Ah, the joys of the open road and carefree driving until something happens that makes it cost even more.
There are events- i.e. accidents, arrests for driving under the influence, a lapse in coverage- that can drive up the cost of your car insurance costs. How much?
It depends on a variety of factors, including where you live and the infraction or circumstance that causes the premium to spike.
Drivers in certain parts of the country pay considerably more for their auto insurance, especially after certain life events, said the Chartered Financial Planner Stephen Kates, an insurance analyst for Bankrate.
More from personal finance: How may your post-pandemic travel look like?
How much money you need to pay to buy a house?
Tax-refund scam targets college students and staff at the University of Pennsylvania. According to a report from Bankrate, auto insurance generally eats up a small portion of a person's budget: an average of 2.4%.
Part of it depends on the car you drive and your coverage, as well as your driving history- and even your credit score. The average annual premium paid by drivers is$ 1,674, although this can vary widely from state to state, the research shows. For instance, the average is$ 965 in Louisiana, while it is$ 2,724 in Maine.
And even within states, there can be some wide variance. As for how much things like accidents and other incidents can push premiums higher, according to Bankrate the most expensive event is adding teen driver to your policy.
The average additional cost is$ 1,662.