Car Insurance: How Much Does It Cost?

Picture: Illustration car insurance

As you know, it is strictly forbidden to travel by car without car insurance. This applies in a large number of countries. In United State, if you drive without insurance, you will end up with the vehicle confiscated, the driver's license withdrawn and heavy financial penalties for lack of insurance.

It is then recommended to take out an all-risk car insurance to protect you from everything in the event of a claim or dispute. 

But how much does this insurance cost? And what are the criteria impacting its cost?

The average price of all-risk car insurance: what is it?

All-risk car insurance is a comprehensive insurance that includes civil liability, a property damage guarantee and driver-related guarantees.

It is therefore responsible for honoring third parties involved in an accident in addition to covering the damage caused to your car and medical care if they are necessary.

In addition to these basic guarantees, comprehensive car insurance covers fire, theft, vandalism, broken glass, natural disasters and any other incident that can damage the car.

It is interesting to take out an all-risk car insurance, because it protects you, even when you are responsible.

Read Also: Cheap Car Insurance for Women

The factors that determine the average price of all-risk car insurance

Several factors come into account and play on the exact determination of the price of an all-risk car insurance. Thus, it is necessary to be interested in:

The situation of the insured;

The insured vehicle;

The parking of the vehicle;

Additional guarantees.

The situation of the insured

The situation of the insured is a key criterion. It is noticed that an experienced driver pays less than a young driver for the same benefits, unless he has a bonus-malus liability.

This is explained by the repetition of claims that inevitably have a negative effect on the amount of car insurance. Conversely, an insured with few claims in his history sees the price of his car insurance reduced.

The insured vehicle

Like the driver, the vehicle to be insured is also a size criterion. A new vehicle has a greater value than an old vehicle. There are also more risks on a recent vehicle, which explains the increase in insurance prices in this case.

Thus, if you have a recent or new sports car, you will pay more than the owner of a used city car.

The parking of the vehicle

Although we do not think about it at first glance, the parking conditions of the vehicle have a direct impact on the cost of car insurance. You will pay less if your car spends the night in a well-closed garage, and more expensive if it spends the night outside in a neighborhood with questionable frequency.

Additional guarantees

The more guarantees and services you take out, the saltier the rating will be. You should know that an all-risk insurance formula is not a lot displayed at a fixed price.

There are mandatory guarantees, the prices of which are more or less high, but overall, everything will play out on the additional guarantees that you will need. This can be the loan of a vehicle, zero-kilometer breakdown assistance, etc.

The average price of an all-risk car insurance

It is not possible to define in advance the price of an all-risk car insurance for the aforementioned reasons in addition to the fact that there are many insurance formulas. Each company offers its own services and services, with different requirements and pricing schedules.

However, we note that the cost difference between an all-risk insurance and a third-party insurance is significant, because the all-risk contract covers a large number of claims. So it makes sense to observe rather high prices.

After a few studies of the different prices displayed by insurance companies, we can say that the average price of an all-risk car insurance is around $ 780. However, this amount cannot be representative, as it may vary from one region to another.

If you want to take out all-risk car insurance at the best price, we advise you to go to an online comparator or consult the online car insurance comparisons. (*)