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NEW YORK, Jan. 7, 2021 /PRNewswire/ -- Auto insurance rates have fallen for the first time in over a decade — decreasing by 1.7% across the U.S. for 2021 according to ValuePenguin.com's State of Auto Insurance in 2021 report published today.
The rate decrease in 2021 is an anomaly caused by fewer Americans driving in 2020 due to the COVID-19 pandemic. Less drivers on the road, and a steep reduction in claims brings the average cost of Auto Insurance in 2021 to $1,636.
Key Findings:
According to Sterling Price, Auto Insurance expert at ValuePenguin.com, "Car insurance can be a difficult and time-consuming topic to understand. This report attempts to unmask some of these key issues and uncover ways Americans can save more money." He adds, "Our analysis shows that premiums can vary by 242% between the largest insurance companies, so you can save a lot by comparing quotes. Switching your car insurance from full to minimum coverage could see your premiums reduce 155%, and improving your credit score could decrease your auto insurance premiums by as much as 70%."
ValuePenguin.com analysts analyzed 15 million auto insurance quotes for drivers across the country from the Quadrant Information Services database. These, combined with RateWatch filings, were used to illustrate the current and historical overview of the auto insurance industry. Analysts used a 30-year-old male who drove a 2015 Honda Civic EX, as a sample driver for this analysis, and quotes were drawn from all available ZIP codes across the United States. To view the full report, visit: https://www.valuepenguin.com/state-of-auto-insurance-2021
How Much Will Auto Insurance Cost Across the US in 2021? | ||
State | % Rate Change - 2020 to 2021 | 2021 Average Cost of Auto Insurance |
Michigan | -4.3% | $7,406 |
Florida | 0.5% | $2,795 |
Rhode Island | 0.1% | $2,482 |
Louisiana | -4.2% | $2,337 |
Kentucky | -4.1% | $2,228 |
Arizona | -0.7% | $2,152 |
New York | 1.2% | $2,075 |
Nevada | -3.1% | $2,047 |
Delaware | -2.7% | $2,042 |
Colorado | -1.9% | $1,992 |
Connecticut | -0.8% | $1,959 |
District of Columbia | -2.7% | $1,841 |
New Jersey | -1.6% | $1,811 |
Texas | -2.9% | $1,790 |
Maryland | -2.5% | $1,733 |
Oregon | -3.7% | $1,691 |
Utah | -2.0% | $1,656 |
United States Average | -1.74% | $1,636 |
Missouri | -2.1% | $1,610 |
Minnesota | -2.7% | $1,576 |
Illinois | -0.2% | $1,536 |
Oklahoma | -3.7% | $1,536 |
Georgia | -2.3% | $1,534 |
South Carolina | -0.7% | $1,505 |
Mississippi | -2.9% | $1,451 |
Massachusetts | 0.4% | $1,439 |
South Dakota | -2.2% | $1,427 |
North Dakota | -2.4% | $1,399 |
Montana | -2.1% | $1,381 |
New Hampshire | -2.5% | $1,380 |
Alabama | -2.9% | $1,369 |
Nebraska | -2.0% | $1,367 |
West Virginia | -3.7% | $1,367 |
Kansas | -1.6% | $1,313 |
Arkansas | -4.8% | $1,310 |
New Mexico | -3.4% | $1,304 |
Wyoming | 0.0% | $1,267 |
California | -0.9% | $1,216 |
Hawaii | -3.0% | $1,203 |
Pennsylvania | -3.4% | $1,194 |
Tennessee | -2.5% | $1,192 |
Washington | -2.5% | $1,158 |
Vermont | -2.9% | $1,135 |
Idaho | -0.9% | $1,132 |
Virginia | -1.4% | $1,130 |
Ohio | -4.3% | $1,043 |
Wisconsin | -2.9% | $1,037 |
Alaska | -2.8% | $1,034 |
Iowa | -2.1% | $1,033 |
Indiana | 1.1% | $987 |
North Carolina | -1.5% | $976 |
Maine | -1.0% | $865 |
About ValuePenguin.com:. ValuePenguin.com and its parent company, LendingTree® (NASDAQ: TREE), have a common mission: to empower consumers with tools, information, and resources to help them make smarter, more informed financial decisions. For more information, please visit www.valuepenguin.com, like our Facebook page or follow us on Twitter @ValuePenguin. Additional Information: https://www.valuepenguin.com/auto-insurance
Media Contact: Divya Sangam (Ms.)646 693 8445 Divya@lendingtreenews.com
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SOURCE ValuePenguin.com
