Factors That Determine Your Monthly Insurance Cost
Reader’s Question:
Can you give me an idea on how much a monthly car insurance would cost? I’m thinking of getting my own insurance here in DC.
Anne,
Washington, DC
It’s hard to tell how much your monthly insurance would cost especially since I don’t know anything about your personal profile. A lot of factors determine your monthly premium. Your age, for one thing, is a factor that car companies consider important since there are certain age groups that are prone to getting into accidents or traffic violations. Gender is also important because it determines the risk level that a person is into in a specific period of time. For example, a male teenager would be deemed more risky than a female teenager because they like to drive more. However, a male adult may be deemed less risky than a female adult because they have more driving experience. A married driver may also have a lower risk level because he is considered to be safer due to his marital status (especially if he has a child of his own). Other factors considered in the premium computation are the members of the household, your home address and where you garage your car, the car’s model, and the miles driven with that car (total and average per year). Your driving record (previous violations if you have any) and credit history may also be taken into consideration, as well as your occupation and the place where you work.
But on the average, a yearly car insurance would cost around $900 to $1000. This would give you $75 to $83 per month.
auto insurance, automobile, Monthly Car Insurance