How much does car insurance cost per month? This question is always the first inquiry that we want to get answered. This is so, because when we are about to add a cost, we have to be sure that our monthly financial plan can afford it. Additionally, we have to know that the rate that we have to pay monthly is worth the financial cover that we expect from auto insurance. Financial plan is an art of listing our income and expenses plus the saving that we want to make monthly or yearly. The method of financial planning board can be easily downloaded online but the problem is deeper than including the numbers into the plan. The sample is usually easy because of the higher monthly payout but when we have a quite little monthly income, the planning will not be easy. Therefore, it is good to check the insurance cost if we want to get covered without suffering from monthly financial problem.
Commonly, insurance policy premium is arranged for 6 month payments or annually payment. The average annual cost of auto insurance payment in the United State in 2014 was $907.38. This information is commissioned by the Quadrant Information Services. The monthly payment does not always form the car insurance coverage that we need. Though the insurance rates are commonly managed to be paid yearly, we can actually ask the administrator to help us making it more cost efficient by a small monthly payment.
How much does car insurance cost per month for young drivers?
Car insurance cost varies depending on the age of the applicants. Young drivers are regarded as high risk. They are notoriously driving dangerously because of their immature emotion. When driving, people need to use their skills and also good emotion control. Those factors are owned by the adults. The teenagers and young drivers tend to like speeding and do traffic violations. That is why they are included in high risk drivers who are charged more for the auto insurance premium.
That makes the average cost of insurance for drivers fluctuate drastically based on the age. Annually, the sum of insurance rate for drivers of 16 years old is $8.226 while those who are reaching the age of 70 years old have to pay $2.131 for the total insurance rate in a year.
Car Insurance Rates by Gender
Auto insurance rates are unique because they are formed by various requirements and conditions. Sometimes, insurance companies have a standard based on years’ research to determine the premium. For auto insurance, the terms and conditions get even wider. Auto insurance rates are also formed based on the genders. A research has been conducted to check 54 different auto insurance companies and the result shows that male drivers with the age of 19 years old have to pay 12% more expensive rate compared to the female counterparts. Why should male pay more rates? Gender is not a direct case to consider when determining the insurance cost. The problem is that males tend to drive more often compared to women. Besides, the research shows that males receive more speeding and other violation tickets. And the worst thing is that men are recorded to experience driving under the influence more than women!
How much does car insurance cost per month based on various factors?
The fact is that the premiums range from under $50 to hundred dollars. The rates are based on the age and gender. Besides, the expected rate will be made based on the driving history, the vehicle type, and sometimes, the insurance companies also check the numbers of cars and drivers in our house. There are many other factors that will be viewed before the rate is stated.
Additionally, the different regions have different auto rates monthly. A place that has more risk and high crime level are more likely to have higher rates. Here are some other factors that make the auto insurance rates different.
1. The High Rated Location
Locations are the important factors in auto insurance rate. The auto insurance companies will not only check the neighborhood of our house and the crime level over there but also the location of our office. In the area with high vandalism and car theft, the auto insurance rate will be expensive. If we drive in a city with high accident records, the auto insurance will be high as well. Additionally, an area with expensive medical cost will influence the insurance rate. This is so, because insurance policy will cover accidents and the medical costs that entail the accidents of the policy holders. Therefore, we are usually required to enter our state and even our ZIP code to get auto insurance quote online.
2. The Roads that We Travel
Auto insurance will not let us travel to a dangerous road every single day and charge us with low insurance rate. Therefore, if we live in a rural zone with safer traffic but has to travel roadways that have high statistic of traffic accidents. Whether we are driving in an urban zone or rural zone, the insurance rates will be different.
3. Natural Conditions
How much does car insurance cost per month if it is taken by someone who lives in a dangerous region? In regions where natural disasters often occur, the auto insurance cost will be higher than the area that is relatively safer. An area with icy roads, strong snowstorm, many possible natural disasters that can attack at any time, is charged with expensive auto insurance rate.
The conclusion is that there is no specific rate of auto insurance cost per month. We need to view several factors and check the reliable insurance quote service to get the exact answer. For those who are living in a safe place, own a clean driving record, and drive only ordinary car, the auto insurance rate can possibly cheaper. But those who live in a dangerous area, big city, receive too many ticket, the insurance rates will be undeniably expensive.