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Press Releases

January 19, 2007

Insurance.com's 2006 Auto Insurance Pricing Report

Based on data drawn from the lowest average auto insurance rates per household viewed by over 1.1 million car insurance consumers on the Insurance.com platform in 2006, 37 states saw a reprieve in 2006 from the high costs of auto insurance. "We've seen a trend towards lower cost auto insurance over the last couple of years and the Insurance.com's 2006 Pricing Report supports this conclusion," stated Dave Roush, CEO of Insurance.com.

In its survey of 47 states, Insurance.com found an overall decline in the 2006 national average for auto insurance rates returned for households, as well as some interesting insights into state-specific pricing and general insurance premium trends. Some of the states where drivers benefited the most from the 2006 car insurance decline were New Jersey, who paid an average of $2,736.71 for car insurance - a 26.6% decrease from 2005. And Minnesota, who paid an average of $1,658.07 - a 18.8% decrease from 2005.

10 States with the Largest Decrease in Premium

State

2005 Premium

2006 Premium

2006 Change from 2005

% 2006 Change from 2005

NJ

$3,728.60

$2,736.71

-991.89

-26.6%

MN

$2,042.92

$1,658.07

-384.85

-18.8%

WI

$1,605.40

$1,352.32

-253.09

-15.8%

IN

$1,707.83

$1,462.75

-245.08

-14.4%

NE

$1,963.00

$1,701.69

-261.31

-13.3%

PA

$2,218.39

$1,924.95

-293.45

-13.2%

MD

$2,528.57

$2,225.93

-302.64

-12.0%

KS

$1,836.83

$1,618.98

-217.84

-11.9%

SC

$1,935.94

$1,717.15

-218.79

-11.3%

CA

$2,075.72

$1,841.91

-233.81

-11.3%

However, despite the overall decrease, Insurance.com found that some states that experienced a decline in car insurance rates are still paying some of the highest car insurance rates in the country. For instance, Louisiana paid an average of $2,832.78 for car insurance in 2006 - a 6.1% decrease from 2005. And New Jersey paid an average of $2,736.71 - a 26.6% decrease from 2005.

How can these states be paying such high premiums when auto insurance rates have been declining since 2005? Good question! It turns out that where you live plays a large role in how much you pay for car insurance. The reason for this is car insurance companies factor in the environment the driver lives in, including the cities' limited parking, higher traffic population, greater theft rate and the amount of uninsured drivers. The worse the statistics are, the higher a driver will pay for car insurance.

10 Most Expensive States

State

2005 Premium

2006 Premium

2006 Change from 2005

% 2006 Change from 2005

LA

$3,015.55

$2,832.78

-182.77

-6.1%

DC

$2,716.94

$2,753.21

+36.28

+1.3%

NJ

$3,728.60

$2,736.71

-991.89

-26.6%

NY

$2,672.79

$2,713.94

+41.15

+1.5%

DE

$2,331.46

$2,620.99

+289.53

+12.4%

RI

$2,401.42

$2,552.75

+151.34

+6.3%

WV

$2,408.44

$2,366.60

-41.84

-1.7%

KY

$2,447.91

$2,298.92

-148.98

-6.1%

NC

$2,198.51

$2,260.68

+62.17

+2.8%

MD

$2,528.57

$2,225.93

-302.64

-12.0%

10 States with the Largest Increases in Premium

State

2005 Premium

2006 Premium

2006 Change from 2005

% 2006 Change from 2005

DE

$2,331.46

$2,620.99

+289.53

+12.4%

RI

$2,401.42

$2,552.75

+151.34

+6.3%

NC

$2,198.51

$2,260.68

+62.17

+2.8%

AR

$2,068.25

$2,118.02

+49.77

+2.4%

MI

$2,110.63

$2,158.05

+47.42

+2.2%

NY

$2,672.79

$2,713.94

+41.15

+1.5%

DC

$2,716.94

$2,753.21

+36.28

+1.3%

WY

$2,166.22

$2,189.67

+23.45

+1.1%

ME

$1,474.12

$1,484.12

+10.00

+0.7%

UT

$1,789.43

$1,797.44

+8.01

+0.4%

So should you start packing your bags and move to a different state just to have low cost auto insurance? Not necessarily. Where you live does matter; however, it is not the only factor insurance companies consider when quoting an insurance rate, they also take into account the following factors:

Curious to see how your state ranked in theInsurance.com 2006 Auto Insurance Pricing Report? Below is a list of the 47 states Insurance.com surveyed. States are ranked in alphabetical order with the price increase or decrease displayed as a percentage for each state.

2006 Auto Insurance Pricing Report

State

2005 Premium

2006 Premium

2006 Change from 2005

% 2006 Change from 2005

AL

$1,897.00

$1,846.68

-50.31

-2.7%

AR

$2,068.25

$2,118.02

+49.77

+2.4%

AZ

$2,050.79

$1,928.98

-121.81

-5.9%

CA

$2,075.72

$1,841.91

-233.81

-11.3%

CO

$1,827.79

$1,658.50

-169.29

-9.3%

CT

$2,052.77

$1,964.97

-87.80

-4.3%

DC

$2,716.94

$2,753.21

+36.28

+1.3%

DE

$2,331.46

$2,620.99

+289.53

+12.4%

FL

$2,134.16

$2,105.25

-28.91

-1.4%

GA

$1,885.55

$1,705.32

-180.23

-9.6%

IA

$1,554.52

$1,496.49

-58.03

-3.7%

ID

$1,630.88

$1,547.77

-83.11

-5.1%

IL

$1,644.51

$1,556.46

-88.05

-5.4%

IN

$1,707.83

$1,462.75

-245.08

-14.4%

KS

$1,836.83

$1,618.98

-217.84

-11.9%

KY

$2,447.91

$2,298.92

-148.98

-6.1%

LA

$3,015.55

$2,832.78

-182.77

-6.1%

MD

$2,528.57

$2,225.93

-302.64

-12.0%

ME

$1,474.12

$1,484.12

+10.00

+0.7%

MI

$2,110.63

$2,158.05

+47.42

+2.2%

MN

$2,042.92

$1,658.07

-384.85

-18.8%

MO

$1,588.32

$1,557.91

-30.41

-1.9%

MS

$2,173.83

$2,020.86

-152.98

-7.0%

MT

$1,897.04

$1,769.30

-127.74

-6.7%

NC

$2,198.51

$2,260.68

+62.17

+2.8%

ND

$2,003.95

$1,941.32

-62.63

-3.1%

NE

$1,963.00

$1,701.69

-261.31

-13.3%

NH

$1,843.06

$1,649.82

-193.24

-10.5%

NJ

$3,728.60

$2,736.71

-991.89

-26.6%

NM

$2,046.53

$1,900.06

-146.46

-7.2%

NV

$1,959.37

$1,941.77

-17.60

-0.9%

NY

$2,672.79

$2,713.94

+41.15

+1.5%

OH

$1,485.15

$1,358.09

-127.07

-8.6%

OK

$2,013.45

$1,894.32

-119.13

-5.9%

OR

$1,720.08

$1,648.06

-72.02

-4.2%

PA

$2,218.39

$1,924.95

-293.45

-13.2%

RI

$2,401.42

$2,552.75

+151.34

+6.3%

SC

$1,935.94

$1,717.15

-218.79

-11.3%

SD

$1,857.85

$1,811.98

-45.88

-2.5%

TN

$1,672.50

$1,547.53

-124.96

-7.5%

TX

$1,949.67

$1,801.50

-148.17

-7.6%

UT

$1,789.43

$1,797.44

+8.01

+0.4%

VA

$1,675.40

$1,575.29

-100.11

-6.0%

VT

$1,611.47

$1,554.28

-57.19

-3.5%

WA

$1,940.24

$1,792.22

-148.02

-7.6%

WI

$1,605.40

$1,352.32

-253.09

-15.8%

WV

$2,408.44

$2,366.60

-41.84

-1.7%

WY

$2,166.22

$2,189.67

+23.45

+1.1%

For more information:
Original article can be found here at Insurance.com