Top 10 States with the highest increase in premiums

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Top 10 States With the Largest Increase in Premiums. Insurance.com Insurance.com Call toll free 1.800.726.4780 Search 
Posted: 03/30/2009
Summary
How much are you paying for car insurance? See how your state ranks for price and price increase in auto insurance premiums.
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2008 marked the biggest jump in car insurance rates in five years, with an annual increase of 8% over 2007, according to a new study by Insurance.com.
Auto insurance rates rose from $1810 at the end of 2007 to $1954 in 2008. This was the first year that rates were on the rise since 2003, adding to the many financial challenges already facing consumers throughout 2008.
"We've seen an alarming number of customers seeking to reinstate policies that had lapsed due to financial hardships," said Sam Belden, Vice President of Strategic Alliances for Insurance.com.
Rates Rose Nationally
RateWatch data from the 4th quarter shows the lowest car insurance quotes, on average, were up $5 over the previous quarter, rising from $1949 per year to $1954 per year. This smaller increase followed three consecutive quarters of steep increases, including a 3% increase in the third quarter and a 3.4% increase in the second quarter. RateWatch is based on real-time auto insurance quotes from more than a dozen insurance companies at Insurance.com.
Wondering where your state stands? Consumers in Pennsylvania were hit the worst with a 15% increase, while consumers in North Dakota enjoyed a 9% decrease during the same time period.
Top 10 States With the Largest Increases in 2008State Minimum
Annual
Premium
Average Percent
Increase
in 2008PA$ 2,26415% CD$ 2,95214% $2,50814% UT$ 1,86114% AR$ 1,93610% TX$ 1,91210% FL$ 2,09710% KS$ 1,6469% MB$ 1,6719% IN RI$ 1,5229% Top 10 States With the Largest Decreases in 2008State Minimum
Annual
Premium
Average Percent
Decrease
in $1, 527 2008ND-9% AL$ 1, 646-6% ID$ 1, 347-5% $2, 010 KY-4% $1, 571 TN-3% ME$ 1, 312-3% $1, 600 NC-2% IA$ 1, 287-2% $1, 828 AZ-2% $1, 422 VT-1% Annual Rate Changes by StateState Average
Lowest
Quote Percent
Exchange
in 2008AL$ 1, 646-6% $1,93610% $1, 828 AZ AR-2% CA$ 1,8604% CO$ 1,5918% CT$ 2,1717% CD$ 2,95214% from$ 2,5082% FL$ 2,09710% $1,6938% $1, 287 AI GA-2% ID$ 1, 347-5% it$ 1,5260% $1,5229% $1,6469% $2, 010 KY KS-4% the$ 2,6470% $2,2234% MD ME$ 1, 312-3% MI$ 2,0260% MN$ 1,6236% MB$ 1,6719% MS$ 1,9853% MT$ 1,6241% Annual Rate Changes by State (continued) State Average
Lowest
Quote
Percent
Exchange
in $1, 600 2008NC-2% $1, 527 ND-9% is$ 1,5785% NH$ 1,4882% $2,5672% $1,8867% $2,1463% NV NM NJ OH$ 1,3097% OK$ 1,7719% OR$ 1,5777% $2,26415% PA RI$ 2,50814% SC$ 1,6313% $1,5081% $1, 571 TN SD-3% $1,91210% $1,86114% UT TX VA$ 1,6647% $1, 422 VT-1% WA$ 1,8694% $1,3698% $2,0861% $1,8990% WY WV WI
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Originally posted January 16, 2005.

* Note: Data reflects the average price of the lowest quotes received by consumers through Insurance.com from our partner car insurance companies in 46 states and Washington, D.C.?
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