Average car insurance cost in Fargo, ND

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

According to data from Insure.com, the average annual cost of car insurance in Fargo, North Dakota is $1,379. The auto insurance rates in Fargo is $286 less than the state average and $516 less than the national average.

Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.

This article talks in detail about the most affordable car insurance companies in Fargo, the average car insurance rates by age and gender, and how much car insurance cost in Fargo depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in Fargo. Keep reading to learn more.

Cheap car insurance companies in Fargo

American Family provides the best value for car insurance in Fargo with coverage limits of 100/300/100, costing $891 annually.

A close second is Nationwide, which offers car insurance at $954 per year.

Read about the best car insurance companies.

Average car insurance cost in Fargo by coverage limits

In Fargo, the average car insurance rates based on coverage types are as follows:

• State minimum coverage: $392 per year (limits are 25/50/25)
• Liability only coverage: $417 per year (limits are 50/100/50)
• Full coverage: $1,379 per year (limits are 100/300/100)
• Non-owners coverage: $231 per year

In most states, drivers must have the state minimum coverage to drive legally, but these vary by state. However, state minimum coverage does not cover any vehicles listed on your policy in an at-fault accident.

To avoid compromising on the coverage and pay out-of-pocket expenses, it is better to have full coverage or non-owner coverage if you don’t own a car but borrow or rent one frequently.

Average car insurance rates by gender in Fargo

The average car insurance per year for female drivers in Fargo, North Dakota, is $1,373.

Whereas the yearly average car insurance rate for male drivers is $1,384, which is $11 more than what female drivers pay.

According to the Insurance Information Institute, women are considered to be safer drivers than men, and statistics have proved this. They often enjoy lower auto insurance premiums due to their lower incidence of severe accidents compared to men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Fargo

In Fargo, teenagers have the highest car insurance rates, at $4,754 per year or $396 per month. This higher rate is attributed to the increased risk of road accidents among teenagers (aged 16 to 19) due to their limited experience on the road, according to the Insurance Information Institute.

However, there are driving laws for teens to improve their driving habits. Additionally, the cost of teen insurance can be reduced by adding them to a parent’s auto insurance policy. As teens mature and establish a positive driving history, their car insurance rates are likely to decrease.

Young adults, pay an average of $2,275 annually for car insurance, which is $2,479 less than what the teens pay for their insurance policy.

Meanwhile, adult, and senior drivers in Fargo have car insurance rates of $1,412 and $1,394 per year, respectively. The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below shows the average annual rates for drivers of different age groups:

Car insurance rate trends in Fargo

Examining car insurance rate trends in Fargo, North Dakota, we observe a upward trend from 2022 to 2023. Subsequently, from 2022 to 2023, the rates experienced increase overall, with an increase of 15% or $177.

The table below shows the trend for last four years:

Conclusion

In conclusion, Fargo’s car insurance rates are lower than the average insurance rates in North Dakota. Drivers in Fargo can find affordable car insurance options by shopping around and taking advantage of available discounts. Moreover, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

 . .

Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.