Insurance Commissioner Jim Poolman announced today that according to a recent report, North Dakota ranked the lowest in the country for combined average auto insurance expenditures. The report, which is issued by the National Association of Insurance Commissioners (NAIC), is titled “State Average Expenditures & Premiums for Personal Automobile Insurance in 2004”.
“This is great news for auto insurance consumers in North Dakota and is consistent with previous years’ reports. Our low rates show that the auto insurance marketplace in North Dakota is competitive and healthy,” Poolman said.
According to the report, the combined average policy in North Dakota costs $562.45 per year, while the nationwide average is $837.86. Combined coverage is the total cost of liability, collision, and comprehensive coverage for a vehicle.
Average Auto Insurance Expenditures ~ 2004
New Jersey, rank $1,221.08, rank (1)
District of Columbia, $1,184.63, rank (2)
New York, $1,171.62, rank (3)
Minnesota, $829.33, rank (21)
Montana ~ $683.18, rank (37)
South Dakota ~ $586.96, rank (49)
North Dakota, $562.45, rank (51)
Iowa, $579.95, rank (50)
Source: North Dakota Department of Insurance
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