Affairs for National Association of Mutual Insurance Companies

“Unfortunately, leading economists do not anticipate supply chain stabilization in the near future. Additionally, many of the costs driving auto insurance rates stem from the realities drivers face on the roads, which are both behavioral in nature and constantly fluctuate. There is no single solution to the inflationary challenges facing auto insurers. While efforts at tort reform and keeping medical costs in check will help, auto insurers are ultimately subject to many of the same inflationary pressures as other businesses, with limited ability to affect meaningful changes to economic reality. However, there are still steps legislators and regulators [might] take to help soften inflationary blows. Auto insurers continue to support policies that embrace matching rate to risk and enhancing road safety and consumers’ right to repair their vehicles as they see fit."

Compare trends in car insurance rates by carrier

Some insurance carriers have increased their post-pandemic rates more than others, and understanding rate trends (especially in this unprecedented landscape) can be an effective tactic when shopping for new insurance. Using proprietary rate data from Quadrant Information Services, we’ve created the interactive chart below. You can use it to compare two companies at a time against the national average premium. Our tool may help you identify companies that are historically lower than average and whether their rates have increased dramatically in recent years. 

Rates are based on a 40-year-old driver with a 2021 Toyota Camry, 12,000 miles annually, clean driving record and good credit.

Rates are based on a 40-year-old driver with a 2021 Toyota Camry, 12,000 miles annually, clean driving record and good credit.

Ready for your rates?

While the rates shown are a helpful starting point, they’re no substitute for personalized quotes. Answer a few questions to start your quotes in 3 minutes or less.

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Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze the latest rates in May 2024 for ZIP codes and carriers in all 50 states and Washington, D.C. Rates include the most recent approved rate changes filed by insurance companies that affect our profile. These revised rates are then weighted based on the population density in each geographic region so that policyholders can see the impact rates have in their areas. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Credit-based insurance scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan. 
 
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction and lapse in coverage.
 
Model: To determine cost by vehicle type, we evaluated our base profile with the following vehicles applied: BMW 330i, Ford F-150, Honda Odyssey, Toyota Prius and Toyota Camry (base). For new vs used vehicles, we also included the following years in our calculations: 2016, 2017, 2018, 2019 (base) and 2021.
 
Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
 
Gender: The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, North Carolina, Pennsylvania.
 
Teens: Rates were determined by adding a 16- or 17-year-old teen to a 40-year-old married parents’ policy. The rates displayed reflect the total cost of a driver this age added to their parents’ policy. 
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Written by
June Sham
Former Writer, Insurance

June Sham is a former insurance writer for Bankrate. Before joining the team, she worked for nearly three years as a licensed producer writing auto, property, umbrella and earthquake policies.

Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute