Bankrate.com recently took a deep dive into car insurance costs, and found that the average annual U.S. premium is $1,674.
Put another way: That represents 2.44 percent of the average driver’s income.
Bankrate also reinforced that how much you pay depends on where you live. For example, folks in Tampa pay about $450 more each year than drivers in Orlando. Yikes.
“The true cost of auto insurance in 2021” includes an interactive map that shows you average rates in your state and also its major metropolitan areas. It also spells out the ways that common life events – such as a drop in your credit score or being in an accident – can affect your premium.
The one that really got my attention is the “change in credit score” factor. In all but three states (California, Hawaii, Massachusetts) your credit score can help determine your car insurance rate. The difference can be scary-high.