Missouri ranks 7th highest among car insurance rates
SPRINGFIELD, Mo. (KY3) - Missouri’s average annual cost for auto insurance is $2,104, and Springfield’s is $1,953 for premium coverage.
Missourians pay more than the average American. The national average is $1,682. That’s according to Insure.com.
“Cars cost more money now, compared to what they used to be,” insurance agent John Schaeffer from The Resource Center said. “Insurance companies now are just totaling the car out instead of repairing it,” Schaeffer said.
The U.S. Bureau of Labor Statistics’ Consumer Price Index showed a 16.9% increase from June last year to June 2023 for motor vehicle insurance. It’s increased by 1.7% over just the last month.
“Everything is more expensive now than it was five years ago,” Schaeffer said. “So they have to raise the rates to offset the payments the insurance companies have to pay out,” he said.
While the average car insurance rates may be rising, you may be able to help curb additions to your own bill.
The Resource Center Insurance & Financial Services is a company in Springfield and Branson that acts as a broker to help find the right car insurance company and plan for your situation.
“At Resource Center Insurance, we get your information. We shop for your insurance. We’ve got eight different companies we can shop that through. So we can go through there and help you find the best rate,” Schaeffer said.
In addition to seeking assistance from groups like The Resource Center, there are other tips to help find the most affordable car insurance.
The Resource Center recommends:
- meeting with your insurance agent once a year to see if you’re eligible for any more discounts
- paying out of pocket for smaller accidents instead of filing a claim
- tracking your driving with Telematics
- hiring an attorney to expunge tickets from your record to keep them from increasing your rate
- raising your deductibles if you can afford it
The Resource Center also matches you with the insurance company with the best rates for your situation. Insure.com cites USAA as the cheapest car insurance company in the state at an average of $71 per month, but only veterans, their families, and members of the military are eligible for USAA coverage.
Cheapest car insurance companies in Missouri:
- USAA - $71 a month
- Nationwide - $91 a month
- Travelers - $111 a month
- State Farm - $116 a month
- American Family - $133 a month
- Auto-Owners - $134 a month
- Allstate - $144 a month
- Auto Club - $168 a month
- Geico - $181 a month
- Progressive - $216 a month
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