Mel Duvall is a business writer with more than 30 years of experience. He has bylines at CarInsurance.com, Insurance.com, and The Financial Post.Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. , which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.
“Escalating loss costs continue to plague many auto insurers, ” says Mark Friedlander, director of corporate communications for the Insurance Information Institute , which provides research and education on the insurance industry. The type of vehicle you drive affects your rate. Vans are, on average, the cheapest to insure, while sports cars are the most expensive.Full coverage car insurance combines liability insurance with comprehensive and collision coverage.
Comprehensive and collision insurance both come with a deductible, the amount you must pay before your insurer will step in to cover the cost of repairing or replacing your vehicle. Deductibles can range from zero dollars to $1,000 or more, and you can adjust your deductible to suit your financial needs. Generally speaking, the greater your deductible, the lower your premium.The cost of full coverage car insurance ranges widely among carriers.
Male teenage drivers get hit particularly hard, as, once again, they have a higher rate of accidents than females. The crash death rate in 2020 for male drivers between the ages of 16 and 19 was triple the death rate for female drivers in the same age group, according to the Centers for Disease Control and Prevention.
As noted above, USAA offers some of the cheapest rates around, with full coverage car insurance rates at about $115 per month. Professional discounts for such affiliations as being an engineer, teacher, firefighter, lawyer, medical professional or alumni of a university “Although it can be irritating and time-consuming, drivers should comparison shop on an annual basis,” he says. “With the ease of the Internet these days, it’s not difficult to do.”Expert tips on how to shop for the cheapest full coverage policy