The cost of insurance is determined by many factors, including the type of car you drive and its base price. Some vehicles cost more to insure than others, and the base price of a Lamborghini can be $400,000 or more. Even if your car is less expensive, you can still expect it to cost more than a $2k commuter car. WalletHub’s analysis found that the cost of your car is only 22% of the cost of insurance. The remaining 78% is dependent on other factors, such as your car’s make and body type.
Some factors that affect your auto insurance rate are your education and home ownership. You can also look at insurance rates based on these factors. Also, make sure you check with your insurer if they allow you to exclude specific items from your policy. You can also check the insurance rates for different zip codes. A good way to know the average cost of car insurance is to compare the premium of your zip code to the average cost of similar policies in your area. You’ll have a better idea of whether you’re paying too much or not by getting a comparison quote.
The difference between the average cost of car insurance in different states is substantial. For example, in Michigan, the average cost of car insurance is $130 higher than that of drivers in Ohio. The overall average cost of car insurance differs by state, so check with your insurer to see how much you could save in each state. While you may find that your state is more expensive than others, there are several other factors that affect your insurance rate. You can qualify for discounts by earning a claim-free driving history. This way, you can get a 20% discount from your insurance provider.
