2007 Mid-Year Auto Insurance Pricing Report

By Ryan Staib Posted : 07/15/2007

Summary

Insurance.com reports that car insurance rates continue to decline.

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Insurance.com reports that annual car insurance rates continue to decline.

Based on data from the lowest average auto insurance rates viewed by almost 700,000 car insurance consumers on the Insurance.com 2007 platform through June, auto insurance rates are continuing to decline from Insurance.com's 2006 Auto Insurance Pricing Report. "So far in 2007, we have seen a 1% decrease in car insurance rates from 2006," says David Roush, CEO of Insurance.com. "The national average premium in 2006 was $1,916, in 2007 that average has dropped to $1,896 - a modest decline but a nice reprieve considering the rising cost of gas."

Some states where drivers benefited the most from the 2007 decline were North Carolina, who paid an average of $1,945 for car insurance - a 16.2% decrease from 2006 and Arkansas, who paid an average of $1,907 - an 11.1% decrease from 2006.

State 2006 Premium 2007 Premium 2007 Change from 2006 % 2007 Change from 2006
NC $2,261 $1,945 -316 -16.2%
AR $2,118 $1,907 -211 -11.1%
DC $2,753 $2,504 -249 -9.9%
SD $1,812 $1,653 -159 -9.6%
ND $1,941 $1,773 -168 -9.5%
WV $2,367 $2,163 -204 -9.4%
NE $1,702 $1,579 -123 -7.8%
RI $2,553 $2,375 -177 -7.5%
IA $1,496 $1,394 -103 -7.4%
MS $2,021 $1,893 -128 -6.7%

However, not all states were as lucky as North Carolina and Arkansas when it came to saving money on their car insurance rates. In fact, some states have experienced an increase in their car insurance premium. The states that experienced the highest increase in auto insurance rates were Nevada, who paid an average of $2,060 for car insurance - a 5.7% increase of from 2006 and Washington, who paid an average of $1,860 - a 3.6% increase from 2006.

State 2006 Premium 2007 Premium 2007 Change from 2006 % 2007 Change from 2006
NV $1,942 $2,060 118 5.7%
WA $1,792 $1,860 68 3.6%
PA $1,925 $1,986 61 3.1%
CT $1,965 $2,025 60 3.0%
TN $1,548 $1,588 41 2.6%
MO $1,558 $1,593 35 2.2%
IN $1,463 $1,481 19 1.3%
VA $1,575 $1,591 16 1.0%
VT $1,554 $1,553 -1 -0.1%
IL $1,556 $1,548 -8 -0.5%

During the study, Insurance.com also found some states that experienced a decline continued to pay some of the highest car insurance rates in the country. States like Louisiana, who saw a 6.1% decrease in 2005 and a 3.4% decrease in 2006, continued to pay the highest premium in the country and New York, who saw a 1.5% decrease in 2005 and a 4.3% decrease in 2006, is still paying the second highest average car insurance premium, at $2,601 a year.

One state that had a surprising jump from position 14 in 2006 to position 10 in 2007 is Florida. While Florida did experience a 1.2% decrease, they still moved up in the ranking as one of the 10 Most Expensive States for auto insurance.

State 2006 Premium 2007 Premium 2007 Change from 2006 % 2007 Change from 2006
LA $2,833 $2,740 -93 -3.4%
NY $2,714 $2,601 -113 -4.3%
NJ $2,737 $2,568 -168 -6.6%
DE $2,621 $2,507 -114 -4.5%
DC $2,753 $2,504 -249 -9.9%
RI $2,553 $2,375 -177 -7.5%
KY $2,299 $2,239 -60 -2.7%
WV $2,367 $2,163 -204 -9.4%
MD $2,226 $2,134 -92 -4.3%
FL $2,105 $2,080 -25 -1.2%

These trends continue to support Insurance.com's theory that where you live does in fact play a large role in how much you pay for car insurance. This is because auto insurance companies take into account if your town has limited parking, a higher traffic population, a greater theft rate, and the amount of uninsured drivers in your area. So the worse your city's statistics are, the more you will pay for auto insurance.

Wonder which states are paying the least for car insurance? Check out the chart below.

State 2006 Premium 2007 Premium 2007 Change from 2006 % 2007 Change from 2006
WI $1,352 $1,335 -18 -1.3%
OH $1,358 $1,342 -16 -1.2%
IA $1,496 $1,394 -103 -7.4%
ME $1,484 $1,403 -81 -5.8%
ID $1,548 $1,457 -91 -6.2%
IN $1,463 $1,481 19 1.3%
KS $1,619 $1,538 -81 -5.3%
IL $1,556 $1,548 -8 -0.5%
OR $1,648 $1,550 -98 -6.3%
VT $1,554 $1,553 -1 -0.1%

However, this doesn't mean that you should consider moving to Wisconsin or Ohio just to save on auto insurance. There are other things you can do to lower your car insurance rates, such as:

  • Ask your auto insurance company about multiple-car discounts
  • Consider buying a safer car that does not cost as much to insure
  • Reevaluate your car insurance policy, there might be items on there that you no longer need
  • Combine your home and auto insurance under the same insurance company
  • And lastly, shop around for auto insurance

 

Insurance.com offers a comparison application module that lets you compare the rates of best-in-class insurance providers - helping you find the best auto insurance rate available for you and your budget.

Are you curious to see how your state ranked in the Insurance.com 2007 Mid-Year Auto Insurance Pricing Report? Below is a list of the 48 states Insurance.com surveyed. States are ranked in alphabetical order with the price increase or decrease displayed as a percentage for each state.

2007 Mid-Year Auto Insurance Pricing Report

State 2006 Premium 2007 Premium 2007 Change from 2006 % 2007 Change from 2006
AL $1,847 $1,816 -30 -1.7%
AR $2,118 $1,907 -211 -11.1%
AZ $1,929 $1,910 -19 -1.0%
CA $1,842 $1,771 -71 -4.0%
CO $1,658 $1,614 -44 -2.7%
CT $1,965 $2,025 60 3.0%
DC $2,753 $2,504 -249 -9.9%
DE $2,621 $2,507 -114 -4.5%
FL $2,105 $2,080 -25 -1.2%
GA $1,705 $1,627 -78 -4.8%
IA $1,496 $1,394 -103 -7.4%
ID $1,548 $1,457 -91 -6.2%
IL $1,556 $1,548 -8 -0.5%
IN $1,463 $1,481 19 -1.3%
KS $1,619 $1,538 -81 -5.3%
KY $2,299 $2,239 -60 -2.7%
LA $2,833 $2,740 -93 -3.4%
MD $2,226 $2,134 -92 -4.3%
ME $1,484 $1,403 -81 -5.8%
MI $2,158 $2,077 -81 -3.9%
MN $1,658 $1,598 -60 -3.8%
MO $1,558 $1,593 35 2.2%
MS $2,021 $1,893 -128 -6.7%
MT $1,769 $1,704 -66 -3.8%
NC $2,261 $1,945 -316 -16.2%
ND $1,941 $1,773 168 9.5%
NE $1,702 $1,579 -123 -7.8%
NH $1,650 $1,611 -39 -2.4%
NJ $2,737 $2,568 -168 -6.6%
NM $1,900 $1,805 -95 -5.3%
NV $1,942 $2,060 118 -5.7%
NY $2,714 $2,601 -113 -4.3%
OH $1,358 $1,342 -16 -1.2%
OK $1,484 $1,403 -81 -5.8%
OR $1,648 $1,550 -98 -6.3%
PA $1,925 $1,986 61 3.1%
RI $2,553 $2,375 -177 -7.5%
SC $1,717 $1,622 -95 -5.8%
SD $1,812 $1,653 -159 -9.6%
TN $1,548 $1,588 41 2.6%
TX $1,801 $1,695 -106 -6.3%
UT $1,797 $1,719 -78 -4.5%
VA $1,575 $1,591 16 1.0%
VT $1,554 $1,553 -1 -0.1%
WA $1,792 $1,860 68 3.6%
WI $1,352 $1,335 -18 -1.3%
WV $2,367 $2,163 -204 -9.4%
WY $2,190 $2,062 -128 -6.2%

About Insurance.com's 2007 Mid-Year Auto Insurance Pricing Report
Insurance.com's Auto Insurance Pricing Report highlights the lowest average auto insurance rates viewed by almost 700,000 car insurance consumers on the Insurance.com platform in the first half of 2007*. The information comes from actual auto insurance quotes consumers received from over a dozen of the nation's leading auto insurance companies who participate on Insurance.com's comparative auto insurance platform.

*Disclaimer
While the Insurance.com's 2007 Mid-Year Auto Insurance Pricing Report is a broad indicator of pricing activity in the personal auto insurance marketplace on a per household basis, it is not a comprehensive index as it reflects only the pricing activity of carriers that have participated in the Insurance.com auto insurance marketplace in the states where it quotes (all states except Alaska, Hawaii, Massachusetts) and the aggregate profile of consumers who shop using the Insurance.com platform.

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