Insurance is a mean business. Lucrative, but mean. You wouldn’t find a harsher and more mentally taxing industry anywhere else, except perhaps in the military field. But as I said it is also a very lucrative industry where you can make tons of money, like a lot of money. You know how the industry works, you pat=y money out of fear of something happening and it is simply pointless.
The auto insurance industry is even more of a mess. Not only are the premiums vey high in developed countries but they are also mandatory. This means that you need to take into consideration whether you can afford the annual insurance premium costs as well along with maintaining the car itself. In some countries, the rates are extremely high for car insurance.
The most expensive country in the world to buy a car insurance or any auto insurance for that matter is Austria. I mean people there pay around 100 to 150 euros every month for insurance, around 1800 euros a year. That’s a lot. I mean what’s the point if you are paying around $2000 a year just for insurance, for your car on top of that.
Second on the list is another European country that is known for cars. It’s ironic to think that car insurance would be so expensive in the country that is the home some of the world’s finest cars. If you want to buy car insurance is Germany you will have to cough up around US$1550 for premiums every year. In Germany, everything related to cars is expensive, like obtaining a driver’s license which costs a whopping 2000 euros, give or take.
United States of America
The US is known for its expensive healthcare and all kinds of expensive insurances. So, it comes as no surprise that it is also ion the list of the countries where the cost of car insurance is most expensive. The average amount an American pays as premium for is car insurance here is around $1400. This varies from state to state though, due to the federal nature of their laws. If you are Michigan, it would cost you nearly $2,000 for insurance.
Originally insurance rates on cars in England were not all that high. In recent years though, they have followed their European counterparts in hiking the fee throughout the years to reach a point were they are the 4th most expensive country in the world to buy car insurance. The premium will be around 1200 USD.