If you are not sure how to calculate insurance premiums in Iowa, MoneyGeek’s car insurance calculator is an easy way to get a car insurance estimate. We also analyzed the key factors that insurers use to determine insurance costs in Iowa to help you learn how your premiums are calculated.
Iowa Car Insurance Calculator: Estimate Your Car Insurance Costs
Updated: October 3, 2024
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Iowa Car Insurance Calculator: How it Gets You an Instant, Free Estimate
Most insurers will require you to provide personal details so that they can give you a car insurance quote. This process typically takes 10 to 15 minutes. If you are looking for a quick estimate, MoneyGeek’s car insurance calculator can give you an estimate based on your age, driving record, vehicle type and preferred coverage levels.
In Iowa, the key factors used to calculate the cost of car insurance are adding a teen driver to your policy, the coverage level and the driver’s age.
However, the biggest factors for you may depend on your unique profile.
If you want to find the cheapest car insurance company in Iowa, you can use MoneyGeek’s car insurance calculator. Your specific characteristics may impact who is the cheapest insurer for you.
State Farm is the cheapest widely available auto insurer in Iowa for our default driver at $284 per year.
Keep in mind that, apart from affordability, quality of service is also important when shopping for the best car insurance company.
FACTORS TO CONSIDER WHEN GETTING A CAR INSURANCE ESTIMATE IN IOWA
- You can find the cheapest car insurance in Iowa by using MoneyGeek’s car insurance calculator or comparing rates based on our sample driver profiles.
- MoneyGeek analyzed the average cost of car insurance in Iowa to help you understand how insurance rates in Iowa compare to other states.
- If you are looking for insurers offering the best balance of affordability and service quality, MoneyGeek also scored the best car insurance companies in Iowa.
How Car Insurance Premiums are Calculated in Iowa
If you want to find the right balance of affordability and coverage, you need to first calculate how much car insurance you need in Iowa. The amount of coverage you buy will impact your car insurance premiums.
Iowa insurance laws only require drivers to have bodily injury liability and property damage liability. However, it is also prudent to consider buying comprehensive and collision insurance to cover the cost of damages to your car.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Iowa
Young and inexperienced drivers pose a higher risk for insurers since they are more likely to be involved in car accidents. This is why adding a teen driver to your policy can significantly increase the cost of your car insurance premiums in Iowa.
Adding a teen driver to your policy will multiply the cost of your car insurance by 3.2x in Iowa.
How Much Age of Driver Matters in Calculating Car Insurance in Iowa
In Iowa, the age of the driver is an important rating factor in car insurance costs. Middle-aged drivers around the age of 40 pay the cheapest insurance premiums, while 19- to 20-year-olds pay the most for car insurance in Iowa.
Car insurance rates in Iowa can vary by 2.2x depending on your age.
How Much Coverage Levels Matters in Calculating Car Insurance in Iowa
When you want to calculate how much car insurance you need in Iowa, keep in mind that the level of coverage you choose is a big factor in car insurance costs. An Iowa policy with 100/300/100 limits plus a $500 deductible costs more than a state minimum policy.
The level of coverage you buy in Iowa can multiply your car insurance premiums by 2.6x.
How Much Credit Score Matters in Calculating Car Insurance in Iowa
Insurers consider your credit score when calculating car insurance premiums in Iowa. Drivers who have an excellent credit score pay less in premiums compared to a driver with a poor credit score since they are less likely to file a claim.
Your credit score can multiply your car insurance rates in Iowa by 2x if you have poor credit versus excellent credit.
How Much Car Model Matters in Calculating Car Insurance in Iowa
The type of vehicle that you want to insure is an important factor in determining your car insurance premiums. High-value cars typically cost more to insure since they are usually more expensive to repair after a crash. You may also find that some car models are more likely to be stolen, which drives their insurance costs up.
The car model you want insured can multiply your premiums by 2x, with luxury vehicles attracting the highest premiums.
How to Calculate How Much Car Insurance You Need in Iowa
If you want to find the right balance of affordability and coverage, you need to first calculate how much car insurance you need in Iowa. The amount of coverage you buy will impact your car insurance premiums.
Iowa insurance laws only require drivers to have bodily injury liability and property damage liability. However, it is also prudent to consider buying comprehensive and collision insurance to cover the cost of damages to your car.
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Understand Iowa car insurance requirements
You can calculate how much car insurance you need in Iowa by looking up Iowa’s minimum car insurance requirements. It is important to note that a state minimum policy in Iowa will only give you coverage of $20,000 bodily injury liability per person, $40,000 bodily injury liability per accident and $15,000 property damage liability per accident. If you incur damage to your car, you will not be covered unless you opt to also purchase comprehensive and collision insurance.
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Consider Purchasing Additional Liability Insurance
In the event of a major accident, you may need liability insurance above the minimum coverages required by Iowa insurance laws. If you purchase a policy with $300,000 in bodily injury liability per accident in Iowa, you will pay an average of $436 per year compared to roughly $325 per year for a minimum liability policy.
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Decide whether or not to buy comprehensive and collision insurance
It is important to determine whether you need full coverage car insurance, which comes with comprehensive and collision insurance. Iowa law doesn’t require it. However, if you’re leasing or financing the purchase of your car, your lender may require it. If you add comprehensive and collision coverage with a $1,000 deductible, you will pay an additional $329 per year.
Keep in mind that if your car value is lower than the cost of a full coverage policy, a liability only policy may be more cost-effective for you.
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Consider buying additional protection besides these core coverages
In Iowa, up to 11.3% of motorists are not insured. While Iowa insurance laws do not require uninsured/underinsured motorist coverage, you can buy it as an affordable way to protect against these motorists.
You can also opt to include medical payments coverage in your policy to ensure that you are covered for the cost of medical expenses incurred following a crash.
Frequently Asked Questions About How Car Insurance is Calculated in Iowa
You can get more information about how to calculate insurance premiums in Iowa by reviewing these answers to commonly asked questions.
How can I estimate how much my car insurance costs in Iowa?
You can estimate how much your car insurance will cost in Iowa using MoneyGeek’s car insurance calculator for Iowa. The car insurance calculator will give you a quote in real-time based on your age, coverage required, driving history and type of vehicle to be insured.
What are the most important factors companies use to calculate auto insurance costs in Iowa?
The most important factors insurance companies in Iowa use to calculate car insurance costs are adding a teen driver to your policy, the level of coverage you purchase and the driver’s age.
How do I calculate how much car insurance I need?
You can calculate how much car insurance you need in Iowa by looking up the minimum coverage required by law in the state. You should consider whether you need comprehensive or collision coverage, which may be required by some lenders if you are leasing or financing your car.
Methodology
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Iowa. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.