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

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

EPF Last Update: December 17, 2018

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.

State Annual Average car insurance cost in dollars ($)
Alaska 1,200
Wyoming 1,544
Utah 1,131
California 1,731
Montana 1,446
New Jersey 1,383
Colorado 1,547
New York 1,361
Oregano 1,250
Idaho 989
North Dakota 1,086
Florida 2,056
Hawaii 1,229
Washington DC 1,827
Washington 1,309
Oklahoma 1,531
New Mexico 1,352
Maryland 1,439
Nevada 1,485
Virginia 1,013
Texas 1,589
South Dakota 1,213
Connecticut 1,831
Illinois 1,223
Louisiana 2,126
North Carolina 1,104
Kentucky 1,535
Delaware 1,646
Alabama 1,235
Arizona 1,355
Georgia 1,668
West Virginia 1,408
Kansas 1,332
Indiana 1,091
New Hampshire 1,039
Minnesota 1,215
Arkansas 1,503
Iowa 1,026
Mississippi 1,410
Vermont 932
Missouri 1,256
Wisconsin 1,084
Massachusetts 1,176
Tennessee 1,211
Nebraska 1,214
Rhode Island 1,852
Michigan 2,239
Pennsylvania 1,130
Maine 1,176
South Carolina 1,327
Ohio 944

 

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 years Monthly premiums in dollars ($)
16-24 344.78
25-29 111.89
30-44 100.44
45-59 95.78
60 and above 91.44

 

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 years Average car insurance cost for females in dollars ($) Average car insurance cost for males in dollars ($)
16-29 280.56 344.78
30-44 102.11 100.44
45 and above 97.78 95.78

 

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 ($)
Car 864
Green 827
Luxury 1,009
SUVs 778
Truck 761
vans 742

 

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 company Average premiums in dollars($)
Erie 1,052
Geico 1,067
American family 1,099
Auto owners 1,210
progressive 1,241

 

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.

State Annual Average home insurance rate in dollars ($)
Alaska 908
Wyoming 976
Utah 642
California 793
Montana 1179
New Jersey 711
Colorado 1417
New York 935
Oregano 643
Idaho 622
North Dakota 1354
Florida 3575
Hawaii 337
Washington DC 706
Washington 653
Oklahoma 2651
New Mexico 1197
Maryland 866
Nevada 703
Virginia 959
Texas 1945
South Dakota 1379
Connecticut 902
Illinois 1053
Louisiana 2979
North Carolina 773
Kentucky 1359
Delaware 748
Alabama 2314
Arizona 813
Georgia 1103
West Virginia 1288
Kansas 1939
Indiana 1198
New Hampshire 680
Minnesota 1333
Arkansas 2063
Iowa 1205
Mississippi 2290
Vermont 583
Missouri 1922
Wisconsin 788
Massachusetts 1190
Tennessee 1521
Nebraska 1583
Rhode Island 1205
Michigan 1073
Pennsylvania 801
Maine 721
South Carolina 1402
Ohio 864

 

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 type Annual rate in dollars($)
frame 1,365
Masonry/bricks 1,216
Bricks/masonry veneer 1,282
Wood/log 1,520

 

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.

State Annual health insurance in dollars ($)
Alaska 5,112
Wyoming 4,392
Utah 2,160
Montana 2,520
New Jersey 3,684
Oregano 2,472
North Dakota 2,904
Florida 3,420
Oklahoma 2,508
New Mexico 2,532
Nevada 3,308
Virginia 2,664
Texas 2,868
South Dakota 2,820
Illinois 2,928
Louisiana 3,408
North Carolina 3,240
Delaware 3,060
Alabama 2,604
Arizona 2,964
Georgia 3,036
West Virginia 2,904
Kansas 2,352
Indiana 3,312
New Hampshire 2,956
Arkansas 2,832
Iowa 3,012
Mississippi 2,808
Missouri 3,048
Wisconsin 3,360
Tennessee 2,700
Nebraska 2,916
Michigan 3,012
Pennsylvania 2,772
Maine 3,252
South Carolina 2,988
Ohio 3,096

 

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 type Annual premium rates in dollars ($)
EPO 3,056
PPO 3,019
POS 2,928
HMO 2,764

 

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.

State Annual Average renters  insurance rate in dollars ($)
Alaska 161
Wyoming 156
Utah 145
California 207
Montana 145
New Jersey 166
Colorado 169
New York 211
Oregano 168
Idaho 157
North Dakota 115
Florida 217
Hawaii 221
Washington DC 164
Washington 173
Oklahoma 234
New Mexico 183
Maryland 160
Nevada 193
Virginia 158
Texas 228
South Dakota 118
Connecticut 196
Illinois 171
Louisiana 242
North Carolina 134
Kentucky 171
Delaware 173
Alabama 239
Arizona 195
Georgia 226
West Virginia 176
Kansas 174
Indiana 182
New Hampshire 150
Minnesota 149
Arkansas 215
Iowa 147
Mississippi 244
Vermont 154
Missouri 142
Wisconsin 130
Massachusetts 206
Tennessee 212
Nebraska 150
Rhode Island 182
Michigan 207
Pennsylvania 156
Maine 149
South Carolina 196
Ohio 185

 

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($)
15,000 100,000 124
15,000 300,000 132
25,000 100,000 153
25,000 300,000 161
50,000 100,000 224
50,000 300,000 236

 

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 coverage Annual average cat insurance in dollars Annual average dog insurance in dollars
Accidents only 127.20 74.86
Accident and illness 256.92 307.49

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 Breed The average monthly cost of life insurance in dollars($)
English bulldog 158.97
French bulldog 134.37
German shepherd 59.23
Labrador retriever 48.49
Golden retriever 48.07
Pug 45.66
Miature schnauzer 40.72
English Springer spaniel 40.56
Border terrier 38.04
Cocker spaniel 36.95
Cat Breed The average monthly cost of lifetime insurance in dollars($)
British Shorthair 21.17
Ragdoll 21.17
Burmese 23.55
Sphinx 25.58
Oriental 25.58
Norwegian forest 25.58
Bengal 28.08
Persian 28.13
Siamese 28.78
Maine coon 29.81

 

Elite Personal Finance

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