Second Quarter 2008 Car Insurance Rate Report

By Insurance.com Posted : 07/17/2008

Insurance.com's quarterly Car Insurance Rate Report found that the lowest car insurance quotes, on average, increased 3.4% over the previous quarter, rising from $1,831 per year to $1,893 per year. The rate report is based on real-time auto insurance quotes given to consumers from more than a dozen insurance companies during the second quarter. It marks the second consecutive quarter of rate increases, following last quarter's 1% increase, reversing the trend of steady or falling auto rates for the past several years.

  • Among the top 10 states seeing the sharpest increase in auto rates in the 2nd Quarter were Indiana (up 6.7%), Texas (up 4.3%), Nevada (up 4.1%), Illinois (up 3.8%) and Pennsylvania (up 3.6%).

10 States with Largest % Increase in Premium

State

1st Quarter 2008 Premium

2nd
Quarter 2008 Premium

$$ Increases

% Increases

IN

$1,407

$1,501

+$94

6.7%

AR

$1,729

$1,834

+$105

6.1%

RI

$2,178

$2,286

+$108

5.0%

TX

$1,777

$1,853

+$76

4.3%

NV

$2,103

$2,189

+$86

4.1%

IA

$1,276

$1,326

+$50

3.9%

IL

$1,512

$1,570

+$58

3.8%

MO

$1,569

$1,629

+$60

3.8%

WV

$2,083

$2,161

+$78

3.7%

PA

$2,049

$2,122

+$73

3.6%

  • The most expensive states quoted this quarter are Louisiana ($2,577), New Jersey ($2,544), and Delaware ($2,300), and the District of Columbia ($2,466).

10 Most Expensive States

State

1st Quarter 2008 Premium

2nd
Quarter 2008 Premium

$$ Changes

% Changes

LA

$2,674

$2,577

-$97

-3.6%

NJ

$2,499

$2,544

+$45

1.8%

DC

$2,515

$2,466

-$49

-1.9%

DE

$2,378

$2,300

-$78

-3.3%

RI

$2,178

$2,286

+$108

5.0%

MD

$2,165

$2,196

+$31

1.4%

NV

$2,103

$2,189

+$86

4.1%

WV

$2,083

$2,161

+$78

3.7%

PA

$2,049

$2,122

+$73

3.6%

CT

$2,024

$2,080

+$56

2.8%

  • States seeing declines in auto premium prices include North Carolina (down 8.7%), New Hampshire (down 4.1%), Tennessee (down 3.7%), Louisiana (down 3.6%) and Delaware (down 3.3%).

10 States with Largest % Decrease in Premium

State

1st Quarter 2008 Premium

2nd
Quarter 2008 Premium

$$ Decreases

% Decreases

NC

$1,638

$1,495

-$143

-8.7%

NH

$1,488

$1,427

-$61

-4.1%

TN

$1,589

$1,530

-$59

-3.7%

LA

$2,674

$2,577

-$97

-3.6%

DE

$2,378

$2,300

-$78

-3.3%

SD

$1,460

$1,426

-$34

-2.3%

DC

$2,515

$2,466

-$49

-1.9%

VT

$1,439

$1,414

-$25

-1.7%

KS

$1,539

$1,512

-$27

-1.8%

SC

$1,597

$1,575

-$22

-1.4%

  • Half of the least expensive States saw decreases in their premium, including Ohio, which saw an increase in premiums last quarter. Premiums in North Carolina also dropped again after a very small increase last quarter.

10 Least Expensive States

State

1st Quarter 2008 Premium

2nd
Quarter 2008 Premium

$$ Changes

% Changes

OH

$1,278

$1,268

-$10

-0.8%

WI

$1,237

$1,276

+$39

3.2%

ME

$1,281

$1,285

+$3

0.3%

IA

$1,276

$1,326

+$50

3.9%

ID

$1,379

$1,381

+$2

0.1%

VT

$1,439

$1,414

-$25

-1.7%

SD

$1,460

$1,426

-$34

-2.3%

NH

$1,488

$1,427

-$61

-4.1%

CO

$1,478

$1,489

+$11

0.7%

NC

$1,638

$1,495

-$143

-8.7%

Wondering where your state ranked in the Insurance.com 2008 Second Quarter Car Insurance Rate 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.

State

1st Quarter 2008 Premium

2nd Quarter 2008 Premium

$$ Changes

% Changes

AL

$1,761

$1,784

+$23

1.3%

AR

$1,729

$1,834

+$105

6.1%

AZ

$1,868

$1,926

+$58

3.1%

CA

$1,825

$1,860

+$35

1.9%

CO

$1,478

$1,489

+$11

0.7%

CT

$2,024

$2,080

+$56

2.8%

DC

$2,515

$2,466

-$49

-1.9%

DE

$2,378

$2,300

-$78

-3.3%

FL

$2,031

$2,004

-$27

-1.3%

GA

$1,621

$1,638

+$17

1.0%

IA

$1,276

$1,326

+$50

3.9%

ID

$1,379

$1,381

+$2

0.1%

IL

$1,512

$1,570

+$58

3.8%

IN

$1,407

$1,501

+$94

6.7%

KS

$1,539

$1,512

-$27

-1.8%

KY

$1,937

$1,935

-$2

-0.1%

LA

$2,674

$2,577

-$97

-3.6%

MD

$2,165

$2,196

+$31

1.4%

ME

$1,281

$1,285

+$4

0.3%

MI

$1,960

$1,987

+$27

1.4%

MN

$1,539

$1,583

+$44

2.9%

MO

$1,569

$1,629

+$60

3.8%

MS

$1,964

$2,021

+$57

2.9%

MT

$1,588

$1,622

+$34

2.1%

NC

$1,638

$1,495

-143

-8.7%

ND

$1,609

$1,650

+$41

2.5%

NE

$1,503

$1,506

+$3

0.2%

NH

$1,488

$1,427

-$61

-4.1%

NJ

$2,499

$2,544

+$45

1.8%

NM

$1,808

$1,870

+$62

3.4%

NV

$2,103

$2,189

+$86

4.1%

NY

$2,281

NA

NA

NA

OH

$1,278

$1,268

-$10

-0.8%

OK

$1,652

$1,689

+$37

2.2%

OR

$1,510

$1,547

+$37

2.5%

PA

$2,049

$2,122

+$73

3.6%

RI

$2,178

$2,286

+$108

5.0%

SC

$1,597

$1,575

-$22

-1.4%

SD

$1,460

$1,426

-$34

-2.3%

TN

$1,589

$1,530

-$59

-3.7%

TX

$1,777

$1,853

+$76

4.3%

UT

$1,623

$1,629

+$6

0.4%

VA

$1,565

$1,599

+$34

2.2%

VT

$1,439

$1,414

-$25

-1.7%

WA

$1,835

$1,846

+$11

0.6%

WI

$1,237

$1,276

+$39

3.2%

WV

$2,083

$2,161

+$78

3.7%

WY

$1894

$1885

-$9

-0.5%

ABOUT THE CAR INSURANCE RATE REPORT
Insurance.com's latest Car Insurance Rate Report highlights the lowest average car insurance rates quoted to consumers visiting Insurance.com in the second quarter of 2008. The rates consumers viewed, but didn't necessarily purchase, come from auto insurance quotes consumers received as they shopped and compared rates from over a dozen of the nation's leading auto insurance companies. Over the course of a year, Insurance.com provides online car insurance quotes to more than 1 million people visiting the website. While the Car Insurance Rate Report 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 carriers that have participated in the Insurance.com platform in the states where it quotes (all states except Alaska, Hawaii, and Massachusetts). Due to market changes, New York rates are not available this quarter.

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