Average Cost of Insurance: Car, Home, Renters, Health 2019 - Elite Personal Finance
Insurance

Average Insurance Cost : Car, Home, Renters, Health 2019

EPF Last Update: April 6, 2019
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Property insurance can offer both financial protection and peace of mind in case of damages. We researched hundreds of insurance companies in the USA that covers health, home,  renters, pet and car insurances and sampled the below data based on various factors.

The Average Cost of Car Insurance in America

Car insurance is essential if you own one.  The USA car owners have embraced it wholeheartedly with an average of around $941.65 paid in the year 2018. However, the car insurance cost varies depending on the type of car, driving experience and record, gender, age, and marital status among others. According to the research conducted by Elite Personal Finance, the car insurance premium has been ballooning on various states. For example; Michigan has been the most expensive state for five consecutive years when it comes to insurance costs, with an average annual cost of $2,239, 64% higher than the national average cost of $1,365.

StateAnnual Average car insurance cost in dollars ($)
Alaska 1,200
Wyoming1,544
Utah1,131
California1,731
Montana1,446
New Jersey1,383
Colorado1,547
New York1,361
Oregano1,250
Idaho989
North Dakota1,086
Florida2,056
Hawaii1,229
Washington DC1,827
Washington1,309
Oklahoma1,531
New Mexico1,352
Maryland1,439
Nevada1,485
Virginia1,013
Texas1,589
South Dakota1,213
Connecticut1,831
Illinois1,223
Louisiana2,126
North Carolina1,104
Kentucky1,535
Delaware1,646
Alabama1,235
Arizona1,355
Georgia1,668
West Virginia1,408
Kansas1,332
Indiana1,091
New Hampshire1,039
Minnesota1,215
Arkansas1,503
Iowa1,026
Mississippi1,410
Vermont932
Missouri1,256
Wisconsin1,084
Massachusetts1,176
Tennessee1,211
Nebraska1,214
Rhode Island1,852
Michigan2,239
Pennsylvania1,130
Maine1,176
South Carolina1,327
Ohio944

 

The Average Cost of Car Insurance by Age

Young car owners pay higher insurance premiums since they tend to incur more accidents than the older ones. These premium rates decline as they ages since the driver has acquired more driving experience and become more responsible. For instance, teenagers between 16 and 24 years pay a monthly premium three times the young adults between 25 and 29 years while the elderly in their 60s pays less than the young adults between 30 and 44 years.

Age bracket in yearsMonthly premiums in dollars ($)
16-24344.78
25-29111.89
30-44100.44
45-5995.78
60 and above91.44

 

The Average Cost of Car Insurance by Gender

This is a minor category since the car responsibility entirely depends on the training acquired and experience. However, male teenagers between 16 and 19 pay more than their female counterparts.

Age bracket in yearsAverage car insurance cost for females in dollars ($)Average car insurance cost for males in dollars ($)
16-29280.56344.78
30-44102.11100.44
45 and above97.7895.78

 

The Average Cost of Car Insurance by Car Type

Surprisingly, your car type says a lot when it comes to insurance premiums. The insurance companies use the car’s identification number while accessing the car’s accident history and mileage among other characters in determining the average national premium. For instance; Luxury vehicles are charged more than the SUVs.

Car type Average insurance premium in dollars ($)
Car864
Green827
Luxury1,009
SUVs778
Truck761
vans742

 

The Average Cost of Car Insurance by the Insurance Companies

Insurance premiums vary depending on the insurance company and that why it’s important to prior research on the reliable and affordable firm before settling on one. Elite Personal Finance analyzed over 100 insurance companies where Progressive insurance company led with the average rate of $1,241 while Erie trailed with an average premium of $1,052.

Insurance companyAverage premiums in dollars($)
Erie1,052
Geico1,067
American family1,099
Auto owners1,210
progressive1,241

 

The Average Cost of Home Insurance in America

The cost of constructing or building a home is prohibitive, and that’s why grabbing home insurance is a brilliant idea. Natural calamities such as floods, earthquakes, hurricanes, and storms are regular occurrences in America which can waste your decade savings used on acquiring your dream home. Homeowners located in Florida incur the highest annual average insurance rate of around $3,575 while Hawaii residents pay the least, with a yearly rate of $337. However, according to the Federal Reserve Bureau, you can estimate your home insurance by subdividing your home value by 1,000 then multiply the dividend by $3.50. The table below consists of the annual average home insurance rate by state.

StateAnnual Average home insurance rate in dollars ($)
Alaska 908
Wyoming976
Utah642
California793
Montana1179
New Jersey711
Colorado1417
New York935
Oregano643
Idaho622
North Dakota1354
Florida3575
Hawaii337
Washington DC706
Washington653
Oklahoma2651
New Mexico1197
Maryland866
Nevada703
Virginia959
Texas1945
South Dakota1379
Connecticut902
Illinois1053
Louisiana2979
North Carolina773
Kentucky1359
Delaware748
Alabama2314
Arizona813
Georgia1103
West Virginia1288
Kansas1939
Indiana1198
New Hampshire680
Minnesota1333
Arkansas2063
Iowa1205
Mississippi2290
Vermont583
Missouri1922
Wisconsin788
Massachusetts1190
Tennessee1521
Nebraska1583
Rhode Island1205
Michigan1073
Pennsylvania801
Maine721
South Carolina1402
Ohio864

 

Choosing a home insurance premium depends on your preferences since insurance companies’ charges insurance covers depending on your personal properties, deductions agreed, insurance discounts, the age of your home, framing type, claim history, and materials used in constructing your home among others. The table below is an estimation of the annual average insurance rate by framing type although the actual premium is determined by your home size, location, among other features.

Sliding typeAnnual rate in dollars($)
frame1,365
Masonry/bricks1,216
Bricks/masonry veneer1,282
Wood/log1,520

 

The Annual Average Cost of Health Insurance in America

Health insurance is the best gift you can offer to your loved ones. However, the insurance cover is significantly dependant on location and age, where the older you are, the higher the premium. According to the 2017 survey conducted by the Department of Health and Human Services, the average monthly premium for an American resident was $476. Below is a table illustrating the average annual health insurance premium applicable to 21-year-old citizens from various states.

StateAnnual health insurance in dollars ($)
Alaska 5,112
Wyoming4,392
Utah2,160
Montana2,520
New Jersey3,684
Oregano2,472
North Dakota2,904
Florida3,420
Oklahoma2,508
New Mexico2,532
Nevada3,308
Virginia2,664
Texas2,868
South Dakota2,820
Illinois2,928
Louisiana3,408
North Carolina3,240
Delaware3,060
Alabama2,604
Arizona2,964
Georgia3,036
West Virginia2,904
Kansas2,352
Indiana3,312
New Hampshire2,956
Arkansas2,832
Iowa3,012
Mississippi2,808
Missouri3,048
Wisconsin3,360
Tennessee2,700
Nebraska2,916
Michigan3,012
Pennsylvania2,772
Maine3,252
South Carolina2,988
Ohio3,096

 

The Annual Average Cost of Health Insurance Rates by Plan Type

Before registering on Health Insurance, it is recommendable to research on the plan types available to ensure that all your preferences are met. For instance; in our analyzed plan types EPO has the highest annual rates ($3056) while HMO has the lowest prices ($2764.) Besides that, HMO Plan was found to be the most restrictive when it comes to visiting of a health practitioner. Below is an analysis of various premiums applicable to a 21-year-old.

Plan typeAnnual premium rates in dollars ($)
EPO3,056
PPO3,019
POS2,928
HMO2,764

 

The Average Cost of Renters Insurance in America

If you do not own a home or property, it’s possible to protect your personal belongings via renters insurance. The charges are quite affordable depending on location and your properties’ value. The annual average cost of renters insurance as we cross to 2019 is $187 with Mississippi charging the highest cost($244) and North Dakota charging the lowest average renters insurance of $115.

StateAnnual Average renters  insurance rate in dollars ($)
Alaska161
Wyoming156
Utah145
California207
Montana145
New Jersey166
Colorado169
New York211
Oregano168
Idaho157
North Dakota115
Florida217
Hawaii221
Washington DC164
Washington173
Oklahoma234
New Mexico183
Maryland160
Nevada193
Virginia158
Texas228
South Dakota118
Connecticut196
Illinois171
Louisiana242
North Carolina134
Kentucky171
Delaware173
Alabama239
Arizona195
Georgia226
West Virginia176
Kansas174
Indiana182
New Hampshire150
Minnesota149
Arkansas215
Iowa147
Mississippi244
Vermont154
Missouri142
Wisconsin130
Massachusetts206
Tennessee212
Nebraska150
Rhode Island182
Michigan207
Pennsylvania156
Maine149
South Carolina196
Ohio185

 

The Average Cost of Renters Insurance by Limits

Property and liability limits are other factors that determine the renter insurance premiums. However, some changes in the property coverage have more impacts on premiums than changes in the liability coverage. Therefore, it’s necessary to consider your property limits before settling on particular renters insurance.

Property limits in dollars($)Liability limits in dollars($)Annual average renters premiums in dollars($)
15,000100,000124
15,000300,000132
25,000100,000153
25,000300,000161
50,000100,000224
50,000300,000236

 

The Annual Average Cost of Pet Insurance in America

Talking of insurance cover, we cannot ignore that of our adorable pets. Elite personal finances surveyed various pet insurers and analysed the below data depending on policy type, pet species, breeds, and species. However, cat’s coverage over accidents and illness was higher than that of dog pets.

 

Premium coverageAnnual average cat insurance in dollarsAnnual average dog insurance in dollars
Accidents only127.2074.86
Accident and illness256.92307.49

The average cost of lifetime pet insurance by breed

Pet breed has a lot of significance when selecting an insurance cover since their premiums depend on the pet type, age, and insurance coverage. The monthly average cost of dog insurance is $65.11 while that of cat insurance is $25.74.

Dog BreedThe average monthly cost of life insurance in dollars($)
English bulldog158.97
French bulldog134.37
German shepherd59.23
Labrador retriever48.49
Golden retriever48.07
Pug45.66
Miature schnauzer40.72
English Springer spaniel40.56
Border terrier38.04
Cocker spaniel36.95
Cat BreedThe average monthly cost of lifetime insurance in dollars($)
British Shorthair21.17
Ragdoll21.17
Burmese23.55
Sphinx25.58
Oriental25.58
Norwegian forest25.58
Bengal28.08
Persian28.13
Siamese28.78
Maine coon29.81

Elite Personal Finance

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