Most Expensive Car Insurance (2024) (2024)

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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.

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.

Allstate is so expensive because car insurance is expensive in general, due to rising costs for insurers. Allstate's premiums may also reflect how competitively Allstate agents are paid, but at $781 per year, the average Allstate car insurance policy is actually cheaper than coverage from most competitors.

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.

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.

Nationally, the average cost of full coverage car insurance increased by 26 percent in 2024, but some states saw larger rate hikes.

Both Geico and Progressive offer cheap car insurance to drivers across the country. Geico's rates are typically lower overall, but Progressive tends to offer better prices to high-risk drivers. High-risk drivers are those with a recent DUI, at-fault accident or speeding ticket on their driving record.

It's also become increasingly more expensive to repair vehicles due to supply chain shortages, mechanic wage increases and additional technologies in vehicles such as microprocessors, cameras and other sensors — all of which contribute to higher vehicle and insurance costs.

Geico is so expensive because car insurance is expensive in general, due to rising costs for insurers. But at $462 per year, the average Geico car insurance policy is actually cheaper than coverage from most competitors. In fact, Geico is one of the cheapest car insurance companies nationally.

Who is cheaper, Geico or Allstate? ›

Key Points: Geico's full coverage costs an average of $1,572 per year, which is around 38 percent cheaper than Allstate's full coverage rate of $2,520 per year. Allstate offers more flexible roadside assistance packages than Geico, but both companies charge a fee for the service, either monthly, annually, or per-use.

Allstate's average auto insurance rates are significantly higher than State Farm's. The average annual cost of a full-coverage policy from Allstate is $2,598. For State Farm, the average annual cost is $1,697.

Geico, which should you pick? We rated Geico an industry-leading 9.1 out of 10. Allstate, which earned a score of 8.8 out of 10.0, also offers good auto insurance options. Your decision ultimately comes down to your situation and what you're looking to get out of your auto insurance provider.

USAA, Nationwide, Travelers, Erie, Geico and Progressive are the cheapest car insurance companies nationwide, according to our analysis. Car insurance rates are expected to rise even further this spring. We analyzed rates for a variety of driver ages and profiles to see which companies have the lowest prices.

Based on our research, Mini vehicles are typically the least expensive to insure. Owners of Subaru, Mazda and Volkswagen vehicles can also find affordable car insurance. In the sections below, we'll look at the cheapest makes and models to insure.

State Farm is the biggest auto insurance company in the country by market share, while Progressive, Geico and Allstate are the next three. Most of the names of the largest companies in the country are familiar because of national advertising campaigns. Currently insured?

Over the next five years (2024‒28), we forecast that total insurance premiums will grow by 7.1% in real terms, well above the global (2.4%), emerging (5.1%) and advanced (1.7%) market averages. At this rate, India will have the fastest growing insurance sector of the G20 countries.

If you notice your car insurance keeps going up each time you renew, it could be from rising car insurance rate trends over time. These are often caused by factors outside your control, like increases in the costs to repair and replace vehicles or increases in claims and claim severity in your area.

Climate change is playing a role as well, with more vehicles damaged by extreme weather, leading to more claims and, in turn, higher premiums. Meanwhile, insurance companies face increasing medical, legal and other operational costs, said Greg McBride, chief financial analyst at Bankrate.com.

Unfortunately, it's normal for car insurance rates to increase most years. However, companies do cut insurance rates from time to time. Some companies offer loyalty discounts, so you may see your rate decline after a number of years with the same provider.