Most Expensive Car Insurance (2024) (2024)

FAQs

Most Expensive Car Insurance (2024)? ›

According to our data, the Dodge Charger is the most expensive car to insure, costing an average of $354 per month or $4,242 per year for full-coverage car insurance.

Car insurance costs have been on the rise, leaving drivers searching for ways to save on car ownership costs. In fact, according to a report from Bankrate, the average annual premium of full coverage auto insurance rose to $2,543 in 2024 — up 26% from the previous year.

According to Quadrant Information Services, Dodge is the most expensive brand of car to insure. The national average cost to insure a 2022 Dodge is $4,242 per year, which is 145% higher than the national average of $1,730 yearly.

In most cases, third party insurance will incur a lower premium than third party fire and theft cover, while comprehensive insurance is generally the most expensive form of cover. Many insurers also offer optional extra forms of cover that increase the cost of your premium.

What is insurance group 50? With insurance groups ranging from 1 to 50, vehicles in group 50 are the most expensive to insure. The cars that fall into this group usually have high market values and expensive parts and repairs.

Car insurance premiums ncreased 20.6% in the 12 months ending February 2024, according to Cthe latest Consumer Price Index, released March 12, 2024. The reasons are many — from lingering inflation and the rising cost of repairs to an uptick in severe weather and the number and severity of accidents.

If you buy directly from a Progressive company, your car insurance price reflects the cost of staffing and maintaining the sales centers, and a larger portion of our marketing costs.

The top 10 cheapest car insurance companies are Nationwide, Geico, State Farm, Travelers, Progressive, AAA, Allstate, Chubb, Farmers and USAA.

Geico has some of the lowest rates on average nationwide. It is a financially stable insurer that earns high marks for customer satisfaction, according to its ratings from AM Best and the BBB. For these reasons, we named Geico our choice as the Best for Budget Conscious drivers among top car insurance providers.

Is Geico more expensive than Progressive? ›

Is Geico cheaper than Progressive? Bankrate's insurance editorial team analyzed the latest rate data available from Quadrant Information Services and found that, on average, Geico is cheaper than Progressive for most driver profiles. Keep in mind, however, that your actual rate could look different from the average.

Why is Allstate so expensive? Many factors contribute to Allstate being expensive, including rising costs for insurance companies and the way it pays its agents.

Your particular driver profile, which includes factors like where you live, your age and your driving record, influences what you pay for car insurance. But rising car repair costs and an increase in disaster-related claims are significant reasons why car insurance rates are surging for many drivers.

Allstate's overall insurance pricing is 22.72% more expensive than the national average and major competitors. The company ranks in the middle of the pack for cost at a position of 64th out of the 130 providers we reviewed.

State Farm is the most popular insurance company nationwide, and it also is the most popular company in 19 states. Progressive is the largest insurance company in 21 states, including many New England states, some states in the Midwest, Florida and Texas.

Drivers under the age of 25 tend to pay the highest car insurance rates. Rates start to increase again after age 60. Travelers, State Farm, Geico and USAA have some of the cheapest rates for teens and senior drivers.

While it can seem arbitrary, there are actual reasons you can see your price go up and down. Car insurance rates can change based on factors like claims, driving history, adding new drivers to your policy, and even your credit score.

The firm's Home Insurance Projection Report foresees a 6% rise in annual premiums in 2024. The increase will put the national average at $2,522 at the end of the year.

Nationally, the average cost of full coverage car insurance rose to $2,543 in 2024, an increase of 26 percent over last year.

Several factors are driving up the cost of car insurance, including lingering issues from the pandemic. Vehicles are more expensive and costlier to replace, with inflation driving up the cost of computer components and other parts required for repairs.