ACROSS AMERICA — Car insurance payments can become a burden for drivers across America, especially during the economic downturn that has resulted from the coronavirus pandemic.
A recent study from WalletHub shows how much the pandemic has affected people's car insurance decisions and how states compare to others on the average cost.
The cheapest car insurance can be found in Wyoming, South Dakota, Iowa, Vermont and North Dakota, while Michigan on average has the most expensive, according to WalletHub. The Wolverine State was followed by New York, New Jersey, Louisiana and Delaware on the list as having the most costly insurance, according to the study.
The personal finance website determined this by comparing more than 1 million quotes and using 40 different driver profiles and metrics spanning 10 categories.
Geico, USAA, Erie, Auto Owners and State Farm were ranked as the cheapest car insurance companies across the board, as WalletHub used data from top car insurance companies that operate in 10 or more states. It averaged each insurer's state rank across all the states the company operates in, according to the methodology.
The study, released Feb. 9, takes into account some drastic shifts that have occurred during the first 10 months of the pandemic. Since last March, the study found that 61 million Americans have reduced their car insurance coverage and 55 million are having second thoughts on owning a car due to the pandemic.
WalletHub based its study on a number of categories, including gender, age, marital status and credit level.
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February 22, 2021 at 02:36AM
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Car Insurance: See Which States Are Cheapest, Most Expensive - Patch.com
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