How Much Does Auto Insurance Costs On Average?
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.
Insurance providers look at a number of factors as far as their premiums are concerned. The biggest influence however is the amount of risk involved which could see them having to pay a claim.
Interestingly enough, the NAIC (National Association of Insurance Commissioners) have stated that the overall cost of auto insurance has dropped by 1%. This figure was reached by looking at the ten most expensive and least expensive states to live in as far as car insurance costs are concerned.
In Washington DC, the average household spends more or less $1,000 every year, while in North Dakota, the yearly average is only $530. As you can see, the difference is significant.
If you ever decide you want to move from where you're staying at the moment so that you can also take advantage of cheaper car insurance, then you should ideally consider places such as North Carolina, Wisconsin, Kansas, Nebraska, and South Dakota. In all of these states, the average cost of comprehensive car insurance is less than $600 per year.
There are many things you need to take into consideration before you relocate, other than car insurance. For example, if you moved to North Carolina, you'd pay less for car insurance, but you'd pay more for home insurance, given that the region often suffers from hurricane damage.
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.
Different cities also have different rates. The state average rate is driven up by cities with higher rates. Just two years ago, people residing in Detroit could expect to pay over five thousand dollars a year for auto insurance.
However, if one looked at the state in general, the average was less than $1,000. Michigan is huge and there are many rural areas. Providing you live out in the countryside, you'll definitely pay less for your insurance then you would if you chose to live in an area such as Detroit.
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