How Much is State Farm Car Insurance? (2024 Rates)

State Farm Insurance rates are among some of the most competitive in the nation. The average full coverage premium for State Farm customers is $1,675, and the average premium for minimum coverage is $523. 

Individual factors may cause premiums to vary from person to person. In this article, we’ll cover the average cost of State Farm car insurance and how they stack up against competitors. Let’s get started.

Key takeaways

• State Farm average full coverage and liability coverages are well below national averages.
• State Farm ranks among the top insurers for the best auto insurance value.
• Many factors go into determining an individual’s car insurance premiums. 
• A variety of discount opportunities give policyholders more opportunities to save on their insurance premiums.
• Comparing rates is the best way to ensure you receive the best auto insurance premium for your unique rating factors. 

Average State Farm Car Insurance Cost

Several factors will determine your premium when signing up with State Farm. When shopping for auto insurance, it’s helpful to know the annual average premium for State Farm customers compared to the average U.S. auto insurance premium. 

Check out the averages in the table below: 

State Farm’s average full coverage premiums are significantly less than the national average, making it one of the industry's most cost-friendly car insurance companies.

State Farm Full-Coverage Insurance Cost

Full coverage insurance includes a combination of liability and property damage coverages, such as comprehensive and collision. While the average annual premium for full coverage for State Farm customers is $2,807, other factors can impact your rate. 

A bad driving record can result in a 20% increase in auto insurance premiums, making it even more important to understand your options when shopping for car insurance. 

State Farm Minimum-Coverage Insurance Cost

Minimum coverage insurance can be a significant cost saver for drivers who don’t travel often. It meets state-mandated insurance requirements and provides protection in the event of legal liability. 

State Farm Auto Rates Vs. Other National Insurers

Car insurance rates change frequently. Understanding State Farm’s average annual premium compared to its competitors provides a starting point for comparing insurance rates, but may not paint the entire picture for your individual insurance needs. The only way to know your personalized auto insurance premium is to get a customized insurance quote from each company.

What State Farm Considers When Determining Rates

Insurance premiums are calculated using many factors. Each of the factors varies by individual, resulting in customized premiums for every driver. Below are some of the most common factors used by State Farm to determine premiums.

• Age: Young drivers and drivers over 65 will have higher rates than drivers between the ages of 25 - 64 due to increased probability of loss. 
• Driving record: Speeding tickets, accidents, reckless driving, and DUIs can indicate future claims. Drivers with a bad driving history will pay more for car insurance than those with a clean record, and safe driving will be rewarded.
• Claim history: Drivers with clean or few claims will see lower rates than those with multiple claims.
• Credit score: Lower credit-based insurance scores are a predictor of a higher likelihood of future losses and will impact your premiums. Higher credit scores will result in lower premiums over time.
• Location: Living in areas of heavy traffic or with higher overall records of theft and vandalism indicates a higher risk than areas with less traffic and more favorable loss histories. When it comes to the state you reside in, for example, rates in California will differ from those in Maine.
• Use of vehicle: The more often you drive, the more you are exposed to a potential for loss. Drivers who drive less for shorter distances will see lower rates than those who drive more frequently.
• Policy coverages: Your premium will be impacted by the types of coverage you choose. A minimum coverage policy will be less than a full coverage policy, resulting in a lower premium. However, less coverage also means more exposure to personal financial loss in the event of an accident.  Additional coverage options, such as medical payments, roadside assistance, rental car, and uninsured motorists will impact your premium. Consider your coverage options carefully.
• Policy limits: The amount of coverage you choose also impacts your auto insurance policy premium. The higher the coverage limit, the greater the exposure for the insurance company and the premium charged. 
• Deductibles: Higher deductibles mean less payout for the insurance company and less premium for you. Just make sure you are prepared to pay the deductible amount out of pocket in the event of a claim.

State Farm Car Insurance Discounts

Car insurance discounts can significantly impact your State Farm rates, helping to keep costs down. Below are some of the car insurance discounts State Farm offers.

State Farm also offers discounts for vehicles with certain safety features like anti-theft. Discounts are a great place to start when reducing your overall insurance premiums, but discounts vary by insurer. Check the discounts carefully when comparing insurers.

How to Save Money on State Farm Auto Coverage

Getting the best car insurance deal on your State Farm auto insurance coverage is possible if you know what to look for. The first thing you will want to do is to make sure you are receiving all available discounts. Ask your State Farm agent if there are any discounts you may have missed, particularly discounts for bundling your home insurance or other policies.

In addition, review your coverages initially and frequently. Understand what they mean and determine what coverages and coverage limits are appropriate for you and your needs. Some coverages like bodily injury liability, property damage liability, or personal injury protection may be required by the state, but many are not. Removing coverages that you don’t need or raising your deductible will likely save you money. Scheduling an insurance review with your agent is a great place to start.

Monitor your driving record and credit score. These are two areas that greatly impact your auto insurance premium. Make sure there are no mistakes on your records and keep them as clean as possible. 

Lastly, when you’ve done everything you can to save money on your State Farm auto insurance, compare car insurance quotes with other insurance providers to make sure State Farm is still the best option for you and your needs. Rates and circumstances change often. Comparing rates can provide reassurance that you are currently receiving the best rate possible or give you the opportunity to consider other options if you aren’t. 

FAQ: State Farm Car Insurance Costs

Is State Farm expensive?

State Farm auto insurance full coverage and minimum coverage premiums are well below the national averages. Individual premiums are determined by many factors that can impact overall premiums. Whether or not State Farm is affordable for you can only be determined by obtaining a customized auto insurance quote. 

How much is State Farm car insurance per month?

The average State Farm full-coverage car insurance coverage is $212 per month. Its minimum coverage average premium is $72 per month. Remember that average premiums are a guide and your premium could be much more or much less based on numerous factors. Insurance agents are a great resource for personalized auto insurance quotes. 

How much is State Farm car insurance for high-risk drivers?

The cost of car insurance for high-risk drivers at State Farm depends on the type of incident that makes the individual a high risk as well as their personal factors. The average monthly full coverage premium for drivers with an accident is $234. The monthly premium for drivers with a speeding ticket is $220 and drivers with a DUI pay an average of $227 per month. The combination of high-risk characteristics and other rating criteria could mean that a high-risk driver may pay much higher than average rates.

Article written by Shawnette Good. 

Shawnette is an insurance professional with 30 years of industry experience helping consumers understand complex insurance topics. Outside of writing, Shawnette enjoys long nature walks and volunteering in her community.