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EVs can lower long-term ownership costs by eliminating expensive trips to the pump, but higher insurance premiums can gobble up those gains. According to Progressive, the cost of coverage for...
“The average cost of gassing up a car is $1,120 a year. The annual cost to operate an electric vehicle is about $485 per year, although having a home charger can lower that figure. The average ...
According to the 2024 Your Driving Costs study from AAA, the average cost of owning a new car is $12,297 per year. Auto insurance, auto loan costs, rising costs of car maintenance, and ...
From 2020 to 2022, the average cost of a new vehicle increased by 19% and repair costs increased by a similar percentage, so it makes sense that this would be factored into insurance prices.
In the USA, the yearly average cost of insurance is between $983 in New Hampshire and $2,551 in Michigan. [ 19 ] Additional coverage come with additional cost of about $1,000 per year.
Car ownership costs -- including auto insurance -- have increased dramatically in recent years. According to Motley Fool Money research, the average cost of car ownership was $12,078 in 2023.
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