Yes, $500 a month for car insurance is very expensive. The average cost of car insurance ranges from about $60 per month for state-minimum coverage to $166 per month for full coverage, though individual car insurance rates vary based on factors such as driving record, age and location.
Average Cost of Car Insurance by Company
| Company | Monthly Cost for Minimum Coverage | Monthly Cost for Full Coverage |
| $42 | $139 | |
| $48 | $177 | |
| $52 | $166 | |
| $54 | $168 | |
| $57 | $199 | |
| $73 | $229 | |
| $76 | $218 |
Average monthly premiums reflect nationwide quotes for a 45-year-old driver with a clean driving record.
To learn more, check out WalletHub’s guide to the cheapest car insurance companies.
This answer was first published on 04/07/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
People also ask
How much is car insurance monthly?
Car insurance costs $60 per month, on average, for a minimum coverage policy, although individual rates might vary. Full coverage car insurance is more expensive because it also pays to repair or replace your car after it is damaged by a crash or something other than an accident, like vandalism.
Average Price of Car Insurance per Month
| Driver’s Age | Average Monthly Premium |
| ... | $278 |
Can I get classic car insurance without a garage?
Yes, you can get classic car insurance without a garage, though finding an insurance company to cover your vehicle may be difficult, and you’ll still need a safe place to store the car. Instead of a garage, some companies may allow you to store your vehicle in a driveway, carport, barn, trailer, or storage unit, for example.
Storage Requirements by Classic Car Insurance Company
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How much should I pay for full coverage auto insurance?
You should pay between $1,100 and $4,500 per year for full coverage auto insurance, depending on your state. The average cost of full coverage insurance is about $1,997 per year, though the exact price depends on how much coverage you purchase, your characteristics as a driver, and your insurance provider. Since the cost of full coverage insurance varies between drivers and insurers, it’s best to get quotes from at least three different companies before purchasing a policy.
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