One of the biggest expenses of owning a car is insurance—and in most places, you don’t have a choice. Almost all states require you to have some sort of auto insurance to drive a motor vehicle. The only exception is New Hampshire, where, according to Progressive, you still have to prove you can afford the damages if you have an accident.
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According to new data from Insurify, the average annual premium for fully comprehensive car insurance for all vehicles was $2,329 in the first half of 2024. That’s about $194 per month and represents a 15% increase from last year, continuing a series of post-COVID premium increases.
The actual cost of insurance will depend on factors such as your location, driving habits and age, as well as the type and year of the vehicle. While there are exceptions where you may pay more to insure a used car — such as a used car that has been upgraded with expensive entertainment systems or other features not included in the newer car — you can generally save a lot of money on car insurance by driving an older car instead of a new one.
Insurify’s analysis found that the average cost of comprehensive insurance for 2011-2012 model year vehicles is $2,013 per year. In contrast, the average cost for 2023-2024 model year vehicles is $3,019 per year. That means you’ll pay an extra $1,000 per year, or $84 per month, for a newer car.
Here are the average price differences for old and new models of some of the most popular vehicles today.
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Toyota Camry
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Model year 2011-2012: 2,101 USD on average per year
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Model year 2023-2024: 3,408 USD
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Honda Accord
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Model year 2011-2012: 2,136 USD
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Model year 2023-2024: 3,479 USD
Nissan Altima
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Model year 2011-2012: 2,267 USD
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Model year 2023-2024: 3,429 USD
Ford F-Series Pickup (F-150)
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Model year 2011-2012: 1,999 USD
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Model year 2023-2024: $2,997
Honda Civic
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Model year 2011-2012: 1,968 USD
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Model year 2023-2024: 3,425 USD
Why are car insurance premiums so high?
Rising car insurance premiums reflect an increase in losses suffered by insurers. These losses have reached record levels in recent years due to a combination of skyrocketing car prices, higher repair costs and a rise in claims from extreme weather events. Consumers have also faced higher premiums due to changes in laws in some states that have increased drivers’ liability.
Maryland has the highest car insurance costs in the U.S., with an average comprehensive rate of $3,400 per year, according to Insurify. New Hampshire, where there is no insurance requirement, has the lowest costs, averaging $1,000 per year.
Other highlights from the Insurify report include:
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In California, Missouri and Minnesota, auto insurance costs could rise by more than 50 percent each this year as increasing damage from severe storms and wildfires leads to higher premiums.
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According to the Bureau of Labor Statistics Consumer Price Index published by Insurify, the cost of vehicle maintenance and repairs has increased nearly 38% over the past five years. Higher repair costs mean insurers “pay more expensive claims and policyholders face higher premium increases,” Insurify noted.
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This article originally appeared on GOBankingRates.com: Here’s How Much You’ll Pay to Insure Old and New Models of 5 Popular Cars
