How Much Is Car Insurance?

According to Bankrate’s extensive research, the average cost of car insurance in the U.S. is $2,311 per year. Minimum coverage averages $640 per year. Your personalized factors will cause your premium to vary from the national average.

Key Insights from Bankrate’s 2024 Car Insurance Cost Analysis:

Full coverage car insurance costs an average of $2,311 per year, while minimum coverage is $640 per year. Monthly, full coverage averages $193, with minimum coverage averaging $53 per month.

USAA, Auto-Owners, and Geico offer some of the cheapest full coverage car insurance but are not available to all drivers.

Men tend to pay more than women for car insurance on average, due to riskier driving behaviors.

Some vehicles have higher average insurance premiums due to MSRPs, safety features, repair costs, parts availability, and other characteristics.

Factors Impacting Car Insurance Costs:

  • Your location
  • Your age & gender
  • Your driving record
  • Your credit score
  • Your vehicle type
  • Other factors

Average Car Insurance Cost by State in 2024

StateAvg. Annual Full Coverage PremiumAvg. Annual Min. Coverage Premium
Alabama$1,993$490
Alaska$2,406$518
Arizona$2,557$770
Arkansas$2,194$446
California$2,667$651
Colorado$2,941$549
Connecticut$2,506$976
Delaware$2,484$893
Florida$3,467$1,094
Georgia$2,554$867

Cheapest States for Car Insurance in 2024

  • Idaho: $1,339 per year
  • Vermont: $1,376 per year
  • Maine: $1,481 per year
  • Ohio: $1,485 per year
  • Washington: $1,576 per year

Most Expensive States for Car Insurance in 2024

  • New York: $3,672 per year
  • Louisiana: $3,623 per year
  • Florida: $3,462 per year
  • Nevada: $3,004 per year
  • Colorado: $2,945 per year

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