August 19, 2006 10:28 PM
Best and Worst Auto Insurance Premium by State
A National Association of Insurance Commissioners (NAIC) study cited by Bankrate revealed that highlights the dramatic difference on average car insurance premium charged in different states. Can you believe that New Jersey residents have to pay nearly double the premium of those living in Iowa?
From Bankrate:
The top six states in average combined premiums paid all were in the traffic-choked northeast corridor, led by New Jersey, New York and Washington, D.C.
In those three, followed closely by Rhode Island and Massachusetts, drivers paid annual average premiums in excess of $1,000 -- almost double the average prices paid by motorists in Iowa, Maine and Idaho and about a third more than the national average.
The figures come from a study compiled by the National Association of Insurance Commissioners (NAIC), which says the term "combined premium" comprises liability, collision and comprehensive coverage. The figures are for 2001, the last year for which full figures are available.
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