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Yes, $300 a month for car insurance is expensive. The average cost of car insurance ranges from about $60 per month for state-minimum coverage to $166 per month for full coverage, though individual car insurance rates vary based on factors such as driving record, age and location.
Average Cost of Car Insurance by Company
Average monthly premiums reflect nationwide quotes for a 45-year-old driver with a clean driving record.
To learn more, check out WalletHub’s guide to the cheapest car insurance companies.
This answer was first published on 04/07/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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Car insurance costs $60 per month, on average, for a minimum coverage policy, although individual rates might vary. Full coverage car insurance is more expensive because it also pays to repair or replace your car after it is damaged by a crash or something other than an accident, like vandalism.
Average Price of Car Insurance per Month
| Driver’s Age | Average Monthly Premium |
| ... | $278 |
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Yes, you can get classic car insurance without a garage, though finding an insurance company to cover your vehicle may be difficult, and you’ll still need a safe place to store the car. Instead of a garage, some companies may allow you to store your vehicle in a driveway, carport, barn, trailer, or storage unit, for example.
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You should pay between $1,100 and $4,500 per year for full coverage auto insurance, depending on your state. The average cost of full coverage insurance is about $1,997 per year, though the exact price depends on how much coverage you purchase, your characteristics as a driver, and your insurance provider. Since the cost of full coverage insurance varies between drivers and insurers, it’s best to get quotes from at least three different companies before purchasing a policy.
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FAQs
Yes, $300 a month for car insurance is expensive. The average cost of car insurance ranges from about $60 per month for state-minimum coverage to $166 per month for full coverage, though individual car insurance rates vary based on factors such as driving record, age and location.
How much a month should you pay for insurance? ›
The average cost of full-coverage insurance is $2,008 per year or $167 per month, while minimum-liability coverage averages $627 per year or $52 per month. However, what you pay for auto insurance coverage varies based on your personal rating factors.
Is 200 a month a lot for insurance? ›
If paid on a monthly basis, $200 is a lot to pay for car insurance.
Is $100 a month a lot for car insurance? ›
Our cost estimates show that 35-year-old married drivers with good credit and clean driving records pay an average of $144 per month for car insurance. Paying around $100 per month for quality auto coverage is a good deal.
What is the most expensive car insurance per month? ›
Our analysis showed that, on average, Dodge and Tesla have the most expensive car insurance among 17 popular brands. Full coverage on Dodge vehicles costs an average of $354 per month or $4,242 per year, while full coverage on a Tesla vehicle averages to $251 per month or $3,007 per year.
Is $300 a month bad for insurance? ›
Leif Olson, Car Insurance Writer
Yes, $300 a month for car insurance is expensive. The average cost of car insurance ranges from about $60 per month for state-minimum coverage to $166 per month for full coverage, though individual car insurance rates vary based on factors such as driving record, age and location.
How much does the average American pay for car insurance? ›
Full coverage car insurance costs an average of $2,314 per year, while minimum coverage is $644 per year. On a monthly basis, full coverage averages $193, with minimum coverage averaging $54 per month.
Is 500 a month for insurance expensive? ›
Leif Olson, Car Insurance Writer
Yes, $500 a month for car insurance is very expensive. The average cost of car insurance ranges from about $60 per month for state-minimum coverage to $166 per month for full coverage, though individual car insurance rates vary based on factors such as driving record, age and location.
What is the cheapest car insurance? ›
State Farm offers the cheapest car insurance, followed by Geico and Travelers. Ben Moore is an assistant assigning editor and spokesperson who joined NerdWallet as a writer in 2020.
Where is car insurance most expensive? ›
Florida is the most expensive state for full coverage car insurance with an average annual cost of $3,865.
On average, drivers with poor credit pay 118 percent more for full coverage car insurance than those with excellent credit. California, Hawaii, Massachusetts and Michigan prohibit or limit the use of credit as a rating factor in determining auto insurance rates.
Why did my insurance go up 100 a month? ›
Car accidents and traffic violations are common explanations for an insurance rate increase, but other reasons why your car insurance rate can go up include changing your address, adding a new vehicle or driver, increases to claims in your ZIP code, and increases to car repair/replacement cost.
How can I save money on car insurance in USA? ›
How you can lower your car insurance cost
- Shop around. ...
- Take advantage of discounts. ...
- Don't pay for coverage you don't need. ...
- Consider pay-per-mile insurance. ...
- Increase your deductibles. ...
- Improve your credit. ...
- Review your policy before renewal.
Does car color affect insurance rates? The color of your car doesn't affect your insurance rate. Instead, your insurance company uses other information, like your car's age, location, usage, and your driving record, to help determine insurance rates. Learn more about the factors that impact auto insurance pricing.
What age is car insurance most expensive? ›
Young drivers ages 16 to 24 tend to have the most expensive car insurance. Drivers in this age group are often inexperienced and are more likely to get into car accidents and file insurance claims. As a result, car insurance companies often charge higher premiums to young drivers.
What cars are hard to insure? ›
The cars that are most commonly nearly impossible to insure include:
- Grey market cars, meaning vehicles that are legally imported but not sold in the U.S.
- Modified or altered vehicles.
- Custom cars.
- Exotic, high-value or high-performance cars.
- Antique, classic or rare vehicles.
- Exhibition cars.
- Vehicles that are too heavy.
If your area has a high rate of theft, accident, or weather-related claims, it becomes riskier for an insurance company to cover drivers there. That risk can lead to an auto insurance price increase, even if you have a perfect driving record.
Is it better to pay 6 months for insurance? ›
By going with a 6-month policy, you can often clear these penalties and enjoy lower rates faster. It's a smart way to put more money back in your pocket! Other reasons your auto insurance rates might be revised downward: Celebrating a birthday (young drivers face expensive premiums)
Is insurance a monthly cost? ›
you pay when you use services have a big impact on your total health care spending. Your total costs for the year include your plan's: Monthly premium x 12 months: The amount you pay to your insurance company each month to have health insurance.
