Maine, Ohio and Idaho all have competitive insurance marketplaces and less expensive car insurance premiums, according to a new study.
Michigan was labelled the most expensive state for car insurance for the fourth consecutive year. The lowest Michigan has ever been on the most expensive list is third, back in 2012. It’s a disgrace from a broken, lawyer dominated system. That was the year that Louisiana, who claimed second place this year for most expensive, took the No. 1 spot.
According to data analysis by Insure.com, Maine is the cheapest state for car insurance, with an average annual premium of $864. This is the third year in a row, and sixth time out of the eight years the comparison study has been conducted, that Maine is the least expensive state.
On the opposite end of the spectrum – as in deplorably awful – is Michigan. named the most expensive state for car insurance for the fourth consecutive year. The lowest Michigan has even been on the most expensive list is third, back in 2012. That was the year that Louisiana, who claimed second place this year for most expensive, took the No. 1 spot.
Michigan’s average annual premium is $2,394, which is 82% higher than the national average of $1,076. It is 177% more than Maine’s cheapest average rate for the country. For an example of how rates compare for specific vehicles, insuring a 2017 Toyota Camry LE in Michigan costs, on average, $2,711. In Maine, the average rate for the best-selling sedan is just $945.
See the full story, including the average insurance rates for every state and the top 20 best-selling vehicles, at Insure.com’s Car insurance rates by state, 2017 edition.
Car insurance requirements vary by state, and that’s one reason for the differences in rates. Other reasons include state legal systems, how the state is affected by natural disasters, crime rates and the frequency and severity of claims.
Insure.com commissioned Quadrant Information Services to calculate auto insurance rates from six large carriers (Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm) in 10 ZIP codes per state. Rates were compiled in May 2017.
