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It may be more crucial than ever to ensure you have the right amount of car insurance. With record inflation potentially leaving drivers underinsured and an estimated 12.6% of all drivers driving without insurance, getting into an accident could quickly cause your out-of-pocket costs to skyrocket.
If you’re starting to shop for car insurance, this is a great opportunity to understand how much coverage you need and how insurance rates are determined. Requesting quotes is a key part of the process — having a car insurance quote on hand can make it easier to compare with other carriers, as every car insurance company has its own method for calculating rates, which can vary significantly as auto insurance is the most competitive consumer insurance product. If you’re wondering how to buy car insurance, Bankrate’s insurance editorial team compiled average premium data from Quadrant Information Services and reviewed dozens of carriers so you can make the most informed decision.
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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.
What are car insurance rates and how do they work?
Although “rate” and “premium” are often used interchangeably to refer to the cost of a car insurance policy for a customer, they are not quite the same. A car insurance rate is a unit of cost that an insurance company calculates based on individual rating factors, such as driving record and location, to determine a driver’s risk and the cost of insuring them.
After determining a driver’s rate, car insurance companies also consider a driver’s selected coverage options and limits to calculate the estimated premium. The premium is what a customer would pay for coverage during the policy term, which is usually six or 12 months.
Why comparing auto insurance rates is important
Curious about how to compare car insurance quotes and wondering why it’s necessary? Because car insurance rates are based on more than a dozen individual rating factors — and each company has its own method for calculating rates — it’s advantageous to shop around. You’ll be able to compare insurance rates for the same amount of coverage with different carriers. You’ll also be able to see which company might offer lower rates or unique discounts to help with the final cost.
How to compare car insurance
Before you start the process of looking for car insurance, take some time to consider what’s most important to you. Maybe you’ve outfitted your car with aftermarket parts and other customizations, and need specific coverage for this. Or maybe you have a child who’s about to become a new driver and need competitive rates.
Whether you’re looking for endless coverage options or just basic coverage, understanding what you want will help guide you towards carriers that most closely fit those needs. Once you’re ready to get started, here’s how you can streamline the process:
Collect personal information
When you quote car insurance online or over the phone, you’ll likely share the same personal information. Car insurance companies will ask for the names, birthdays and driver’s license numbers of all drivers in the household. You’ll also be asked for your vehicle’s make and model, but providing its vehicle identification number (VIN) may give you the most accurate quote. Also be prepared to share your annual mileage and desired coverage options and limits.
Ask for quotes
After you’ve shared your information with the insurance company, you will receive back a proposal of coverage, or quote. This document gives an estimate of how much an insurance policy would cost with that carrier, and includes any discounts you may be eligible for. When you receive quotes back, be sure that the coverage options and limits are exactly the same. This will help ensure you’re comparing carriers accurately.
Evaluate company features and reputation
There are numerous insurance carriers on the market, which can make it difficult to choose from. Some are national carriers available in every state, while others are regional and only available to a select few states. Many third-party agencies, like AM Best and J.D. Power, regularly evaluate insurance carriers for financial strength, claims satisfaction and more. To help inform your decision, you can also rely on our Bankrate Scores, which looks at a wide variety of criteria ranging from mobile app accessibility, customer service, availability, coverage options and more to help you learn more about an insurance carrier.
Can you have too many car insurance quotes?
While getting more than one insurance quote is helpful, at some point, it may be information overload. It can also be time-consuming to keep requesting car insurance quotes, which can happen if you’re not strategic about which companies to quote from. Start with three carriers that you feel could most closely meet your needs, and then consider more if these options don’t work for you.
Car insurance rates by location
Where you live plays a large factor in determining your car insurance rate. In most states, car insurance companies are able to use your ZIP code as part of its rate calculations. This allows them to consider data such as crash statistics, claims filing, repair costs, theft and burglary data and more when calculating car insurance premiums.
These differences in insurance rates by location can also be seen on a broader state level. Drivers in some states tend to pay more than others for auto insurance due to location-specific driving conditions, cost of repairs, local laws and other risks. Here’s an overview of how much premiums can differ between states: The average annual cost of full coverage car insurance in the U.S. is $1,771.
Car insurance rates by gender
Gender is often an important factor in car insurance rates. Men typically face more expensive premiums than women because data shows they may engage in riskier driving behaviors. A study from the Insurance Institute for Highway Safety showed that men in almost every age group were involved in more fatal car accidents compared to the same age demographic of women.
Below is a table showing 2021 rates obtained from Quadrant Information Services for male and female drivers of different age groups. However, not all states permit the use of gender as a car insurance rating factor. California, Hawaii, Massachusetts, Michigan, North Carolina and Pennsylvania do not allow insurers to use gender as a rating factor.
| AGE | AVERAGE ANNUAL FULL COVERAGE PREMIUM FOR MALES | AVERAGE ANNUAL FULL COVERAGE PREMIUM FOR FEMALES |
|---|---|---|
| 18-year-old* | $5,694 | $4,946 |
| 25-year-old* | $2,247 | $2,106 |
| 40-year-old | $1,778 | $1,729 |
| 60-year-old | $1,612 | $1,597 |
| 70-year-old | $1,729 | $1,729 |
*18-year-old rate reflects the cost of being on their own separate policy. 25-year-old drivers are rated as renters with a multiple policy discount.
Car insurance rates by age
Age is another component that insurers typically use to calculate car insurance rates. When analyzing premiums of car insurance by age, young drivers under the age of 25 typically face more expensive premiums compared to adults. This is seen in the rate tables below for drivers ranging from 16 to 70 years old. The difference in premium is driven largely in part to their lack of experience compared to older drivers, which may result in more dangerous driving behaviors. Hawaii and Masssachusetts do not allow insurers to use age as a rating factor. Bankrate has compiled age-related data from several carriers based on 2022 rates pulled from Quadrant Information Services to give you an idea of how much you might pay at different points in your life.
Car insurance for teen drivers
Teen drivers are inexperienced, which can lead to a greater likelihood of accidents. In fact, the Centers for Disease Control and Prevention (CDC) reports that teens have a higher crash rate than any other age group. Because of this, teens typically cost more to insure than older drivers. Bankrate found that, depending on your teen’s age, major insurers like Geico, Nationwide and USAA tend to have lower average rates.
When getting quotes, car insurance companies will ask the age of every licensed driver that will be listed on the policy. This is important information to help insurers assess your household’s risk. Even adult motorists who recently got their driver’s license are inexperienced on the road, which can result in higher premiums for several years. If you have a teen who has a learner’s permit and is about to get their driver’s license, including them in your quote as a licensed driver may help you understand what your policy will actually cost once they get their license. This will help you avoid surprises about the policy’s cost later down the road.
| CARRIER | AVERAGE ANNUAL FULL COVERAGE PREMIUM FOR 16-YEAR-OLDS* |
|---|---|
| USAA | $3,026 |
| Geico | $2,855 |
| Nationwide | $2,194 |
| State Farm | $2,949 |
| Progressive | $3,293 |
| Allstate | $4,143 |
| CARRIER | AVERAGE ANNUAL FULL COVERAGE PREMIUM FOR 17-YEAR-OLDS |
|---|---|
| USAA | $2,404 |
| Geico | $2,629 |
| Nationwide | $2,151 |
| State Farm | $2,640 |
| Progressive | $3,324 |
| Allstate | $3,969 |
*17-year-old rate reflects the added cost of a teen on their parents’ full coverage policy.
| CARRIER | AVERAGE ANNUAL FULL COVERAGE PREMIUM FOR 18-YEAR-OLDS |
|---|---|
| USAA | $3,353 |
| Geico | $3,877 |
| Nationwide | $4,638 |
| State Farm | $7,256 |
| Progressive | $6,580 |
| Allstate | $6,538 |
*18-year-old rate reflects the cost of being on their own separate policy.
| CARRIER | AVERAGE ANNUAL FULL COVERAGE PREMIUM FOR 19-YEAR-OLDS |
|---|---|
| USAA | $2,672 |
| Geico | $3,122 |
| Nationwide | $3,889 |
| State Farm | $3,048 |
| Progressive | $3,788 |
| Allstate | $5,635 |
*19-year-old rate reflects the cost of being on their own separate policy.
Car insurance for senior drivers
Senior drivers, typically defined as age 60 and older, may see their car insurance rates begin to creep back up, although some insurers don’t begin to adjust rates until you reach age 70. That is because senior drivers statistically are at greater risk of being in an accident. Aging-related health factors, like decreased eyesight, can impair a driver and increase the risk of accidents. Based on our analysis, older adults may want to consider getting quotes from USAA, Erie and Auto-Owners for low-cost coverage as these carriers offer favorable rates for senior drivers.
Car insurance rates by driving history
Keeping a clean motor vehicle record (MVR) is one of the best ways to avoid premium increases on your car insurance policy. Because car insurance rates are based on risk, high-risk drivers generally pay more for coverage and may have trouble obtaining coverage from standard auto insurers. Insurers will review the driving history of all drivers on the policy by obtaining MVR and Comprehensive Loss Underwriting Exchange (CLUE) reports (which provides your auto claims history) so providing this information upfront will help ensure you receive an accurate quote.
Auto insurance rates after a speeding ticket
Speeding tickets are relatively common, but they can still be an indication of high-risk driver behavior. As such, a speeding ticket on your MVR increases average premiums by about 21% per year. On top of the increased insurance costs, you may need to pay fines and even license and/or vehicle registration reinstatement fees, depending on the severity of your infraction.
Speeding tickets can significantly affect your quotes. If your ticket has not been processed, meaning it is not yet listed on your MVR, your rate will be affected once that ticket is added to your driving record. A car insurance company may notice the change and charge more for a moving violation if your MVR is re-pulled, which usually happens at your policy’s renewal. On the other hand, when tickets reach a certain age (time period varies by state and auto insurer, but typically ranges from three to 10 years), they may “fall off” your record. This means that the insurance carrier is no longer adding a surcharge for them, which can positively affect your rates and may be a good time to shop your coverage with other carriers.
Auto insurance rates after an at-fault accident
Accidents on your MVR will typically increase your premiums. If you have caused one or more at-fault accidents, car insurance companies may view you as more likely to cause an accident again in the future and so your rates are raised accordingly.
The table below shows average rates before and after an at-fault accident from several major car insurance companies. On average, rates increase 42% annually after an at-fault accident. It is important to note that even if you have accident forgiveness with your current insurer (meaning they won’t raise your rate because of an at-fault accident), that accident will likely affect your quoted rates with other insurers, as it is included on your MVR. Accident forgiveness does not transfer between carriers and has to be earned or purchased with new providers.
Auto insurance rates after a DUI
DUIs are among the most serious offenses that a driver can commit and come with an average annual premium increase of 93%, as well as the potential of a suspended license and registration, numerous fines and other penalties based on your state’s regulations. They can also stay on your driving record for life in some states. Finding car insurance with a DUI on your MVR may be much more difficult than it is with a clean driving record, as not all insurance companies will agree to insure such risky drivers.
Car insurance rates by credit score
In most states, your credit tier will affect your car insurance premium. Generally, drivers with lower credit-based insurance scores tend to file more claims and are thus viewed as a higher risk by carriers. California, Hawaii, Massachusetts and Michigan ban or restrict the use of credit as an auto insurance rating factor. Please note that Bankrate’s overall average rates for a 40-year-old reflect a driver with a credit score in the ‘good’ range, so average rates for drivers with good credit are not highlighted here.
Car insurance rates by vehicle
One of the biggest premium rating factors for auto insurance is the type of vehicle you drive. Your vehicle’s make and model can impact everything from safety features to repair costs. The table below shows the average annual full coverage premiums for vehicles best suited to a broad range of lifestyles and budgets. On your quote, you may notice that your vehicle type affects your coverage costs. For example, collision and comprehensive costs may be higher on a vehicle with more expensive replacement parts than on a vehicle that has cheaper and more readily-available parts.
The price of medical coverage may be partly based on the vehicle’s safety features, which help protect you and any passengers in your vehicle. If you are shopping for a new vehicle, you may want to obtain quotes for each vehicle you consider purchasing, as they will have different rates.
| MAKE AND MODEL | AVERAGE ANNUAL FULL COVERAGE PREMIUM | AVERAGE MONTHLY FULL COVERAGE PREMIUM |
|---|---|---|
| BMW 330i | $2,270 | $189 |
| Ford F-150 | $1,523 | $127 |
| Honda Odyssey | $1,542 | $129 |
| Toyota Prius | $1,924 | $160 |
How to choose the best car insurance carrier for you
Shopping for car insurance is more than just looking for the cheapest rate. Also consider what is important to you. Do you need higher coverage to better protect your finances and assets? Do you want a wide variety of coverage options to build a tailored car insurance policy? Are you new to the insurance process and want guidance through the whole process, or do you prefer to handle everything on your own? The answers to these questions can help you compare car insurance companies to see which one you want to work with.
Looking to save money on auto insurance?
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.
Frequently asked questions about car insurance rates
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 coverages that meet each state’s requirements. Our base profile drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.
Age-related, credit score and driving record carrier rates represent 2022 data and a 2020 Toyota Camry.
These are sample rates and should only be used for comparative purposes.