The States The place Motorists Pay the Most for Auto Insurance coverage – Route Fifty

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By Andre Claudio
New York drivers pay the nation’s highest common auto insurance coverage premiums—greater than thrice what motorists pay in Maine, the state with the bottom charges, in accordance with a brand new report.
In New York, the common, full annual premium for auto insurance coverage is $2,996 and in Maine it’s $876, says the report, which is from the monetary providers agency Bankrate. 
Following New York, the states the place residents pay probably the most for auto insurance coverage are:

Following Maine, the states the place residents pay the least are: 

The report additionally features a rating of the “true value” of automotive insurance coverage in every state. This metric refers back to the common share of their earnings drivers spend on auto protection. States with excessive premiums and decrease incomes would rank highest on this checklist, with drivers dealing with the best proportional value burdens to maintain their autos insured.
Nationally, drivers spend a median of about $1,771 per yr on automotive insurance coverage, or about 2.57% of the common U.S residents’ annual earnings.
The state that ranked the best within the report based mostly on the true value metric was Louisiana, the place common annual premiums had been $2,864, or 5.26% of earnings, on common. Hawaii was the bottom on the true value checklist with common annual premiums round $1,200.
The report notes that elements like frequent pure disasters, together with floods and hurricanes, can drive up insurance coverage charges in a state. For people, credit score scores, driving information, age and the kind of car an individual drives additionally play a component in figuring out prices.
The report relied on knowledge from Quadrant Data Providers to investigate 2022 charges.                                
For extra info from the report click on right here.
Andre Claudio is an assistant editor at Route Fifty. 
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