Arkansas has the sixteenth lowest auto insurance rates and the lower rates than any of the states it borders, the state insurance department reports.
The Arkansas Insurance Department cited a study by the National Association of Insurance Commissioners (NAIC) that shows Arkansas among the lowest average expenditures in the nation for auto insurance.
According to the NAIC’s Auto Insurance Database Report, Arkansas had an average expenditure of $736 per insured vehicle in 2015, the year the most recent data is available. The report ranks Arkansas as the 16th lowest in the nation in average expenditure, well below the national average of $889.
Average expenditure per insured vehicle is the total written premium for liability, collision, and comprehensive coverages divided by exposures.
Arkansas is lowest in average expenditure among its bordering states, ahead of Tennessee ($738), Missouri ($745), Oklahoma ($824), Mississippi ($827), Texas ($934) and Louisiana ($1,232).
In a statement regarding the study results, Arkansas Insurance Commissioner Allen Kerr commented: “The Arkansas Insurance Department is committed to maintaining an environment where hardworking Arkansans have increased consumer choices and lower costs for auto insurance. Cracking down on auto insurance fraud is one of our chief tools to help consumers, and we plan to vigorously go after fraudsters in 2018.”
Source: Arkansas Insurance Department
Was this article valuable?
Here are more articles you may enjoy.