Much like real estate prices, auto insurance prices are dependent on where you choose to live. A state rankings list of auto insurance premiums was released by Insure.com for 2012.
The states with the highest premiums? Louisiana, Oklahoma, and Michigan. The lowest? Wisconsin, Iowa, and Maine. But it is not just which state you live in that determines your premium. There are 4 main factors:
- The number of uninsured drivers behind the wheel state-wide
- A state’s insurance laws
- The level of competition among carriers
- Severe weather
Auto insurance is mandated by law, but your client’s budget may be tight. Depending on your state, your clients may have to spend more money on their auto insurance and have less for their housing.
It is important for you and clients alike to know about your state’s auto insurance premiums and price determining factors. It could make or break your clients’ decision to live in a certain area of the United States. To see the complete list of auto insurance premium rankings, read my full post on today’s Equifax Finance Blog.
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blogand CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.