The National Association of Insurance Commissioners (NAIC) has released its 2011/2012 Auto Insurance Database Report, including calculations for average annual auto insurance premiums for all 50 U.S. states and the District of Columbia. The NAIC Property and Casualty Insurance Committee directed the Casualty Actuarial and Statistical Task Force to develop the report, which is intended to help states assess their insurance markets.
Iowa ranks as the second lowest state to purchase car insurance with an average premium of only $656.43. We were edged out for the top spot by Idaho with an average premium of $639.19. Following Iowa was Maine, Wisconsin and South Dakota.
The highest priced states were New Jersey with double the cost, $1,334.54, Washington D.C. at $1,289.49 followed by Louisiana and New York.
The 262 page report is an interesting read with a ton of data including loss ratio. It can be downloaded for free at http://tiny.cc/8s2txx.