Arkansas has lower auto insurance rates than the neighboring states of Louisiana, Oklahoma and Texas, the state insurance department reported.
The Arkansas Insurance Department says a study by the National Association of Insurance Commissioners (NAIC) shows auto insurance rates in Arkansas are also among the lowest in the U.S.
The NAIC recently published information showing Arkansans an average of $729 for auto insurance in 2014, the year the most recent data is available, which puts the state at the 18th lowest in the nation and less than the national average of $866.
Border states with higher premiums include Mississippi ($797), Oklahoma ($808), Texas ($906) and Louisiana ($1,193).
Nearby states with lower premiums are Missouri ($724) and Tennessee ($725).
“The Arkansas Insurance Department is committed to maintaining an environment where hardworking Arkansans have increased consumer choices and lower costs. Increasing competition among businesses and cracking down on insurance fraud will be our focus to protect consumers’ pocketbooks,” Arkansas Insurance Commissioner Allen Kerr said in a departmental release.
The NAIC’s 2013/2014 Auto Insurance Database Report, which was released in January 2017, shows the 10 states with the lowest auto insurance rates in the U.S. are Idaho ($572), Iowa ($586), South Dakota ($601), Maine ($607), North Dakota ($630), Indiana ($642), North Carolina ($644), Wisconsin ($646), Nebraska ($663) and Vermont ($665).
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