Car insurance rates by state 2022 are the highest in the United States. This is not shocking given the huge number of vehicles in the country. The average car insurance rate in the United States is approximately $1,700 per year, which is equivalent to 3% of the nation's average income. Nevertheless, the actual prices vary from one state to another. Although the average rate is $1,700, people in certain states pay upto $2,000 on auto insurance every year while others pay as less as $1,000.
Austria has the second-highest car insurance rates by state 2022, with an average of $1,500 per annum. The initial costs of insurance are high and are often 30% to 40% of the price of the car being insured. Moreover, the subsequent premiums are also hefty than prices in other countries. The prices vary from one region or city to another and are highest in Vienna, Autria's capital city and most populous city.
The high insurance prices are also due to a high number of auto accidents in Austria, which ranks 19th in the number of traffic fatalities per million people among European countries. Insurance companies charge more money to discourage reckless driving and help cater to the huge number of accidents.
Car owners in Germany also pay a dime for their auto insurance coverage. The average cost of auto insurance in the country is approximately $1,400. The high rates is due to high living standards in Germany. The country is also a leading automaker of luxurious vehicles that attract high auto insurance prices. In addition, high-speed limits and the occurrence of many accidents in a year contribute to the exorbitant car insurance costs.
Auto insurance rates in the United Kingdom have been skyrocketing over the past years. Currently, the country's average cost of auto insurance coverage is more than $1,000 per year. The prices are even high in major cities like London, Manchester, and Liverpool. The high car insurance rates by state 2022 are due to high living standards and the use of high-performance vehicles by many people, especially those in the working class.
Closing the list of car insurance rates by state 2022 is Australia, with an average cost of over $1,000 per year. People in Sydney pay even higher rates. The higher rates are attributed to high living standards in the country. Moreover, younger drivers pay even higher rates than older drivers. That's because many accidents in Australia involve young drivers.
Average Car Insurance Cost