National car insurance rates remained fairly stable through October. The national average monthly cost of liability car insurance held at $104, while the full-coverage average fell to $194, Insurify data shows.
In most states, minimum-coverage auto insurance rates remained unchanged or moved by a few dollars up or down. Full-coverage rates rose in 16 states and either remained static or dipped in the rest.
Average cost of car insurance by state as of Nov. 1, 2024
Location plays a significant role in car insurance costs. Factors like exposure to extreme weather, traffic congestion, accident frequency, and vehicle crime rates can vary by location and affect car insurance rates.
In October, full-coverage averages rose minimally, with Virginia seeing the largest increase from $185 per month to $188. Kentucky marked the greatest decrease — a drop of more than $6 to $190 per month for the average full-coverage policy.
5 states with the highest car insurance rates as of November 2024
New York had the highest overall average cost of car insurance in October, ending the month at $274. Virginia, however, saw the largest increase in full-coverage rates. Its full-coverage average climbed by $3.75 per month, hitting $188 by Oct. 31.
Here are the states with the highest overall averages in October.
5 states with the lowest car insurance rates as of November 2024
North Carolina’s overall average rate was the lowest of all the states in October, at just $82 per month. The Tarheel state’s full-coverage average rate edged down in October, from $110 per month in September to $108 as of Oct. 31.
Here are the five states with the lowest overall average car insurance rates in October.
Factors that affect car insurance rates
Car insurance rates can vary significantly among drivers based on many factors that insurers use to estimate risk. Some common rating factors include:
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Driving history: Insurers consider whether a driver has a clean record or infractions such as speeding, driving under the influence, or causing an accident.
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Age: Driving experience and accident risk closely correlate with age, actuarial data shows.
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Gender: Statistically, women are less likely to cause accidents and engage in risky behaviors like aggressive driving.
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Location: Where a policyholder lives and drives affects their exposure to risk factors such as extreme weather, vehicle crime rates, and accident rates.
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Credit history: Actuarial data indicates drivers with better credit are less likely to file car insurance claims than those with poor credit.
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Vehicle make and model: Vehicles that are less expensive or that have multiple safety features cost less to insure.
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Vehicle usage: Driving fewer miles per year reduces a vehicle’s exposure to the day-to-day risks of driving.
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Vehicle equipment: Safety features like lane-keeping assist and blind-spot warning can help decrease the risk of accidents.
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Coverage type: Generally, liability-only coverage costs less than full-coverage car insurance.
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Coverage limits: The amount of coverage you buy affects annual premiums; minimum coverage is typically the cheapest but doesn’t offer enough financial protection for most drivers.
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Deductible: Higher collision and comprehensive coverage deductibles (liability coverage has no deductible) reduce rates since the insurer assumes less risk for the cost of repairs.
How to save on car insurance
Every state except New Hampshire requires drivers to carry at least a minimum amount of liability coverage. Insurance professionals recommend buying more coverage for greater financial protection in at-fault accidents. And if a driver leases or finances a vehicle, the leasing company or lender will require them to buy full-coverage car insurance.
Drivers can take steps to reduce the cost of car insurance, including:
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Drive safely. Avoid speeding, hard braking, distracted driving, and other risky driving behaviors that could cause a claim.
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Look for discounts. Most insurers offer discounts, such as good student or multi-car discounts, that can help reduce premiums.
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Increase the deductible. A higher deductible typically leads to lower rates.
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Adjust coverages. Liability-only coverage is the cheapest insurance available, and minimum coverage is the cheapest liability option. But drivers should be careful and buy enough coverage to adequately protect them financially.
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Comparison shop. Drivers should compare rates from multiple companies every time their policy comes up for renewal.
Methodology
Insurify data scientists analyzed more than 97 million rates from car insurance applications in Insurify’s proprietary database to calculate the premium averages displayed on this page. These premiums are real quotes that come directly from Insurify’s 50+ partner insurance companies in all 50 states and Washington, D.C. All premium averages reflect the cost of car insurance for drivers between the ages of 20 and 70 with a clean driving record and average or better credit.
For most states, full-coverage premium prices represent two-year rolling medians in order to manage extreme market volatility seen over the past few years as insurance companies have sought substantial rate increase approvals and deprioritized writing new policies in the face of rapidly rising costs.
Liability-only premium prices — as well as full-coverage prices in Maine, Massachusetts, Michigan, Montana, North Dakota, Nebraska, New Hampshire, New Jersey, and Vermont — represent one-year rolling medians.
Liability-only premium averages correspond to policies with the following coverage limits:
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Bodily injury limits between state-minimum rates and $50,000 per person, $100,000 per accident
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Property damage limits between $10,000 and $50,000
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No additional coverage
Full-coverage premium averages correspond to the same bodily injury and property damage limits in addition to:
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Comprehensive coverage with a $1,000 deductible
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Collision coverage with a $1,000 deductible
For full-coverage historical data, please visit Insurify’s Auto Insurance Data Center. Data housed in the Data Center dates back to 2021 and represents the median yearly cost of full coverage for drivers between the ages of 20 and 70 with a clean driving record and average or better credit.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.