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 Monthly Average Cost of Auto Insurance

Monthly Average Cost of Auto Insurance

The average cost of auto insurance can vary significantly based on a number of variables, such as the insurance company, the driver's age, location, driving record, kind of vehicle, and coverage limits. State laws, general economic conditions, and other factors can also affect insurance rates. I don't have real-time data as of January 2022, when I last updated my knowledge, and insurance rates might have changed since then. To ensure you have the most recent and accurate information possible, you must get quotes from insurance companies.

Nevertheless, to give you a general idea, the average annual premium for vehicle insurance in the US was approximately $1,190 in 2021. The National Association of Insurance Commissioners' (NAIC) data served as the basis for this. If we were to divide this up into monthly installments, the approximate monthly cost would come to $99.

Remember that these are national averages and that state-by-state variations exist in actual insurance costs. Because of things like local insurance laws, traffic jams, and population density, some states may have higher average premiums than others.

Get quotes from several insurance companies to have a more precise idea of how much your prospective auto insurance will cost. Premiums are set by insurance companies based on a number of factors, and rates can vary greatly amongst insurers. 

Finding the most affordable rates for your particular situation may be accomplished by doing some research and comparing quotes from various sources. You can also reduce your insurance costs by keeping a clean driving record, bundling insurance policies, and utilizing any available discounts.

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