Saturday, December 16, 2017
Business

In state rankings of car insurance rates, Florida is a bargain

If you want cheap car insurance rates, it's best not to live in Louisiana or Michigan, according to a new analysis from Insure.com, an insurance rate comparison site.

The average annual premium in Louisiana is $2,700. Michigan is next with $2,500, followed by Georgia at $2,200.

Florida was a comparative bargain, with an average annual premium of $1,369 that ranked 33rd.

The report is based on additional analysis of data provided for Insure.com by Quadrant Information Services, which this year obtained rates for more than 750 models from six big insurers (Allstate, Farmers, Geico, Nationwide, Progressive and State Farm) in 10 ZIP codes per state.

Rates are for a single, 40-year-old man with a clean driving record and good credit who commutes 12 miles to work daily. Policy limits were $100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident, and a $500 deductible on both collision and comprehensive coverage. The rate includes uninsured motorist coverage.

The comparative state rankings give an idea of how policies at the state level can affect rates, said Amy Danise, Insure.com's editorial director.

In Louisiana, several factors help to drive up rates, she said. For instance, drivers injured in accidents there tend to file more bodily injury claims than do those in other states. Medical costs have been increasing, so insurers have to pay more for those claims. The state also has significant claims filed under "comprehensive" coverage, which covers damage from natural disasters, like hurricanes.

Meanwhile, less urban states may benefit from overall lower rates because of less traffic congestion and lower accident rates. Maine ranks as the cheapest state, with an average premium of just over $900, followed closely by Iowa at about $1,000. "You don't have all these cars next to each other crashing into each other," she said.

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