Study Shows Arkansas Auto Insurance Rates Lowest in South Central Region

Auto insurance rates are the lowest in the South Central region and 17th lowest in the nation, a study by the National Association of Insurance Commissioners (NAIC) shows.

The Arkansas Insurance Department reported that in its Auto Insurance Database Report, the NAIC shows Arkansas with an average expenditure of $772 per insured vehicle in 2016, the year the most recent data is available. Arkansas ranks as the 17th lowest in the nation in average expenditure and is below the national average of $936. Average expenditure per insured vehicle is the total written premium for liability, collision, and comprehensive coverages divided by exposures.

Arkansas leads among most of its bordering states, ahead of Missouri ($791), Oklahoma ($851), Mississippi ($859), Texas ($1,009), and Louisiana ($1,302). Tennessee ($760) is the only border state with a cheaper average expenditure.

Arkansas is the 24th lowest in the nation in combined auto insurance premium in 2016 at $950, which is below the national average of $1,062.

Arkansas ranks third among border states in combined premium behind Tennessee ($899), Missouri ($926), and ahead of Mississippi ($1,036), Oklahoma ($1,040), Texas ($1,194), and Louisiana ($1,496).

Source: Arkansas Insurance Department

Topics Auto Arkansas