If you are looking to compare auto insurance quotes, you might want to consider moving across state lines to do so. According to a recent insurance industry study that ranked all 50 states in order by most expensive to least expensive, you could save 255 percent just by changing your state of residence.
Granted, it wouldn’t be as easy as moving a mile over state lines. If you really want to compare auto quotes, wrap your mind around this intel: the most expensive state for yearly auto insurance premiums was Michigan, with an average of $2541 per year. The cheapest? Vermont, at an incredibly affordable $995. But why the big difference?
There are quite a few contributing factors, but one of the major ones is uninsured drivers. In short, if you live in a state that has a high percentage of uninsured drivers, you can expect to pay a lot more if you’re unfortunate enough to cross paths with one of them and your fenders collide.
But interestingly enough, Michigan isn’t ranked as the state with the highest amount of uninsured drivers—so what gives? As it turns out, the super high premiums Michiganders pay has to do with that state’s unique standing as the only one with no cap on the amount of money that can be paid to a person for injuries incurred in an accident.
On the flipside, the reason Vermont is said to have such low average premiums is because of typically low traffic and what’s been called “rural sensibilities.” If you happen to live in Vermont, you’re probably not all that possessed with the desire to compare auto insurance quotes, but those that live in Michigan are strongly urged to shop for the best deals available, without giving up coverage.
Does Insuring an Older Home Increase my Insurance Premium?
One of the variables that can affect home insurance premium amounts is that of an older home. Homeowners who take advantage of the ability to compare rates online can get personalized quotes for th...
Read More →
Tips on Staying Sane During the Insurance Claim Process
Combining home and auto insurance is a great way to save money, and it can also save you a bit of sanity— especially when it comes time to pay the monthly bill. But all of that peace of mind ...
Read More →
Does an Alarm System Help Lower My Homeowners Insurance Rates?
Homeowners insurance is often necessary. If you own a home, having proper insurance helps to protect you against all of the risks that can occur, such as fire, theft, or flooding, in some cases. Po...
Read More →