Revealed – which states have the most expensive and cheapest car insurance

Revealed – which states have the most expensive and cheapest car insurance | Insurance Business America

Revealed – which states have the most expensive and cheapest car insurance

Wyoming has the cheapest car insurance in the country, according to a new study from WalletHub.

WalletHub’s study looked at the states with the cheapest and most expensive car insurance. It also examined Americans’ opinions on driving, car ownership, and shopping for insurance coverage.

To determine the country’s cheapest car insurance options, WalletHub compared more than one million quotes across all 50 states, using 40 different driver profiles and metrics across 10 categories, ranging from age and gender to marital status.

States with the cheapest car insurance

State

Average yearly premium

Wyoming

$274

South Dakota

$326

Iowa

$326

Vermont

$341

North Dakota

$370

 

States with the most expensive car insurance

State

Average yearly premium

Michigan

$1,908

New York

$1,828

New Jersey

$1,287

Louisiana

$1,263

Delaware

$1,133

 

Top five cheapest car insurance companies

  1. GEICO
  2. USAA
  3. Erie
  4. Auto Owners
  5. State Farm

The study also found that 105 million Americans felt they weren’t getting their money’s worth from their car insurance.

Read more: Here’s how much low credit actually affects your clients’ auto insurance rates

The COVID-19 pandemic has also affected driver attitudes. The study found that 61 million Americans have reduced their car insurance coverage due to the pandemic, and 55 million have had second thoughts about owning a car due to COVID-19.

“COVID-19 has had a significant impact on people’s car insurance choices, considering that 61 million Americans have already reduced their car insurance coverage because of the pandemic, according to WalletHub’s new car insurance survey,” said Jill Gonzalez, WalletHub analyst. “This trend of reducing car insurance coverage seems likely to continue to 2021, given current sentiment. Roughly 105 million people say they’re not getting their money’s worth from their car insurance right now.”