Average Insurance Cost : Car, Home, Renters, Health 2021

ElitePersonalFinance
Last Update: September 1, 2021 Insurance Studies
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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 covered health, home,  renters, and car insurance.

Average Cost of Car Insurance in America 2021

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 2018. However, car insurance cost varies depending on car, driving experience and record, gender, age, and marital status. According to the research conducted by ElitePersonalFinance, the car insurance premium has been ballooning in various states. For example, Michigan has been the most expensive state for five consecutive years regarding insurance costs, with an average annual cost of $2,239, 64% higher than the national average of $1,365.

State: Average Car Insurance Cost:
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

Average Car Insurance Cost by Age

Young car owners pay higher insurance premiums since they tend to incur more accidents than older ones. These premium rates decline as they age since they have 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 pay less than the young adults between 30 and 44 years.

Age Group: Monthly Premiums:
16-24 $344.78
25-29 $111.89
30-44 $100.44
45-59 $95.78
60 and above $91.44

Average Cost of Car Insurance by Gender

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

Age Group: Average Car Insurance Cost for Females: Average Car Insurance Cost for Males:
16-29 $280.56 $344.78
30-44 $102.11 $100.44
45 and above $97.78 $95.78

Average Cost of Car Insurance by Car Type

Surprisingly, your car type says a lot when it comes to insurance premiums. For instance; Luxury vehicles are charged more than SUVs. 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.

Car Type: Average Insurance Premiums:
Car $864
Green $827
Luxury $1,009
SUVs $778
Truck $761
Vans $742

Average Car Insurance Cost by Insurance Companies

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

Insurance Company: Average Premiums:
Erie $1,052
Geico $1,067
American Family $1,099
Auto-Owners $1,210
Progressive $1,241

Average Cost of Home Insurance

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

State: Average Premiums:
Alaska $908
Wyoming $976
Utah $642
California $793
Montana $1,179
New Jersey $711
Colorado $1,417
New York $935
Oregano $643
Idaho $622
North Dakota $1,354
Florida $3,575
Hawaii $337
Washington DC $706
Washington $653
Oklahoma $2,651
New Mexico $1,197
Maryland $866
Nevada $703
Virginia $959
Texas $1,945
South Dakota $1,379
Connecticut $902
Illinois $1,053
Louisiana $2,979
North Carolina $773
Kentucky $1,359
Delaware $748
Alabama $2,314
Arizona $813
Georgia $1,103
West Virginia $1,288
Kansas $1,939
Indiana $1,198
New Hampshire $680
Minnesota $1,333
Arkansas $2,063
Iowa $1,205
Mississippi $2,290
Vermont $583
Missouri $1,922
Wisconsin $788
Massachusetts $1,190
Tennessee $1,521
Nebraska $1,583
Rhode Island $1,205
Michigan $1,073
Pennsylvania $801
Maine $721
South Carolina $1,402
Ohio $864

Choosing a home insurance premium depends on your preferences. Insurance companies charge 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 estimates the annual average insurance rate by framing type, although the actual premium is determined by your home size, location, and other features.

Type: Annual Rate:
Frame $1,365
Masonry/bricks $1,216
Bricks/masonry veneer $1,282
Wood/log $1,520

Annual Average Cost of Health Insurance

Health insurance is the best gift you can offer to your loved ones. However, the insurance cover is significantly dependent 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:
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

Annual Average Cost of Health Insurance Rates by Plan Type

Before registering for Health Insurance, it is recommendable to research 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, the HMO Plan was the most restrictive when it comes to visiting a health practitioner. Below is an analysis of various premiums applicable to a 21-year-old.

Plan Type: Annual Premiums:
EPO $3,056
PPO $3,019
POS $2,928
HMO $2,764

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 2021 is $187, with Mississippi charging the highest cost($244) and North Dakota charging the lowest average renters insurance of $115.

State: Average Renters Insurance:
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

Average Cost of Renters Insurance by Limits

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

Property Limits: Liability Limits: Annual Renters Premiums:
$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
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