Average Cost of Car Insurance in Florida for 2023

Average Cost of Car Insurance in Florida

Before you hit the open road, you’ll want to make sure you have the right protection in place. Car insurance can offer a sense of security when you’re driving. While the average cost of car insurance is up across the country, many drivers in Florida may be paying higher-than-average premiums for coverage.

Of course, geography is just one factor that can influence how much someone pays for insurance. Other considerations include driving record, age, gender, credit score, car type, insurer, and level of coverage. Let’s take a closer look at the average cost of car insurance in Florida and how different factors may impact how much drivers pay for protection.

Key Points

•   Florida ranks as the second most expensive state for car insurance, with premiums notably higher than the national average.

•   The average cost of car insurance in Florida is $2,553 annually, $527 more than the national average.

•   Selecting a car with a good safety record and lower repair costs can lead to more affordable insurance rates.

•   Requesting discounts from insurance companies can help reduce car insurance costs.

•   Comparing different insurance providers can reveal significant rate variations, ensuring the best deal.

How Much Does Car Insurance Cost in Florida?

Florida drivers pay an average of $2,553 per year on car insurance, according to a 2025 U.S. News & World Report analysis of cheap car insurance companies. (By comparison, the nationwide average for full coverage is around $2,026 per year.) But as the chart below shows, that amount can vary widely by insurer.

Company

Average Rate in Florida

Allstate $3,898
Geico $1,765
Mercury $2,517
Nation General $3,246
Nationwide $2,155
Progressive $2,564
State Farm $1,652
Travelers $1,950
United Automobile $3,235
Source: U.S. News & World Report

Average Car Insurance Cost in Florida per Month

The average cost of car insurance per month in Florida is $212.75, compared to the national monthly average of $168.83.

Average Car Insurance Cost in Florida by City

Location can also impact car insurance costs. That’s because auto insurance companies consider factors such as local crime rates and traffic when determining how much to charge for coverage. Let’s see how the price of car insurance changes for residents of some major cities in Florida.

City

Average Annual Cost

Orlando $2,835
St. Petersburg $2,909
Fort Lauderdale $3,174
Tampa $3,131
Miami $3,345
Source: Insure.com

Recommended: How to Calculate Expected Rate of Return

Average Car Insurance Cost in Florida by Age of the Driver

The driver’s age and gender can impact premium prices. Generally speaking, younger, newer drivers may pay a higher premium because they tend to have more accidents than older, more experienced drivers. Women often pay lower premiums than men because they tend to have fewer drunken-driving accidents. In the chart below, notice how insurance rates change based on age and gender.

Recommended: How Much Does Insurance Go Up After an Accident?

Company

17-Year-Old-Female

17-Year-Old-Male

25-Year-Old-Female

25-Year-Old-Male

60-Year-Old-Female

60-Year-Old-Male

Allstate $16,597 $18,311 $4,035 $3,419 $3,588 $3,675
Geico $3,805 $4,078 $1,962 $1,926 $1,683 $1,564
Mercury $11,740 $12,883 $3,167 $3,053 $2,025 $2,015
Nation General $6,852 $7,224 $3,774 $3,918 $2,827 $2,807
Nationwide $7,342 $9,305 $2,408 $2,547 $1,828 $1,919
Progressive $7,899 $8,492 $3,093 $3,057 $2,201 $2,188
State Farm $4,105 $5,245 $1,786 $1,898 $1,487 $1,487
Travelers $5,924 $7,267 $2,111 $2,139 $1,660 $1,708
United Automobile $8,166 $9,514 $3,772 $3,687 $2,919 $2,828
Statewide Average $8,048 $9,147 $2,901 $2,924 $2,246 $2,243
Source: U.S. News & World Report

Average Car Insurance Rates After an At-Fault Accident

Have a history of fender benders and tickets? You may end up having to pay more for coverage. In general, the better a driver’s record, the more comfortable an insurance company is offering them lower rates. The chart below illustrates how insurance can go up even after one accident.

Type of Policy

Clean Record Premium

After One At-Fault Accident Premium

Full Coverage $2,253 $3,614
Source: U.S. News & World Report

Recommended: Auto Insurance Terms, Explained

Average Car Insurance Costs for Good and Bad Credit

A driver’s credit score is typically used by insurers to help predict insurance losses and set rates. A good credit score contribute to a lower premium, as shown in the analysis below from MoneyGeek.

Type of Policy

Good Credit Premium

Bad Credit Premium

Full Coverage $2,096 $4,088
Source: LendingTree

What Else Affects Car Insurance Costs?

Let’s examine some other factors that can impact how much someone pays for car insurance.

How much you drive

The more someone drives, the more likely they are to get in an accident simply because they are on the road more often. As a result, driving more miles can lead to higher insurance prices.

Make and model of the car

When setting a rate, insurance companies often consider how expensive it would be to repair or replace the driver’s car. The higher these costs are, the more the driver will likely pay for coverage.

Amount of coverage

How much car insurance do you need? The amount may be based on your personal preference or your state’s minimum car insurance requirements. But in general, the more coverage you have, the more expensive your policy will likely be.

Recommended: How to Get Car Insurance

How to Get Affordable Car Insurance

Looking to lower car insurance costs? Here are some strategies to consider:

Choose a Car Wisely

The more expensive a car is to fix or replace, the more it may cost to insure. If you’re shopping for a new car, you may want to factor in the cost of insurance. The Insurance Institute for Highway Safety shares helpful information about the cost of insuring different makes and models of cars.

Request a Discount

Yes, it can be that easy to lower your car insurance. Many insurance companies offer discounts for things like having a high GPA as a college student or being a longtime customer.

Budget for a Higher Deductible

Choosing a higher deductible often means spending less on monthly premiums. However, it’s important to select a deductible you’ll be able to pay if you ever do need to file a claim.

Shop Around

Take some time to research and compare a handful of auto insurance issuers, so you can find the one that provides the coverage you need for the best price.

The Takeaway

Though the price of car insurance varies across the country, drivers in Florida often pay higher-than-average costs. The average cost of car insurance in Florida is $2,553 per year, or $212.75 per month. However, several factors can impact how much you’ll pay, including your driving history, credit score, age, gender, location, insurer, and the type of car you have.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.

FAQ

What is the average car insurance cost per month in Florida?

The average cost of car insurance in Florida is $2,553 annually. This means consumers spend an average of $212.75 per month.

Is it expensive to insure a car in Florida?

Florida is the second most expensive state to insure a car, according to Insure.com. On average, car insurance in Florida costs $527 more than the U.S.’s overall annual average of $2,026.

How much is full coverage in Florida?

For extra peace of mind, some consumers may choose to buy a full coverage policy. In Florida, the average full coverage car insurance policy costs around $2,553.

How much is car insurance for a 25-year-old in Florida?

The amount may depend on your gender. A 25-year-old female driver in Florida spends an average of $2,901 per year, compared to the $2,924 a male driver spends per year.


Photo credit: iStock/FrankMirbach

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPRO-Q125-001

Read more
Average Cost of Car Insurance in Texas for 2023

Average Cost of Car Insurance in Texas

If you drive a car in Texas, you’ll need to make room in your budget for car insurance. The state requires it. The amount you’ll pay for protection depends on a number of factors, such as your driving record, age, car type, and insurer. Understanding the cost of coverage in your area can help as you’re comparing quotes. Keep reading to learn more about the average cost of car insurance in Texas.

Key Points

•   The average cost of car insurance in Texas is $1,716 per year, lower than the national average.

•   Factors influencing rates include driving record, age, location, credit score, and car type.

•   To save on car insurance, compare quotes from multiple insurers and consider a higher deductible.

•   Choosing a car with lower insurance costs can help reduce your premiums in Texas.

•   Discounts may be available for good driving records, defensive driving courses, and good student grades.

How Much Does Car Insurance Cost in Texas?

The average cost of car insurance in Texas is $1,716 per year, according to a 2025 U.S. News & World Report analysis of cheap car insurance companies. By comparison, the national average is $2,068 per year.

Average Car Insurance Cost in Texas per Month

The average cost of car insurance in Texas is $143 per month, which is $29.33 less than the national monthly average of $172.33. But as the chart below shows, prices can vary greatly among the state’s insurers.

Company Average Cost Per Month Average Annual Cost
AAA $164.33 $1,972
Allstate $207.08 $2,485
Geico $116.75 $1,401
Mercury $124.08 $1,489
National General $133.92 $1,607
Nationwide $140.75 $1,689
Progressive $170.25 $2,043
State Farm $82.83 $994
Texas Farm Bureau $71.92 $863
USAA $111 $1,332

Source: U.S. News & World Report

Average Car Insurance Cost in Texas by City

Where you live can also impact how much you spend on car insurance. The rate of theft, vandalism, and accidents in your area can help online insurance providers estimate how likely you are to file a claim, which can raise insurance costs. In the chart below, notice how rates vary even among 10 major cities in Texas.

Recommended: How to Calculate Expected Rate of Return

City Average annual cost
Arlington $2,080
Austin $1,930
Corpus Christi $2,013
Dallas $2,278
El Paso $2,112
Fort Worth $2,030
Houston $2,317
Lubbock $2,253
Plano $1,994
San Antonio $2,181

Source: Insure.com

Average Car Insurance Cost in Texas by Age and Gender of the Driver

Usually, teen drivers (aka new drivers) can expect to spend more on car insurance than older drivers. Gender is another consideration. Because women statistically get in fewer car accidents and have fewer DUI incidents, they tend to spend less on car insurance. Here’s a look at average annual premiums by different age groups.

Company 17-Year-Old-Female 17-Year-Old-Male 25-Year-Old-Female 25-Year-Old-Male 60-Year-Old-Female 60-Year-Old-Male
AAA $7,298 $7,950 $1,930 $1,995 $1,635 $1,693
Allstate $2,937 $3,860 $1,221 $1,277 $826 $826
Geico $6,154 $6,673 $1,505 $1,637 $1,159 $1,257
Mercury $3,172 $3,581 $1,330 $1,427 $1,081 $1,301
National General $4,947 $6,485 $1,604 $1,754 $1,179 $1,263
Nationwide $10,454 $11,707 $1,988 $2,107 $1,104 $1,124
Progressive $2,821 $3,533 $1,127 $1,307 $923 $923
State Farm $2,971 $4,646 $1,545 $1,658 $927 $951
Texas Farm Bureau $3,697 $4,523 $1,342 $1,406 $1,042 $1,100
USAA $2,936 $3,147 $1,045 $1,078 $695 $693
Statewide Average $4,541 $5,397 $1,462 $1,552 $1,049 $1,097

Source: U.S. News & World Report

Average Car Insurance Rates After an At-Fault Accident

Your driving record plays a big role in the auto insurance rates you’re offered. In general, the better someone’s record is, the less they’ll spend on insurance. This table compares how much someone can generally expect to spend on car insurance in Texas when they have a clean record and after just one at-fault accident.

Type of Policy Clean Record Premium After One At-Fault Accident Premium
Full Coverage Car Insurance $1,716 $1,799

Source: U.S. News & World Report

Average Car Insurance Costs for Good and Bad Credit

Some insurance companies examine applicant credit scores when determining rates, as certain credit behaviors can indicate how likely someone is to file a claim. Rates can increase for drivers with lower credit scores. See how the average cost of full coverage car insurance in Texas differs between drivers with good and bad credit scores.

Type of Policy Good Credit Premium Bad Credit Premium
Full Coverage Car Insurance $2,096 $4,088

Source: LendingTree

What Else Affects Car Insurance Costs?

Other factors that can affect car insurance costs include:

How Much You Drive

The more someone drives, the more likely they are to get in an accident simply because they are on the road more often. As a result, driving more miles can lead to higher insurance prices.

Recommended: Does Auto Insurance Roadside Assistance Cover Keys Locked in a Car?

Make and Model of Your Car

When setting a rate, insurance companies often consider how expensive it would be to repair or replace the driver’s car. The higher these costs are, the more the driver will likely pay for coverage.

Amount of Coverage

How much car insurance do you need? The amount may be based on your personal preference or your state’s minimum car insurance requirements. But in general, the more coverage you have, the more expensive your policy will likely be.

Related: Car Insurance Terms, Explained

How to Get Affordable Car Insurance

Looking to lower your car insurance costs? Consider these tips and tricks for finding a more affordable car insurance policy.

Compare Quotes From Different Insurers

There’s no need to accept the first quote you’re offered. Instead, shop around with a few different auto insurance issuers to see which can offer the most coverage for the best price.

Recommended: How to Get Car Insurance

Choose a New Car Carefully

If you’re shopping for a new car, you may want to factor in the cost of insurance. The Insurance Institute for Highway Safety shares helpful information on its website, iihs.org, about the cost of insuring different makes and models of cars.

Consider Whether a Higher Deductible Is Right for You

Choosing a higher deductible often means spending less on monthly premiums. However, it’s important to select a deductible you’ll be able to pay if you ever do need to file a claim.

Ask for Discounts

From taking a defensive driving course to earning good grades as a college student, there are many different ways you may qualify for a discount on your car insurance. If you’re looking to lower your monthly bill — and who isn’t? — then it can’t hurt to ask your insurer if you qualify for any discounts.

The Takeaway

The average cost of car insurance in Texas is $1,716 per year, or $143 per month. The amount you’ll spend on car insurance depends on several factors, including your driving record, age, gender, location, credit score, and insurer.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.

FAQ

How much is car insurance in Texas per month?

The average cost of car insurance in Texas is $1,716 annually. This breaks down to $143 per month.

Is car insurance expensive in Texas?

According to U.S. News & World Report, the average price of car insurance in Texas is higher than all but 12 other states in its 2025 study.

Is $300 a lot for car insurance?

In many cases, the average monthly cost for coverage in Texas is well below $300. But remember, the amount you pay depends on a number of different factors. A 17-year-old woman, for example, could very well pay more than $300 per month largely because of her age and lack of driving experience.


Photo credit: iStock/lightkey

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPRO-Q125-004

Read more
Average Cost of Car Insurance in California for 2023

Average Cost of Car Insurance in California

Most drivers know that the cost of car insurance in California varies, sometimes by hundreds of dollars. What you pay may be substantially different from what your friend pays, even if you have similar driving records and similar cars. That’s because there are dozens of data points that car insurance companies consider, from your age and Zip code to your insurance deductible and amount of coverage.

Keep reading to find out the average cost of car insurance in California, and how you can lower your premiums without sacrificing the coverage you need.

Key Points

•   The average annual cost of car insurance in California is $1,782.

•   Key factors affecting premiums include age, location, driving record, vehicle type, and coverage level.

•   Shopping around and bundling policies can help reduce car insurance costs.

•   Location impacts premiums, with urban areas being more expensive due to higher risks.

•   Younger drivers typically pay more, with rates decreasing as age and experience increase.

How Much Does Car Insurance Cost in California?

Drivers in California pay on average $1,782 a year for auto insurance, according to U.S. News & World Report. In a state where housing prices and the cost of living are so high, it stands to reason that car insurance is expensive as well. But what exactly goes into insurance companies’ calculations?

The California Department of Insurance weighs the following information in its estimates:

•   Coverage type. Liability Only vs. Standard.

•   Location. Divided into cities and, in bigger cities, into regions/neighborhoods.

•   Number of drivers covered. Single, couple, or family.

•   Years licensed.

•   Annual mileage.

•   Driving record.

•   Vehicle.

Average Car Insurance Cost in California per Month

Interested in getting car insurance in California? As you shop around, keep in mind that each insurance company has its own formula for calculating insurance rates. The table below shows how premiums vary among the ten largest insurance companies serving California.

Insurance Company Annual Premium Monthly Premium
Allstate $1,884 $157
CSAA $1,785 $148.75
Farmers $2,130 $177.50
Geico $1,352 $112.66
Kemper $2,007 $167.25
Mercury $1,503 $125.25
Nation General $1,703 $141.91
Nationwide $2,683 $223.58
State Farm $2,042 $170.16
Wawanesa General $1,214 $101.16

Source: U.S. News & World Report

Average Car Insurance Cost in California By City

Your location has a big influence on the cost of car insurance in California. Insurance companies actually track traffic volume, accidents, and crime in different neighborhoods across the state. Drivers in more populated areas typically pay more than those who live in small towns or out in the countryside.

Here are average costs for standard car insurance in ten of California’s biggest cities.

City Annual Premium Monthly Premium
Anaheim $2,572 $214.33
Bakersfield $2,477 $204.42
Fresno $2,385 $198.75
Long Beach $2,681 $223.42
Los Angeles $3,149 $262.42
Oakland $2,802 $233.50
Sacramento $2,665 $222.08
San Diego $2,324 $193.67
San Francisco $2,777 $231.42
San Jose $2,406 $200.50

Source: Insure.com

Recommended: Does Auto Insurance Roadside Assistance Cover Keys Locked in a Car?

Average Car Insurance Cost in California By Age of Driver

A driver’s age (or experience level, really) also plays a role in the cost of car insurance. A teenager who has just gotten their license is considered a greater risk by insurance companies. Higher risk translates to higher premiums. This is why many teens share a policy with parents. Once a driver hits age 20 (and still has a clean driving record), premiums often decrease. To find the best deal for younger drivers, compare quotes from an online insurance marketplace.

Age of Driver Average Annual Cost for Men Average Annual Cost for Women
17 $4,896 $4,896
25 $2,149 $2,149
60 $1,546 $1,546

Average Car Insurance Cost in California After an At-Fault Accident

Your driving record has a major effect on your insurance premiums. Whether you’re involved in a fender bender or a more serious crash, chances are your car insurance rate will go up after an accident. According to U.S. News & World Report, California drivers who have one accident pay an average of $2,910 per year for coverage. By comparison, drivers with a clean record pay around $1,782 per year for coverage.

Recommended: How Much Does Insurance Go Up After an Accident?

Average Car Insurance Costs for Good and Bad Credit

In California, insurance companies can’t factor in credit scores when underwriting car insurance policies. So your credit history won’t have an affect on your ability to get or renew a car insurance policy — or how much you’ll pay.

Californians should be thankful for this. In New York state, drivers with excellent credit pay on average $2,096, while those with poor credit pay — whoa! — $4,088.

Recommended: How to Get Car Insurance

What Else Affects Your Car Insurance Cost?

As noted above, there are dozens of data points that insurance companies can use to estimate their risk and set premiums accordingly. One is marital status. Another is your car’s make and model, as well as its safety features and overall value.

Aside from the driver and the car, the type of policy impacts premiums. The more coverage you have, the more expensive your policy will be. Your state’s minimum car insurance requirements will get you the most rock-bottom premiums.

The type of deductible you choose also influences your cost. With a higher deductible, your premiums will be lower. The trade-off is that, if you get in an accident, you’ll be responsible for a larger share of the repair bill. In short, you can pay now or pay later.

How to Get Affordable Car Insurance

To find the most affordable car insurance for your profile and needs, it’s best to shop around and compare quotes. These days, online insurance marketplaces make that easy to do.

Once you’ve chosen one or two reputable insurers, it’s important to ask yourself how much car insurance you need. This goes back to the “pay now or pay later” dilemma mentioned above. A no-frills, liability-only policy with a higher deductible will have the lowest monthly premiums. But if you’re in an accident, you may wish you’d chosen more coverage.

Also consider bundling opportunities. Just as you pay less for Internet and TV when you combine services, you can save on car insurance if you purchase it from a company with which you have another policy, such as homeowners coverage.

And finally, ask about possible discounts through organizations and schools you’re affiliated with. Most insurers have a long list of companies they partner with to offer lower rates to customers.

The Takeaway

The average cost of car insurance in California is $1,782. Your premiums may be higher or lower depending on factors related to your background (age, location, driving record), your vehicle (make and model, safety features), and your level of coverage (liability vs. comprehensive, low vs. high deductible). Just remember that the lowest premium may not offer all the coverage you need in case of an accident.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

Explore your options with Experian at SoFi, your personal insurance shopper.

FAQ

How much is the average car insurance per month in California?

Numerous factors go into the calculation of a car insurance premium, including where you live in California, the length and status of your driving record, the type of vehicle you have and its mileage, and more. The average statewide is about $1,782, but the best way to find the most affordable coverage for your situation is to shop around for quotes from multiple insurers.

How much does the average person pay for car insurance in California?

Several factors go into the calculation of car insurance for a California resident. This post breaks it down in multiple ways and offers sample averages based on certain demographics and situations.

Is $300 a lot for car insurance?

In many cases, the average monthly cost for coverage in California is well below $300. But remember, the amount you pay depends on a number of different factors. A 17-year-old, for example, could very well pay more than $300 per month largely because of her lack of driving experience.


Photo credit: iStock/gguy44

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPRO-Q125-003

Read more
Average Cost of Car Insurance in New York for 2023

Average Cost of Car Insurance in New York

When shopping for car insurance, how much is too much to pay? The answer can vary based on your driving record, age, car type, insurer, and even where you live. But knowing the average cost of coverage in your state can help as you’re comparing quotes. Here’s a look at average prices in New York and how different factors can impact how much drivers there pay for protection.

Key Points

•   The average cost of car insurance in New York for 2025 is $1,808 annually.

•   Age, gender, and location significantly affect rates, with younger drivers and city residents paying more.

•   Traffic violations, like speeding tickets and DUIs, can increase insurance costs.

•   Tips for affordable insurance include shopping around, exploring discounts, and maintaining a good driving record.

•   A higher deductible can lower monthly premiums but increases out-of-pocket costs for accidents.

How Much Does Car Insurance Cost in New York?

Drivers in New York pay an average of $1,808 per year for auto insurance, according to a 2025 U.S. News & World Report analysis of cheap car insurance companies.

Average Car Insurance Cost in New York per Month

The average monthly cost of car insurance in New York is $150.66. However, the amount you pay can vary by insurer, as the chart below shows.

Company Average Cost Per Month Average Annual Cost
Allstate $130.25 $1,563
Erie $121.08 $1,453
Geico $122.25 $1,467
Mercury $385.42 $4,625
Progressive $77.17 $926
State Farm $150.50 $1,806
USAA $116.208 $1,393

Source: U.S. News & World Report

Average Car Insurance Cost in New York by City

Your location can influence how much you pay for car insurance in New York. That’s because when setting rates, insurers often consider the local volume of traffic, accidents, and crime. People living in cities tend to pay more for car insurance than those living in small towns or rural areas. But as the chart below shows, prices can also vary by city. Here are estimates for 10 of the biggest cities in New York:

City Average Annual Cost
Schenectady $1,736
Rochester $1,683
Albany $1,751
Utica $1,833
Syracuse $1,804
Buffalo $2,125
New Rochelle $1,939
Yonkers $2,469
Mount Vernon $2,623
New York City $2,600

Source: Insure.com

Average Car Insurance Cost in New York by Age and Gender of the Driver

Your age can impact your premiums. Younger, first-time drivers, for example, often pay more for coverage because they tend to have more accidents than older, more experienced drivers. Gender can play a role, too. In New York, women may end up paying less for car insurance than men because they tend to get into fewer severe accidents.

Age of Driver Average Annual Cost for Men Average Annual Cost for Women
17 $5,487 $5,046
25 $2,077 $2,048
60 $1,577 $1,642

Source: U.S. News & World Report

Average Car Insurance Rates After an At-Fault Accident

As anyone who has been in a fender bender knows, car insurance rates tend to go up after an accident. New York drivers with a clean record pay around $1,808 per year for coverage. That amount rises to an average of $1,926 for drivers who have one accident.

But even traffic violations can cause prices to go up. A driver with one speeding ticket on their record pays an average of $2,064 for coverage, and one driving under the influence (DUI) offense causes rates to jump to an average of $2,559.

Recommended: Car Insurance Terms, Explained

Average Car Insurance Costs for Good and Bad Credit

Your credit score doesn’t just impact your ability to secure a loan. It can also play a role in how much you pay for car insurance. According to an analysis conducted by LendingTree, drivers with poor credit pay $4,088 on average per year for coverage, while those with excellent credit pay around $2,096.

What Else Affects Your Car Insurance Cost?

Here are other factors that can cause your car insurance rates to go up — or down.

Marital Status

Married drivers may qualify for more discounts than single drivers, since insurers often place them in a different risk category.

Make and Model of the Car

Your car’s safety features, accident rating, size, and overall value can all affect your insurance rates.

Amount of Coverage

The amount of coverage you need comes down to a number of factors, including your state’s minimum car insurance requirements, your budget, and your lifestyle. As a rule of thumb, the more coverage you have, the more expensive your policy will be.

The type of deductible you choose can also influence your overall costs. A deductible is the amount of money you’re responsible for after an accident before the insurance company pays its portion. With a higher deductible, you pay less money in premiums each month, but will be responsible for a bigger share of the expenses if you get in an accident.

Insurance History

Drivers who allow their coverage to lapse may be more likely to cancel their policy, so having a reliable history with one insurer may qualify you for a lower rate. In fact, it’s possible you’ll get a better quote when switching car insurance carriers than if you purchase insurance after going a few years without it.

Recommended: How to Lower Car Insurance

How to Get Affordable Car Insurance

The cost of coverage often varies by insurer. To find affordable car insurance, it’s a good idea to shop around and compare quotes. You can search online insurance companies and compare multiple car insurance rates.

You’ll also want to figure out how much car insurance you need. Keep in mind your state’s minimum car insurance requirements as well as additional coverage you may need.

If you’re looking to lower your car insurance, there are several strategies to consider. You may want to explore different policy options; look for bundling opportunities, such as getting your home and auto insurance from the same company; ask about possible discounts; and consider whether a policy with a higher deductible makes sense for you.

The Takeaway

Drivers in New York pay an average of $1,808 per year for car insurance. However, the amount you pay can depend on several factors, including your age, gender, driving record, credit score, marital status, and where you live. It helps to shop around and compare multiple quotes to find coverage that fits your needs and budget.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.

FAQ

How much is car insurance in New York monthly?

The average cost of car insurance in New York is $150.66 per month. But you may end up paying a different amount based on a wide range of factors, such as age, gender, driving record, credit score, and location.

How much is car insurance in New York for a 25-year-old?

A 25-year-old man pays an average of $2,077 per year for car insurance, according to a 2025 analysis conducted by U.S. News & World Report. Women of the same age pay an average of $2,048 per year. Gender and age are two of several factors that can impact how much you pay for coverage.

Is $300 a lot for car insurance?

In many cases, the average monthly cost for coverage in New York is below $300. But premium amounts vary based on a number of factors. An 18-year-old male driver, for example, could very well pay more than $300 per month because of his age and lack of driving experience.


Photo credit: iStock/cmart7327

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPRO-Q125-002

Read more

How to Consolidate HSA Accounts: A Comprehensive Guide

A health savings account (HSA) allows you to save money for healthcare expenses on a tax-advantaged basis. If you have multiple HSAs, it could make sense to combine them into a single account for easier financial management.

The steps to consolidate HSA accounts are fairly straightforward, though there are some tax considerations to know. Here’s an in-depth look at how to combine HSA accounts and why you might choose to do so.

Key Points

•   Consolidating multiple HSA accounts simplifies financial management and may reduce fees.

•   The process involves transferring funds to a single HSA, similar to merging bank accounts.

•   No tax penalties occur with trustee-to-trustee HSA transfers.

•   Consider provider fees, investment options, and transfer paperwork when consolidating.

•   Consolidation doesn’t affect HSA contribution limits but requires strategic planning for fund access during transfers.

Understanding HSA Consolidation


When you combine HSA accounts (which are only available to those with high-deductible health plan, or HDHP), you transfer the funds from each account into a single HSA. More specifically, you would typically open a new HSA and then arrange for the money in your existing HSAs to be moved to the new account. It’s similar to merging bank accounts if you’re combining, say, multiple high-yield savings accounts or checking accounts.

You’re not required to withdraw any money when consolidating HSAs, nor do you lose any of the tax benefits of health savings accounts by doing so. And as a refresher, HSAs offer these tax advantages:

•  Tax-deductible contributions

•  Tax-free earnings

•  Tax-free withdrawals when the money is used to pay for qualified healthcare expenses

Once you turn 65, you can use the money for anything you want, even if it’s not healthcare-related, just as you might with funds in a standard savings account. You will, however, have to pay income tax on non-medical withdrawals.

Recommended: Savings Account Calculator

Benefits of Consolidating HSA Accounts


Here are some reasons why you might want to combine multiple HSA accounts into a single entity.

•  You prefer to have fewer accounts to manage.

•  You could reduce some or all management fees by moving your HSA funds elsewhere.

•  You would like a different range of investment options for your HSA contributions.

•  You want to simplify healthcare expense tracking and year-end tax filing.

If you’ve ever struggled with managing multiple bank accounts, then you might see the advantage of combining HSAs.

Here’s one more reason to consolidate. There’s no tax penalty if you combine accounts using what’s known as a trustee-to-trustee transfer. With this arrangement, you direct the company that currently holds your HSA funds to transfer them directly to your new HSA provider.2

If you were to rollover your funds (another possible method of moving HSA money), that would mean you would take a distribution and then deposit it. This can be a taxable and reportable event if you conduct more than one check-based rollover every 12 months, which likely means they’re not a good method for consolidating multiple accounts. Also, if the funds are distributed in this way, they must be deposited in a new HSA account within 60 days of receiving the distribution. Otherwise, again, the transaction could be taxable.

Steps to Consolidate Your HSA Accounts


Combining HSA accounts is similar to completing a 401(k) rollover or combining IRA accounts. If you’ve done either of those before, you should already have an idea of what to expect.

That said, here’s how to consolidate HSA accounts in five simple steps, conducting what you may hear referred to as a trustee-to-trustee transfer. This means the funds involved never pass through your hands but move between financial institutions.

1. Review Your Current HSA Accounts


Before you can initiate a transfer, you need to know what you have. Make a list of your HSAs, including:

•  Which custodian or trustee holds them

•  Your account number

•  Your current balance

You may also want to review the fees you’re paying for each one and the returns your HSA investments are generating. That can help you decide if it makes sense to consolidate all your HSAs or just some of them.

2. Choose a Target HSA Provider


If you know which HSAs you want to consolidate, it’s time to look for a new provider. The options include banks, insurance companies, and brokerages.

As you compare HSA providers, look at:

•  Investment options, including the risk profile and historical returns

•  Fees, including investment fees such as expense ratios and separate account management fees

•  Investment minimums, if any

You may want to read reputable, verified reviews of HSA providers to learn what current or past customers do and don’t like about them. For example, a provider may offer an outstanding range of investment options but fall short when it comes to customer service.

Recommended: Does Changing Banks Impact Your Credit Score?

3. Initiate the Transfer Process


Once you’ve selected a new provider, you’ll need to open an HSA account with them. You’ll use the new account number to direct your current HSA provider on where to send the money.

Once your account is open, you can move on to the next step which is completing a transfer request form. This is one of the key steps to transfer money between banks or brokerages when moving HSA funds.

4. Complete Required Transfer Paperwork


Your new HSA provider should give you a transfer request form that you’ll fill out and send to your current custodians. Each provider’s form may vary, but typically, you’ll need to include your:

•  Name

•  Employer name, if your plan is sponsored by your employer

•  Date of birth

•  Social Security number

•  Contact information, including your address, phone number, and email address

•  Transferring custodian’s name and address

•  The account number of the HSA you’re transferring funds from

•  The account number of the HSA you’re transferring funds to

In a way, it’s similar to opening a bank account. You’re just providing a little more information.

You’ll also need to specify how much of your HSA balance you want to transfer. You can choose a full or partial amount. Finally, you’ll need to sign and date your form.

You’ll repeat this process using a form for each HSA that you want to transfer funds from. When your current providers receive the forms, they’ll cut a check to your new provider to complete the transfer.

5. Follow Up on the Transfer


How long you’ll wait for your HSAs to be consolidated will depend on the speed at which your current and new HSA providers move. It could take anywhere from two to five weeks or longer for the process to wrap up.

Your new HSA provider should send you a confirmation once the transfer is complete, but you can always reach out to ask for a status update. You’ll also need to follow up with your old custodians to make sure the account is closed and find out whether you owe any account closure fees.

Considerations Before Consolidating


Before you move ahead with consolidation, ask yourself what you hope to gain. Perhaps your goal is to save money on fees (which is also a reason some people switch their traditional bank accounts to online banking). In that case, it’s important to do your research on your new provider to make sure you’ll actually pay less in fees.

Also, consider whether you’ll be able to continue making new contributions to your HSA. If you’re consolidating accounts because you’ve retired, for example, then you can’t make any new contributions to an HSA if you’re no longer enrolled in your high-deductible health plan. So if you’re on Medicare, you will not be able to contribute to your HSA funds.

Potential Challenges in HSA Consolidation


It’s possible you could hit some snags when consolidating HSAs, so it helps to be prepared. Here are some of the main issues to watch out for:

•  Transfer fees. Your current HSA provider may charge transfer fees and/or account closure fees to finalize your consolidation. If so, it helps to know what those are beforehand and how you’re expected to pay them.

•  Processing times. There’s no set timeline for HSA transfers. You can help minimize the possibility of delays by filling out your transfer request paperwork accurately and following up with your providers to make sure your documents have been received.

•  Access limitations. Your new or current custodian may direct you to hold off on tapping into your HSA funds while the transfer is in progress. That could present a logistical challenge in the short term if you need to fill prescriptions or cover other healthcare expenses. It can be wise to ask in advance about these potential access issues so you can prepare as needed.

In a way, the process for HSA consolidation is not that different from what to expect if you switch banks. You might just be waiting a little longer for the change to be finalized.

After Consolidation: Managing Your Single HSA


Once you combine HSA accounts, it should be easier to manage your savings. Here are some tips for staying on top of your newly-consolidated health savings account.

•  Keep track of withdrawals, including what you spent the money on, the amount, and the date.

•  Track your contributions if you’re still making them so you don’t exceed the annual contribution limit. For 2024, the limits are $4,150 for self-only coverage and $8,300 for family coverage, with those 55 and older being allowed to contribute an additional $1,000. For 2025, the limits are $4,300 for individual coverage and $8,550 for family coverage, with an additional $1,000 contribution being possible for those age 55 and older.

•  Review your investments at least once a year to check their performance and the fees that you’re paying.

•  Consider talking to a financial advisor about how to make the most of your HSA for maximum tax benefits.

Recommended:Guide to Closing a Bank Account

Tax Implications of HSA Consolidation


If you’re completing a trustee-to-trustee transfer, there’s no immediate tax impact. You would, however, be subject to IRS tax rules when it’s time to make withdrawals from those accounts. Again, withdrawals for qualified medical expenses are always tax-free.

Where you can potentially owe taxes is when consolidating HSA accounts is if you choose an indirect rollover, as noted above. With an indirect rollover, your current HSA provider cuts a check to you. You then have 60 days from the date the check was issued to deposit the check into your new HSA, and you can only do this once a year.

If you don’t follow these guidelines, your funds would likely be considered a distribution, which would be taxable, with an additional penalty for those under 65 if not used for medical purposes.

The Takeaway


Consolidating HSA accounts could make sense if you’d like an easier way to keep track of your healthcare savings or if you’re looking for lower fees and better investments. Understanding what’s required can help you navigate the consolidation process with minimal hiccups.

Simplifying your financial life is what SoFi is all about.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

🛈 While SoFi does not offer Health Savings Accounts (HSAs), we do offer alternative savings vehicles such as high-yield savings accounts.

FAQ

How long does the HSA consolidation process typically take?

The HSA consolidation process can typically take a few or several weeks, but it may vary depending on how fast your current and new providers operate. You may need to do some strategic planning to make sure you don’t need to withdraw any funds for healthcare expenses while transfers are in progress.

Can I consolidate an HSA from a previous employer?

Yes, you can consolidate HSA accounts from one or more previous employers. It could make sense to do so if you’d like just one account to manage. You’d need to know which custodian holds your old HSAs so you can complete the process, including sending each of them transfer request forms.

Will consolidating my HSAs affect my contribution limits?

Transfers of HSA funds won’t affect your annual contribution limits. The amount you can contribute for 2024 maxes out at $4,150 for individual coverage and $8,300 for family coverage. For 2025, the limits rise to $4,300 and $8,550. Additionally, those 55 and over can contribute an additional $1,000 per year. HSA contribution limits are adjusted annually for inflation.


Photo credit: iStock/SrdjanPav
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

SOBNK-Q424-019

Read more
TLS 1.2 Encrypted
Equal Housing Lender