More than 61 million Americans have reduced the amount of automobile insurance coverage they carry due to the ongoing COVID-19 pandemic while 105 million Americans say they just aren’t getting their money’s worth. Even still, states vary greatly in terms of auto insurance rates and depending on where you live, you could be paying substantially more.
So which states charge drivers the most?
Personal financial website ‘WalletHub‘ recently examined varying characteristics of insurance providers in each state. Here’s what they found:
Wyoming offered the cheapest insurance premiums in the nation, followed by South Dakota, Iowa, Vermont, and North Dakota, respectively. Michigan auto insuance rates were the highest in the nation, followed by New York. Georgia ranked #44 in the nation for cheapest car insurance rates in 2021.
Cheapest States for Car Insurance
| Rank | State | Average Yearly Premium |
|---|---|---|
| 1 | Wyoming | $274 |
| 2 | South Dakota | $326 |
| 3 | Iowa | $326 |
| 4 | Vermont | $341 |
| 5 | North Dakota | $370 |
| 6 | Idaho | $394 |
| 7 | Ohio | $414 |
| 8 | Wisconsin | $418 |
| 9 | Nebraska | $427 |
| 10 | New Hampshire | $438 |
| 11 | Montana | $446 |
| 12 | Maine | $456 |
| 13 | North Carolina | $477 |
| 14 | Indiana | $481 |
| 15 | Tennessee | $498 |
| 16 | Hawaii | $501 |
| 17 | Pennsylvania | $501 |
| 18 | Alaska | $543 |
| 19 | New Mexico | $555 |
| 20 | Kansas | $558 |
| 21 | Massachusetts | $565 |
| 22 | West Virginia | $568 |
| 23 | Mississippi | $578 |
| 24 | Missouri | $587 |
| 25 | Arkansas | $631 |
| 26 | Oklahoma | $643 |
| 27 | Arizona | $661 |
| 28 | Illinois | $662 |
| 29 | Alabama | $697 |
| 30 | Washington | $714 |
| 31 | Colorado | $725 |
| 32 | Utah | $750 |
| 33 | Minnesota | $758 |
| 34 | Texas | $780 |
| 35 | Oregon | $789 |
| 36 | Florida | $814 |
| 37 | South Carolina | $817 |
| 38 | California | $844 |
| 39 | Rhode Island | $887 |
| 40 | Kentucky | $931 |
| 40 | Virginia | $931 |
| 42 | Connecticut | $1,027 |
| 43 | Maryland | $1,069 |
| 44 | Georgia | $1,095 |
| 45 | Nevada | $1,108 |
| 46 | Delaware | $1,133 |
| 47 | Louisiana | $1,263 |
| 48 | New Jersey | $1,287 |
| 49 | New York | $1,828 |
| 50 | Michigan | $1,908 |
Other findings from the report include:
- 126% – that’s how much more full coverage costs than the minimum standard of insurance in the state of Georgia
- 373% – that’s the difference between a 16-year-old’s premium as compared to the the insurance premium of a 55-year-old in Georgia
- 8% – that’s how much less married drivers pay compared to single drivers in Georgia
- 95% – that’s how much more a driver with a DUI conviction pays compared to a person with a clean DUI-free record in Georgia
You can read the full report here.
“One common car insurance mistake that drivers should avoid is failing to even consider switching insurers. More than 4 in 10 people think that switching car insurance companies will be hard, according to WalletHub’s new survey, but it can actually be pretty straightforward and produce significant savings. The difference between the cheapest and most expensive car insurance companies in Georgia is about $6,153 per year,” said Jill Gonzalez, WalletHub analyst.
