How much does the average person fork out for auto insurance? Because there are so many variables, this is by no means to an easy question to answer. For instance, how much you pay depends on where about you live even more than it depends on the type of car you own.
For example, if you live out in the country you’ll almost certainly end up paying less for cover then if you were to live right in the heart of a city. This is simply because if you were living in a city, there’s more chance that your car would be involved in an accident.
Insurers determine the cost of premiums by considering a variety of pertinent factors that include the driver’s age; however, the major concern is assessment of the risk that they will have to pay a claim.
According to the National Association of Insurance Commissioners, the average cost of car insurance has dropped by 1%. Their statistics were obtained by comparing insurance prices in the ten most expensive and least expensive states.
The difference between the highest and lowest is phenomenal. In Washington the average household spends approximately $1,000 each year, while in North Dakota, the average is only $530.
If you want to relocate for a lower insurance rate, you may want to consider moving to Iowa, South Dakota, Idaho, Kansas, Nebraska, Wisconsin or North Carolina. You can obtain a comprehensive car insurance policy at an average annual rate of less than $600 a year in all of these states.
On a slightly different note; while car insurance may be quite cheap in North Carolina, home insurance isn’t, but that’s because the region is prone to hurricane damage. What I’m getting at here is that there are several things you need to look at before you decide to relocate.
Among the states that have the most elevated rates are Nevada, Delaware, Florida, New York and New Jersey. Each year, the expenditures in the indicated states top $1000.
The state average can of course be driven up because of higher rates in some that state’s cities, bearing in mind that different cities have different rates. Alarmingly enough, Detroit residents were paying as much as $5,000 per year for car insurance, and that was only two years ago.
However, the median amount statewide was under $1000. Michigan is big in size, possessing a lot of rural regions. If you live out in the countryside your premiums will be lower than in a populated area such as Detroit.
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