11/22/2022
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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