How much does insurance cost per month in Michigan?

What is the average cost of car insurance in Michigan? The average cost of full coverage car insurance in Michigan is $4,333 per year or $361 per month. For a state minimum coverage, the cost is around $2,921 per year or $243 per month.

Is car insurance expensive in Michigan?

Michigan is the most expensive state for auto insurance. On average, drivers pay $3,688 per year for a policy meeting state minimums — ​​nearly 300% higher than the national median rate. By comparing quotes, drivers can save on insurance expenses.

How much is the average car insurance per month in Michigan?

What is the average cost of car insurance in Michigan? The average cost of full coverage car insurance in Michigan is $4,333 per year or $361 per month. For a state minimum coverage, the cost is around $2,921 per year or $243 per month.

Is car insurance cheaper at 18 than 17?

Do car insurance rates go down at age 18? Our analysis found that most young drivers see their insurance rates go down by 12% when they turn 18. At 18 years old, you pose less of a risk to insurers than newly licensed 16- and 17-year-olds do, and your rates reflect that.

Does Michigan have expensive car insurance?

Michigan drivers pay more than the national average cost of car insurance, with an average price tag of about $2,345 per year for full coverage and $946 per year for minimum coverage car insurance, according to Bankrate's analysis of average rate data.

How much is car insurance a month in Michigan?

That's why it's important to compare rates from multiple insurers. The average cost of full coverage car insurance in Michigan is $2,125 per year, or about $177 per month, according to NerdWallet's analysis. Minimum coverage in Michigan is $913 per year on average, but we found you can likely get a cheaper policy.

Why is owning a car in Michigan so expensive?

The cost of insurance is the driving force behind this: On average, Americans pay $882 annually for the minimum state-required car insurance. Compared to this, Michigan's minimum insurance cost of $5,740 seems incredibly expensive, according to the data.

What is the average car payment in Michigan?

The average monthly car loan payment for NEW VEHICLES has increased from $639 (Q4 2021) to $648 (Q1 2022) Average monthly car loan payment for USED VEHICLES has also increased from $524 (Q4 2021) to $538 (Q1 2022)

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