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Owning an Auto — The Most & Least Expensive States

Posted By Administration, Tuesday, October 8, 2019

YourMechanic.com tracks the issues that affect the cost of maintaining your vehicle. J.D. Power and Associates looks at how much it costs you to insure one. The bottom line? It costs a lot more to drive in some states than it does in others.

The YourMechanic study breaks down the cost of driving in five different categories:

  Gas prices

  Insurance premiums

  Repair costs

  Mileage

  Property taxes

After looking at those factors, YourMechanic determined that three PIA Western Alliance states are in the most expensive states in which to drive. They are California, Nevada and Montana

1. California

2. Wyoming

3. Rhode Island

4. Connecticut

5. Nevada

6. Colorado

7. Montana

8. Kentucky

9. Georgia

10. Mississippi

J.D. Power’s 2019 U.S. Insurance Shopping Study looks at the cost of insurance. That survey also goes a bit deeper and looks at who’s thinking of switching companies and who isn’t.

To begin with, the J.D. Power study said over the last 10-years the cost of auto insurance has gone up at twice the rate of the median household income. So auto insurance costs are taking a bigger bite of the monthly paycheck.

That — says J.D. Power — is influencing some people to go insurance shopping. Those thinking of switching rose from 31% last year to 35% this year. That has led to a revision of the retention rate from 90% to 88%.

And for 64% the price is the main reason for a customer going insurance shopping.

Here is a list of the most affordable auto insurance states. Two of them — Washington and Idaho — are among the least expensive. The percentage listed is the percent of the annual income attributed to the cost of auto insurance.

Most affordable states:

1. New Hampshire — 1.20%

2. Minnesota — 1.21%

3. Virginia — 1.26%

4. Utah — 1.29%

5. North Dakota — 1.29%

6. Wisconsin — 1.29%

7. Vermont — 1.30%

8. Washington — 1.31%

9. Iowa — 1.31%

10. Idaho — 1.33%

Least affordable states. Only the PIA Western Alliance state of Nevada is on this list:

1. Louisiana — 3.11%

2. West Virginia — 2.39%

3. Mississippi — 2.31%

4. Florida — 2.25%

5. Michigan — 2.20%

6. Kentucky — 2.14%

7. Nevada — 2.08%

8. New York — 2.01%

9. Arkansas — 2.00%

10. Georgia — 1.96%

J.D. Power noted that those consumers changing insurers usually save — on average — $352 a year. And when they switched, here’s where they went and how much they saved on average:

1. Amica — $411

2. Liberty Mutual — $409

3. The Hartford — $404

4. CSAA — $393

5. Mercury — $380

6. Auto-Owners — $376

7. ACSC — $373

8. Travelers — $372

8. Progressive — $372

10. Erie — $365

10. Esurance — $365

Source links: PropertyCasualty360.com, J.D. Power

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