Six Northeastern states saw their annual average auto premium fall, according to the latest data from the National Association of Insurance Commissioners. They are: Massachusetts, New Hampshire, Pennsylvania, Rhode Island, Vermont and Maine.
The NAIC’s latest Auto Insurance Database Report provides the average costs associated with personal auto insurance nationwide. The study was released last month and covers the 2008-2009 period.
Massachusetts has one of the largest drops in the country. The Bay State saw its combined average auto premium fall to $923.11 in 2009, from $970.58 in 2008. Data for Massachusetts reflects Safe Driver Plan credits and surcharges for 2005-2009, according to NAIC.
New Hampshire saw its premium decline to $760.62 in 2009 from $774.33 the year before. Pennsylvania’s premium declined to $903.78 in 2009, down from $908.08 the previous year.
Rhode Island also saw a big drop. Its premium fell to $1,117.62 in 2009, down from $1,137.61 in 2008. Vermont’s premium fell to $723.16 in 2009, down from $735.08 the year before. Maine’s premium declined to $682.93 in 2009, from $687.31 in 2008. Maine has the sixth-lowest premiums in the nation.
On the other hand, several Northeastern states saw their premiums rise during the same period. New York State’s average auto premium rose to $1,185.40 in 2009, up from $1,171.97 the year before.
New Jersey’s average premium rose to $1,217.96, up from $1,197.91. New Jersey is predominately urban. Results are not directly comparable to states with large rural areas. Historically, New Jersey has paid two to four times the national average in dividends to policyholders, and, at times, this has been as high as six times the national average, which would reduce the average expenditure and combined average premium for New Jersey consumers if dividends were included in premium.
Meanwhile, Maryland’s premiums climbed to $1,021.07 in 2009, up from $1,010.79 in 2008. Connecticut’s premium climbed to $1,049.85 in 2009, up from $1,045.63 in 2008. Delaware’s average rose to $1,105.63 in 2009, up from $1,090.66 the year before. Virginia’s average went up to to $756.51, from $749.57.
And District of Columbia’s average premium rose to $1,264.92, up from $1,262.51. The District of Columbia is entirely urban. As such, results are not directly comparable to states with rural areas. Nationwide, the average premium for 2009 was $900.90, down slightly from $903.29 in 2008.
Topics Auto Pricing Trends New Jersey Massachusetts Numbers Maine
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