Wednesday, January 15, 2014

Guess what state is the costliest in U.S. for car insurance?

New York is not the most expensive state in the U.S. when it comes paying  auto mobile insurance.  I know you're shocked.  Wait, this is explains it, kind of:  New Jersey is. It actually tops the list of the most expensive place in the U.S. to get automobile insurance, according to a recently released report by the National Association of Insurance Commissioners.  According to 2011 premiums, the most recent year available, New Jersey paid an average of $1,302 per year.  This is about $390 more than the national average.  Other top states were Louisiana($1,282), the District of Colombia($1,274), and New York ($1,234). (Are they sure they got this right?)

However, there are some things contributing to Jersey's rise to the top:

Many New Jersey Insurance Cos. have a giveback dividend program where customers receive annual dividend checks.
New Jersey state insurance consumers overall  tend to buy more coverage and more liability insurance.
Insurance is costlier in high-population areas, and New Jersey is the most densely populated state in the country.
This does shed some light on it, kind of,  but then as a New Yorker and a car owner in Brooklyn I'm really not convinced! 

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