As we shop around for a new auto insurance plan or are looking to add some new policies to our existing coverage, it’s wise to take a look at the average car insurance rates in our area. Like researching the living expenses and the monthly rent, comparing what you are currently paying in premiums to the average rate will aid you in understanding if you are paying too much for coverage, or if you can afford more. If you live in the Northeast and are considering making a change to your auto insurance, CoverHound’s here to help.
What’s My Average?
According to CoverHound internal data, the Northeast’s annual insurance premium stands at $1,826.71 exactly, though premium averages across the Northeast differ quite a bit. Let’s look at a quick breakdown:
Northeastern StateAuto Insurance Premium AverageVermont$997Pennsylvania$1,355Rhode Island$1,769New Hampshire$1,845Connecticut$2,128New Jersey$2,221New York$2,472
As you can see, some states pay more than the average, while others pay less. Why is this the case? Insurance agencies take a host of factors into account when calculating a client’s premium total. These include:
The features listed above are of a more personal nature, as you are being evaluated by the financial choices and social decisions you have made. With this information in hand, insurance companies are able to determine your risk potential. For example, someone who has a high credit score, is single and driving a 1988 Ford Aerostar Van is considered high risk because they have not managed their finances well and do not have a spouse to account for or a family to take care of. While relying on this sort of information might seem a tad too reliant on traditional values (not everyone feels the need to get married), statistics have shown that married individuals tend to make better financial choices and are more cautious behind the wheel—at least when compared to teenage motorists.
Not Out of the Woods Yet
But there are still even more components insurance companies take into consideration when determining your premium and are listed as follows:
Statistically speaking, over 37,000 people are fatally injured in traffic accidents every year in the U.S., with costs coming to $230.6 billion a year. If you live in area with a high-crash rate, prone to natural disasters and auto theft, you’re going to pay higher premiums. Some tips to bring down your premium auto insurance cost is to maintain a clean driving record, equip your vehicle with safety features, raise your deductible and ask about discounts! Insurance companies enjoy rewarding their policy holders for being good drivers.
At CoverHound we work with you to find an auto insurance policy that meets your criteria. We promise to get you the affordable insurance package you deserve. Find yours today!