| |
|
|
|
|
| The Basics | Costliest states for auto insurance
|
Drivers in New Jersey pay nearly twice as much as those in Iowa. What's the damage where you live?
By Bankrate.com
If you've played bumper cars in midtown Manhattan, raced through the fumes of the New Jersey Turnpike or battled Beltway traffic around the nation's capital, you'd probably guess drivers in the crowded northeastern states pay the highest auto insurance premiums in the country.
You'd be right.
The top six states in average combined premiums paid all were in the traffic-choked northeast corridor, led by New Jersey, New York and Washington, D.C.
In those three, followed closely by Rhode Island and Massachusetts, drivers paid annual average premiums in excess of $1,000 -- almost double the average prices paid by motorists in Iowa, Maine and Idaho and about a third more than the national average.
The figures come from a study compiled by the National Association of Insurance Commissioners (NAIC), which says the term "combined premium" comprises liability, collision and comprehensive coverage. The figures are for 2001, the last year for which full figures are available.
Woe to the Garden State
New Jersey was the priciest auto insurance state in the country, with motorists shelling out an average $1,182.54. New York kept pace with an average of $1,161.27, followed by the District of Columbia at $1,156.23.
Iowa, which boasts an average of less than $600, was the least expensive, with Maine and Idaho only a few dollars more. The national average was $817.43, just about the same average price as New Mexico and Texas.
The NAIC points out that a number of factors affect the average expenditures. For example, says the NAIC, in states with robust economies, more consumers are likely to purchase new vehicles that will be insured for higher amounts than older vehicles.
Here are the state-by-state rankings:
| Annual premiums from coast to coast | | Rank | State | Premium* | Rank | State | Premium* | | 1 | New Jersey | $1,182.54 | 27 | Oklahoma | $762.76 | | 2 | New York | $1,161.27 | 28 | Arkansas | $749.19 | | 3 | D.C. | $1,156.23 | 29 | Illinois | $745.57 | | 4 | Rhode Island | $1,027.03 | 30 | South Carolina | $744.87 | | 5 | Massachusetts | $1,013.46 | 31 | Utah | $739.19 | | 6 | Connecticut | $993.50 | 32 | Missouri | $737.15 | | 7 | Alaska | $969.69 | 33 | Alabama | $733.79 | | 8 | Louisiana | $967.21 | 34 | New Hampshire | $729.70 | | 9 | Nevada | $965.96 | 35 | Oregon | $725.11 | | 10 | Colorado | $935.10 | 36 | Montana | $720.54 | | 11 | Delaware | $929.84 | 37 | Tennessee | $706.80 | | 12 | Arizona | $914.26 | 38 | Kansas | $700.24 | | 13 | Michigan | $871.98 | 39 | Indiana | $698.18 | | 14 | Maryland | $853.04 | 40 | Virginia | $688.49 | | 15 | Georgia | $848.21 | 41 | Vermont | $682.75 | | 16 | West Virginia | $841.08 | 42 | Ohio | $682.67 | | 17 | Washington | $836.24 | 43 | Wyoming | $682.60 | | 18 | Florida | $835.79 | 44 | Nebraska | $667.99 | | 19 | Texas | $820.24 | 45 | North Carolina | $667.93 | | 20 | New Mexico | $814.91 | 46 | South Dakota | $648.16 | | 21 | Hawaii | $811.12 | 47 | North Dakota | $633.78 | | 22 | Minnesota | $808.63 | 48 | Wisconsin | $630.11 | | 23 | Pennsylvania | $807.90 | 49 | Idaho | $629.68 | | 24 | California | $795.36 | 50 | Maine | $621.28 | | 25 | Mississippi | $784.37 | 51 | Iowa | $596.44 | | 26 | Kentucky | $766.76 | | Nationwide | $817.43 |
|
*Combined liability, comprehensive and collision coverage cost for 2001
Source: NAIC
|
|
|
|
|
|
MSN Money's editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft of any specific security or trading strategy. An investor's best course of action must be based on individual circumstances.
|
|
