What is the Average Cost of Car Insurance in Waterford, CT?

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The average cost of car insurance in Waterford, CT, is $1,578. This is lower than the average cost of insurance in nearby locations like Niantic and East Lyme but slightly higher than other locations like Long Hill, Groton, and New London. The average cost of auto insurance depends on numerous factors ranging from the vehicle’s make and model to the driver’s age. Below is an analysis by Zimlon on factors that influence the average cost of car insurance in Waterford, CT.

Neighborhood:

The neighborhood one lives in Waterford, CT, can influence the cost of auto insurance. Zimlon offers the option of keying in one’s zip code to get accurate auto insurance quotes from multiple auto insurance companies. The average auto insurance cost can vary depending on several factors like the vehicle’s make and model and the rate of auto thefts in the neighborhood. Below is an analysis by Zimlon showing the average cost of car insurance for different locations in Connecticut.

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Deductibles:

This is one of the most common factors influencing the cost of auto insurance in Waterford, CT. A low deductible ($500) usually increases auto insurance value, whereas a high deductible ($1,000) lowers it. For example, the average cost of auto insurance in Waterford, CT, on a deductible of $500 is $980, and it decreases to $827 when the deductible is $1,000.

Credit Score:

Having an “excellent” or “good” credit score will also influence the cost of car insurance in Waterford, CT. Several auto insurance companies provide discounts to car owners that have a higher positive credit score.

Zimlon’s analysis found that the average auto insurance cost for a car owner with an ‘exceptional’ credit score of 800-850 is $1,354 in Waterford, CT. Car owners with an ‘excellent’ credit score of 740-799 can also get car insurance at an average cost of $1,545. On the other hand, a lower credit score between 580-669 or 300-579 can influence the average cost of car insurance to increase more than $2000 in Waterford, CT. 

Age of the Driver: 

According to Zimlon’s analysis, teenagers in Waterford, CT, pays a much higher car insurance rate compared to the rest of the state as they are generally considered to be less responsible behind the wheel. Middle-aged drivers are likely to pay lower car insurance premiums if they are considered to be safer drivers by insurance companies.

In Waterford, CT, the average cost of car insurance for teenagers is $5,120, and for a 20-year-old driver, the average cost of car insurance is $2,028. Whereas drivers between the age of 30 to 60 have to pay less than $1600 in Waterford, CT. Many auto insurance companies in Connecticut offers Good Student discount for B+ average score. Young car drivers in Waterford, CT, can use such discounts to reduce their average cost of car insurance.