Revealed – which states have the most expensive and cheapest auto insurance


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Revealed - which states have the most expensive and cheapest auto insurance

Wyoming has the cheapest auto insurance in the country, according to a new study from WalletHub.

WalletHub’s survey looked at the states with the cheapest and most expensive auto insurance. It also examined Americans’ views on driving, car ownership, and shopping for insurance coverage.


To determine the country’s cheapest auto insurance options, WalletHub compared more than a million quotes in all 50 states, using 40 different driver profiles and statistics in 10 categories, ranging from age and gender to marital status.

States with the cheapest auto insurance

State

Average annual premium

Wyoming

$ 274

south Dakota

$ 326

Iowa

$ 326

Vermont

$ 341

North Dakota

$ 370

States with the most expensive auto insurance

State

Average annual premium

Michigan

$ 1,908

New York

$ 1,828

New Jersey

$ 1,287

Louisiana

$ 1,263

Delaware

$ 1133

Top five cheapest auto insurance companies

  1. GEICO
  2. USAA
  3. Erie
  4. Car owners
  5. State farm

The study also found that 105 million Americans felt they were not getting their money’s worth from their auto insurance.

Read more: This is how much low credit actually affects your customers’ auto insurance rates

The COVID-19 pandemic has also affected driver attitudes. The study found that 61 million Americans have lowered their car insurance because of the pandemic, and 55 million have had concerns about owning a car because of COVID-19.

“COVID-19 has significantly impacted people’s choices for auto insurance as 61 million Americans have already cut their auto insurance coverage because of the pandemic, according to WalletHub’s new auto insurance survey,” said Jill Gonzalez, WalletHub analyst. “Given current sentiment, this trend to reduce auto insurance coverage seems likely to continue through 2021. About 105 million people say they are currently not getting their money’s worth from their auto insurance. ”

Resource: www.insurancebusinessmag.com

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