Table of contents
How much is car insurance in Malvern?
|Area||Average Monthly Car Insurance Premium|
Looking at the chart above, you can see that the average monthly price is about the same in Malvern as it is in the rest of Arkansas.
Compared to the rest of the country, auto insurance in Malvern is more affordable. It's about $20 cheaper to insure your vehicle in Malvern compared to the average rate for the United States as a whole.
These rates may be the average amount Malvern residents pay for their insurance policy, but that doesn't mean it's exactly what you'll pay. The monthly rate that insurance companies end up charging you is determined by a variety of factors. The final dollar amount you'll be asked to pay each month is calculated based on things like age, gender, vehicle make and model, driving record, and in some cases, credit score.
But don't worry, we've broken down the average rate for Malvern residents based on several different factors so that you can get a more accurate idea of your policy's monthly premium. If you think you might be overpaying for insurance in your area, enter your ZIP Code below and find out!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
|45-54||Not Enough Data|
It's pretty safe to assume that the older you are, the more experience you have as a driver. That experience can lead to some serious savings when it comes to auto insurance bills. According to the table above, you can see that 18-24-year-olds pay significantly more than drivers 65 and older.
You can expect to see your monthly premium drop about once a decade or so. Once you hit retirement age, however, you may see your rates climb back up a bit in Malvern.
Average Car Insurance Rates by Gender
Car insurance rates for men are usually slightly more expensive than they are for women. In Malvern, although women do pay a little bit less on their monthly auto coverage, the cost is about the same for either group.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Rates can vary wildly depending on your driving record. Those with clean records can expect to pay a lot less than those with infractions. Drivers in Malvern with one accident will pay around $65 a month. In addition, drivers with a single ticket on their record can expect to pay around $127 a month on average.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$75|
|15 Years or Older||$54|
If you look at the first table above, the cheapest vehicles to insure in Malvern are typically trucks and vans, at $49 per month.
SUV drivers will see rates of about $62 for auto insurance, while car owners by and large pay around $65 per month.
You can also expect to see slightly different rates depending on your vehicle's age. Newer vehicles are generally going to be the most expensive to insure. Once your car is a few years old, however, your monthly bill may start to dip back down. In Malvern, the most expensive vehicles to insure are vehicles less than or equal to one-year-old and two-to-three years old.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$67|
More often than not, those who have settled down into marriage will pay slightly less for car insurance coverage. This oftentimes is a result of owning multiple vehicles that are on the same policy, something that will often get you a discount.
According to the table above, the difference in rates based on relationship status in Malvern can be as much as $13 a month, so it's worth taking into consideration.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$69|
Your living situation is another component of how insurance companies calculate your monthly rate. If you rent your home or apartment, expect to pay around $14 less than homeowners in Malvern. But if you live with your parents, your rates will be significantly higher.
Many companies, however, will offer you a discount to bundle your home or rental insurance with your auto insurance policy, which can help reduce your car insurance premiums.
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, car insurance rates increased from 2017-2020, before steadying out in 2021. Rates finished up in 2022, at $91 a month
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 choosing how much to charge for a policy. The specifics of where you park your car will have an impact on your personal policy. This might include things like:
- Regional crime rates
- Off-street parking accessibility
- Community regulations
- Total number of drivers
- Rate of car accidents
It's good to be aware of these factors (even though you may not be able to do much to influence them) as you shop for a new policy or consider relocating. Realizing that different towns and cities will all have different rates, guides like these can be a good way to get a lay of the land of your corner of the world.
How can I find the cheapest car insurance in Malvern?
In the end, the only way to know exactly what your rate will be is to request a quote from a car insurance company.
But wait! Compare.com does all of that work for you. Enter your ZIP below, answer a few questions on you and your car, and you'll be comparing the cheapest quotes from loads of the car insurance companies offering policies in Malvern.
Malvern Insurance FAQs
What factors affect car insurance quotes in Malvern?
Car insurance companies calculate quotes based on a wide array of factors. These include things you can't control like your gender and age but also factors like your driving record, address, credit score, marital status, as well as your vehicle's year and make and model.
Why is the cost of car insurance in Malvern different from other neighboring cities?
Car insurance companies take local factors into consideration when determining how much to charge for coverage. Things like parking situations, local laws, and crime rates -- which can vary from city to city -- can significantly affect your rate.
Which car insurance company will offer me the cheapest rate in Malvern?
Since the factors that go into calculating your monthly payment vary from person to person, there isn't one company that will always offer the cheapest rate to everybody. You can be confident that you're receiving the best price possible by using sites like Compare.com to compare multiple quotes at once.
Do I need to change my insurance if I move to Malvern?
Any time you experience a major life event, whether it's moving to a new area, getting married, finding a new job, or other notable events, it's always a good idea to re-evaluate your current insurance. Certain companies offer cheaper insurance in certain cities, so even if you were getting the cheapest rate at your old address, it doesn't mean it'll still be the cheapest at your new home. That's why it's always good 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. You can switch companies at any time, regardless of how long is left on your current policy. So, if you've recently moved to Malvern or it's been a while since you last compared car insurance rates, you may want to take 10 minutes and see if Compare.com can save you money.