Insurance Rates Decline, Fewer Insured

Jan. 8, 2021—For the first time in a decade, auto insurance rates have fallen, according to a recent study.

The average cost of auto insurance in 2021 is $1,636, per a press release, but the findings also showed that rates of auto insurance coverage have decreased, by 1.7 percent.

According to the study, the states with the highest year-to-year decrease in rates for auto insurance are Arkansas, Ohio, and Michigan, where rates decreased by more than 4 percent.