Some numbers about Georgia
In 2003, the average cost of car insurance was $758.69 per year. Compared to the rest of the US, this is a very reasonable price. Georgia is number 25 on the list of states with the most expensive car insurance, which puts it in the middle. The state that spends the most is New Jersey, with an average of almost $1,200 per year. The averages are much higher in cities like Detroit and New York, where they range from $3,000 to $5,000.
Even though...
Some numbers about Georgia
In 2003, the average cost of car insurance was $758.69 per year. Compared to the rest of the US, this is a very reasonable price. Georgia is number 25 on the list of states with the most expensive car insurance, which puts it in the middle. The state that spends the most is New Jersey, with an average of almost $1,200 per year. The averages are much higher in cities like Detroit and New York, where they range from $3,000 to $5,000.
Even though Georgia is thought to be a cheap place to live, there are still a lot of ways to lower your monthly car insurance bill.
As with any other business, insurance companies have costs and can only change their prices so much. About 65% of the premium you pay goes right to paying out claims. This leaves only 35% for costs and making money. The cost of running your business and taxes take up 25% of your premium, leaving you with a 10% profit. (Institute for Insurance Information, 2004) 10 percent profit, on the other hand, gives a person a lot of room to compare quotes and look for a good deal.
How to only spend money on things you need
First of all, don't buy insurance for more damage than you can pay for. Insurance is only a good idea if you can't pay for the damage out of your own pocket. For example, compare how much you would save if you had a higher deductible to what you would pay if you had an accident. Think about your driving record over the past three years and try to make a good guess about what it will be like over the next three years. Will it probably change?
