Average car insurance cost in Providence, RI

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The average car insurance cost in Providence, Rhode Island is $2,495 per year, according to Insure.com data. This is $434 more than the average auto insurance cost in Rhode Island and $600 more than the national average, as analyzed by Insure.com.

The rates can vary wildly depending on where they are filed. City demographics, including population density and average resident age, will affect how much money you spend on premiums which could make it cheaper or more expensive than other areas with different factors like accident rates, theft and vandalism rates, etc.

The article covers information on – the cheapest car insurance providers in Providence, the average car insurance rates by age, gender and how much is car insurance in Providence based on coverage limits. Whether you’re a new driver or have been driving for years, this article can help you find the best deal on cheap car insurance in Providence. Read on to learn more.

Cheap car insurance companies in Providence

State Farm offers the most affordable car insurance in Providence for coverage limits of 100/300/100 at $1,611 per year.

The Progressive comes close second offering car insurance at $2,455 per year.

As mentioned previously, car insurance quotes differ amongst companies due to the factors they consider when determining rates. Hence, it’s advisable to obtain quotes from multiple insurers to find affordable car insurance rates in Providence that align with your needs before finalizing your insurance carrier.

Here are the average annual and monthly costs for the various car insurance companies providing coverage in Providence, Rhode Island:

Read about the best car insurance companies.

Average car insurance cost in Providence by coverage limits

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

• State minimum coverage: $819 per year (limits are 25/50/25)
• Liability only coverage: $1,020 per year (limits are 50/100/50)
• Full coverage: $2,495 per year (limits are 100/300/100)
• Non-owners coverage: $571 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 Providence

The average car insurance rate for a female driver in Providence, Rhode Island, is $2,473 per year.

While the rate for a male driver is $2,517 per year, which is $44 more than what female drivers pay, according to a rate analysis by Insure.com.

Women are considered to be safer drivers than men, and statistics have proved this, according to the Insurance Information Institute. They often pay less for auto insurance because of their lower rate of severe accidents than men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Providence

In Providence, car insurance rates are the highest for teens, at $8,239 per year or $687 per month. The rates are higher for teenagers (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road, according to the Insurance Information Institute. There are driving laws for teens to help them drive better. Also, teen insurance rates can be lowered by adding teens to a parent’s auto insurance policy.

Car insurance rates are bound to decrease as teens grow older and earn a good driving record. Young adults pay $3,950 per year for their car insurance which is $4,289 less than what the teens pay for their insurance policy.

The car insurance rates in Providence for adult and senior drivers are $2,537 and $2,607 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 depicts the average annual rates for drivers of different age groups:

Car insurance rate trends in Providence

Examining the trends in car insurance rates in Providence, Rhode Island it was on an upward swing from 2022 to 2023. From 2022 to 2023 rates increase overall by 1%, or $19.

The table below shows the trend for last four years:

Conclusion

In conclusion, Providence’s car insurance rates are higher than the average insurance rates in Rhode Island. Drivers in Providence 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

 

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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.