Auto insurance premiums in West Virginia are higher than many states

Auto Insurance

Auto InsuranceA recent study has shown that drivers in that state pay more than many others across the country.

A comparison study has been performed across the various states, and major differences were discovered in the auto insurance premiums paid by some drivers over others in different parts of the country.

The research involved a survey that compared average premiums paid by drivers across the nation.

For example, an annual average of $4,409 was paid by drivers in Michigan. This amount represented approximately 8 percent of the income of those motorists. On the other hand, residents of Louisiana saw average annual auto insurance premiums of $2,912, which represented 5.5 percent of their incomes.

These auto insurance rate differences were quite wide among many of the states.

For instance, the average annual cost of auto insurance in Kentucky was $2,292, making up 4.5 percent of the income of the individuals in that state. West Virginia was in fourth place, with an average policy cost of $2,074 per year. West Virginians paid an average of 4.2 percent of their income into their coverage.

Among all of the states in the country, it was the drivers in Massachusetts that had the lowest annual rate, at $1,128. The survey showed that this was only 1.4 percent of the incomes of those drivers.

Insurers have explained this discrepancy by saying that each state has its own regulations and laws, and there are many additional variables that are involved in calculating the premiums that drivers will pay. Among the many different elements are the state’s minimum requirements for coverage, gender, age, driving record, where the driver lives, the type of vehicle being driven, and the extent of the coverage that was purchased.

Teen male drivers often have the most expensive auto insurance, simply because insurers feel that they present the highest risk. However, the gap between males and females has been closing over the last few years. In this case, it is the types of discounts that are available that can impact the car coverage premiums, but these will also often differ from one state to the next.

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