$1,600 premium, $200 out-of-pocket, 12,000 miles
- Total = $1,800
- Cost/mi = $0.15
finance calculator
Insurance Cost per Mile Calculator
Spread annual auto insurance premium (plus expected out-of-pocket) over annual miles to see cost per mile.
Results
- Total annual cost
- $1,800
- Cost per mile
- $0
How to use this calculator
- Enter annual premium and any expected out-of-pocket costs.
- Enter annual miles driven.
- See total annual cost and cost per mile.
Inputs explained
- Annual premium
- Your yearly insurance premium.
- Expected out-of-pocket
- Estimated deductibles/claims per year (average).
- Annual miles
- Miles driven per year.
How it works
Total annual cost = premium + expected out-of-pocket. Cost per mile = total cost ÷ annual miles.
Formula
Total annual cost = Premium + Out-of-pocket Cost per mile = Total cost ÷ Annual miles
When to use it
- Budgeting transportation cost per mile.
- Comparing insurance value for high vs low mileage.
- Pairing with fuel cost per mile for total operating cost.
Tips & cautions
- If you rarely claim, set out-of-pocket low; if you expect some claims, increase it for realism.
- Low-mileage drivers may see higher cost per mile even with lower premiums.
- Use with fuel calculators to see total per-mile operating cost.
- Expected out-of-pocket is a guess—actual claims vary.
- Does not include wear/maintenance—insurance only.
Worked examples
$1,200 premium, $300 out-of-pocket, 8,000 miles
- Total = $1,500
- Cost/mi = $0.1875
Deep dive
This insurance cost per mile calculator spreads your premium and expected out-of-pocket costs over annual miles to show cost per mile.
Use it to budget transportation costs or to compare with fuel and maintenance per mile.
FAQs
- Include maintenance?
- No—insurance only. Add fuel/maintenance separately.
- What if I never claim?
- Set expected out-of-pocket to $0.
- Mileage-based premiums?
- Enter your actual premium; this spreads it over your miles.
- Does this replace a quote?
- No—use your real premium. This is a budgeting tool.
- Other vehicles?
- Run separate calculations per vehicle if needed.
Related calculators
finance
Diesel Fuel Cost Calculator
Estimate diesel fuel cost for a trip using distance, MPG, price per gallon, and optional fuel surcharge.
finance
Gas vs Hybrid Savings Calculator
Compare annual fuel costs for a gas vs hybrid vehicle and see fuel savings and simple payback on the hybrid price difference.
Budget estimate only. Actual insurance costs and claims vary. Use your own premiums and adjust out-of-pocket to match your risk expectations.