National Median Auto Insurance Cost $702 for 6-Month Policy, Study Says

Posted in Auto Insurance , Compare Auto Insurance

February 4th, 2010

New data released by InsWeb revealed that the current median price for a six-month policy is $702, which indicates a decrease of approximately 0.5 percent over the last six months. The median price indicates the middle price of car insurance with roughly 50 percent of costs above and below this number, as opposed to the average cost, which totals the sum of costs, divides into the sum by the number of sums added then comes up with cost most people pay.

Specifics from the Survey

The survey was able to release median costs for not just the nation, but also specific demographic groups. Here are specifics from the survey:

• Men pay a median car insurance rate of $720 for a six-month policy
• Women pay a median car insurance rate of $683, which is 5 percent lower than men
• Drivers age 19 and younger pay a high median rate of nearly $1,300
• Drivers ages 60 to 74 have a median rate of $596

(Learn how your auto insurance is calculated)

Savings Tips from InsWeb

In addition to providing information on current median prices for auto insurance, InsWeb offered five tips for lowering auto insurance rates:

1. Take advantage of discounts: Most consumers are eligible for at least one of the following discounts: good driver, loyal customer, good student, safe vehicle, or some other type.
2. Increase your deductible: By adding a higher deductible to your policy, you can lower your auto insurance premium.
3. Insure car and home with same carrier: By choosing a multi-line insurance policy, the insurance company will usually cut you a deal on both premiums.
4. Pay your policy at one time: Instead of paying month-by-month, you could pay in one lump sum and lower your costs.
5. Shop around for rates: By looking around with different insurers, you’re destined to find different quotes, which is why your best bet is to shop around until you find best quote for you.

To find other great ways to save on auto insurance, visit Go Insurance Rates.