Auto Insurance Policy Rates In Your State

By
Real Estate Services with Think Glink Media

Much like real estate prices, auto insurance prices are dependent on where you choose to live. A state rankings list of auto insurance premiums was released by Insure.com for 2012.

The states with the highest premiums? Louisiana, Oklahoma, and Michigan. The lowest? Wisconsin, Iowa, and Maine. But it is not just which state you live in that determines your premium. There are 4 main factors:

- The number of uninsured drivers behind the wheel state-wide

- A state’s insurance laws

- The level of competition among carriers

- Severe weather

Auto insurance is mandated by law, but your client’s budget may be tight. Depending on your state, your clients may have to spend more money on their auto insurance and have less for their housing.

It is important for you and clients alike to know about your state’s auto insurance premiums and price determining factors. It could make or break your clients’ decision to live in a certain area of the United States. To see the complete list of auto insurance premium rankings, read my full post on today’s Equifax Finance Blog.

 





Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blogand CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.

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Rainmaker
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David Spencer
Chicago Area Commercial-Residential R.E.
Keller Williams Team Realty

Chicago area is a good example. Real estate tax rates are lowest in Cook County for the Chicago MSA. However, I advise my clients to also look at the premium difference for living in Cook or one of the collar counties. Example Cook has 4M+ population and Dupage is just under 1M. Big difference in premiums.

March 15, 2012 09:38 AM
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Dick Greenberg
Northern Colorado Residential Real Estate
New Paradigm Partners LLC

Hi Ilyce - One thing that apparently isn't considered is the local claims rate. According to an annual State Farm national survey, Fort Collins has had the safest drivers in the US for two years now. Did our rates go down? Not a chance. Insurance rates are no longer based on actuarial principles - they're based on maintaining insurance company profit margins, to the extent that the various state insurance regulators let them get away with it.

March 15, 2012 10:00 AM
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Ilyce Glink
Best-selling author, award-winning TV/radio host.
Think Glink Media

I'm in Chicago too so I can relate, Keller Williams.

 

Dick, It can be frustrating, for sure. But always better to know, right?

March 21, 2012 01:30 PM
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