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Average Car Insurance Rate You Need To Know In 2020

 


 Car insurance rates are hard to predict. Rates vary based not only on the insurance company`s risk appetite, what coverage you want, and the car you drive, but also where you live and even your credit score, as well as dozens of other factors. But here`s the bright side: drivers who have a better understanding of how car insurance works tend to pay less, experts say. 

 “Your prices will be different even though your information is the same from almost every insurance company, so you should check many of them,” says Kyle Schmitt, vice president and managing director of insurance intelligence at J.D. Power. “It`s a matter of doing research, reading reviews, and getting down to which ones are most likely right for you.” 

 Not only can some basic car insurance knowledge save you money, but it can also help you understand what you`re paying for and prepare you for the unpredictable. A little knowledge can be very helpful, so here's a breakdown of the average car insurance premiums for teens, young drivers, adults and the elderly, as well as the average car insurance premiums for each state. In this way, you can easily compare different categories of car insurance premiums and find the best price. 

 Minimum and full premiums for young people and young drivers 

 Your age is out of your control, but it plays an important role in the price of the car you qualify for. Teens and young drivers, especially those under the age of 25, generally pay higher premiums than older drivers. But there is a logical reason for this. Young drivers have less driving experience and are at increased risk of accidents. Data from the U.S. Centers for Disease Control shows car crashes are the second leading cause of death among teens. 

 An 18yearold driver, for example, pays over $5,000 more per year for full coverage insurance versus a 25yearold driver. Insurance companies vary in how they price policies for young drivers, but it`s generally less expensive for parents to add a teen to their auto policy compared to a teen purchasing their own policy, according to the Insurance Information Institute.

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