Michigan is among the highest-cost states for car insurance, but your payment depends on a range of factors. Your location, number of accidents and theft rates all play into determining how much your premium costs, along with driving habits and car type. Staying on your parents’ policy or earning a safe-driving certificate could also lower rates; while newer or more costly cars may increase costs further.
Use of a car insurance calculator can help you identify the maximum coverage amount within your budget. These tools take into account personal details, driver, vehicle details, and calculate an estimate based on this data. MoneyGeek’s calculator takes several key factors into consideration in order to provide an accurate representation of Michigan car insurance rates.
Your credit score plays an integral part in determining your car insurance rates, in addition to factors like location, driving record and car model. Most insurers use credit score assessments as a measure of risk as drivers; however in Michigan this information cannot be used by them when setting premiums.
Your age and number of accidents have an impactful effect on Michigan car insurance rates. 20- to 24-year-olds generally pay the highest rates; as you get older, however, the premium decreases as time goes on; though exactly when this occurs varies from provider to provider. Senior drivers also tend to experience higher accident rates, so their premiums may be slightly more costly than for younger drivers.
Your tickets, no matter how minor, can have an effectful on Michigan car insurance rates. Michigan uses a point system where certain traffic violations lead to points being added against you resulting in increased premiums; an initial speeding ticket typically adds $90 monthly in premium increases while multiple convictions could significantly raise these costs.
Full coverage car insurance tends to be more costly than liability-only coverage due to covering more situations and repairs often being more costly than expected for standard models. Travelers, GEICO, and USAA are among the least costly car insurers for drivers in Michigan with clean records.
An auto insurance calculator can provide a general idea of your costs, while getting a quote directly from an insurer will give more accurate results. Most car insurers offer calculators on their websites that give an approximate idea of your price; alternatively you can use ValuePenguin or the National Association of Insurance Commissioners’ Quote Explorer service to compare quotes and find your ideal auto policy in Michigan. Either way, taking time and shopping around could save you significant amounts over time!