Do you hate spending money? Same. And if you have a car, paying for car insurance is just something we all have to suck up and do. But have you ever wondered how much other people are paying for car insurance? Well, I did some digging and found some hilarious stats for you to enjoy.
When You're Rich, Insurance is a Joke
Let's start with the facts: the average car insurance in America is about $1,674 per year. But that's just for us plebeians driving our hoopties. According to a study by Insure.com, if you're rich enough to own a fancy sports car like a Lamborghini Aventador, your annual insurance cost is about $6,000. I mean, if you can afford a car that costs upwards of $400,000, I don't think insurance is the thing you're sweating about.
Your Age is Showing
Now, if you're like me and driving a car that's as old as you are, you're probably paying less than average. However, if you're a fresh teenager getting their first taste of freedom and buying a car, good luck. The average insurance cost for a 16-year-old is about $6,700 per year. Yep, that's almost four times the average cost. And if you're 25, congrats cuz you'll be seeing the best rates at about $1,485 per year.
Location, Location, Location
I always knew my relatives in California had it rough, but damn their car insurance is expensive. According to a study by Car Insurance Comparison, California has the highest insurance rates in the nation at about $2,065 per year on average. Meanwhile, our friends up north in Maine are only paying about $966 per year. I mean, it makes sense - California has earthquakes, Hollywood stars driving drunk, and a lot of expensive cars to cover.
Boop Boop Beep, Gender Affects Your Wallet
As someone who's been asked by their male friends to put their car insurance in my name, I can confirm that gender does play a role in how much you pay for insurance. According to ValuePenguin, on average, men pay about $15 more per month than women for car insurance. Why? Well, it's a bit of a stereotype, but men are statistically more likely to get into accidents than women. Sorry, dudes, but science doesn't lie.
And the Winner Is...
So, who's the most expensive car insurance company? Drum roll please... it's Allstate. According to NerdWallet, Allstate has the highest average annual rate at about $1,896. But who's the cheapest? Well, if you're looking for a bargain, try out Geico. They offer the lowest average annual cost at about $1,198 per year. And if you're feeling extra thrifty, you can always try to haggle with Progressive, since they're known for offering discounts to customers who call and ask.
So, there you have it folks - some fun facts to help you cope with the fact that you're probably overpaying for car insurance. Maybe you can use this info to negotiate lower rates with your own insurance company, or maybe you'll just feel better knowing that you're not the only one shelling out big bucks each year. Either way, drive safe and maybe start looking for a sugar mama with an insured Lamborghini to drive around in. Hey, a girl can dream.
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