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- The average yearly cost of auto insurance was roughly $1,550 as of May 2010. The average price was $1,600 in 2008, and it was $1,736 in 2009. Many factors can contribute to the fluctuation in the cost of auto insurance, including where you live (certain areas are more prone to car accidents), the type of vehicle you drive (certain cars are more apt to be involved in accidents), credit rating (insurance companies believe having poor credit indicates a higher risk of accidents) and education (insurers believe those with more education are less likely to have accidents).
- Teenagers pay the highest premiums because compared with miles driven, teenagers are involved in the highest percentage of traffic accidents of any other age group. The average yearly price for teenagers was $2,288 in May 2010. It was $2,777 in 2009. The next-highest premiums are ages 18 to 25, while the "safest" group--according to insurance companies--is between 50 and 65 years old.
- Drivers older than 65 pay the lowest average auto insurance premiums, because that group has the fewest accidents, mostly because they drive the least. Their yearly average cost for auto insurance was $1,262 as of May 2010. Although their price can fluctuate year to year--in 2009, it was $1,318--the fluctuation is smaller.
- Married couples generally pay a lower premium than single drivers, but that is mostly because they are older than beginning drivers. The average yearly price of married drivers was $1,371 in May 2010.
- Males pay higher premiums than females on average. This is because statistics show males having a higher percentage of accidents. This mostly affects drivers younger than 25; yearly costs for males and females come closer as the drivers get older. However, throughout the years the gap between premiums for men and women has closed dramatically, because more women are driving.
Averages
Average Price for Teens
Average Price for Seniors
Average Price for Married Couples
Males vs. Females
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