How Much Does Car Insurance Cost?

If you’re wondering how much does car insurance cost, you’ve come to the right place. Whether you’re looking for an inexpensive plan or you want to have a high-end policy, there are plenty of options available. Listed below are a few things to consider before you sign up for coverage. A high-end policy is likely to include more benefits than a low-cost plan, but you can still save money by getting the best coverage for your needs. auto insurance quotes south carolina

Rates for car insurance vary by state, insurance company, and type of coverage. However, the average bill is $1,190 per year. According to the National Association of Insurance Commissioners, premiums for car insurance rose by 30% between 2014 and 2018 while the number of insured vehicles grew by just 7%. Depending on your personal history, your policy price may vary significantly. Getting multiple quotes will help you weigh the different options and find the best one for your needs.

Liability insurance is required by law. You must have a policy with a minimum liability amount of $500,000 to protect yourself from lawsuits, but collision and comprehensive coverage is also recommended. Your financial situation will also influence the coverage level you choose. If you have very little money saved, you may not be able to purchase a similar value vehicle with cash. Even if you find a very cheap policy, you may not have enough coverage to repair or replace the car if it’s stolen.

Your credit score plays a major role in determining the premiums for auto insurance. Generally, the higher your credit score, the cheaper your premiums will be. Poor credit drivers pay about $2,524 more than average. Compared to the national average, these companies charge approximately $700 less than the national average. You should be aware that the rates for these insurance plans are higher than the national average if you’ve had a recent car accident.

In addition to the age of the driver and the type of vehicle, the price of the policy also plays a part. Young drivers will need to pay more for their insurance than older drivers, and if you’re new to the industry, you can increase the deductible to $1,000 before signing up for a policy. If you don’t drive much, you might want to consider raising your deductible to $1,000 and saving the money for emergencies. Remember that there are discounts for good driving, taking driving classes, or paying twice a year.

Another thing to consider is your accident history. Even minor violations can impact your premiums. A recent DUI cost an average of $335 per six-month policy and $1,134 for a full coverage policy. Taking these factors into consideration, you may find a lower-cost plan by switching insurance companies. Once you have made the switch, you can save hundreds of dollars per year! It doesn’t hurt to shop around before signing a policy with a new provider.