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How much is car insurance?

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If you’re in the market for car insurance, you likely have a lot of questions. Among them is probably how much does car insurance cost? The answer, of course, depends on several factors. Understanding how insurance providers calculate car insurance rates can help you not only estimate your budget, but also save money by knowing what to avoid in the future.

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Factors that influence the average cost of car insurance

1. The type of car insurance policy

The type(s) of car insurance you buy plays a huge role in determining the cost. A state-minimum liability policy will likely cost less than a car insurance package including comprehensive insurance, collision insurance, Accident Forgiveness and personal injury protection.

2. Your age

Drivers in different age groups pose different risks, which is why rates tend to differ based on how old the insurance policy holder is.

3. Your location

Geography, weather and population density are all factors in the price of your car insurance.

4. Your driving record

Insurance providers want to see demonstrated responsible behavior, which is why traffic accidents and citations are factors in determining car insurance rates. Keep in mind that points on your license don’t stay there forever, but how long they stay on your driving record varies depending on the state you live in and the severity of the offense.

5. What kind of car you drive

The price, style and age of your vehicle all contribute to how much car insurance costs will be. For instance, a brand-new sports car will likely be more costly than, say, a five-year-old sedan.

6. Your deductible

If you choose a lower deductible, it will result in a higher insurance bill – which makes choosing a higher deductible seem like a pretty good deal. However, a higher deductible could mean paying more out of pocket in the event of an accident.

7. Your policy limit(s)

Although all auto policies have a minimum amount, you can also raise your policy limits depending on the level of protection you want.

8. Your eligibility for discounts

Nationwide offers a variety of discounts on auto insurance. You can save money on your monthly bill by bundling policies, going paperless, driving accident-free and more.

Change of residence

Even if your new home is only a block away from your previous address, if it’s in a different zip code, your auto insurance rate could change. Auto policies vary in price from state to state as well

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