A nationwide survey of car insurance rates finds Connecticut is the third most expensive state for bare-bones car insurance coverage, according to an analysis of car insurance rates across the country.
CarInsurance.com, an independent quote-comparison website, analyzed rates for a 2015 Honda Accord in 10 ZIP codes for each state to find the average rate for state-mandated minimum coverage.
The top 5 most expensive states for minimum car insurance coverage, on average, per year, are:
- Michigan: $2,446
- Delaware: $1,520
- Connecticut: $1,097
- New Jersey: $1,086
- Florida: $1,058
According to CarInsurance.com, 8 percent of Connecticut drivers are uninsured. The site said that is a risky approach because an accident claim (of average size) costs roughly $17,000. The average driver will have three or four accidents in a lifetime, according to the Property Casualty Insurers of America.
The top 5 least expensive states for minimum car insurance coverage, on average, per year:
- North Carolina: $385
- Hawaii: $386
- Iowa: $403
- Wyoming: $410
- Alaska: $426
Minimum coverage rates vary dramatically among states. “The amount of coverage you must have to drive legally is different for each state, so that comes into play,” said Michelle Megna, managing editor of CarInsurance.com. “Also, some states have more urban areas and more accidents, or more uninsured drivers than others, so the risk to the insurer is higher in those states. That means rates would generally be higher in those states, too.”