The state has now held third place for affordable coverage in those categories, for the third year in a row.
Residents of Maine have been enjoying some of the most affordable homeowners and auto insurance rates in the country for the last few years, and the latest data has shown that this has not yet changed.
The National Association of Insurance Commissioners has ranked Maine in third place for affordability.
NAIC ranked the state based on the low cost to purchase homeowners and auto insurance. It has held third place when it comes to vehicle policies, and is in tenth place for homeowners insurance rates. A recent press release from Eric Cioppa, the state’s Insurance Superintendant, expressed that this is the third year in a row it has held that coveted spot for car insurance affordability.
The low cost of auto insurance in Maine is especially interesting when considering the tight coverage regulations.
Cioppa explained that “The auto insurance market in Maine is healthy and competitive, which contributes to Maine’s consistently low average auto premiums.” That said, he also pointed out that the ranking Maine has achieved is particularly fascinating when considering the coverage requirements for drivers in the state, which are higher than those needed for drivers in the majority of other states across the country.
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The NAIC database tallies the average costs linked with obtaining personal auto policies and breaks that information down state by state. This data is then shared with lawmakers, insurance regulators and consumers. The forms of coverage that are included in the NAIC data report include comprehensive, collision, medical payment, bodily injury and property damage liability, and uninsured and underinsured motorist.
The association also obtains additional data from insurance agents, and the report offers both state-specific and national premium and exposure statistics when it comes to homeowners insurance policies, not just auto insurance. Its data includes non-commercial dwelling fire policies within the mix. Though not as inexpensive as car coverage, when compared to other states, the homeowners premiums have also stayed within the top ten of affordable states within the last year. That said, among the New England states, it grabbed the top spot.