Car Insurance

Another pain point for U.S. motorists: Car insurance costs

Soaring gas prices aren’t the only expense U.S. drivers are grappling with these days. Insuring a vehicle costs roughly $700 more now than before the coronavirus pandemic, industry data shows.

The typical motorist will spend $1,771 on auto insurance this year, up nearly $100 from 2021, according to a new Bankrate study. But that is up sharply from 2019, when annual premiums totaled $1,070, according to the National Association of Insurance Commissioners. That is raising the costs of car ownership at the same time that buying, servicing and fueling a vehicle also gets pricier. 

“Households’ transportation budgets are already under significant financial strain amid the highest inflation in 40 years, and almost every facet of driving is getting more expensive,” Bankrate analyst Sarah Foster said in a statement. 

Gas prices, which hit a record high of $4.33 a gallon on March 11, now average about $4.22. Meanwhile, the average

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Cost of car repairs, insurance going up

The cost of owning a car is going up for many drivers for various reasons, from replacement parts to insurance.

INDIANAPOLIS — It’s a good news-bad news situation when it comes to auto insurance in the Hoosier State.

The good news: Indiana is the 15th cheapest state, according to Bankrate. The average annual premium is $1,242, around $500 less that the national average.

The life events that will significantly increase the cost are (added cost annually in parenthesis):

  • Credit score decreased from “good” to “poor ($771)
  • Received a speeding ticket ($301)
  • Caused a car accident ($550)
  • Had a lapse in auto insurance coverage ($152)
  • Convicted of a DUI ($1,013)
  • Insured a teenage driver ($1,411)

The bad news is you might see a rate hike at renewal time.

“A report from S&P Global Market Intelligence shows that a lot of these premiums have increased from anywhere from around three to

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How to Get The Most Accurate Car Insurance Quotes Online

A person driving a car.

Image source: Getty Images

Don’t shop for car insurance by getting inaccurate quotes.


Key points

  • Shopping for online car insurance quotes makes finding coverage simple.
  • But you need to take a few steps to make sure you get accurate quotes.
  • Using your car’s VIN number and making a fair comparison goes a long way.

Before buying auto insurance, it’s a good idea to shop around carefully to find the best and most affordable coverage. Fortunately, the internet has made this process quick and simple since many major — and even smaller — insurance companies have made online quotes available after answering a few simple questions.

However, consumers shopping for coverage need to make sure the quotes they’re receiving are accurate as it does little good to buy auto insurance based on pricing that doesn’t fully reflect the reality of what an insurer will charge. To make sure the quotes received

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