A recently released report by Austin, Texas-based car insurance comparison firm, The Zebra, shows that car insurance rate hikes in the Austin area over the past five years have far exceeded the national average.
Austin car insurance rates have increased 41.4 percent over the past five years, far higher than the national increase of 11 percent over 2011 rates, the company said. The state of Texas has seen an increase of 40.5 percent during that time period.
Texas’ average annual car insurance premium is $1,762, making it the 5th most expensive state for car insurance, according to The Zebra. In Austin, average rates are 2 percent lower at $1,726.
While premiums in Austin far higher than they were five years ago, they’ve headed down this year. Rates in 2016 are 7 percent lower than in 2015. Texas rates are 6.6 percent lower than they were last year and national rates are 3.3 percent higher.
Within the city of Austin, the 78733 ZIP code saw the largest increase in rates, up 49.25 percent with a $595 per year increase, and the 78729 zip code saw the smallest increase in rates, up 22.8 percent with a $304 per year increase over this time period.
The Austin study used data from 88 ZIP codes across the metro area that includes Austin, Bartlett, Bastrop, Buda, Cedar Creek, Cedar Park, Coupland, Dale, Del Valle, Driftwood, Dripping Springs, Elgin, Fentress, Florence, Georgetown, Granger, Hutto, Jarrell, Kyle, Leander, Liberty Hill, Lockhart, Luling, Manchaca, Manor, Martingale, Maxwell, Mc Dade, Paige, Pflugerville, Red Rock, Rosanky, Round Rock, San Marcos, Schwertner, Smithville, Spicewood, Taylor, Thrall and Wimberley.
According to The Zebra, the national average annual insurance premium in 2016 is $1,323. Ohio has the lowest rates nationally with a $764 annual premium and Michigan has the highest with a $2,087 annual premium.
The Zebra’s report showed that the 2016 average annual car insurance premium for South Central states are as follows: Arkansas, $1309; Louisiana, $1741; Oklahoma, $1990; and Texas, $1,762.
Topics Trends Texas Auto Pricing Trends
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