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New Plootus study ranks all 50 states for auto insurance costs, finding Florida drivers pay nearly 5x more than Vermont residents for identical full-coverage policies.
NEW HAVEN, Conn. - Hartok -- Plootus today released its Average Car Insurance Cost by State Rankings Report, examining rate data from the National Association of Insurance Commissioners (NAIC) and insurer rate filings. The national average full-coverage auto insurance premium has risen to $2,314 per year ($193/month), up 12% year-over-year.
Driven by climate-related claims, legal environments, and rising vehicle repair costs, state premiums range from $1,083/year in Vermont to $4,941/year in Florida—a $3,858 annual difference. Over a 20-year career, investing that $3,858 premium difference at a 7% average return generates $160,000+ in additional retirement savings.
"Car insurance has quietly become a significant budget drag for suburban and rural households," said the Plootus Research Team. "Where you live plays a larger role in your rate than your personal driving record."
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Key Findings:
The report outlines strategic levers for drivers, including multi-policy bundling (10–25% savings), credit score improvements, raising deductibles from $500 to $1,000, and telematics usage-based insurance programs.
"Overpaying $1,500 a year for car insurance isn't just an ongoing nuisance," concluded the Plootus Research Team. "It's $61,500 in lost retirement growth over two decades."
More on hartok.com
The full report is available at https://www.plootus.com/car-insurance-costs-by-state.
ABOUT PLOOTUS
Plootus is a free, AI-powered retirement planning platform that helps Americans analyze and optimize their 401k, 403b, 457, and other workplace retirement plans.
Analyze Future LLC (dba Plootus) is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training.
Disclaimer: Analyze Future LLC (dba Plootus) may receive compensation for referrals to third-party products and services listed on its Partners page. These referrals are for informational purposes only and do not constitute an endorsement or recommendation. Plootus has not conducted due diligence on, nor assumes responsibility for, any third-party offerings. Users are encouraged to evaluate these options independently before making any decisions.
Driven by climate-related claims, legal environments, and rising vehicle repair costs, state premiums range from $1,083/year in Vermont to $4,941/year in Florida—a $3,858 annual difference. Over a 20-year career, investing that $3,858 premium difference at a 7% average return generates $160,000+ in additional retirement savings.
"Car insurance has quietly become a significant budget drag for suburban and rural households," said the Plootus Research Team. "Where you live plays a larger role in your rate than your personal driving record."
More on hartok.com
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Key Findings:
- National Rates: Average full coverage premium is $2,314/year ($193/month); minimum liability-only averages $621/year.
- Most Expensive States: Florida ($4,941/yr), Louisiana ($4,572/yr), and Michigan ($4,388/yr).
- Least Expensive States: Vermont ($1,083/yr), Ohio ($1,248/yr), and New Hampshire ($1,312/yr).
- Shopping Savings: Drivers who compare quotes across 3+ carriers save an average of 26% on annual premiums.
The report outlines strategic levers for drivers, including multi-policy bundling (10–25% savings), credit score improvements, raising deductibles from $500 to $1,000, and telematics usage-based insurance programs.
"Overpaying $1,500 a year for car insurance isn't just an ongoing nuisance," concluded the Plootus Research Team. "It's $61,500 in lost retirement growth over two decades."
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The full report is available at https://www.plootus.com/car-insurance-costs-by-state.
ABOUT PLOOTUS
Plootus is a free, AI-powered retirement planning platform that helps Americans analyze and optimize their 401k, 403b, 457, and other workplace retirement plans.
Analyze Future LLC (dba Plootus) is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training.
Disclaimer: Analyze Future LLC (dba Plootus) may receive compensation for referrals to third-party products and services listed on its Partners page. These referrals are for informational purposes only and do not constitute an endorsement or recommendation. Plootus has not conducted due diligence on, nor assumes responsibility for, any third-party offerings. Users are encouraged to evaluate these options independently before making any decisions.
Source: Analyze Future LLC
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