Paying Less for Car Insurance Could Actually Cost You More. Here's Why

Buying state minimum car insurance coverage can save drivers a boatload on monthly premiums. According to publicly available quote data obtained directly from insurance providers and insurance rate data from Quadrant Information Services, the average cost of minimum coverage is just $764 per year. Buying higher insurance coverage limits will cost more per month, but it could actually save policyholders a ton of money in the event of an accident.