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Average cost of car insurance in August 2022

Updated Aug 08, 2022
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How much is car insurance?

The average cost of car insurance is $1,771 per year for full coverage, according to 2022 rate data. But because auto insurance premiums are based on more than a dozen individual rating factors, the actual cost will differ for every driver.

Here are some key facts about car insurance rates:

Key takeaways
  • Full coverage car insurance costs an average of $1,771 per year, while minimum coverage is $545 per year.
  • USAA, Geico and Erie offer some of the cheapest full coverage car insurance, but are not all available to all drivers.
  • Having a severe infraction like a DUI on your motor vehicle record could increase your car insurance premium by 93% on average.
  • Teen male drivers may pay $807 more for car insurance on average compared to teen female drivers.

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.

Top 5 most expensive states for car insurance

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

  • New York: $2,996 per year — 69% above national average
  • Louisiana: $2,864 per year — 62% above national average
  • Florida: $2,762 per year — 56% above national average
  • Nevada: $2,426 per year — 37% above national average
  • Michigan: $2,345 per year — 32% above national average

Top 5 cheapest states for car insurance

Drivers in Maine, Vermont, Idaho, New Hampshire and Ohio 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 be contributing to these states' lower average premiums.

  • Maine: $876 per year — 51% below national average
  • Vermont: $1,000 per year — 44% below national average
  • Idaho: $1,065 per year — 40% below national average
  • New Hampshire: $1,182 per year — 33% below national average
  • Ohio: $1,200 per year — 32% below national average
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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 $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 premiums for some of the largest car insurance companies in the nation by market share. We’ve also calculated a Bankrate Score on a five-point scale for each insurance company. The Scores reflect performance data in regards to average prices, coverage offerings, discounts and third-party ratings, including customer satisfaction and financial strength. A higher Bankrate Score reflects a better ranking in the assessed rating categories.

Average cost of full coverage car insurance by car insurance company
Insurance provider Bankrate Score Annual cost Monthly cost
Allstate 4 $2,438 $203
American Family 4.3 $1,627 $136
Amica 4.5 $1,495 $125
Auto-Owners 4.5 $1,305 $109
Erie 4.6 $1,321 $110
Farmers 3.8 $1,524 $127
Geico 4.7 $1,297 $108
Mercury 4.2 $1,483 $124
Nationwide 4.4 $1,383 $115
Progressive 4.4 $1,561 $130
State Farm 4.7 $1,397 $116
The Hartford 3.8 $2,002 $167
Travelers 4.7 $1,447 $121
USAA 5 $1,209 $101
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How much does car insurance cost by age and gender?

Insurers typically consider age as a significant factor in setting auto insurance rates, with young drivers paying the highest premiums on average based on 2021 rates. Auto insurers use actuarial data to determine that teens and young adult drivers — as well as the elderly — are more likely to get in an accident, so the car insurance costs that these drivers pay are typically higher to compensate for the greater risk. Note that your age will not affect your premium if you live in Hawaii or Massachusetts, as state regulations prohibit auto insurers from using age as a rating factor.

Additionally, gender impacts your premium in most states. Men typically cost more to insure than women. This is because men generally engage in riskier driving behaviors than women and have a higher rate of accident severity, according to the Insurance Information Institute (Triple-I). However, not all states allow gender to be a factor in rates. 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.

*18-year-old driver rate reflects renters (not homeowners) calculated on their own policy.

Why rates vary

Men are statistically riskier drivers than women — as supported by crash rate fatalities data from 1975 to 2019 — resulting in higher insurance premiums on average. Based on data from the U.S. Department of Transportation’s Fatality Analysis Reporting System, the Insurance Institute for Highway Safety (IIHS) found that in 2019, male drivers accounted for 71% of passenger vehicle driver deaths, while female drivers accounted for 29%.

Other key IIHS report findings include:

  1. Male drivers have more frequent fatal accidents. Male drivers between the ages of 30-59 were involved in the most fatal vehicle crashes in 2017 compared to all age and gender demographics.
  2. Male drivers have more alcohol-involved accidents. 32% of driver fatalities in 2019 were connected with male drivers with a blood alcohol level at or above .08. Female drivers accounted for an estimated 21%.
  3. Male drivers have more speeding-related accidents. Male drivers accounted for 27% of driver fatalities caused by speeding, compared to female drivers at 24%.

What you need to know about driving records

Drivers with an at-fault accident on their record pay around 42% more for car insurance on average compared to drivers with a clean record. This average increase is even higher for drivers with a DUI conviction, at 93%, showing how the severity of an incident and being considered a high-risk driver could impact your premium.

Average cost of car insurance by driving record

Driving record Annual cost of car insurance Monthly cost of car insurance Increase above national average
Clean driving record $1,771 $148 $0
Speeding ticket $2,138 $178 $367
At-fault accident $2,521 $210 $750
DUI conviction $3,421 $285 $1,650
  • Speeding ticket: Earning a speeding ticket conviction may be one of the most common driving infractions and, on average, it increases full coverage premiums by 21%.
  • At-fault accident: An at-fault accident on your record could raise your monthly full coverage car insurance payment from $148 to $210, and increase your annual premium by 42%.
  • DUI conviction: Being convicted of a DUI could raise your monthly full coverage premium to nearly $300, and stay on your driving record for 10 years or more.

How much does car insurance cost by credit score?

Drivers with poor credit pay nearly 70% 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 auto insurers from using credit as a factor when setting rates. The state of Washington continues to evaluate whether or not credit will be banned as a rating factor, but currently allows its use.

  Annual Cost Monthly Cost
Poor credit score $3,002 $250
Average credit score $1,907 $159
Good credit score $1,771 $148
Excellent credit score $1,556 $130

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 are 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.
  • Vehicle size: 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 less security measures, raising the likelihood of comprehensive claims.
Make and model Annual cost Monthly cost
BMW 330i $2,270 $189
Ford F-150 $1,523 $127
Honda Odyssey $1,542 $129
Toyota Prius $1,924 $160

What factors 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.

Additional factors that affect car insurance rates

  • Coverage selections: Your car insurance coverage options have a significant effect on your rate. If you select higher liability limits, choose lower deductible levels or add optional coverage types like comprehensive and collision coverage, your rates will likely be higher.
  • Insurance history: If you’ve had continuous car insurance for the length of time you’ve been a licensed driver, you may pay lower rates. Lapses in your insurance coverage (unless you did not own a car during that time) can be an indication of high-risk behavior and may increase your premium.
  • Annual mileage: The more you drive, the more likely you are to get into an accident. Policyholders who drive fewer miles a year often qualify for lower rates (typically less than 7,500 miles per year, but it could vary by carrier).

How to find the best car insurance prices

Buying car insurance doesn’t have to mean breaking the bank; there are ways to save. Discounts are one of the best ways to lower your premium. Most major car insurance carriers offer discounts. Here are some of the most common insurance discounts in the U.S.

  1. Claims-free: 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.
  2. Bundling insurance policies: 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.
  3. Good student discounts: 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.
  4. Paying in full: 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.
  5. Telematics: Some drivers want to be rewarded based on their safe driving habits. Today, many car insurance companies offer telematics programs where you can allow them to track your driving habits with an app or device for possible savings.

Because every auto insurer offers a different suite of discounts, speaking with your insurance agent or company representative may be the best way to learn about savings opportunities.

Additionally, getting quotes from several car insurance companies can help you compare 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.

Frequently asked questions about car insurance costs

Our Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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 2020 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.

Age: Rates were calculated by evaluating our 2021 base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Rates for 18-year-old are based on a driver of this age that is a renter (not a homeowner) and on their own policy. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.

16-year-old driver: Rates were calculated for 16 year olds by evaluating our 2022 base profile, based on a driver of this age added to their parents’ policy.

Model: To determine the cost by vehicle type, we evaluated our 2022 base profile with the following vehicles applied: BMW 330i, Ford F-150, Honda Odyssey and Toyota Prius.

Incidents: Rates were calculated by evaluating our 2022 base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction and lapse in coverage.

Gender: The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, North Carolina, and Pennsylvania.

Credit-Based Insurance Scores: These 2022 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 insurers from using credit-based insurance scores as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan. Washington State currently permits credit as a rating factor, but a ban on its use is currently being challenged in the court system.

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Written by
June Sham
Insurance Writer

June Sham is an 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 Insurance Editor
Reviewed by Director of corporate communications, Insurance Information Institute