Table of contents
How much is car insurance in Malvern?
|Area||Average Monthly Car Insurance Premium|
Compared to the rest of the Arkansas, coverage in Malvern is about $6 a month cheaper.
Likewise, car insurance rates in Malvern are often favorable when viewed against the rest of the country. The average monthly payment for the United States as a whole is about $24 more expensive than in Malvern.
These rates provide a great starting point for understanding what to expect for your monthly payment, but there's no guarantee that this is what you will end up paying. There are numerous factors taken into consideration by insurance companies when deciding the rate you'll pay for coverage. The final dollar amount you'll be asked to pay each month is calculated off of factors such as your age, gender, vehicle make and model, driving record, and in some areas, your credit score.
Don't sweat it however, we've broken down average rates for Malvern residents based on several different factors so that you can get a more accurate idea of the bill you'll see each month. And if you're not sure if you're getting the cheapest rate, simply enter your ZIP Code below and find out in just minutes!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
|45-54||Not Enough Data|
It makes sense that older drivers would have more experience behind the wheel. That experience can turn into some real savings when it comes to car insurance bills. In this case, 18-24-year-olds pay significantly more than drivers 65 and older.
For every ten years older you get, you can expect to see a drop in your monthly premium. Having said that, once you approach retirement age your rates may climb back up in Malvern.
Average Car Insurance Rates by Gender
Car insurance rates for female drivers are usually cheaper than those for male drivers. In Malvern, male drivers pay about $13 more per month. As illustrated in the table above, male drivers in the area pay about $63 on average, while female drivers pay around $50 each month.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
|1 Ticket||Not Enough Data|
|Multiple Tickets||Not Enough Data|
Depending on your driving record, your rates can vary wildly. A clean driving record will get you a lower rate than one with even just a single accident or infraction. The rate for drivers in Malvern with a single accident on their record is about $62 a month.
Regardless of where you live, accidents, tickets, and other driving infractions can greatly increase your premium. In order to reduce your monthly bill and get the cheapest car insurance possible, keep your record clean and drive carefully.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$68|
|15 Years or Older||$52|
According to the first table above, the cheapest vehicles to insure in Malvern are usually trucks and vans, at $53 per month.
SUV drivers will see rates of about $60 for auto insurance coverage, while car owners typically pay around $56 a month.
Depending on how old your vehicle is, you can also expect to see slightly different rates. Generally, newer vehicles are going to cost the most to insure. However, once your car is about 5 years old, you may start to see your monthly premium decrease. In Malvern, vehicles two-to -three years old are the most expensive to insure.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$64|
More often than not, those who are currently married will pay slightly less for car insurance coverage. This usually boils down to owners having multiple vehicles on the same policy, something some companies will reward with discounts.
On a national scale, married drivers typically pay less than single drivers for auto insurance. Malvern is no exception, with the difference totaling to around $12 a month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$73|
One other element taken into consideration is your housing situation. If you rent your home or apartment, expect to pay around $3 less than drivers who own property in Malvern. Those who live with their parents, however, can expect to pay a good deal more than their counterparts who rent or own.
Depending on your insurance company, they may offer you a discount if you bundle your home or renters insurance with your auto policy.
Car Insurance Companies in Malvern, AR
Recent trends in car insurance for Malvern drivers
Average rates are constantly changing, so it's a good idea to know the direction your area is trending when choosing when and where to shop.
In Malvern, the rates for car insurance had been decreasing from 2016-2017, but started to rise in 2018. This pattern has continued and policy premiums reached a high of $61 per month in 2021.
How does Malvern compare to neighboring areas?
Why are car insurance rates in Malvern different from other areas?
Car insurance companies will take into account a number of factors when deciding how much to charge for a policy. While we've discussed the ones that affect your personal policy, others are based around where you live. These include things like:
- Off-street parking accessibility
- Total number of drivers in the region
- Prevalence of crime
- Local laws
- Road Safety (how many accidents each locality has)
A decent level of familiarity with these factors can be helpful when you're ready to purchase of a new policy or thinking about making a move. Each area will have different rates. Guides like these are a wonderful place to get started.
How can I find the cheapest car insurance in Malvern?
While understanding what the average costs are for drivers like you can be helpful as you get an idea of what you might end up paying, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies.
Don't worry, Compare.com does all of that work for you. Just type in your ZIP below, answer a few questions related to the factors we outlined above, and you'll be comparing the cheapest quotes from the many car insurance companies providing auto coverage in Malvern.
Malvern Insurance FAQs
What factors affect car insurance quotes in Malvern?
The factors that car insurance companies take into account when calculating your monthly cost include things you can't control like your gender and age, but also factors like your vehicle's year, make and model, as well as your driving record, credit score, marital status, and address.
Why is the cost of car insurance in Malvern different from other neighboring cities?
Parking situations, local laws, and crime rates -- all of which can change from city to city -- play a large role in the rates that car insurance companies may charge for coverage.
Which car insurance company will offer me the cheapest rate in Malvern?
Since the factors that car insurance companies take into consideration when calculating the rate you might pay differ from person to person, there is no one insurance company that will offer the cheapest rate to everybody. Things like your driving record, the number of drivers on the policy, and vehicle make and model, plus a number of others, are all taken into account. Because of this, it's a good idea to use sites like Compare.com to compare multiple quotes at once.
Do I need to change my insurance if I move to Malvern?
Whenever you move to a new area, or experience any other major life event such as getting married or finding a new job, it's always a good idea to re-evaluate your current insurance policy. Certain companies may offer larger discounts in certain cities, so it's a smart idea to use services like Compare.com to compare quotes from dozens of companies side-by-side.
Do I need to wait for my policy to expire to switch to a different car insurance company?
No. In fact, you can swap companies at any point, regardless of how much time is left on your current coverage. So, whether you're moving to Malvern or just curious about rates in your area, why not take 10 minutes to see if Compare.com can save you money?