Detroit drivers still spend the most money on car insurance in the country, according to an annual report.
Bankrate's True Cost of Auto Insurance reportfound that drivers in Detroit spend an average of $5,687 per year for full coverage, which equals about 7.98% of the median household income.
On the other end of the spectrum, Seattle has the cheapest car insurance, with drivers spending an average of $1,759 per year.
“The rate of full coverage car insurance increased 26 percent from 2023, and while we hope to see rates stabilize soon, that likely won't happen until at least 2025,” Bankrate Analyst Shannon Martin said in a statement. “While inflation is slowing down, insurance companies are reassessing their risk models to account for the post-pandemic rise in car crashes, the increase of claims from extreme weather and the sustained elevated cost of vehicle repairs.
To come up with the report, Bankrate used current data from Quadrant Information Services to see the average cost of auto insurance for every U.S. state and metro area.
It ranks first on our list of cities with the most expensive car insurance in the US. Drivers in Roosevelt pay an average of $3,549 annually for full coverage. Discover which city secured the second spot. You can see the rest of the rankings for free here.
United States of America. In the United States, on average people pay around $1,706.86 (USD) per year to insure their car – a figure that is significantly high for a total average figure. ...
The state with the highest average is Michigan, followed by Connecticut, New York and Florida. The states behind New Jersey include Nevada, Maryland, Delaware, Louisiana and Massachusetts.
For example, motorists in large cities typically pay higher rates than drivers in rural areas. Here are some reasons why: Having more drivers on the road in urban areas means there's an increased likelihood of collisions. There are higher rates of vandalism and theft in large cities.
Americans pay $167 per month on average for full-coverage insurance. There are common denominators among the five states where it's most expensive to have car insurance: Michigan, Florida, Louisiana, Nevada, and Kentucky.
As the article noted, of the five boroughs, residents of Brooklyn pay the highest rates for their car insurance. The average policy costs over $3,000 a year, due in part because of the large number of people who call Brooklyn home, combined with how many of them commute to and from work.
To see the overall rank and two of the metrics considered, hover over each location. Albuquerque, NM takes the No. 1 spot. Note: For all metrics we took a five-year average, using data from 2017 to 2021.
For auto policies, State Farm is the largest insurance company in the U.S., with the biggest market share (16.9 percent) and over $46.6 million in direct premiums written in 2022.
The study found Florida is currently the second most expensive state for full auto coverage — which typically costs $3,244 per year — and the most expensive for minimum coverage, costing around $1,345 per year. According to MarketWatch, that's 121% higher than the national average.
Introduction: My name is Neely Ledner, I am a bright, determined, beautiful, adventurous, adventurous, spotless, calm person who loves writing and wants to share my knowledge and understanding with you.
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