When it comes to any insurance policy, a lot of factors are at play and everyone’s situation is different. That being said the “average” cost of insurance doesn’t really exist. From homeowners insurance to a simple auto policy, the factors can seem endless. Just remember, your premium will nearly always differ from someone else and can even change year to year.

Major factors that impact your auto insurance policy:

  • Specific State Requirements
  • Date of Birth
  • Car Make and Model
  • High-Risk Violations or Accidents
  • Annual Mileage
  • Credit History
  • Driving Record
  • Zip Code
  • Marital Status

Major factors that impact your homeowners insurance policy:

  • Zipcode
  • Price of Home
  • Cost to Rebuild Home
  • Coverage Ammount
  • Age of Home
  • Home Condition
  • Security and Safety Features
  • Credit History
  • Extra Coverage Options
  • Deductible

What is the Average Cost of Insurance? – Entrust Insurance Agency – St Clair Shores, MI

Video Transcription

“So the question that is asked to me constantly is, what is the average cost of insurance hence, home or auto or otherwise? They say what’s–you know, what’s the average? What should this cost me? And I’d say that is a myth. There’s no such thing as your average, insurance costs, or what it should cost you. There are, I’ve said it before, 50 60, 70 different rating factors. For each insurance company, these factors are different. They’re weighted, some are weighted more and less heavily than others. So where you live, your age, the type of vehicle, the types of coverages, type of health insurance, the square footage of your house, is it brick? Is it vinyl? Does it have a basement? Is it a slab, all of these things, plus an extra 40 or 50 factors determine what your cost is. So there’s no real average because some people pay $50 a month for full coverage and some people pay $500 and it’s a result of all of those different factors. Playing into how your costs are calculated.”

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