A yearlong study has revealed that drivers in Massachusetts who purchase coverage when it’s cold pay more.
According to the results of a study that has been conducted for a complete year, drivers purchasing auto insurance during the winter months in Massachusetts are more likely to pay elevated prices than they would if they bought their policies in the middle of summer.
Motorists could spend as much as 20 percent more if purchasing their vehicle policies in March.
Prices were also shown to spike for auto insurance coverage in January and February, but it looked as though they spiked in March when compared to the summer months. The research was conducted using the data from Insuarncequotes.com. According to a senior analyst from that company, Laura Adams, “Most consumers just believe that the rate is the rate and it just sticks.” However, she pointed out that the reality was that there were cheaper months and expensive months, and that timing makes a considerable difference.
The months for the cheapest auto insurance were determined to be June through September.
The average premiums paid by drivers in 2011 were $1,011 in Massachusetts. This is according to the latest data available from the National Association of Insurance Commissioners (NAIC). Therefore, if consumers were to purchase their policies in July, this would mean that their auto policies would be $200 less than if they bought the same coverage in March.
Massachusetts wasn’t the only state in which there was a notable difference in the price of a policy throughout the year. In fact, the swings in that state were seen as only the 15th largest when compared to the others that were examined by the researchers. The top difference was seen in Hawaii, where the cheapest month (December) was 50 percent lower than the most expensive month (March).
Behind Hawaii for the biggest range in auto insurance prices throughout the year were Washington D.C., Maryland, and then Pennsylvania. The states that saw the most stable auto insurance prices, regardless of the time of the year were determined to be South Dakota, Arkansas, and Utah, said the study report.