Hawaii Has the Cheapest Auto Insurance Premiums

From NASDAQ, September 13, 2021 (excerpt)

 … According to The Ascent's data, the state with the cheapest auto insurance premiums in the country is Hawaii. And the state in the continental U.S. with the cheapest average premiums is Ohio.

In Hawaii, the average auto insurance premium comes in at just $1,096. And in Ohio, the average auto insurance premium totals $1,567. In both of these states, the premiums are well below the national average premium of $2,646. And they are a small fraction of the average annual premium of $4,894, which is the average in the country's most expensive state for auto insurance -- Michigan.

One big reason why insurance in Ohio is so inexpensive is that there is a lot of competition within the local insurance market. In fact, there are more than 250 different insurance carriers that drivers can choose to buy car insurance coverage from. With so many different auto insurance companies competing for business, prices are inherently going to be lower than in other markets where there may be fewer options for consumers.

And as for Hawaii, anti-discrimination laws prohibit insurers from considering certain factors such as credit score or gender. This helps make average premiums lower for everyone because insurers aren't necessarily able to charge very high premiums to motorists presenting more risk….

read …  Which U.S. State Has the Cheapest Auto Insurance Premiums?