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| | | Car insurance premiums vary based on many factors: what kind of car you drive, what kind of risk you have, what kind of coverage you desire, and where you live. | | |
| Typical costs: | - Low Cost Car Insurance: If your vehicle is old and you decline comprehensive insurance, you can get a low-rate liability-only insurance. The California Insurance Commissioner's survey shows that a 25-year old single male in Northridge with 0 points averages $522 a year from Mercury Auto Insurance and that a 32 year old couple in San Mateo with 0 points average $520 a year from Metropolitan Direct.
- Premium insurance plans with comprehensive coverage generally run over $1,000-$4,000, depending on your risk factors (such as any driving points, your age and marital status, any tickets). According to the New York Insurance Department, a representative premium for a single 20 year old male in Manhatten with comprehensive and collision insurance with a $200 deductible is $3,733 a year.
- If your state aggregates statistical data for insurance premiums, the best way to compare rates from many different carriers is to use your state's Automobile Premium Comparison or Auto Insurance Consumer Guide. CA, FL, NY, TX, National Directory of State Insurance Departments.
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| Discounts: | - Tip: Be sure to shop around and compare prices. Premiums can vary a great deal (as much as 50%) for the same car and coverage.
- Tip: Be sure your carrier is aware of any reasons for a discounted rate, such as membership to organizations, age older than 25, marital status, or taking a defensive driving class.
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| Shopping for car insurance: | - Insweb is the largest online car insurance broker that lets you compare premiums from multiple carriers before deciding.
- Geico is a well-known discount car insurance company, and you can get quotes online.
- You state's Department of Insurance may also have a list of carriers in your state. CA, FL, NY, TX, National Directory of State Insurance Departments.
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Article updated November 2006 |
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