Missourians likely know that car insurance costs exceed the national average; what may not be as clear is how various factors influence rates; you might be surprised to learn that factors like your age, vehicle type and even zip code have an effect on premiums.
State law gives insurers leeway to consider various aspects of personal information when setting your rate, such as your age, gender, credit score and driving record – as well as factors outside their control such as home address and annual mileage – when setting rates. This may include factors like your age, gender, credit score and driving history as well as factors you cannot change like address and mileage requirements.
MoneyGeek’s Missouri Car Insurance Calculator can assist in estimating your potential car insurance cost. By entering in your personal details and comparing them against rates offered by insurance providers in your area, this tool helps provide an estimate of potential costs. Remember, however, that individual drivers have different rates, so cost estimates may differ; thus it’s wise to shop around for different quotes for car coverage.
Drivers in Missouri must carry at least minimum liability and uninsured/underinsured motorist coverage. Full coverage, which goes beyond state minimum requirements, usually costs more than basic liability but provides wider protection. You could potentially save by opting for lower deductibles or higher limits and usage-based car insurance instead of traditional policies.
Age can also have an effect on your premium as insurers see younger drivers as more likely to file claims. With increased driving experience comes reduced premium payments; as female young drivers in Missouri typically pay an annual average rate of $3,193 or $266 monthly while their male counterparts tend to incur slightly higher annual and monthly average rates of approximately $3650 or $304.
Your vehicle type can also play an integral part in your insurance premium calculation, as certain cars are more costly to repair or replace than others and therefore more costly for insurance. Drivers who file costly claims tend to pay more than those without such histories.
Your Missouri car insurance rates depend heavily on your credit score, with insurers viewing drivers with poor scores as being more likely to default on payments and therefore costlier insurance premiums overall. In fact, those with poor scores in Missouri can expect to pay up to 62% more than average for full coverage; those with excellent credit, on the other hand, could see their costs decrease 16 percent more. MoneyGeek’s Missouri Car Insurance Calculator allows you to estimate what your potential rates might be based on demographic information, discount eligibility requirements and personal characteristics to get a clear estimate of how much coverage should cost in Missouri.