A Consumer Concern — Rising Auto Insurance Rates

The average paid per year in 2023 for all drivers in the U.S. was $1,895 for full coverage. However, on average around the nation, rates rose 22% in 2023.

As we all know, rates can vary between states as conditions, regulations and other factors will factor into how an insured’s rates are set. Sometimes it’s brutal. For example, Pennsylvania, South Dakota and Ohio drivers got hit with average increases of over 40% from 2022 to 2023.

In the PIA Western Alliance states there is good news. Idaho, Hawaii and Washington are among the states with the lowest rates. Idaho is fifth, Hawaii is eighth and Washington ranks 10th.

Here is the list of the 10 states with the lowest average full-coverage premiums:

  • Maine: $1,117 per year for full coverage — $334 for state-minimum liability
  • New Hampshire: $1,265 for full coverage — $397 for state-minimum liability
  • Vermont: $1,319 for full coverage — $306 for state-minimum liability
  • Ohio: $1,417 for full coverage — $372 for state-minimum liability
  • Idaho: $1,428 for full coverage — $357 for state-minimum liability
  • Virginia: $1,469 for full coverage — $428 for state-minimum liability
  • Indiana: $1,515 for full coverage — $417 for state-minimum liability
  • Hawaii: $1,517 for full coverage — $396 for state-minimum liability
  • Illinois: $1,532 for full coverage — $421 for state-minimum liability
  • Washington: $1,608 for full coverage — $438 for state-minimum liability

These are the states with the highest full-coverage averages. Two of them, California and Montana, are PIA Western Alliance states. California is third and Montana ranks eighth.

Louisiana is first with an average annual rate for full coverage of $2,883. The average rate for liability only is $1,266. The state minimum requirement will cost $722.

Second is Florida.

3. California

Average annual rate for full coverage: $2,416

Average annual rate for liability insurance only: $884

Average annual rate for the state-minimum requirement: $551

4. Colorado

5. South Dakota

6. Michigan

7. Kentucky

8. Montana

Average annual rate for full coverage: $2,193

Average annual rate for liability insurance only: $540

Average annual rate for the state-minimum requirement: $350

9. Washington D.C.

10. Oklahoma

Source link: PropertyCasualty360.com — https://bit.ly/3VN9Yqo

About PIA Western Alliance

The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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