The cost to insure a vehicle is on the rise, according to data from the Bureau of Labor Statistics. This brought the 2021U.S. average to $1,451 per year, or a premium of $121 per month, according to the latest report from AdvisorSmith.
Car insurance costs vary by state
While these are the national averages, costs to consumers can vary widely by state as well as personal circumstances. Some factors that affect an area’s auto insurance costs include the cost of repairs in that state, costs of medical aid and the prominence of natural disasters.
“Some of the most important factors are the types of vehicles in each state, the average cost of medical care, the frequency and severity of crashes, exposure to natural disaster damage and the rate of automobile theft and vandalism,” the study states.
When it comes to individual states, the study showed Maine is the least expensive with average premiums reaching $939 per year, or $78 per month. That is 35% below the national average. On the reverse side, Louisiana drivers see the highest premiums with an average of $2,154 per year, or $180 per month. This represents an increase of 48% from the national average.
Regardless of what state drivers are in, there are still multiple ways to ensure they are paying the best price for their auto insurance, including comparing car insurance quotes from multiple providers. Visit Credible to get prequalified for your car insurance coverage without affecting your credit score and see how much you can save…Read more>>