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Average cost of car insurance in March 2024

The monthly average cost of car insurance for drivers in the U.S. is $212 for full coverage and $62 for minimum coverage.

Updated Mar 01, 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 $2,545 per year. Minimum coverage, on the other hand, has an average annual cost of $741. 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 insights from Bankrate's 2024 car insurance cost analysis:

  • Full coverage car insurance costs an average of $2,545 per year, while minimum coverage is $741 per year. On a monthly basis, full coverage averages $212, with minimum coverage averaging $62 per month.
  • NJM, Auto-Owners and Erie offer some of the cheapest full coverage car insurance but are not all available to all drivers. Auto-Owners, USAA and Geico offer the cheapest average minimum coverage car insurance among companies we analyzed.
  • 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.

What factors impact the cost of car insurance?

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Why you can trust Bankrate

Read our full methodology

Bankrate closely tracks the average cost of auto insurance premiums. For the past several years, our research has shown that rates are on the rise. If you’re struggling to wrap your head — or your budget — around this increase, 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 help you better gauge how much car insurance costs, we analyzed rate data from Quadrant Information Services. Unless otherwise indicated, the rates we listed below reflect average costs for a 40-year-old driver who drives a 2022 Toyota Camry, has good credit and has a clean driving record.

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Insurance Disclosure

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?

The average cost of car insurance varies between states for many reasons, like accident and claim frequency, the cost of labor and vehicle parts, vehicle theft frequency and even road conditions. The coverage levels you choose also 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 on their vehicles 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 at a relatively low cost to you. While making the jump from minimum coverage to full coverage can throw a wrench in your budget, raising your liability limits can be an affordable way to protect your finances if you are at fault for an accident. It’s a good idea to speak with a licensed insurance agent to better understand the limits that will work best for you.

Average car insurance cost by state in 2024

Caret DownCaret Up
Avg. annual full coverage premium
$2,207
Avg. annual min. coverage premium
$541
Avg. annual full coverage premium
$2,330
Avg. annual min. coverage premium
$498
Avg. annual full coverage premium
$2,515
Avg. annual min. coverage premium
$795
Avg. annual full coverage premium
$2,193
Avg. annual min. coverage premium
$457
Avg. annual full coverage premium
$2,692
Avg. annual min. coverage premium
$653
Avg. annual full coverage premium
$3,200
Avg. annual min. coverage premium
$650
Avg. annual full coverage premium
$2,187
Avg. annual min. coverage premium
$826
Avg. annual full coverage premium
$2,636
Avg. annual min. coverage premium
$998
Avg. annual full coverage premium
$3,950
Avg. annual min. coverage premium
$1,308
Avg. annual full coverage premium
$2,610
Avg. annual min. coverage premium
$813
Avg. annual full coverage premium
$1,652
Avg. annual min. coverage premium
$415
Avg. annual full coverage premium
$1,425
Avg. annual min. coverage premium
$343
Avg. annual full coverage premium
$2,316
Avg. annual min. coverage premium
$682
Avg. annual full coverage premium
$1,639
Avg. annual min. coverage premium
$424
Avg. annual full coverage premium
$1,683
Avg. annual min. coverage premium
$317
Avg. annual full coverage premium
$2,630
Avg. annual min. coverage premium
$631
Avg. annual full coverage premium
$2,558
Avg. annual min. coverage premium
$771
Avg. annual full coverage premium
$3,626
Avg. annual min. coverage premium
$953
Avg. annual full coverage premium
$1,517
Avg. annual min. coverage premium
$398
Avg. annual full coverage premium
$2,496
Avg. annual min. coverage premium
$984
Avg. annual full coverage premium
$1,646
Avg. annual min. coverage premium
$416
Avg. annual full coverage premium
$3,375
Avg. annual min. coverage premium
$1,210
Avg. annual full coverage premium
$2,044
Avg. annual min. coverage premium
$650
Avg. annual full coverage premium
$2,061
Avg. annual min. coverage premium
$514
Avg. annual full coverage premium
$2,437
Avg. annual min. coverage premium
$610
Avg. annual full coverage premium
$2,228
Avg. annual min. coverage premium
$380
Avg. annual full coverage premium
$1,994
Avg. annual min. coverage premium
$516
Avg. annual full coverage premium
$3,564
Avg. annual min. coverage premium
$1,142
Avg. annual full coverage premium
$1,646
Avg. annual min. coverage premium
$419
Avg. annual full coverage premium
$2,563
Avg. annual min. coverage premium
$1,030
Avg. annual full coverage premium
$2,216
Avg. annual min. coverage premium
$523
Avg. annual full coverage premium
$3,848
Avg. annual min. coverage premium
$1,661
Avg. annual full coverage premium
$1,702
Avg. annual min. coverage premium
$491
Avg. annual full coverage premium
$1,655
Avg. annual min. coverage premium
$362
Avg. annual full coverage premium
$1,530
Avg. annual min. coverage premium
$404
Avg. annual full coverage premium
$2,560
Avg. annual min. coverage premium
$510
Avg. annual full coverage premium
$1,956
Avg. annual min. coverage premium
$789
Avg. annual full coverage premium
$2,791
Avg. annual min. coverage premium
$522
Avg. annual full coverage premium
$2,683
Avg. annual min. coverage premium
$800
Avg. annual full coverage premium
$1,886
Avg. annual min. coverage premium
$657
Avg. annual full coverage premium
$1,939
Avg. annual min. coverage premium
$334
Avg. annual full coverage premium
$1,807
Avg. annual min. coverage premium
$459
Avg. annual full coverage premium
$2,627
Avg. annual min. coverage premium
$697
Avg. annual full coverage premium
$1,942
Avg. annual min. coverage premium
$700
Avg. annual full coverage premium
$1,359
Avg. annual min. coverage premium
$311
Avg. annual full coverage premium
$1,990
Avg. annual min. coverage premium
$677
Avg. annual full coverage premium
$1,674
Avg. annual min. coverage premium
$563
Avg. annual full coverage premium
$1,904
Avg. annual min. coverage premium
$488
Avg. annual full coverage premium
$1,739
Avg. annual min. coverage premium
$425
Avg. annual full coverage premium
$1,581
Avg. annual min. coverage premium
$270
Avg. annual full coverage premium
$2,437
Avg. annual min. coverage premium
$762
Avg. annual full coverage premium
$1,652
Avg. annual min. coverage premium
$415
Avg. annual full coverage premium
$1,425
Avg. annual min. coverage premium
$343
Avg. annual full coverage premium
$2,316
Avg. annual min. coverage premium
$682
Avg. annual full coverage premium
$1,639
Avg. annual min. coverage premium
$424
Avg. annual full coverage premium
$1,683
Avg. annual min. coverage premium
$317
Avg. annual full coverage premium
$2,630
Avg. annual min. coverage premium
$631
Avg. annual full coverage premium
$2,558
Avg. annual min. coverage premium
$771
Avg. annual full coverage premium
$3,626
Avg. annual min. coverage premium
$953
Avg. annual full coverage premium
$1,517
Avg. annual min. coverage premium
$398
Avg. annual full coverage premium
$2,496
Avg. annual min. coverage premium
$984
Avg. annual full coverage premium
$1,646
Avg. annual min. coverage premium
$416
Avg. annual full coverage premium
$3,375
Avg. annual min. coverage premium
$1,210
Avg. annual full coverage premium
$2,044
Avg. annual min. coverage premium
$650
Avg. annual full coverage premium
$2,061
Avg. annual min. coverage premium
$514
Avg. annual full coverage premium
$2,437
Avg. annual min. coverage premium
$610
Avg. annual full coverage premium
$2,228
Avg. annual min. coverage premium
$380
Avg. annual full coverage premium
$1,994
Avg. annual min. coverage premium
$516
Avg. annual full coverage premium
$3,564
Avg. annual min. coverage premium
$1,142
Avg. annual full coverage premium
$1,646
Avg. annual min. coverage premium
$419
Avg. annual full coverage premium
$2,563
Avg. annual min. coverage premium
$1,030
Avg. annual full coverage premium
$2,216
Avg. annual min. coverage premium
$523
Avg. annual full coverage premium
$3,848
Avg. annual min. coverage premium
$1,661
Avg. annual full coverage premium
$1,702
Avg. annual min. coverage premium
$491
Avg. annual full coverage premium
$1,655
Avg. annual min. coverage premium
$362
Avg. annual full coverage premium
$1,530
Avg. annual min. coverage premium
$404
Avg. annual full coverage premium
$2,560
Avg. annual min. coverage premium
$510
Avg. annual full coverage premium
$1,956
Avg. annual min. coverage premium
$789
Avg. annual full coverage premium
$2,791
Avg. annual min. coverage premium
$522
Avg. annual full coverage premium
$2,683
Avg. annual min. coverage premium
$800
Avg. annual full coverage premium
$1,886
Avg. annual min. coverage premium
$657
Avg. annual full coverage premium
$1,939
Avg. annual min. coverage premium
$334
Avg. annual full coverage premium
$1,807
Avg. annual min. coverage premium
$459
Avg. annual full coverage premium
$2,627
Avg. annual min. coverage premium
$697
Avg. annual full coverage premium
$1,942
Avg. annual min. coverage premium
$700
Avg. annual full coverage premium
$1,359
Avg. annual min. coverage premium
$311
Avg. annual full coverage premium
$1,990
Avg. annual min. coverage premium
$677
Avg. annual full coverage premium
$1,674
Avg. annual min. coverage premium
$563
Avg. annual full coverage premium
$1,904
Avg. annual min. coverage premium
$488
Avg. annual full coverage premium
$1,739
Avg. annual min. coverage premium
$425
Avg. annual full coverage premium
$1,581
Avg. annual min. coverage premium
$270
Avg. annual full coverage premium
$2,437
Avg. annual min. coverage premium
$762
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 in 2024?

Drivers in Vermont, Idaho, Maine, Ohio and Wyoming 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.

  • Vermont: $1,359 per year — 46 percent below national average
  • Idaho: $1,425 per year — 44 percent below national average
  • Maine: $1,517 per year — 40 percent below national average
  • Ohio: $1,530 per year — 40 percent below national average
  • Wyoming: $1,581 per year — 38 percent below national average

What are the most expensive states for car insurance in 2024?

Based on our research, drivers in Florida, New York, Louisiana, Nevada and Michigan 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.

  • Florida: $3,950 per year — 56 percent above national average
  • New York: $3,848 per year — 52 percent above national average
  • Louisiana: $3,626 per year — 43 percent above national average
  • Nevada: $3,564 per year — 41 percent above national average
  • Michigan: $3,375 per year — 33 percent above national average

Estimate your monthly 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. While the rate you get from the calculator below is not an exact quote, it can help you budget better. Our rates database is updated monthly and represents the most accurate estimates based on rate change approvals insurers file with state insurance departments. 

Advertising Disclosure
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.

Calculate your monthly car insurance payment

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

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How much is car insurance by company?

On average, car insurance from some of the top insurance carriers in the nation ranges from around $1,300 to $2,800 per year for full coverage, some of the cheapest rates being from Auto-Owners, Erie and Geico. 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 243 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
$2,936
$245
$1,521
$127
$2,530
$211
$1,646
$137
$1,680
$140
$2,757
$230
$1,735
$145
$1,914
$159
$1,803
$150
$2,044
$170
$2,248
$187
$2,681
$223
$1,761
$147
$1,683
$140
$1,803
$150
$2,044
$170
$2,248
$187
$2,681
$223
$1,761
$147
$1,683
$140
Insurance company Annual min coverage premium Monthly min coverage premium
$666
$56
$526
$44
$647
$54
$377
$31
$566
$47
$908
$76
$464
$39
$598
$50
$740
$62
$592
$49
$668
$56
$687
$57
$522
$43
$435
$36
$740
$62
$592
$49
$668
$56
$687
$57
$522
$43
$435
$36

How much does car insurance cost by age?

Car insurance companies use many different rating factors to determine your premium, and in most states, your age significantly impacts how much you pay for coverage. Statistically speaking, younger drivers (especially teens) are more likely to be involved in an accident and engage in distracted driving. Because of the added risk, younger drivers tend to pay more for auto insurance compared to drivers with more experience behind the wheel.

Average rates tend to decrease from ages 25 to 60 but begin to creep back upward when a driver reaches their 70s. Advanced age can cause decreased reaction time and poorer eyesight, which in turn can increase the likelihood of an accident. Because of this, senior drivers typically see elevated insurance rates. 

Annual full coverage premium
$5,374
Annual min coverage premium
$1,699
Annual full coverage premium
$4,720
Annual min coverage premium
$1,463
Annual full coverage premium
$5,351
Annual min coverage premium
$1,571
Annual full coverage premium
$3,142
Annual min coverage premium
$898
Annual full coverage premium
$2,696
Annual min coverage premium
$771
Annual full coverage premium
N/A
Annual min coverage premium
N/A
Annual full coverage premium
$2,382
Annual min coverage premium
$703
Annual full coverage premium
$2,307
Annual min coverage premium
$689
Annual full coverage premium
$2,494
Annual min coverage premium
$775
Annual full coverage premium
$2,307
Annual min coverage premium
$689
Annual full coverage premium
$2,494
Annual min coverage premium
$775

How does driving record impact the cost of car insurance?

Drivers with an at-fault accident on their driving record pay around 40 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 86 percent more, showing how the severity of an incident and being considered a high-risk driver could impact your premium.

Clean driving record
Avg. monthly cost*
$212
Avg. annual cost*
$2,545
Increase above national avg.
0%
Avg. monthly cost*
$256
Avg. annual cost*
$3,070
Increase above national avg.
21%
Avg. monthly cost*
$298
Avg. annual cost*
$3,575
Increase above national avg.
40%
Avg. monthly cost*
$395
Avg. annual cost*
$4,740
Increase above national avg.
86%
*rates are for full coverage
  • Speeding ticket: Earning a speeding ticket conviction may be one of the most common driving infractions and it can increase your full coverage premiums by, 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 $212 to $298, and increase your annual premium by, on average, 40 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 to be 86 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 $2,281 per year in Idaho, but around $8,319 per year in Michigan. 

How much does car insurance cost by credit score?

Drivers with poor credit pay nearly 71 percent more for full coverage car insurance compared to those with good credit. This is because drivers with poor credit are seen as more likely to file claims and thus pose a larger financial risk to an insurer versus a driver 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*
$363
Avg. annual cost*
$4,360
Average credit score
Avg. monthly cost*
$231
Avg. annual cost*
$2,772
Avg. monthly cost*
$212
Avg. annual cost*
$2,545
Excellent credit score
Avg. monthly cost*
$184
Avg. annual cost*
$2,207
*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, how much damage your vehicle could cause during an accident 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.

BMW 330i
Avg. monthly full coverage cost
$258
Avg. annual full coverage cost
$3,091
Ford F-150
Avg. monthly full coverage cost
$193
Avg. annual full coverage cost
$2,315
Honda Odyssey
Avg. monthly full coverage cost
$182
Avg. annual full coverage cost
$2,178
Toyota Prius
Avg. monthly full coverage cost
$211
Avg. annual full coverage cost
$2,537
Tesla Model 3
Avg. monthly full coverage cost
$307
Avg. annual full coverage cost
$3,679
Audi Q5
Avg. monthly full coverage cost
$236
Avg. annual full coverage cost
$2,827
Toyota RAV4
Avg. monthly full coverage cost
$184
Avg. annual full coverage cost
$2,206
Subaru Outback
Avg. monthly full coverage cost
$166
Avg. annual full coverage cost
$1,991
Jeep Wrangler
Avg. monthly full coverage cost
$184
Avg. annual full coverage cost
$2,212
Nissan Altima
Avg. monthly full coverage cost
$230
Avg. annual full coverage cost
$2,760

The vehicles listed above are representative of common model types seen across the United States. Our list includes a variety of luxury and standard brands and a broad selection of model sizes. 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. 

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 lower your car insurance cost 

Buying car insurance doesn’t have to break the bank. If you’re overwhelmed by the car insurance quotes you receive, there are a couple of different strategies you can employ to unlock some savings:

  • Bundle your auto policy: If your auto insurance company also writes home or renters insurance, you may be able to bundle the two policies together for a lower premium. 
  • Drive less: Your auto insurance rate takes into account mileage. Reduce your mileage by taking advantage of public transportation or carpooling. If you're a very low mileage driver, you could consider a pay-per-mile policy
  • Raise your deductible: Your deductible is the amount you are financially responsible for in the event of a covered claim. Raising your deductible will almost always lower your premium, but you'll want to ensure it is still low enough that you could comfortably pay it out of pocket in the event of a claim.
  • Take advantage of discounts: While shopping for car insurance, do not neglect car insurance discounts. You may already qualify for multiple discounts with a potential insurer, which can dramatically lower your rate. If you play your cards right, and you choose an insurer with a long list of discounts, you could see savings as high as 40 percent in some cases.

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.
The home and auto bundle is not the only kind of bundling discount available. Depending on your insurer, you may also be able to bundle your auto policy with a renters, umbrella, motorcycle or other insurance lines.
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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 26 percent more in February 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."

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze the latest rates in February 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
Shannon Martin
Writer, Insurance

Shannon Martin is a licensed insurance agent and Bankrate analyst with over 15 years of experience in the industry. She enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.

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