The Average Cost of Car Insurance Per Month
The average cost for car insurance for an adult can depend on many factors that are used by an insurer to calculate the cost of an automobile insurance policy. Factors include an individual's driving history as well as the type of vehicle that is being insured. The average costs per individual is generally estimated because rates are determined individually.
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Estimated Cost
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The typical automobile insurance policy can cost up to $150 a month without any tickets or violations, which can increase the cost of the policy. These amounts are estimated based on such factors as single-car families and multi-car families. The national average of people per household is three, which can average out to $50 a month per individual.
Age
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One factor that insurers use to determine the coat of car insurance is the age or the driver. Typically, older drivers enjoy cheaper costs for car insurance than younger drivers. The age group that costs the most to insure is individuals that are under the age of 25. This is because youthful drivers are seen as inexperienced and tend to get into more accidents. As a result, the cost per month is higher for this age group.
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National Average
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The national average for the annual cost of car insurance has increased over the past three years. In 2007 the national average for car insurance was $1,589 or $132.42 a month. In 2008 the average cost per year was $1,600 or $133.33 per month. The average annual cost for car insurance in 2009 is currently $1,796 or $149.66 a month. This was an increase of nearly 11.5 percent from the monthly cost in 2007.
Lowest Cost State
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Illinois is state with the lowest average annual cost for car insurance. In 2007 the average annual cost was $1,105 or $92.08 a month. In 2008 the average annual cost was $1,117 or $93.08 a month. The average annual cost for 2009 is currently $1,202 or $100.16 a month. The increase in cost from 2007 to 2008 was 1 percent. The increase in cost from 2008 to 2009 was 7 percent. The monthly cost has increased the past three years but is not yet into double digits.
Highest Cost State
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New York is the state with the highest average monthly cost. In 2007 the average annual cost for a car insurance policy in the state was $2,419 or $201.58 a month. In 2008 the average cost increased slightly to $2,452 or $204.33 a month. The average annual cost for 2009 is currently $2,444 or $203.66 a month. The average cost per month has increased 1.4 percent from 2007 to 2008 and decreased 0.32 percent from 2008 to 2009.
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