A recent NAIC report has shown that the state has some of the lowest rates in the country.
Eric Cioppa, the Insurance Superintendant for Maine, has announced that two reports released by the National Association of Insurance Commissioners (NAIC) have shown that the state’s auto insurance affordability has improved when compared to other states in the country.
It indicated that drivers in Maine are now in one of the top ten most affordable states.
This means that the auto insurance costs within Maine are considered to be within the top ten lowest when compared to the rest of the country. Cioppa explained that “Maine’s auto and homeowners insurance rates are among the lowest in the country.” He also added that “These results are signs of a healthy and well-functioning property and casualty insurance market.”
NAIC has just completed their auto insurance report for 2010 which is the most recent complete data year.
This publication was called the 2009/2010 Auto Insurance Database Report. It is an industry publication that offers the average costs that are linked with personal automobile coverage across the country.
Maine’s ranking for personal auto insurance jumped up to the fifth spot after it had held the sixth position in 2009. That report also offered state by state coverage data that was meant to offer insurance regulators, policymakers, and the consumers themselves the information necessary to perform analyses.
Several types of auto insurance coverage were included within this report, including property damage liability (this included no-fault), bodily injury, underinsured and uninsured motorist, collision, comprehensive, and medical payment.
The other report that was released by NAIC involved homeowners data. There, the state still excelled, having been ranked ninth nationally in comparison to having achieved the eleventh position in 2009. The data for that report was collected from direct reports to NAIC and from statistical agents at insurers. This information included both state specific and countrywide exposure information and premiums data for non-commercial dwelling fire coverage and for homeowners policies. That document was called the 2010 Homeowners Insurance Report. It offers the industry helpful data on market distribution as well as the average cost based on the amount of coverage and by policy form.
This report placed Maine among the most affordable homeowners and auto insurance states in the U.S.
