North Dakota's Auto Insurance Ranks Cheapest in Nation for Second Year in a Row ~ Rates are lower than the previous year ~
Posted on 10/3/2007
FOR IMMEDIATE RELEASE
Contact: Cecily Fong
October 3, 2007
Bismarck, ND - Acting Insurance Commissioner Rebecca Ternes announced today that North Dakotans once again enjoy the lowest average auto insurance premiums in the nation. This is according to a report issued by the National Association of Insurance Commissioners (NAIC) entitled, "State Average Expenditures & Premiums for Personal Automobile Insurance in 2005."
Ternes said, "This year's ranking is no surprise to me and is similar to past years' reports. The ranking shows that our auto insurance marketplace in North Dakota is competitive."
North Dakota's average annual auto insurance expenditure of $554.30 is 33% lower than the national average of $829.17. "In addition, this year's report indicates that the average amount North Dakotans spend is also lower in 2005 than it was in 2004 by about 1.4%," Ternes said. "This is good news for insurance consumers."
According to the report, New Jersey, the District of Columbia and New York rank as the most expensive states for auto insurance. North Dakota as the least expensive state is followed by Iowa and South Dakota.
Average Auto Insurance Expenditures ~ 2005
Most Expensive New Jersey ~ $1,183.54 ~ (1) District of Columbia ~ $1,181.77 ~ (2) New York ~ $1,122.45 ~ (3)
Neighboring States Minnesota ~ $791.47 ~ (23) Montana ~ $685.01 ~ (36) South Dakota ~ $565.23 ~ (49)
Least Expensive North Dakota ~ $554.30 ~ (51) Iowa ~ $555.04 ~ (50) South Dakota ~ $565.23 ~ (49)