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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