Your monthly car insurance premium depends on a variety of factors including your age, driving record, vehicle type and coverage type.
In general, to get an estimate of how much money you should be spending on car insurance each month, here are some things to consider:
-Your age: Generally speaking, younger drivers pay higher premiums, while seniors often get discounts.
-Your driving record: Your driving record is an important consideration when shopping for auto insurance. If you’ve had any accidents or tickets, your premiums may be higher than average.
-Vehicle type: Different types of cars carry different premiums. Vehicles with more safety features can lead to lower rates.
-Coverage type: The type of coverage you purchase will affect your premium. Generally speaking, comprehensive and collision coverage are more expensive than liability only or minimum coverage.
To get an idea of how much you should spend on car insurance each month, it’s best to get quotes from multiple insurance companies. Additionally, be sure to review all of your discounts, such as for good driving or bundling policies, which can help make your coverage more affordable.
You can also use an online calculator like EverQuote, which will estimate your car insurance rates based on a few simple questions.
At the end of the day, the amount you pay for car insurance each month is based on your individual circumstances. Shop around and compare quotes to get the best deal and make sure you’re getting the coverage you need.