When it comes to car insurance for 40-year-old drivers, the cost can vary depending on the coverage levels chosen. On average, car insurance for 40-year-old drivers can cost around $483 per year or $40 per month for state minimum liability only coverage. Opting for 50/100/50 liability coverage can increase the average cost to $603 per year or $50 per month. For more comprehensive coverage with 100/300/100 liability and a $500 deductible for comprehensive and collision, the average cost jumps to $1,607 per year or $134 per month.
| Coverage level | Average annual premium | Average monthly premium |
|---|---|---|
| State Minimum Liability Only | $483 | $40 |
| 50/100/50 Liability Only | $603 | $50 |
| 100/300/100 Liability with $500 Comp/Coll Deductible | $1,607 | $134 |
Average car Insurance rates for 40-year-old male and female: Decoding gender impact
Gender can also play a role in determining car insurance rates for 40-year-old drivers. On average, 40-year-old females can expect to pay around $1,614 per year for car insurance, while their male counterparts may face slightly higher rates at $1,607 per year.
| Gender | Average annual premium | Average monthly premium |
|---|---|---|
| Female | $1,614 | $134 |
| Male | $1,607 | $134 |
How average car insurance rates for 40-year-old vary by State
Car insurance rates for 40-year-old drivers can vary significantly depending on the state they reside in. For example, in Alaska, the average cost for car insurance for a 40-year-old is $1,359 per year, while in Alabama it is $1,442 . In other states like Florida and Louisiana, the average cost can skyrocket to $2,517 and $2,487 per year, respectively. On the other end of the spectrum, Ohio offers the lowest average cost at $996 per year.
| State | Average annual premium | Average monthly premium |
|---|---|---|
| Virginia | $1,227 | $102 |
Low-cost car insurance for 40-year-old: Drive without breaking the bank
Finding affordable car insurance for 40-year-old drivers is possible. Some companies offer lower average annual costs, such as American National Finance at $857 , Palisades at $1,073 , and Mapfre Insurance at $1,091 .
Comparing rates from multiple insurers is one of the easiest ways to find which insurer offers the lowest cost for 40-year-old driver and provides all the required coverage.
| Company group | Average annual premium | Average monthly premium |
|---|---|---|
| American National Finance | $857 | $71 |
| North Carolina Farm Bureau | $1,218 | $102 |
| Safety Insurance | $1,226 | $102 |
| Nationwide | $1,190 | $99 |
| USAA | $1,192 | $99 |
| Geico | $1,266 | $106 |
| New Jersey Manufacturers | $1,284 | $107 |
| Palisades | $1,073 | $89 |
| Erie Insurance | $1,254 | $104 |
| American Family | $1,362 | $113 |
| Vermont Mutual | $1,172 | $98 |
| Auto-Owners | $1,406 | $117 |
| State Farm | $1,436 | $120 |
| Amica Mutual | $1,341 | $112 |
| Travelers | $1,488 | $124 |
| Arbella Insurance | $1,696 | $141 |
| Island Insurance | $1,668 | $139 |
| Frankenmuth Insurance | $1,339 | $112 |
| Southern Farm Bureau | $1,478 | $123 |
| Western National Mutual | $1,517 | $126 |
| Progressive | $1,686 | $141 |
| Mapfre Insurance | $1,091 | $91 |
| Shelter Insurance | $1,840 | $153 |
| Farmers | $1,980 | $165 |
| Allstate | $2,086 | $174 |
| Country Financial | $2,017 | $168 |
| Auto Club Enterprises (AAA) | $1,953 | $163 |
| Westfield Insurance | $1,806 | $150 |
| Iowa Farm Bureau | $2,369 | $197 |
| Kentucky Farm Bureau | $2,204 | $184 |
| The Hartford | $2,341 | $195 |
| National General Insurance | $2,397 | $200 |
| Mercury Insurance | $2,167 | $181 |
| CSAA Insurance (AAA) | $2,453 | $204 |
| Automobile Club MI (AAA) | $2,443 | $204 |
| Kemper Insurance | $2,422 | $202 |
| Oklahoma Farm Bureau | $2,642 | $220 |
| Chubb Ltd | $2,479 | $207 |
| Safeway Insurance | $2,810 | $234 |
| The Hanover | $4,350 | $363 |
| Sentry Insurance | $4,803 | $400 |
Conclusion
Car insurance costs for 40-year-old drivers can vary based on coverage levels, gender, state of residence, and choice of the insurance company. Opting for higher coverage increases the average cost, while gender differences can also impact insurance rates. The average cost varies significantly by state, with some states having substantially higher premiums than others. However, affordable options exist, and it is possible to find lower-cost insurance for 40-year-old drivers by comparing rates from different insurers.
Methodology
CompuQuote commissioned 2022 data for Average car insurance rates for 40-year-old drivers from Quadrant Information Services for all 50 states and Washington, D.C. Rates are based on the following profile:
- 40-year-old driver
- Honda Accord LX
- 12-mile daily commute, 10,000 annual miles
- Good credit
- Clean record
Rates are based on coverage limits of:
- $100,000 bodily injury per person
- $300,000 bodily injury per accident
- $100,000 property damage per accident
- $500 comprehensive and collision deductible
CompuQuotes analyzed rates from more than 34,000 ZIP codes, 56 million quotes, and 136 companies. Rates sourced from Quadrant Information Services are for comparison purposes only; your rates may differ.
