The median six-month auto insurance rate in Michigan has increased approximately 5.4 percent over the last six months to reach $688, according to online insurance provider InsWeb.
InsWeb also reported some findings of Michigan median auto insurance rates segmented by specific demographic groups:
Men in Michigan pay a median auto insurance rate that is more than 3 percent higher than the rate paid by women.
Drivers in Michigan 19 years of age and younger pay a median auto insurance rate that is more than double the rate paid by drivers ages 50 to 59.
A Michigan household that pays the six-month median rate of $688 and earns the Michigan household median annual income of $44,727 pays approximately 3.1 percent of its gross income for car insurance. By this “affordability factor,” Michigan is the 24th most affordable state in which to insure a vehicle.
Currently, Massachusetts is the most affordable state with a factor of 2.0 percent, while Louisiana is the most expensive with a factor of 7.1 percent.
Topics Trends Auto Pricing Trends Michigan
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