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The Worst — and Best — States for Auto Insurance Rates

According to a recent study by Quadrant Information Services, the highest auto insurance premiums in the nation are paid by drivers in Louisiana who annually shell out an average $2,536 to have their vehicles covered by a policy.

The next nine states to hit the “most expensive” top ten were:

– Oklahoma, $2047
– Michigan, $2013
– West Virginia, $2002
– Washington DC, $1866
– Montana, $1856
– Rhode Island, $1830
– Wyoming, $1732
– California, $1709
– Georgia, $1694

Many factors influence the difference in rates according to state including that state’s insurance laws, the degree of insurer competition, and how much severe weather the region gets each year. In states with a high percentage of uninsured drivers, premiums will be higher because there is an elevated risk of one driver in a crash being unable to pay. These are all factors outside the control of the individual motorist.

The cheapest auto insurance rates in the nation were found in Maine, due to low traffic density, high insurer competition, low crime rates, and few natural disasters. Consequently, drivers paid, on average, $889. After Maine, the least expensive states for insurance included:

– Iowa, $985
– Wisconsin, $987
– Idaho, $1011
– North Carolina, $1022
– Vermont, $1063
– Ohio, $1099
– South Carolina, $1108
– New Hampshire, $1133
– Arizona, $1176

To arrive at the annual average figures, the study looked at auto insurance rates on more than 900 vehicles with price quotes from Allstate, GEICO, Farmers, Progressive, Nationwide, and State Farm. The hypothetical driver was a male, age 40, with a solid driving record, a short commute, and typical coverage variables.