Car Insurance Calculator: Estimate Your Coverage Costs
Updated November 28, 2022
Car insurance rates are linked to individual policyholders’ unique needs and risk profile. Even drivers with similar driving records may be quoted different rates by the same company. To get an idea of how much you should expect to pay for your desired coverage levels, use Insurify’s car insurance calculator.
Several factors, from address to demographics, influence car insurance rates.
Car insurance estimates can help drivers understand how much they should expect to pay in premiums.
The Insurify Car Insurance Calculator is the most accurate when you include all relevant details.
Drivers can use Insurify’s car insurance calculator to get the best estimate on what they should expect to pay in car insurance premiums for their desired coverage levels.
Savvy car shoppers don’t just compare the price and features of their prospective vehicles. They also estimate how much car insurance will cost for the new car.
First, you need to narrow down your choices to your top three to five contenders. Then, decide how much coverage you need. That means deciding your coverage limits for:
Property damage liability protection
Medical payments or personal injury protection (PIP)
Gap coverage, if applicable
Lastly, you plug this information into the Insurify rate-comparison tool. Simply enter the vehicle information to receive real quotes based on your driving profile and the car.
Drivers in almost every state must meet car insurance minimums to drive legally. But state minimum is not enough coverage for most people. You need enough car insurance to cover:
The cost of medical care after an accident
The cost of repairing or replacing your car
The cost of losses that result from an uninsured or underinsured driver
Your minimum coverage needs depend on the value of your car and the number of passengers usually with you. A newer, more valuable car requires higher coverage limits, as the cost to replace the car is high. If you drive with passengers, you should purchase higher medical payments coverage because the risk of paying large medical bills is higher.
There are four main factors that determine the base cost of insurance for the make and model of a vehicle type.
Value: How much the car is worth and whether the car is a base model or luxury model.
Engine size: Cars with larger engines indicate a driver who wants to drive fast. That sends a risk signal to insurance companies.
Repair costs: Some cars, even ones with modest price tags, are more expensive to repair. They may have specialized auto parts that aren’t easily replaced or unique features that require car mechanics with specialized knowledge.
Theft rate: Some cars are very popular amongst car thieves, while other cars are hardly touched. For this reason, cars with higher theft rates tend to be more expensive than cars with lower theft rates.
What your car insurance cost boils down to is how big a risk you pose to the company. In other words, how likely are you to be the cause of a costly insurance claim payout. Insurance companies avoid payouts, as these are losses. To reduce losses, they collect higher premiums from drivers who pose a higher risk.
But car insurance companies look at more than the cost of your vehicle to determine risk. They also consider a driver’s:
Demographics: Drivers under 25 tend to pay the highest premiums. Costs begin to decline after 25, steadily decreasing until drivers reach their 70s or 80s. Women tend to pay less than men, but in some states, companies are forbidden from using gender as a rating factor.
Driving record: People with clean driving records pay much less than those who have multiple infractions.
Marital status: Married people are considered lower-risk drivers than singles.
Credit history: People with good credit pay less than people with bad credit. People with excellent credit scores pay the least.
Coverage types: Whether you need liability coverage, full coverage, or additional coverage options.
State requirements: Some states require more insurance than others. Massachusetts, for example, requires several coverage options beyond liability insurance.
Location: Some areas have higher average costs for car insurance. Consider cost differences between cities and small towns in California.
Coverage limits: How much coverage you need for each type of coverage.
Deductible level: People with higher deductibles on their policies pay less than people with lower deductibles. Just be sure your deductible is set to a level you can afford in the event of a claim.
While many factors that influence the cost of car insurance are out of your hands, there are six strategies any driver can use to lower (or drastically lower) their rate.
Compare car insurance rates at least every six months.
Auto insurance companies change how they assess risk and prices all the time. Building comparison-shopping into your financial routine is a great way to save.
Take advantage of discounts, as many as you can.
People with the cheapest car insurance policies are taking advantage of steep discounts. Ask your insurance agent about any discounts you might have missed.
Choose a cheaper vehicle and raise deductibles.
If you have teen drivers, it’s a good idea to limit their vehicle use to one that’s paid off and cheaper to insure. To save even more, you can drop optional coverage, like collision, and even lower some of the coverage amounts based on the car’s usage.
Maintain or build a good credit score.
Your credit score can make things easier and cheaper or harder and more expensive. While correcting a lower score may take some time, it’s possible for anyone to have better credit.
Improve your driving record or maintain a good record.
A single car accident or DUI can as much as triple your car insurance rate. Several speeding tickets can also increase your rate by a lot. People with clean records pay less and get access to more discounts.
Bundle auto insurance with home insurance.
Homeowners get the best discount when they bundle their insurance products. Many companies also allow bundling with other types of insurance, like renters insurance.
Combining all six strategies can save you hundreds every year on car insurance premiums.
Back in the day, you needed to go to each individual insurer to get an estimate for your car insurance. Now, you can use simple technology to get real quotes in minutes.
Compare quotes from top insurance companies for free.
Your car insurance rate is affected by three main factors. First, your driving profile—your age, gender, driving record, and credit score. Second, your car—its make, model, safety rating, usage, value, and additional auto insurance coverage options it needs. Third, your location—the local claim rates, crime rates, climate, traffic patterns, and insurance requirements.
You should expect to pay between $1,700 and $2,500 a year to insure a luxury vehicle. You may pay more or less depending on your driving history, age, credit score, and location. Being smart about discounts and comparing car insurance quotes are the two best ways to save on luxury car insurance.
For minimum coverage insurance (a.k.a. liability-only), you should expect to pay between $450 and $550 a year. For full-coverage insurance—liability plus collision and comprehensive coverage—you should expect to pay between $1,500 and $1,800 a year. Again, your driving history, age, location, and discounts can make a big difference in your actual costs.
Nationally, the average monthly insurance cost for minimum coverage is approximately $42, while the monthly average for full-coverage insurance is around $132. But state averages can be much higher and sometimes much lower than the national average. For example, Michigan has the most expensive insurance rates, while Hawaii and North Carolina have the lowest.
Data scientists at Insurify analyzed over 40 million auto insurance rates across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page. The car insurance data includes coverage analysis and details on drivers' vehicles, driving records, and demographic information. With these insights, Insurify is able to offer drivers insight into how their car insurance premiums are priced by companies.
Tanveen Vohra is an editorial manager at Insurify specializing in writing about property and casualty insurance. Through her work, Tanveen helps consumers better understand the components of their insurance policies so they can make smarter purchase decisions.
Tanveen's work has been cited by CNBC , Fox Business, Business Insider, Fortune, and Market Watch, among others.Learn More