|
Most people want to know what the average car insurance rates by state of any insurance policy is before buying so they can plan in advance and incorporate the expenses in their budget. But just knowing the average does not give a true reflection of what the real cost of insurance will be. The average is just an estimate which may be lower or higher than what an individual ends up paying. To find the average car insurance rates by state, insurers have to find a balance between the highest priced premiums and the lowest priced ones. To know whether the quotes you have obtained from various insurance companies are close to the national average, use your state’s average cost of insurance. The rates vary widely from one state to another and are determined by the prevailing factors in each given state. They include location, cost of living, economy, crime rate and state fees and taxes. If you compare the quotes you are getting with the national average cost of another state, you will get a pretty huge difference. It is thus advisable to use only the given average in your state. Other factors apply to individuals and will also influence your personal average cost. These include age, gender, occupation, income level, residence and your claims record among others. The average cost of insurance in the United States in 2007 as given by the National Association of Insurance Commissioners (NAIC) WAS $795. The average car insurance rates by state painted a very different picture. Here are some figures: • New York - $1,047 • Florida - $1,043 • Pennsylvania - $820 • Texas - $808 • California - $800 The state average does not reflect the accurate level of coverage in the different policies. It only accounts for the minimum acceptable requirement, usually liability coverage; it does not include comprehensive and collision coverage. Policies that include these coverage levels have a totally different price range.
Related Articles -
average car insurance rates by state, cheap liability insurance,
|
