Most Expensive Car Insurance (2024) (2024)

FAQs

Why did my car insurance go up so much in 2024? ›

Your particular driver profile, which includes factors like where you live, your age and your driving record, influences what you pay for car insurance. But rising car repair costs and an increase in disaster-related claims are significant reasons why car insurance rates are surging for many drivers.

On average, Michigan and Florida are the most expensive states for both liability and full coverage. Our research on average rates found that Dodge tends to be the automaker with the most expensive coverage and that the Dodge Charger has the most expensive car insurance of any model.

In most cases, third party insurance will incur a lower premium than third party fire and theft cover, while comprehensive insurance is generally the most expensive form of cover. Many insurers also offer optional extra forms of cover that increase the cost of your premium.

What is insurance group 50? With insurance groups ranging from 1 to 50, vehicles in group 50 are the most expensive to insure. The cars that fall into this group usually have high market values and expensive parts and repairs.

Geico is so expensive because car insurance is expensive in general, due to rising costs for insurers. But at $462 per year, the average Geico car insurance policy is actually cheaper than coverage from most competitors. In fact, Geico is one of the cheapest car insurance companies nationally.

If your car insurance goes up for seemingly no reason when you renew your policy, it's likely due to an increase in risk that's outside of your control. This could include reasons like increased claims in your area (due to more extreme weather damage, more accidents, etc.) and higher car repair and replacement costs.

The cheapest car insurance rate is $38 a month from Geico according to our research team's cost analysis of national average prices for minimum coverage. The top 10 cheapest car insurance companies are Nationwide, Geico, State Farm, Travelers, Progressive, AAA, Allstate, Chubb, Farmers and USAA.

State Farm, American Family, Geico and Progressive are the cheapest car insurance companies for most drivers. USAA has even cheaper rates, but only military members, veterans or their families can qualify. *USAA is only available to military members, veterans and some of their family members.

Which car make is the cheapest to insure? Mazdas, Chryslers and Subarus are the cheapest cars to insure. Certain car makes tend to be more expensive to insure than others. For example, a Mazda tends to be cheaper to insure when compared to a luxury brand such as Tesla.

Both Geico and Progressive offer cheap car insurance to drivers across the country. Geico's rates are typically lower overall, but Progressive tends to offer better prices to high-risk drivers. High-risk drivers are those with a recent DUI, at-fault accident or speeding ticket on their driving record.

What state is the most expensive for car insurance? ›

New York. With the highest average cost for minimum coverage car insurance in the nation, New York drivers typically pay significantly more for car insurance than the average U.S. driver. And New York minimum car insurance could get even more expensive, due to new state requirements.

Many factors contribute to Allstate being expensive, including rising costs for insurance companies and the way it pays its agents. Damage claims and payouts also factor into its higher-than-average rates.

Tesla cars are expensive to insure because they are expensive to buy and repair. Teslas have especially high collision coverage costs due to their high repair and maintenance costs, which are more expensive than other luxury or electric vehicles. Teslas can only be repaired at Tesla-approved body repair shops.

Age: Teenage drivers pay the highest premiums because they are seen as the riskiest age group to insure. Rates, however, tend to go down as motorists enter adulthood. By the age of 25, you can expect car insurance costs to drop significantly.

Compare BMW insurance costs for all models

BMW insurance groups can vary significantly. At one end of the scale, the cheapest BMW to insure is generally the 1 Series – especially the more modestly trimmed and lower-powered hatchback versions of the car.

Why did my car insurance go up when nothing changed? Your car insurance can increase if the cost of repairs, labor or health care services increases. This is because car insurance companies raise rates to account for higher costs in these areas.

Rate level increases often come about because of trends in the industry towards more expensive vehicle repair and medical costs. Repairs and medical costs are almost always on the rise, so overall rate decreases are a very rare occurrence.

On average, drivers with poor credit pay 118 percent more for full coverage car insurance than those with excellent credit. California, Hawaii, Massachusetts and Michigan prohibit or limit the use of credit as a rating factor in determining auto insurance rates.

Car insurance typically drops as you grow older, when you drive safely for three to five years following an accident or citation, and when you switch to a cheaper company. Both men and women see the steepest drop in car insurance costs between ages 18 and 19.