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 $1,365.
|State||Annual Average car insurance cost in dollars ($)|
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 ($)|
|60 and above||91.44|
The Average Cost of Car Insurance by Gender
This is a minor category since the car responsibility entirely depends on the training acquired and experience. However, male teenagers between 16 and 19 pay more than their female counterparts.
|Age bracket in years||Average car insurance cost for females in dollars ($)||Average car insurance cost for males in dollars ($)|
|45 and above||97.78||95.78|
The Average Cost of Car Insurance by Car Type
Surprisingly, your car type says a lot when it comes to insurance premiums. The insurance companies use the car’s identification number while accessing the car’s accident history and mileage among other characters in determining the average national premium. For instance; Luxury vehicles are charged more than the SUVs.
|Car type|| Average insurance premium in dollars ($)|
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 $1,052.
|Insurance company||Average premiums in dollars($)|
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 $3.50. The table below consists of the annual average home insurance rate by state.
|State||Annual Average home insurance rate in dollars ($)|
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($)|
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 $476. Below is a table illustrating the average annual health insurance premium applicable to 21-year-old citizens from various states.
|State||Annual health insurance in dollars ($)|
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 ($2764.) Besides that, HMO Plan was found to be the most restrictive when it comes to visiting of a health practitioner. Below is an analysis of various premiums applicable to a 21-year-old.
|Plan type||Annual premium rates in dollars ($)|
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 $115.
|State||Annual Average renters insurance rate in dollars ($)|
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($)|
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|
|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 Springer spaniel||40.56|
|Cat Breed||The average monthly cost of lifetime insurance in dollars($)|