What Is The Cost To Insure A Car?

By Mike Anderson Posted in Car Insurance News



There is no easy answer for how much car insurance costs. There are many factors that go into determining the cost of a car insurance policy. It can be as big as what state you live in to as little as your marital status. All states require a minimum of liability insurance. Liability insurance pays for damages to other drivers’ property and/or medical bills in the event of an accident. It would be broken down like this; $20,000 per person/$50,000 per accident/$25,000 for property damage. This is the most basic type of car insurance. How much you pay for it largely depends on where you live since each states has different minimum requirements for liability insurance. Alaska and Maine have the highest minimum requirement with 50/100/25 and Oklahoma, Florida, and Louisiana are tied with the lowest requirements of 10/20/10. The rest of the country falls in between.

What Else Matters

Your driving record, age, marital status, credit rating, and what type of car you are insuring. When an insurance company gives you a quote they base this quote off a risk assessment. Simply, a risk assessment determines how likely it is that you will file a claim while insured with any particular company. This is generally based off of statistics. Drivers with a low credit score tend to be in more accidents then those with a higher credit rating. Drivers in their mid-forties are generally safer drivers than a newly minted sixteen-year-old driver. Also, married drivers are generally safer drivers than the single crowd. If you drive a manual sports car, then you will pay more for insurance than someone driving a automatic station wagon. The price of the vehicle makes a huge difference. How much will it cost the insurance company to repair if it is damaged in an accident? Your driving record is one of the few controllable factors when in comes to car insurance. Keep a clean driving record and pay less for insurance.

Beyond Liability Insurance

If you want to purchase more than the minimum for car insurance there are several options. Comprehensive is the most popular plan. This plan not only covers other drivers in an accident but it covers damages to your car as well. For example, if you hit a tree while you have liability insurance you are responsible for all repair costs and any damages. If you have comprehensive insurance then the insurance company will pay for your car repairs and any property damage. Car insurance companies also offer uninsured driver insurance. This covers the cost of repairing your car and any medical bills incurred when you are in an accident with an uninsured driver.

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  3. New Minimum State Requirements For Chicago Auto Insurance Quotes
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  5. What Are The Minimum State California Auto Insurance Laws?






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