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What impacts auto insurance rates?

Bankrate’s study of the average annual cost of auto insurance in the U.S. shows a rate of $1,771 per year for full coverage, accounting for about 2.57% of the average U.S. annual household income. Based on the report:

If your credit score decreases from good to poor, your premium can increase by $1,231 for an average annual premium of $3,002.
A speeding ticket can increase your premium by $367 for a total average premium of $2,138 per year.
If you cause a car crash, your annual insurance premium can increase by $750, for a total full coverage policy cost of $2,521 per year.
A lapse in coverage can cost you $178 a year, for an average annual premium of $1,949.
A DUI conviction can increase your annual full coverage policy premium by $1,650, for a total policy cost of $3,421 per year.
If you add a teen driver to your policy, expect to add an average of $2,081 to your policy premium, for a total annual premium of $3,852.

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Some factors that may affect your auto insurance premiums are your car, your driving habits, demographic factors and the coverages, limits and deductibles you choose. These factors may include things such as your age, anti-theft features in your car and your driving record.

Like it or not, auto insurance is a fact of life. The average American pays $1,771 a year or about $148 a month on auto insurance. Nearly 215 million drivers carry car insurance in the U.S, and the industry as a whole is worth about $316 billion as of 2022, according to IBISWorld.

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