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RateWatch Archives
10 States Experience Greater than Average Rate Increases
Consumers in 10 states saw rate increases greater than the 3.4% national average. In addition to the top 5 states listed, rates were up more than 3.4% in Iowa, Missouri, New Mexico, and Pennsylvania. There were 11 states with decreases and 9 states where the change was less than one percent. Show All StatesRate Changes by State
| State | 1st Quarter 2008 Premium | $$ Changes | % Changes |
|---|---|---|---|
| AL | $1784 | $22 | 1.3% |
| AR | $1833 | $106 | 6.1% |
| AZ | $1927 | $59 | 3.1% |
| CA | $1864 | $37 | 2.0% |
| CO | $1489 | $11 | 0.7% |
| CT | $2079 | $54 | 2.7% |
| DC | $2472 | ($44) | -1.7% |
| DE | $2299 | ($78) | -3.3% |
| FL | $2004 | ($27) | -1.3% |
| GA | $1638 | $17 | 1.0% |
| IA | $1328 | $51 | 4.0% |
| ID | $1386 | $8 | 0.6% |
| IL | $1572 | $59 | 3.9% |
| IN | $1502 | $94 | 6.7% |
| KS | $1512 | ($27) | -1.7% |
| KY | $1935 | ($1) | -0.1% |
| LA | $2578 | ($95) | -3.6% |
| MD | $2197 | $31 | 1.4% |
| ME | $1286 | $5 | 0.4% |
| MI | $1987 | $28 | 1.4% |
| MN | $1584 | $45 | 2.9% |
| MO | $1631 | $61 | 3.9% |
| MS | $2021 | $56 | 2.9% |
| MT | $1622 | $35 | 2.2% |
| NC | $1495 | ($141) | -8.6% |
| ND | $1646 | $37 | 2.3% |
| NE | $1506 | $7 | 0.5% |
| NH | $1430 | ($58) | -3.9% |
| NJ | $2544 | $46 | 1.8% |
| NM | $1867 | $61 | 3.4% |
| NV | $2188 | $84 | 4.0% |
| NY | $2774 | $494 | 21.7% |
| OH | $1270 | ($9) | -0.7% |
| OK | $1688 | $36 | 2.2% |
| OR | $1546 | $35 | 2.3% |
| PA | $2123 | $74 | 3.6% |
| RI | $2294 | $114 | 5.2% |
| SC | $1576 | ($21) | -1.3% |
| SD | $1427 | ($31) | -2.1% |
| TN | $1530 | ($57) | -3.6% |
| TX | $1853 | $76 | 4.3% |
| UT | $1629 | $6 | 0.4% |
| VA | $1599 | $34 | 2.1% |
| VT | $1413 | ($26) | -1.8% |
| WA | $1845 | $10 | 0.5% |
| WI | $1280 | $43 | 3.4% |
| WV | $2161 | $74 | 3.6% |
| WY | $1890 | ($4) | -0.2% |
Maps.
Largest Rate Increases
- New York21.7%
- Indiana6.7%
- Arkansas6.1%
- Rhode Island5.2%
- Texas4.3%
Largest Rate Decreases
- North Carolina-8.6%
- New Hampshire-3.9%
- Louisiana-3.6%
- Tennessee-3.6%
- Delaware-3.3%
U.S. Car Insurance Rates Continue to Increase
Insurance.com RateWatch for Car Insurance reports changes in actual car insurance quotes. This quarter, the lowest car insurance quotes, on average, were up $62, an increase of 3.4% over the prior quarter, rising from $1,831 to $1,893 per year. This marks the second quarter of rate increases in 2008, reversing the trend of decreases in 2007.
Chart
"Higher medical costs and repair expenses are driving the increase. This price increase marks the beginning of a trend that may last through 2009, but could be reversed if higher oil prices lead to a long-term change in driving habits."
- RateWatch is a leading indicator of trends in auto insurance rates. It analyzes the lowest average car insurance rates quoted to consumers who compared rates at Insurance.com in the 2nd quarter.
- This quarter’s increase is troubling for consumers because it comes as a result of rising claims costs - which are essentially passed along to consumers in the form of rate increases.
- The rate quotes in this study came from more than a dozen leading auto insurers in 46 states and the District of Columbia. AK, HI, MA and NY are not included.
More Information
About RateWatch RateWatch for Car Insurance compares the lowest average car insurance rates quoted to consumers visiting Insurance.com in the 2nd quarter of 2008 to the rates quoted in the prior quarter. The rates consumers viewed, but didn't necessarily purchase, come from auto insurance quotes consumers received from over a dozen of the nation's leading auto insurers. Over the course of a year, Insurance.com provides car insurance quotes to more than 1 million people visiting the website or calling for a quote. While RateWatch for Car Insurance is a broad indicator of pricing activity in the personal auto insurance marketplace, it is not a comprehensive index as it reflects only the quotes of companies Insurance.com represents in the 47 states where it quotes (all states except Alaska, Hawaii, and Massachusetts). Due to market changes, the New York rate change is not available this quarter.
Insurance Tips to Help You Save
- Don't Over-Insure Your Car. If you're driving an older car to save money, reconsider Comprehensive and Collision coverage - it may not be cost effective. Insurance only pays for your car's actual cash value (or fair market value), so Comp and Collision may not be worth keeping on an older car that has depreciated considerably.
- Lower Mileage Discount. Many drivers are working from home, car pooling or taking public transportation a few times a week to save money. Tell your insurance company of any change in driving habits, because driving less could save you additional money on premiums. Many companies offer a lower mileage discount if you drive less than 10,000 miles each year.
- Be a Smart Online Shopper. Comparison shopping online can save you time and money. Just make sure you understand whether you're getting a "quick quote," which is just an estimate, or a bindable online auto insurance quote. There can be a big difference between an estimate and the final rate.
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