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March 18, 2013 (Foster City, CA) – Driving a Mercedes-Benz CL65 AMG coupe in Oregon will inflict the most painful car insurance bill possible in the nation – more than any other vehicle or state of residence – with an average annual premium of $5,867 (and that’s for a driver with a clean record).

Driving a Toyota Tacoma pickup in Wyoming is the cheapest possible combination of vehicle and state for insurance rates, with an average annual premium of $698.

Insure.com’s annual study of car insurance rates in each state shows who’s paying the biggest bills. Overall, when averages of all vehicles are considered, Louisiana and Michigan are the most expensive places to buy auto insurance. Maine residents enjoy the lowest average annual rates. (See rankings below.)

Frequent and expensive auto insurance claims among residents propel states to the top rankings. Rural states often benefit from their lack of urban areas, which are hot spots for accidents and claims, helping keep rates down.

“Louisiana can’t catch a break,” said Amy Danise, editorial director of Insure.com. “It is consistently at the top of our rankings. One way to mitigate the rate pain is to buy the cheapest car to insure in the state, which is the Jeep Patriot Sport in Louisiana. The worst choice would be a Mercedes-Benz S65 AMG sedan, which carries the highest rates in Louisiana.”

The dollar figures below are calculated by averaging the rates of more than 750 vehicles in the 2013 model year.

The most and least expensive states for car insurance – 2013

1. Louisiana - $2,699
19. Texas - $1,545
36. Nevada - $1,341
2. Michigan - $2,520 20. Arkansas - $1,545 37. Virginia - $1,322
3. Georgia - $2,155 21. Maryland - $1,528 38. Illinois - $1,322
4. Oklahoma - $2,074
National average - $1,510  39. South Carolina - $1,288
5. Washington, D.C. - $2,006
22. North Dakota - $1,50 40. Colorado - $1,271
6. Montana - $1,914
23. Wyoming - $1,496 41. Wisconsin - $1,228
7. California - $1,819
24. Alaska - $1,455 42. Arizona - $1,227
8. West Virginia - $1,816
25. Utah - $1,438 43. Washington - $1,226
9. Rhode Island - $1,735 26. Kansas - $1,435 44. Indiana - $1,183
10. Kentucky - $1,725 27. Minnesota - $1,432 45. Vermont - $1,176
11. Connecticut - $1,723 28. New Mexico - $1,431 46. Idaho - $1,133
12. New Jersey - $1,697 29. Tennessee - $1,408 47. New Hampshire - $1,112
13. Alabama - $1,667 30. South Dakota - $1,397 48. Ohio - $1,106
14. Missouri - $1,638 31. Oregon - $1,387 49. North Carolina - $1,085
15. Massachusetts - $1,625 32. Nebraska - $1,384 50. Iowa - $1,028
16. Pennsylvania - $1,604 33. New York - $1,369 51. Maine - $934
17. Delaware - $1,586 34. Florida - $1,364
18. Hawaii - $1,583 35. Mississippi - $1,345

Forces behind the rates in the highest and lowest states include:

No. 1: Louisiana: A high portion of Louisiana drivers who are in accidents file bodily injury claims. Also, car accident lawsuits for less than $50,000 go before elected judges rather than juries, and the elected judges are seen as siding with consumers more than the insurance companies.

No. 2: Michigan: Michigan residents carry heavy financial burden under the state’s guarantee of unlimited, lifetime personal injury protection (PIP) benefits for treatment of injuries from a car accident. Car insurance companies pay out the first $500,000 for medical treatment, and expenses above that are paid by the Michigan Catastrophic Claims Association. Everyone’s premium includes an assessment from the association, which is $175 per vehicle for 2013.

No. 51: Maine: Agents in Maine credit the state’s rural landscape with helping to hold down claims and insurance rates. They also think Maine’s graduated licensing program, which places tight restrictions on young drivers, helps reduce accidents.

“Even if you live in a state with high average rates you can probably reduce your bill,” said Danise. “Shopping around is the best way to save the biggest amount. But even if you don’t want to switch insurers, you can ask your company if you’re getting all possible discounts and check insurance rates before you buy your next car – similar vehicles can have large insurance differences.”

See the full article at http://www.insure.com/car-insurance/car-insurance-rates.html.

Insure.com’s recent car insurance comparison study and tool rank the most and least expensive 2013 vehicles to insure in each state and nationwide.

Survey methodology

Insure.com commissioned Quadrant Information Services to provide auto insurance rates for more than 750 car models from six large carriers (Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm) in 10 ZIP codes per state.

Rates for all vehicles were averaged in each state to create the rankings. Rates are for comparative purposes within the same model year.

Rates are based on insurance for a single 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. The hypothetical driver has a clean record and good credit. The rate includes uninsured motorist coverage. Actual rates will depend on individual driver factors.

(Source: insure.com)
Posted 10:29 AM

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