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How Much is The Average Car Insurance Cost per Month?

How Much is The Average Car Insurance Cost per Month?

There are many factors at play when it comes to the cost of car insurance. If anything, your neighbor can have the exact vehicle yet given a different monthly premium fee. Therefore, knowing the average car insurance cost per month is better to help you pick the best car insurance company.

Average Car Insurance Cost Per Month

According to research, the average cost of full coverage car insurance per month is around $136 or $1630 yearly. This kind of package covers yourself and your vehicle from collision and any other car accident, as well as compensation to medical bills and damaged properties.

However, that is only the minimum cost for drivers with good driving history. If you don't have good credit or have a history of driving under the influence or negligence, you will likely have to pay a higher fee. The rate can go up to more than $250 a month

Average Car Insurance Rates by Age, Gender and Driving History

Now that you know how much your car insurance costs per month, let's be more specific and find out the average car insurance rates by age and gender.

If you didn't know, age and gender play a part in whether you pay more or less than other people. And in general, the youngest car insurers are teenagers from 16-17 years old while the oldest is 70 years old.

Statistically speaking, teenagers in their 17s only have to pay full coverage insurance for around $2,783 for males and $2,280 for females. However, the number goes up to about $4,844 to $5,650 in their 18s when you're at higher risk.

The number will slow down after the insurer reaches the age of 20 and can even get lower when you get to the mid-30s. After the age of 40, you only pay $1,701 yearly, and that's around $141. In other words, the older you get, the lower you will likely have to pay.

Why is that, exactly?

Aside from age and gender, the experience of the driver can also determine the amount of premium fee. The more experience you have, the bigger your opportunity to pay less.

Thus, that also answers how much car insurance is for a new driver per month. So, if you want to have a lower price of insurance fee, maintain your reputation by driving safely.

How to Get the Cheapest Car Insurance Fee

Aside from age and gender, insurance companies also take other matters to consider, such as the age and model of the car, the average kilometer of your yearly commute, the condition of your neighborhood, and the car's parking place.

If you want to do a rough estimation, you should do it from the start. Begin by picking your car carefully, then specify the insurance services that you might need. You can also remember if you have made some driving mistakes in the past as it can also determine your fee.

But if you want to know your average car insurance cost per month, you can always use a car insurance cost calculator available all over the internet.


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