How Much Does an Average State Farm Auto Insurance Policy Cost?
Last Updated on March 24, 2023
State Farm is the largest car insurance company in the United States. Every year, State Farm handles claims for drivers across the United States.
According to our research, the average State Farm driver in the United States pays around $1,436 per year for full coverage car insurance, which is slightly less than the nationwide average of $1,450 per year.
How much does an average State Farm auto insurance policy cost? How much can you save by taking advantage of State Farm auto insurance discounts? Keep reading to discover everything you need to know about the average cost of a State Farm auto insurance policy.
Table of Contents:
- The Average State Farm Auto Insurance Policy Cost
- Factors that Impact State Farm Auto Insurance Pricing
- State Farm Auto Insurance Discounts
The Average State Farm Auto Insurance Policy Costs $1,436 Per Year
If you buy full coverage car insurance with State Farm, then you can expect to pay an average of around $1,436 per year, which is close to the nationwide average.
However, rates vary widely across the United States based on coverage, state laws, driving history, and other factors.
Drivers in Florida, for example, pay nearly twice as much for car insurance, on average, as drivers in North Carolina. That’s why a State Farm policyholder in Florida may pay double the average rates above, while a State Farm policyholder in North Carolina may pay less: it’s an average rate based on quotes submitted to our model driver profiles.
According to our research, State Farm policies vary widely in cost based on hundreds of factors. You could spend anywhere from $736 to $3,022 per year for State Farm car insurance. However, the average rate is around $1,436 per year.
Factors that Impact State Farm Auto Insurance Pricing
State Farm, like all insurers, considers hundreds of factors when calculating car insurance premiums. State Farm uses things like driving history, driving experience, and car safety to determine your risk. Then, State Farm fits you into an estimated risk profile and charges rates based on this data.
Some of the biggest factors that impact State Farm auto insurance policy pricing include:
State Insurance Laws and Coverage Requirements: Some states have strict insurance requirements, steep insurance coverage limits, and burdensome regulatory systems for insurers. All of these factors raise the cost of car insurance. That’s why drivers in Maine and Idaho could pay less than half of what drivers pay in Michigan and Florida, on average, even if they’re all insured with State Farm.
Coverage Options: Drivers who buy a minimum liability insurance plan with State Farm could pay just $500 per year for car insurance. Drivers with full coverage car insurance, meanwhile, pay around $1,436 per year. Depending on your needs and coverage, you could pay anywhere from a few hundred to a few thousand dollars per year for State Farm.
Individual Driver Factors: State Farm, like all insurers, considers several individual risk factors when calculating car insurance premiums. State Farm considers your driving history, age, driving experience, gender, and other factors, for example, when calculating premiums.
Location Factors: Your location impacts your average State Farm auto insurance premiums. Some ZIP codes have higher accident rates than others, for example, while some cities have high rates of vehicle theft and vandalism. Based on these location-specific factors, you could pay much different rates for State Farm auto insurance even within the same state.
Vehicle Factors: State Farm considers your vehicle when assessing auto insurance rates. The value, safety rating, and size of your vehicle all influence the cost of your State Farm auto insurance policy. Safer vehicles cost less to insure, and you’ll pay more for collision and comprehensive coverage on vehicles with higher actual cash value ratings.
After considering all of these factors (and more), State Farm will provide a custom rate for your auto insurance policy.
State Farm Auto Insurance Discounts
State Farm offers a range of discounts that can lower the cost of your policy by hundreds – or even thousands – per year.
Take advantage of the following discounts to lower the cost of your State Farm auto insurance policy:
Paperless Billing Discount: Sign up for paperless billing with State Farm to save money.
Anti-Lock Brakes Discount: If you have a car with anti-lock brakes, then you could save on your State Farm auto insurance policy.
Anti-Theft Device Discount: Some vehicles have passive or active anti-theft devices that can lower the cost of car insurance. A good anti-theft device deters theft and increases the chances of vehicle recovery, which lowers the risk for your insurer.
Safe Driving Discount: For every six months you drive without accidents while being insured by State Farm, you qualify for another safe driving discount. You also get $100 off your collision deductible for each year without accidents (up to $500 total).
Good Student Discount: Students who are under 25 and unmarried could qualify for State Farm’s good student discount. You must attend college or high school full-time and receive good grades (typically B or better) to qualify for this discount.
Drive Safe & Save: State Farm’s Drive Safe & Save discount program allows you to sign up for a customized driver tracking system to save money. State Farm tracks your driving habits using a smartphone app, then awards customized rates based on data recorded through that app.
Steer Clear: State Farm’s Steer Clear discount program is available to new drivers under 25. These drivers pay some of State Farm’s highest average rates for car insurance. By taking advantage of Steer Clear, these drivers could save hundreds per year on car insurance.
Other Discounts: State Farm also offers discounts for having multiple cars on a single policy, passive restraint systems, defensive driving courses, and more. Contact State Farm to ask about any possible insurance discounts.
Final Word – State Farm Insurance Cost
According to rates provided to our model driver profiles, the average State Farm driver pays around $1,436 per year for full coverage car insurance.
However, because rates vary widely between individuals and locations, it’s important to request a free quote from State Farm today. You could pay anywhere from $500 to $4,000 per year for full coverage car insurance with State Farm, according to rates provided to our model driver profiles.
Contact State Farm or request a quote online today to see how much your State Farm auto insurance policy could cost.