FOSTER CITY, Calif., April
23, 2020 /PRNewswire/ -- Insure.com, a
comprehensive resource for insurance information, today released
its annual ranking of the most and least expensive states for car
insurance. For the seventh year in a row, Michigan takes the top spot as the highest
cost state to insure a vehicle, with an average annual premium of
$2,878. That amounts to 90% higher
than the current national average auto insurance cost of
$1,517
While the Wolverine State has far and away the priciest
premiums, last year's second most expensive state, Louisiana, reclaims that spot, averaging
$2,389. Louisiana's rates rose substantially from
2019, up 4% from its 2019 average of $2,298.
For Michigan, one of the
factors contributing to high rates is its unique insurance system,
which includes a no-fault car insurance scheme that requires all
drivers to carry Personal Injury Protection (PIP) coverage. PIP
helps cover medical expenses for the policyholder, family members
and any passengers in the vehicle that are injured during a car
accident.
Overall, the average annual insurance cost for the 10 most
expensive states, one being a district, is $2,082, a list that includes:
1. Michigan
($2,878)
|
6. Georgia
($1,936)
|
2. Louisiana
($2,389)
|
7. Washington, DC
($1,928)
|
3. Florida
($2,239)
|
8. Rhode Island
($1,918)
|
4. Texas
($2,050)
|
9. South Carolina
($1,759)
|
5. California
($1,968)
|
10. Delaware
($1,757)
|
In many cases, state rates are pushed higher due to factors such
as a large number of uninsured drivers, inclement weather and high
population density. But these factors also help keep rates down in
other states. For example, Maine
is found to have the least expensive car insurance with an annual
premium of $912. That's partly due to
being 38th in population density and having the lowest rate of
uninsured drivers in the country, with only 4.5% of drivers lacking
coverage.
Maine's low annual car
insurance premium average of $912
puts it 40% below the national average. Overall, the average yearly
car insurance for the 10 least expensive states is $1,115, a list that includes:
1. Maine
($912)
|
6. Iowa
($1,123)
|
2. New Hampshire
($985)
|
7. Indiana
($1,213)
|
3. Ohio
($1,034)
|
8. North Dakota
($1,229)
|
4. Wisconsin
($1,049)
|
9. Tied - Virginia
($1,270)
|
5. Idaho
($1,062)
|
9. Tied -
Pennsylvania ($1,270)
|
"The goal behind our survey is to show consumers that their
state has unique circumstances that impact car insurance premiums,
such as Michigan and it's no-fault
car insurance system," explains Penny
Gusner, Insure.com's senior consumer analyst. "If you're
looking for the best rates available, understand average auto
insurance rates in your state. This can help you assess whether or
not a policy is a good value, especially if you live in a state
that's ranked among the most costly. Identify the factors that can
be controlled, and those that can't, and then use those insights to
your advantage by comparing as many rates as possible."
To do this, Insure.com offers an interactive map that gives
motorists an at-a-glance view of state rate information and shows
how each compares to the national average. Insure.com also provides
a tool for consumers to research national and state car insurance
rates for 2020 vehicles – a must when looking to plan a future new
car purchase.
For the entire report and its methodology, read: Car Insurance
Rates by State, 2020 Edition.
Additional Resource
● Insurance advisor 2020:
The smartest five minutes you can spend on insurance
About Insure.com
Insure.com is owned and operated by QuinStreet, Inc.
(Nasdaq: QNST), a pioneer in delivering online marketplace
solutions to match searchers with brands in digital media.
QuinStreet is committed to providing consumers and businesses with
the information and tools they need to research, find and select
the products and brands that meet their needs. Insure.com is a
member of the company's expert research and publishing
division.
For 35 years, Insure.com has served as a comprehensive consumer
resource for insurance information, offering expert advice,
articles, news, and tools about car, home, health, and life
insurance. Consumers have access to free car insurance quotes and
guidance on finding the right insurance policy, saving money and
solving claims problems.
Website: https://www.insure.com
Twitter: @InsureCom
Facebook: https://www.facebook.com/Insure
Media Contact
For Insure.com
Liberty Communications for QuinStreet
Rick Judge, 415-429-5652
QuinStreet@libertycomms.com
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SOURCE Insure.com