Buying a fresh or new-to-you car is one of the most significant fiscal decisions that an individual can make in their life. Nonetheless, disbursement tens of thousands of dollars for a hunk of metal on wheels is just the commencement of what can frequently be a drawn-out – and high-priced – ownership experience. knowing a good auto insurance company is a wonderful thing to know.
Comparing and understanding auto Insurance in the United States
Car insurance is one of the most expensive recurring costs related to owning a vehicle. In some places, it’s required by law. You hope to never have to use it, but when you do, you’re far better off than if you were uninsured. Those who shop for insurance for the first time may be appalled at the prices. The accuracy is, there is a multitude of factors that go into the price and rates of insurance. Some are things you can do something about and specific to you: your age, gender, driving record, level of coverage, credit rating, and what kind of car you drive.
How to find affordable auto insurance rates
If you’ve ever compared car insurance rates, you know how many options are available. Depending on a variety of individual qualifying factors, certain companies may price your insurance differently. You may end up paying more by choosing the wrong company or comparing insufficient companies. We’ve outlined the factors that influence insurance premiums, as well as some tips on how to find the best possible rates. Let us begin.
What goes into car insurance rates?
Your auto insurance rate depends on who you are as a driver , as well as your age, your credit, your vehicle, and your location. How insurance companies weigh these attributes is reflected in your premium. For example, having a limited driving record or a poor credit score can increase your rates dramatically. Our analysis of the main rating factors shows how premiums vary from company to company.
Comparison of car insurance rates by age and by insurance provider.
Insurance rates for teen drivers
If you have teenagers or are a teenage driver, you know how expensive it is. In many cases, adding a teenager to your policy almost doubles the premium. Comparing five of the car insurance companies in the US, GEICO and Progressive are the cheapest for a teen driver.
State farm
$2999
All state
$2295
GEICO
$987
Progressive
$1231
Liberty Mutual
$1676
Compare auto insurance rates today!
The age of 25 is a big turning point for auto insurance savings. But no matter how much you save, you’re probably paying more than you’d like. In order to find the cheapest car insurance for 25-year-olds, we’ve created a user profile and generated rates for five of the most popular car insurance companies.
Comparison of 6-month auto insurance premiums for 25-year-olds
Company
Cost
State farm
$1142
All state
$1107
GEICO
$884
Progressive
$807
Liberty Mutual
$2050
Progressive is the cheapest car insurance company for young drivers under 25, with GEICO it is a bit more expensive. While Liberty Mutual and State Farm are the most expensive option for older drivers, they could end up being more affordable options for drivers with violations on their records.
car insurance for seniors
Between the ages of 30 and 60, car insurance rates don’t fluctuate much based on age. As you reach your upper 50s and 60s, your age becomes a more determining factor in your rate. For a profile of a married couple with no driving children, Geico and Progressive offer the lowest rates, all other measures are constant.
6 month insurance premium for seniors
Company
Cost
GEICO
$493
Progressive
$618
State farm
$1,048
All state
$1,047
The Hartford
$1,301
Car insurance comparison by driving history
Naturally, insurance companies use your driving record as an indicator of how you will drive in the future. It can be difficult to find affordable car insurance if you have a broken driving record. While it’s very unlikely to find an insurance company that won’t increase your premium after an at-fault accident or other violation, the degree of rate increase will vary by company. Let’s compare the rate increases for some of the common violations among the major insurance companies.
Fault in Accidents and auto insurance rates:
On average, fault in a property damage accident with claims exceeding $2,000 will increase your premium by an average of $726 per year. Over three years, that adds up to $2,178! If you are considering filing a claim, consider the total cost of the claim compared to what it would cost you to cover the claim out of pocket. Compare this $2,178 penalty — plus your deductible — to your out-of-pocket expense. While this is good information to know before you file a claim, it won’t help if you’ve already filed a claim. If you are at fault in an accident on your insurance record, consider Nationwide or Farmers.
Annual premium with fault in an accident
Company
Without accident
After an at-fault accident
Allstate
$1,559
$2,323
GEICO
$1,521
$2,282
Liberty Mutual
$1,434
$2,154
Nationwide
$1,513
$2,218
progressive
$1,321
$1,986
StateFarm
$1,493
$2,240
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DUI conviction
In most states, a DUI is the most expensive violation you can receive. Plus, in states like California, it will stay on your insurance record for 10 years! Based on our analysis of the most popular insurance companies, this would cost you an average of $12,491 in increases to your insurance rates over that 10-year period. To limit your costs, do your homework and shop around: State Farm and Liberty Mutual are the cheapest options for auto insurance after a DUI — so consider starting there.
Company
No DUI
After a DUI
State farm
$1,514
$2,478
GEICO
$1,521
$2,632
Progressive
$1,493
$2,900
All state
$1,559
$2,742
Liberty Mutual
$1,513
$2,248
Farmers
$1,493
$3,461
reckless driving
Just like a DUI, a reckless driving citation can increase your car insurance rates. If you’ve received a reckless driving citation, your best bets for cheap auto insurance are Nationwide and Liberty Mutual, even though the latter is one of the more expensive insurance options if you don’t have any violations. This shows you the importance of comparing insurance rates carefully — your driving profile will be handled differently by each insurance company.
Company
None
Reckless driving premium
Liberty Mutual
$1,513
$2,304
State farm
$1514
$2,454
GEICO
$1,521
$2,257
All state
$1,599
$2,695
progressive
$1,493
$2,830
Farmers
$1,434
$3,681
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