Average Car Insurance Cost in USA 2022

U.S. drivers pay an average of $1,771 a year for full-coverage auto insurance, or about $148 a month, according to Bankrate's 2022 Quadrant Information Services average premium analysis. Minimum coverage costs an average of $545 per year. Since there are many factors that go into car insurance rates, learning more about the average cost of car insurance and the factors that affect costs can help you find the best car insurance for you.

Average Car Insurance Cost in USA 2022

You can also read: 

• The Best cheap car insurance for new drivers in USA 2022
• Car Insurance ? Types of Car Insurance Policy
• The Best Car Insurance Companies in USA 2022

To find the average cost of car insurance, Bankrate's editorial team evaluated various factors. These included auto insurance rates by state, carrier, and vehicle manufacturer, as well as driver age, driving record, gender (if allowed), among others. 

This data can help you estimate how much your car insurance might cost based on your area and personal profile, and determine which car insurance providers best fit your budget and coverage needs.

How much does car insurance cost ?

The average cost of car insurance is $1,771 a year for full coverage, according to 2022 rate data. But because car insurance premiums are based on more than a dozen individual rating factors, the actual cost will vary for each driver.

Here are some key facts about car insurance rates:

• Full coverage car insurance costs an average of $1,771 per year, while minimum coverage is $545 per year.
• USAA, Geico and Erie offer some of the cheapest full coverage auto insurance, but not all are available to all drivers.
• A serious offense like a DUI on your motor vehicle record can increase your car insurance premiums by an average of 93%.
• On average, teen drivers can pay $807 more for car insurance compared to teen drivers.

 

How much does car insurance cost by company?

Each auto insurance company has its own proprietary rating system, so car insurance costs vary from carrier to carrier. To find the best insurance company for your needs, get quotes from several auto insurers and compare rates and features.

Average Car Insurance Cost by Company

Requesting quotes from different carriers gives you the advantage of understanding how much you can expect to pay. For example, purchasing full coverage typically costs less than $150 per month from many top providers. The coverage you choose also plays a role; the average cost of full insurance coverage is 225% more than minimum coverage.

The table below shows the average annual and monthly premiums for some of the nation's largest insurance companies by market share. We also calculated a Bankrate Score for each insurance company on a five-point scale. Scores reflect performance data in terms of average prices, coverage offers, discounts and third-party ratings, including customer satisfaction and financial strength. A higher Bankrate Score reflects better placement in the rated rating categories.

How much does car insurance cost by age and gender?

Insurers typically consider age a significant factor in setting auto insurance rates, with young drivers paying the highest premiums on average based on 2021 rates. Auto insurers use actuarial data to determine that teen and young adult drivers as well as older people  they are more likely to get into an accident, so the car insurance costs these drivers pay are usually higher to compensate for the greater risk. 

Average Car Insurance Cost by AGE

Please note that your age will not affect your insurance premiums if you live in Hawaii or Massachusetts, as state regulations prohibit auto insurance companies from using age as a rating factor.

Additionally, gender affects your premium in most states. Men usually cost more to insure than women. That's because men generally engage in riskier driving behavior than women and have higher accident severity rates, according to the Insurance Information Institute (Triple-I). However, not all states allow gender to be a factor in rates. 

If you live in California, Hawaii, Massachusetts, Michigan, North Carolina or Pennsylvania, your gender does not affect how much you pay for car insurance because state regulations prohibit this rating factor.