2022 Auto Insurance Trends Report

on Nov 20, 2022 02:44:PM

The cost of insurance is not uniform across the nation. Factors such as weather patterns, crime rates, population density, and state-specific coverage requirements contribute to regional variations in car insurance rates. Michigan drivers spend a whopping $2,510 per year on car insurance, more than drivers in any other state. In fact, they pay $1,748 more per year than drivers in Hawaii, the cheapest state for car insurance. One of the unsung perks of marriage is actually cheaper car insurance. On average, married drivers see 5% lower rates across the board than unmarried drivers. Though it is not typically a rating factor, homeownership status can also affect what a driver pays for auto insurance. Unmarried homeowners pay about 17% less for car insurance than unmarried drivers who rent their homes. Many homeowners have lower rates in part because they can take advantage of policy-bundling discounts. Read more

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