How much is car insurance per month in Michigan?
What is the average cost of car insurance in Michigan? The average cost of full coverage car insurance in Michigan is $4,333 per year or $361 per month. For a state minimum coverage, the cost is around $2,921 per year or $243 per month.
How do you calculate car insurance?
Own Damage premium = IDV X [Premium Rate (decided by insurer)] + [Add-Ons (eg. bonus coverage)] – [Discount & benefits (no claim bonus, theft discount, etc.)] This component of your car insurance premium goes beyond your car, and safeguards you, not only against accidents, but mishaps leading to a disability.