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2023 vs. 2024 Insurance Rates

2023 vs. 2024 Insurance Rates

Picture of Written by <a href="https://rateretriever.com/about/katie-dee/"><span style="text-decoration: underline;">Katie Dee</span></a>
Written by Katie Dee
Written by Katie Dee
Picture of Edited by <a href="https://rateretriever.com/about/alyssa-dicrasto/"><span style="text-decoration: underline;">Alyssa DiCrasto</span></a>
Edited by Alyssa DiCrasto
Edited by Alyssa DiCrasto
Published on 2024-07-18

Read time: 3 min

Have you noticed your car insurance rates going up lately? It’s not just you—many drivers have seen their premiums increase significantly over the past year. Today, the average cost of car insurance sits at a whopping $2,049 per year, a 12.4% increase from 2023 when the national average was an estimated $1,823 annually. 

But that’s not all that has changed. The least expensive state to insure a vehicle also looks different this year than it did last year. In 2023, the cheapest state for car insurance was Vermont, with an average annual premium of $1,078. However, in 2024, the cheapest state is Wyoming with an annual premium of $1,172. 

Several factors have contributed to this rise in rates. Firstly, insurance always lags behind the rate of inflation. This means that in the wake of high inflation, insurance rates will follow suit. Second, the cost of repairing vehicles has escalated with the advancement of car technology. Newer cars tend to have more sophisticated features, which can make repairs pricier. Lastly, severe weather events are occurring more frequently. This increases the likelihood that a policyholder will file a claim due to weather damage, and thus, increases the financial risk for insurance companies. 

Knowing how quickly insurance rates can change, it’s always wise to keep an eye on your insurance premiums and periodically shop around to compare quotes. Staying on top of your rates and comparison shopping could help you to find a better deal at a new provider that works with your current driving habits and budget. 

Car Insurance & Marriage

Car Insurance & Marriage

Picture of Written by <a href="https://rateretriever.com/about/katie-dee/"><span style="text-decoration: underline;">Katie Dee</span></a>
Written by Katie Dee
Written by Katie Dee
Picture of Edited by <a href="https://rateretriever.com/about/alyssa-dicrasto/"><span style="text-decoration: underline;">Alyssa DiCrasto</span></a>
Edited by Alyssa DiCrasto
Edited by Alyssa DiCrasto
Published on 2024-05-23

Read time: 3 min

Embarking on the journey of marriage doesn’t just mean sharing a life together—it also means sharing in the perks, including surprising savings on car insurance. Rate Retriever’s research has shown that tying the knot can lead to discounts of up to 53% on auto insurance premiums. 

Why the significant savings? Insurance companies often view married couples as lower risk, attributing it to a variety of factors such as shared financial responsibilities, stability, and statistically safer driving habits compared to single individuals. 

So, as you exchange vows and start your journey as a married couple, don’t forget to double check your car insurance rates. According to our research, the cheapest national company for married couples in 2024 is Progressive, with an average annual premium of just $1,307, and Nationwide and Auto-Owners Insurance not far behind.  

The amount of savings you achieve will – of course – depend on several factors including how many cars are on your policy, the state you live in, and the auto insurance company you are working with. It is also important to remember that not every state takes marital status into account while setting rates.  

Be sure to keep your car insurance company in the loop about this exciting life change and you may end up saving big because of it! 

Hazard Insurance vs. Home Insurance 

Hazard Insurance vs. Home Insurance

Picture of Written by <a href="https://rateretriever.com/about/elizabeth-rivelli/"><span style="text-decoration: underline;">Elizabeth Rivelli</span></a>
Written by Elizabeth Rivelli
Written by Katie Dee
Picture of Edited by <a href="https://rateretriever.com/about/alyssa-dicrasto/"><span style="text-decoration: underline;">Alyssa DiCrasto</span></a>
Edited by Alyssa DiCrasto
Edited by Alyssa DiCrasto
Published on 2024-05-15

Read time: 3 min

For homeowners, having a comprehensive home insurance policy is essential. It provides valuable protection in case your home gets damaged or destroyed in a covered event, like a windstorm, fire, or break-in. It also covers your personal items, liability, loss of use, and more. 

One of the most common questions that homeowners have about home insurance is how it differs from hazard insurance. Home insurance and hazard insurance are related but they aren’t exactly the same. In this guide, we’ll explain the difference between hazard insurance vs. home insurance. 

snow storm house

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Hazard insurance vs home insurance

Home insurance is a bundle of policies that cover your home and your personal items. A typical homeowners insurance policy includes dwelling insurance, personal property insurance, liability insurance, medical payments insurance, and loss of use insurance. 

Hazard insurance, on the other hand, only covers the physical structure of your home. Hazard insurance is the same thing as dwelling insurance, and it’s included with every home insurance policy. 

Is hazard insurance the same as home insurance?

Hazard insurance is not the same thing as home insurance. However, hazard insurance is a part of your homeowners insurance policy. When you purchase a basic home insurance policy, it automatically includes hazard insurance, which is more commonly called dwelling insurance. 

The main difference between hazard insurance and home insurance is what’s covered. Hazard insurance only covers the physical structure of your home, and attached structures, like a garage. It doesn’t cover your personal items or your liabilities. 

Homeowners insurance is a package of policies that protects more than just the physical structure of your home. The hazard insurance portion will cover your house, but you also get coverage for personal property, personal liability, guest medical payments, and loss of use. 

When do I need hazard insurance?

Every homeowner can benefit from having home insurance. If you have a mortgage, most lenders require homeowners to carry a standard homeowners insurance policy that includes hazard insurance. 

If the physical structure of your home gets damaged in a covered peril, you will file a claim under your hazard insurance. Once the claim is investigated and approved, you will receive a payout for the estimated cost of repairs. 

Without hazard insurance, you would have to pay to repair or rebuild your home entirely out-of-pocket.  

When do I need home insurance?

Home insurance is essential for every homeowner. You probably need home insurance to satisfy your lender’s requirements, but it also provides peace of mind. 

Home insurance covers a variety of risks that you can face as a homeowner, including damage to the structure of your home, damage to personal items, third-party liability claims, guest injuries, and temporary living expenses if your home gets damaged or destroyed. 

If you want to file a personal liability claim, personal property claim, medical payments claim, or loss of use claim, you need to have home insurance. Hazard insurance will only cover claims related to structural home damage. 

What does hazard insurance cover?

Hazard insurance covers the physical structure of your house. It also covers structures attached to your home, like a garage or porch. It covers features like the walls, roof, ceiling, and foundation, as well as major home systems, like HVAC and plumbing, and permanent fixtures, like cabinets and large appliances. 

Depending on your home insurance policy, your hazard insurance will either cover named perils or open perils. Named perils are specific losses that are listed in your policy. Open perils means that you are covered against any loss that is not explicitly excluded in your policy.  

Some of the most common perils that hazard insurance will cover include: 

  • Fire, lightning, and smoke 
  • Windstorms 
  • Rain and hail 
  • Weight of snow and ice 
  • Explosions 
  • Accidental discharge of water or steam 
  • Damage from vehicles or airplanes 
  • Falling objects 
  • Break-ins 
  • Vandalism 

Keep in mind that hazard insurance almost never covers damage from earthquakes or flooding, even if you have an open perils policy. If you live in an area that is prone to earthquakes or floods, it’s a good idea to purchase separate earthquake insurance and flood insurance policies. 

How to save money on homeowners insurance

There are a variety of ways for homeowners to save money on their home insurance policies. Here are some tips for getting a lower premium: 

  • Look for companies that offer discounts: Many home insurance companies offer discounts that can reduce your premium. Look for insurers that have multiple discounts you can qualify for to maximize your savings. 
  • Choose higher deductibles: Some home insurance coverages require a deductible. Choosing a higher deductible will result in a lower monthly premium, and vice versa. Be sure you are able to afford the higher deductible comfortably out-of-pocket in the event you need to make a claim. 
  • Install home safety features: You can often save money on your home insurance policy if you install a home security system, fire alarm system, fire sprinkler system, or other safety equipment, since a lot of insurance companies offer discounts for these safety features. 
  • Bundle your policies: If you bundle your home insurance with another policy, like car insurance or life insurance, you can often save money. 
  • Pay in full: Many insurers provide a small discount for paying your annual home insurance premium upfront and in full. 
  • Shop around: Before you purchase home insurance, shop around and compare quotes from a few different companies. To get started, you can take our short quiz to see how much you can expect to pay for home insurance. 

FAQs

Why was hazard insurance added to my mortgage?

Most mortgage lenders require homeowners to have hazard insurance. This protects the lender’s financial interest in your home before it’s paid off. Before you close on your home, your lender will ask to see proof of home insurance with hazard coverage. If you file a hazard insurance claim, the mortgage lender is typically responsible for holding the money to ensure that the proper repairs are made to their standards. 

What is another name for hazard insurance? 

Another name for hazard insurance is dwelling insurance, which is more commonly used. Hazard insurance and dwelling insurance may be used interchangeably since they reference the same thing.  

What is hazard insurance? 

Hazard insurance is a type of insurance that covers the physical structure of your home, as well as the roof and foundation. Hazard insurance also covers attached structures, major home systems, and permanent interior features, like cabinets, flooring, walls, and large appliances. Hazard insurance is included with every standard home insurance policy. 

How does credit score impact car insurance cost in Georgia?

How does credit score impact car insurance cost in Georgia?

Picture of Written by <a href="https://rateretriever.com/about/elizabeth-rivelli/"><span style="text-decoration: underline;">Elizabeth Rivelli</span></a>
Written by Elizabeth Rivelli
Written by Katie Dee
Picture of Edited by <a href="https://rateretriever.com/about/alyssa-dicrasto/"><span style="text-decoration: underline;">Alyssa DiCrasto</span></a>
Edited by Alyssa DiCrasto
Edited by Alyssa DiCrasto
Published on 2024-04-17

Read time: 3 min

In Georgia, car insurance companies are allowed to use credit-based insurance scores. That means your credit score can have a direct impact on the cost of your auto insurance policy. In general, Georgia drivers with bad credit pay higher rates for coverage. Drivers with good credit often pay lower insurance premiums because they pose less risk.  

No matter your personal credit score, it’s important to understand how your credit may impact your car insurance premium in Georgia. In this guide, we’ll discuss car insurance by credit score in Georgia and share average premiums from some of the best companies in the state. 

Does credit score impact car insurance in Georgia?

Your credit score can have a significant impact on the cost of car insurance in Georgia. According to our recent rate data, the average annual cost of auto insurance in Georgia is $1,897. Drivers with excellent credit pay about 22% less than the statewide average, whereas drivers with poor credit pay nearly 68% more than the statewide average rate.  

For example, in the beginning of 2024, the average cost of full coverage car insurance for a Georgia driver with excellent credit is $1,485 per year. For a driver with good credit, the average premium is $1,995 per year. Georgia drivers with bad credit pay an average of $3,191 per year. 

Why does credit score impact car insurance?

The main reason why credit score impacts car insurance rates in Georgia is because it’s an indicator of risk. From an insurance company’s perspective, people with poor credit are riskier to insure and are more likely to file claims. To offset that increased risk, insurers charge higher rates for drivers with bad credit.  

While Georgia car insurance companies are allowed to use credit-based insurance scores, not every state allows this. For example, in California, Hawaii, Maryland, and Massachusetts, car insurance companies are banned from considering a driver’s credit score when calculating their premium. A handful of other states prohibit insurers from charging higher rates to drivers that have no credit history.  

Car insurance for bad credit in Georgia

Georgia drivers with bad credit can expect to pay above-average rates for car insurance. However, credit is only one factor that can affect premiums. Your ZIP code, age, driving record, and vehicle type are some of the other factors that can affect the cost of auto insurance. 

In addition, the insurance company you choose can also impact how much you’ll pay. Based on our analysis of recent rate data, we found that Nationwide is the cheapest provider for drivers with poor credit and USAA is the cheapest for drivers with good credit. 

How can I save on car insurance in Georgia if my credit is bad?

If you have poor credit, there are plenty of ways to lower your car insurance premium. Here are some tips for finding the cheapest coverage if you have bad credit in Georgia: 

  • Improve your credit score: If you have poor credit, improving your score will lower your premium. Improving your score by even a few points can reduce your annual rate. Keep in mind that if you are able to boost your credit score, you probably won’t see any changes to your insurance premium until the policy renews.  
  • Look for discounts: Most car insurance companies offer discounts that can lower your rate. Some of the most common discounts include savings for good students, safe drivers, taking a defensive driving course, paying your premium in full, and insuring a car with certain safety features. 
  • Bundle your policies: You can often save a significant amount of money when you bundle two or more insurance policies together, like car insurance and home insurance or renters insurance.  
  • Raise your deductibles: For policies that require a deductible, like collision insurance and comprehensive insurance, raising your deductible will lower your monthly premium. However, make sure to choose a deductible you can afford in the event of a claim.  

Another way to find affordable car insurance in Georgia is to shop around. Comparing quotes from several insurance companies can help you find the cheapest policy for your situation, credit score, and coverage needs. If your credit score improves, it’s a good idea to re-shop for insurance quotes to see if you can find a better rate from a different carrier. 

To find cheap car insurance in Georgia, you can use our online quote comparison tool.  

FAQs

What credit score do you need for car insurance? 

There is no specific credit score that is needed to get car insurance. However, your credit score can impact how expensive your car insurance premium is in Georgia (and in most other states). Drivers with good credit usually pay the lowest rates for insurance because they are less risky to insure. People with bad credit are often assigned higher rates. If you improve your credit score, you can usually secure a lower monthly car insurance premium. 

Why is Georgia auto insurance so high? 

The average annual cost of car insurance in Georgia is $1,884, which is less than the U.S. national average rate of $2,049 per year. There are a few reasons why the cost of car insurance in Georgia is higher than in some other states. For instance, Georgia has a very high population density and it has some unique weather risks, like hurricanes. Additionally, Georgia is ranked 10th in the U.S. for states with the highest number of vehicle thefts.

Frequently asked

Car insurance by age in Georgia

Car insurance by age in Georgia

Picture of Written by <a href="https://rateretriever.com/about/elizabeth-rivelli/"><span style="text-decoration: underline;">Elizabeth Rivelli</span></a>
Written by Elizabeth Rivelli
Written by Katie Dee
Picture of Edited by <a href="https://rateretriever.com/about/alyssa-dicrasto/"><span style="text-decoration: underline;">Alyssa DiCrasto</span></a>
Edited by Alyssa DiCrasto
Edited by Alyssa DiCrasto
Published on 2024-04-17

Read time: 3 min

Car insurance is a legal requirement for all vehicle owners in Georgia. However, the cost of auto insurance in the Peach State is different for every driver. Car insurance companies consider lots of criteria to calculate your unique premium, and your age is one of the most notable factors. 

If you’re in the market for car insurance, it’s helpful to understand how age can impact the cost of your coverage. In this guide, we’ll look at age and car insurance in Georgia, and share how car insurance premiums can change at different points in your life. 

How age impacts car insurance rates in Georgia

Age is one of the biggest factors that can affect the cost of car insurance in Georgia. In general, young drivers pay the most expensive rates and middle-aged adults pay the lowest rates. The average cost of car insurance is correlated to driving experience and risk levels, which is why newly licensed drivers often pay the highest rates. 

As drivers get older, their car insurance premiums usually start to drop, assuming they maintain a good driving record and clean claim history. If you have a complicated driving history or have filed multiple claims in a short period, your car insurance premium could increase as you get older. Once claims and traffic violations fall off your record, rates should decrease once again. 

While age is one of the most important factors that can affect car insurance rates in Georgia, there are many other factors that are also used to calculate your premium. To find the most affordable car insurance for your situation, it’s a good idea to compare rates. You can find cheap car insurance in Georgia using our online quote comparison tool. 

Car insurance for teens in Georgia

Car insurance for teens in Georgia is typically very expensive. The average cost of car insurance for a teen driver in Georgia on their own policy is $7,401 per year. That’s 118% higher than the statewide average cost of car insurance in Georgia. 

Teen drivers in Georgia pay extremely high car insurance premiums because they lack experience on the road. Newly licensed drivers are the riskiest to insure because they are more likely to make critical driving errors that can lead to serious collisions. 

Data from the Centers for Disease Control and Prevention (CDC) finds that drivers between the ages of 16-19 have a higher accident rate than drivers in any other age group. To offset the increased likelihood of a claim, insurers charge higher rates for young drivers.  

Adding a teenager to your policy in Georgia

If you are the parent or guardian of a teen driver and you want to add them to your policy, you will most likely see your car insurance premium go up. Based on our recent rate data, the average cost of adding a teen driver to an existing car insurance policy in Georgia is $9,917 per year. 

As the teen gets older and gains experience behind the wheel, your premium should decrease slightly. For example, you will likely see a bigger rate increase when you insure a 16-year-old driver and a smaller increase when you insure a 19-year-old driver. 

To offset the rate hike when adding a teen driver to your policy, it’s important to take advantage of discounts, such as good student discounts, defensive driver discounts, or payment-related discounts. Some insurers also offer telematics programs that track driving behavior and reward safe drivers with more affordable premiums.  

Car insurance for adults in Georgia

Adult drivers usually pay the lowest car insurance rates in Georgia. Our recent rate data shows that the average cost of car insurance for a 35-year-old in Georgia is $1,642 per year. That’s about 14% less than the statewide average for all drivers, which is $1,884 per year. 

 However, there are many factors that can affect car insurance rates for adult drivers in Georgia. For example, adult drivers who have a poor credit score will probably pay more than average for car insurance. Similarly, drivers who live in Atlanta or other urban areas will likely pay higher rates than drivers who live in more rural parts of the state. 

Car insurance for seniors in Georgia

It’s common for senior drivers in Georgia to pay slightly higher car insurance rates than middle-aged adults. As drivers get older, they are more likely to have impairments that can lead to driving errors and collisions. Due to the increased risk of insuring older drivers, insurance companies often charge higher rates for seniors.  

As with middle-aged adults, keep in mind that the cost of car insurance for seniors in Georgia depends on many factors besides age. Some of the ways that senior drivers can lower their premium include taking a defensive driving course, bundling policies, maintaining a clean driving record, insuring a car with advanced safety features, and paying in full. 

FAQs

What age does car insurance go down in Georgia? 

For most drivers in Georgia, car insurance rates start to go down around age 25. After this point, car insurance premiums usually decrease steadily over time, assuming the driver maintains a clean record and has no recent claims. 

What is the cheapest car insurance in Georgia for seniors? 

There isn’t a single cheapest car insurance company for senior drivers in Georgia. The cost of car insurance is personalized to each driver depending on factors like ZIP code, credit score, vehicle type, driving history, policy limits, and more. Seniors should compare rates from multiple different insurers to find the cheapest policy for their situation. 

What is the average car insurance in Georgia? 

The average cost of full coverage car insurance for all drivers in Georgia is $1,884 per year, or about $98 per month. To compare, the U.S. national average car insurance premium is $2,049 per year. However, keep in mind that car insurance rates are different for everyone, so your premium could be higher or lower than average depending on your driver profile, vehicle, and coverage needs. 

How can I lower my car insurance in Georgia? 

There are a variety of ways to lower your car insurance premium in Georgia. Many insurance companies offer discounts that can reduce your rate. Choosing a higher deductible can also lead to lower monthly payments. Having a good credit score and avoiding accidents and traffic violations will help you maintain a low rate overtime. 

Frequently asked

Why should I work with an auto insurance agent in Georgia?

In Georgia, local agents function as a resource to help make the insurance shopping process less stressful and – most importantly – to help you feel confident that you’re getting the best rate for the coverage you need. If you’re not sure whether or not working with a local agent is right for you, don’t worry, we have asked expert insurance agents to break down all the necessary information to help you decide.