Auto Insurance Cost

Protect yourself with full coverage auto insurance and get your classic/collector vehicle insured for 30%–40% less.

Auto insurance is one of the most important ways you can defend yourself against major blows to your finances. The average annual cost for a full-coverage auto policy is $1,134 ($95 a month), but your cost will be different, depending on where you live, your driving record, your mileage, and more. Classic/collector vehicle insurance averages a 36% lower cost than standard auto insurance.

Summary
  • Insurance companies calculate your insurance cost based on things like: your driving record, age, where you live, mileage and more.
  • Classic/collector cars use almost the same information to create your price but run 36% less expensive.
  • The average full-coverage insurance policy cost is $1,134. The per-state average is as low as $765 (Maine) and as high as $1,638 (Louisiana).
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How do insurance companies calculate the cost of auto insurance?

Your auto insurance rate reflects how much risk each insurance company thinks there is that you will have a loss. While it’s true that insurance companies are trying to make money, they are also there to provide you a critical service when (and if) you need it.

Insurance companies do their best to give you a low cost. In fact, states regulate how much insurance companies can charge, and it’s more to make sure that they don’t undercharge you than overcharge you. So, when you see your insurance price, it’s pretty likely that it is a good deal for you.

There is more data behind the rates of car insurance than just about any other product. Here are the main factors that drive your rates:

  • Driving record: Where would you place your bet: on someone with a clean driving record or someone that has been getting in a lot of tickets and has at-fault accidents?
  • Age: Drivers of different age groups tend to have more or fewer accidents. Not surprisingly, very young drivers (age 16-19) have more accidents than more mature drivers—in fact, their insurance cost is over twice the amount of any other age group.
  • Location: The state you live in, your zip code, and even if you park your car on the street, driveway or garage will make a difference.
  • Vehicle Type: There are different accident trends among cars, trucks, vans, and other types of vehicles.
  • Mileage: More driving more risk? That makes sense.
  • Credit score: Higher credit scores mean lower insurance cost.
  • The type and amount of insurance you buy: If you buy more, you pay more. But keep in mind that doubling your coverage doesn’t double your cost. The first amount of insurance is the most expensive and added protection is less.

Do classic/collector vehicle insurance providers calculate rates differently?

Yes, they do. These insurance providers price your classic/collector vehicle using a different algorithm than for standard vehicles. Classic/collector vehicle insurance is 36% less on average than regular auto insurance. Classic/collector rates use most of the same information but they come up with a different price. The main reason for the cost difference is that classic/collector vehicles see fewer miles than standard vehicles.

Classic/collector insurance companies ask some questions that the standard providers don’t ask at all. Most of these questions will impact eligibility rather than price. They want to know
things like:

  • How you use your vehicle (anything more than for pleasure driving?)
  • Have you made any modifications to your vehicle? What are they?
  • Who drives the vehicle?

Annual auto insurance costs by state

The below table shows the average cost of full coverage auto insurance that has a liability, uninsured motorist, comprehensive, and collision coverages. Your cost will be different from these because the state is just one factor in the calculation. Maine has the lowest average cost ($765) and Louisiana has the highest ($1,638).

Note, the Liability section is a total of all the liability coverages: bodily injury, property damage, uninsured motorist, underinsured motorist, medical payments, and personal injury protection (PIP).

StateTotalLiabilityComprehensiveCollision
Alabama$1,015$479$170$366
Alaska$1,072$561$141$371
Arizona$1,126$608$205$313
Arkansas$1,039$458$217$364
California$1,116$566$96$454
Colorado$1,195$640$228$326
Connecticut$1,276$744$134$399
Delaware$1,322$844$133$344
DC$1,466$744$224$498
Florida$1,446$964$138$343
Georgia$1,286$735$170$382
Hawaii$918$469$107$342
Idaho$780$403$131$246
Illinois$977$507$133$336
Indiana$840$432$131$278
Iowa$795$339$212$244
Kansas$948$400$267$280
Kentucky$1,044$586$157$300
Louisiana$1,638$937$232$469
Maine$765$370$109$286
Maryland$1,256$701$162$394
Massachusetts$1,215$643$145$427
Michigan$1,494$874$158$463
Mississippi$1,106$511$229$365
Missouri$1,003$493$204$306
Montana$969$423$268$278
Nebraska$934$417$253$264
New Hampshire$861$426$116$320
New Jersey$1,465$932$129$403
New Mexico$1,051$548$198$304
North Carolina$839$372$133$334
North Dakota$809$304$242$264
Ohio$865$439$128$298
Oklahoma$1,101$503$255$344
Oregon$1,044$677$102$265
Pennsylvania$1,065$539$163$363
Rhode Island$1,467$870$137$460
South Carolina$1,145$645$197$303
South Dakota$872$327$309$236
Tennessee$957$456$158$343
Texas$1,296$631$234$431
Utah$984$568$122$294
Vermont$842$375$143$325
Virginia$920$469$146$306
Washington$1,078$667$114$297
West Virginia$1,072$513$213$346
Wisconsin$805$412$149$244
Wyoming$936$354$291$290
Countrywide$1,134$611$160$363

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