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Comparing Averages of Car Insurance Rates Across the Country
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According to a 2005 independent car insurance industry report, average car insurance rate for the year in New York, where the premiums are at its highest, was $3,164.54. The average car insurance rate in Maine, where car insurance premiums are cheapest, was $1,586.82.
Looking at both average, we can clearly see that the difference is too significant to be neglected.
Average car insurance rates in different states vary. There are several factors that affect this gauge. Geographic locations are one. Rural areas and states less hit with natural calamities are areas for lower average.
Car accidents are more likely in more populous states, like New York, and so car insurance rates in the state are also high. Huge population means more unemployed people, and higher crime rates, especially car theft. This also raises car insurance premiums.
Economic standing of a state is also one factor. This will sound a little less fair, but that is how businesses run. Favorable business conditions are done in more developed areas. Same applies for car insurances. Thus, average car insurance rates in such states are also higher, because more active economy means more demand, higher prices.
Congested cities
Another independent study conducted between 2004 and 2005 also reveals that average car insurance rates across all states also fall if the national average declines. During the period, it was noted that car insurance premiums are falling due to increasing interest rates and rebounding national economy. It is likely to continue with today’s prevailing conditions.
However, the report determined 10 local cities that have higher average car insurance rates. These cities are, in order from the highest: Los Angeles, San Francisco, Denver, Miami, Phoenix, Chicago, San Jose, Washington, Portland and Boston.
There is one common denominator that binds these cities. They are also the US cities with the most terrible and most congested car traffic. Thus, we can generalize that average car insurance rates get higher if traffic congestions in an area rises. This is because accidents are assumed to occur more likely in such setups than in areas or cities where roads are more relaxed.
Car insurance shopping
Such reports and data are obtained from actual car insurance sales. It will also be noted that people’s awareness of alternative car insurances affect the average. Ofcourse, if people in one area buy more expensive auto insurances, the average will also increase.
Competition has prompted a lot of startup insurance companies to offer very competitive rates. Thus, if people can tap these firms and the policies they offer, they will get much cheaper car insurance rates.
Where to get these alternative rates? Shop around. Look around for the best deals. You will be surprised at how abundant and numerous they are and how conveniently accessible they are.
Agents/brokers usually are the most popular sources of cheap car insurance rates, but did you know that there are more cheaper sources? Agents/ brokers collect commissions, so how can they possibly offer the lowest there is in the market?
Directly buy insurance policies from car insurance companies or shop around the Internet. Many Web sites offer services that scout around for the best-priced car insurance policies. Employ those services. Within seconds, you will be provided with the most competitive and best quotes. Then, compare and purchase.
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