Poolman Announces Auto Rates Among Lowest in the Nation
Posted on 7/24/2002
FOR IMMEDIATE RELEASE
Contact: Jim Poolman
July 24, 2002
Bismarck, ND - North Dakota Insurance Commissioner Jim Poolman today announced that average auto insurance rates in North Dakota ranked 3rd least-expensive nationally, according to a report issued today by the National Association of Insurance Commissioners (NAIC). The report, entitled, "State Average Expenditures and Premiums for Personal Automotive Insurance 2000," lists the average annual premiums paid per insured vehicle for the year 2000.
According to the report, North Dakota trails only Iowa and Maine in terms of most affordable insurance, considering combined coverage. Combined coverage is the combination of liability, collision and comprehensive coverage for a vehicle. The average policyholder in North Dakota pays $601.32 annually, while the nationwide average is $785.80. States where auto insurance was most expensive were the District of Columbia where the average combined rate was $1,143.71, New Jersey with a combined rate of $1,146.39 and Massachusetts with a combined rate of $1,028.62. Neighboring states like Minnesota ranked 24th with a combined premium of $762.84, South Dakota ranked 46th with $618.88 and Montana ranked 38th with a combined premium of $671.57.
"This is truly a reflection that North Dakota consumers are responsible people. The assumption can easily be made that lower crime and safer drivers relates to lower insurance rates." Commissioner Poolman stated. "This is good news for consumers in an insurance market that has been tough. This is proof that North Dakota can be a competitive place to do business."