Detroit drivers still spend the most money on car insurance in the country, according to an annual report released on Monday.
Bankrate's True Cost of Auto Insurance report found that drivers in Detroit spend an average of $5,687 for full coverage, which equals about 7.98% of the median household income.
On the other end of the spectrum, Seattle has the cheapest car insurance with drivers spending an average of $1,759 per year on insurance. The national average, according to the report, is $4,338 for full coverage.
National Average Cost for Car Insurance Skyrockets 26% From Last Year, Averaging $2,543
Detroit is about $1,500 higher than the second-most expensive city, Miami.
The most expensive cities are:
- Detroit – $5,687
- Philadelphia – $4,753
- Miami – $4,213
- Tampa – $4,078
- Las Vegas – $3,626
The cheapest cities are:
- Seattle – $1,759
- Portland – $1,976
- Minneapolis – $2,044
- Boston – $2,094
- Washington D.C. – $2,430
“The rate of full coverage car insurance increased 26 percent from 2023, and while we hope to see rates stabilize soon, that likely won't happen until at least 2025,” Bankrate Analyst Shannon Martin said in a statement. “While inflation is slowing down, insurance companies are reassessing their risk models to account for the post-pandemic rise in car crashes, the increase of claims from extreme weather and the sustained elevated cost of vehicle repairs
To come up with the report, Bankrate used current data from Quadrant Information Services to see the average cost of auto insurance fore very U.S. state and metro area.
