Average car insurance cost in Salem, OR

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Based on an analysis by Insure.com, the typical car insurance expense in Salem, Oregon is $1,736 annually. Furthermore, car insurance premiums in Salem are $58 more than compared to the state average in Oregon and $159 less than the national average.

Car insurance premiums differ widely depending on the location, city demographics, population density, average resident age, accident rates, and theft and vandalism.

This article looks at the most affordable car insurance companies in Salem, the average car insurance rates by age and gender, and the costs in Salem based on coverage limits.

Whether you’re a new or experienced driver, this article will guide you in finding the most affordable car insurance in Salem. Keep reading to learn more.

Cheap car insurance companies in Salem

At an average of $1,242 per year with full coverage limits of 100/300/100, Oregon Mutual Insurance provides the most affordable car insurance in Salem.

Ranked as the second most affordable company in Salem, Travelers provides car insurance at $1,353 per year.

As previously noted, car insurance rates differ among companies due to variations in the factors used for calculating the rates. So, it is best to compare quotes from several insurers to secure affordable car insurance rates in Salem that align with your needs before selecting a policy.

The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Salem, Oregon:

Read about the best car insurance companies.

Average car insurance cost in Salem by coverage limits

The average car insurance rates in Salem by coverage type are as follows:

• State minimum coverage: $757 per year (limits of 25/50/25)
• Liability-only coverage: $839 per year (limits of 50/100/50)
• Full coverage: $1,736 per year (limits of 100/300/100)
• Non-owners coverage: $494 per year

In many states, drivers are legally required to maintain state minimum coverage. However, these requirements vary by state. However, the state minimum coverage does not protect vehicles listed on your policy in an at-fault accident.

It’s advisable to choose full coverage to avoid the risk of inadequate coverage and out-of-pocket expenses. You can also choose non-owners coverage if you often borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Salem

Based on an analysis by Insure.com, female drivers in Salem, Oregon pay an average annual car insurance premium of $1,781. In comparison, male drivers pay $1,691 annually, which is $90 less than what female drivers pay.

According to the Insurance Information Institute, statistics indicate that women are generally considered safer drivers than men. Also, women pay less for car insurance due to the lower rate of severe accidents.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Salem

In Salem, teenagers have the highest car insurance rates, at $6,072 per year or $506 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 $2,726 annually for car insurance, which is $3,346 less than what the teens pay for their insurance policy.

Meanwhile, adult, and senior drivers in Salem have car insurance rates of $1,728 and $1,789 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 Salem

If we look at the car insurance rates trends in Salem, Oregon, it was on an upward swing from 2022 to 2023. From 2022 to 2023, the rates increase overall by 31%, or $408.

The table below shows the trend for last four years:

Conclusion

In conclusion, Salem’s car insurance rates are higher than the average insurance rates in Oregon. Drivers in Salem 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.