Car Insurance Calculator: Estimated Car Insurance Costs for You (June 2023)
Car insurance costs are very personal and vary from person to person. Auto insurance companies consider several factors when considering the rate they will charge you, including your age, driving history, address, type of car you drive, and more. Using MoneyGeek's calculator, you can get a rough estimate of how much car insurance will cost without having to enter your personal information. This calculator can help you decide whether it's time to switch to another auto insurance company or find the right company that fits your needs and budget.
How Can You Know More About Car Insurance Companies?
Not all auto insurance companies are the same. Some will better meet your needs than others. Before you choose a company, take a look at their website to see the types of policies they offer and the protections and discounts available. You can also check out MoneyGeek's auto insurance company reviews, including discussions on customer experience and financial strength. Remember: the best auto insurance company may not be the cheapest. So by browsing around, comparing quotes, and studying the companies that offer insurance in your area, you can find a balance between protection and affordability.
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Learn How Car Insurance Calculations Are Done in Your State
State laws, regulations, and insurance requirements can have a significant impact on insurance costs. Therefore, where you live plays an important role in your premium price. For example, minimum insurance in Maine costs $352 per year, while similar coverage in Michigan costs $5,099; a difference of $4,747.
Click your state below to learn more about how auto insurance is calculated where you live.
How Can You Know More About Car Insurance?
MoneyGeek makes it easy to learn about auto insurance and the companies that offer it. We've analyzed each company, including the protection they offer, discounts you can use to reduce costs, how well they handle customer service, and their ability to pay claims on time.
How Do You Estimate Your Car Insurance Coverage Needs?
Auto insurance prices and your protection needs are unique to you and your household. Each auto insurance company you request a quote from will ask for personal information to complete your driving profile, which they will use to determine your rate. Considering the factors they use will help you estimate how much auto insurance you need, including coverage options that you may not need but do want.
1. Driving History
Insurance companies consider drivers with a history of ticketing and accidents as a higher risk than those with a clean driving record. Keeping clean records will help you get the lowest rates with the best auto insurance companies.
2. Other Drivers
The insurance company will ask about every driver who has a driving license in the household, not just the applicant. Failure to provide such information may result in the claim being rejected if a person is involved in an accident and is not registered with the policy. Encourage everyone you live with to adopt safe driving habits to help lower your rates.
3. Your vehicle
If you have an older vehicle and it doesn't have a high book value, you may decide that liability coverage and uninsured motorist coverage are what you need. But if you have a new car that's expensive to repair, you may want the added protection of comprehensive and collision coverage.
4. Existing Insurance
If you are a new driver, try to maintain consistent insurance records with no gaps in coverage. This will save you money in insurance rates and means you'll avoid fines for driving without insurance.
At MoneyGeek, we recommend that most drivers have a higher liability limit than many states require. We recommend a minimum coverage limit of 100/300/100, covering up to $100,000 per person for bodily injury, up to $300,000 total for bodily injury per accident, and up to $100,000 for property damage.
What Factors Influence Your Estimated Cost of Car Insurance?
Many factors affect the cost of your car insurance. Consider the following when getting quotes to compare car insurance:
Only Liability Coverage vs. Full Protection: Full protection will cost more than just liability coverage due to additional coverage such as comprehensive and collision coverage. Road assistance, rental car replacement, and gap insurance may also be included as part of full coverage.
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