Poolman Announces North Dakotans Spend the Least on Auto Insurance in the Nation
Posted on 7/17/2003
FOR IMMEDIATE RELEASE
Contact: Jim Poolman
July 17, 2003
Bismarck, ND - North Dakota Insurance Commissioner Jim Poolman announced today that North Dakotans enjoy the lowest average auto insurance expenditures in the nation. This is according to a report issued by the National Association of Insurance Commissioners (NAIC), titled "State Average Expenditures & Premiums for Personal Automobile Insurance in 2001." Poolman said, "This is great news for insurance consumers in North Dakota--lower rates are better for everybody. Even with catastrophic storm damage and the losses we have had, we have managed to successfully maintain the competitive auto marketplace and work to keep rates as low as possible."
North Dakota's recent ranking of 51st is consistent with the previous year's report which had the state ranked 51st in the average premium spent in auto coverage. North Dakota ranks 47th in the average premium for combined coverage, which is similar to the 49th ranking it had in the previous report. "Rates have increased all over the country, and yet North Dakota's consumers are still well positioned. This is a credit to the state's responsible drivers, low crime rates and the competitive insurance environment in North Dakota." Poolman said
According to the report, the combined average policy in North Dakota costs $633.78 per year, while the nationwide average is $817.43. Combined coverage is the combination of liability, collision, and comprehensive coverage for a vehicle.
The most expensive states to purchase auto insurance are New Jersey, New York, and the District of Columbia with average combined rates of $1,182.54, $1,161.27, and $1,156.23, respectively. Neighboring states like Minnesota ranked 17th with a combined premium of $808.63, South Dakota ranked 50th with $648.16, and Montana ranked 42nd with a combined premium of $720.54.
"Even when looking at our neighboring states that have had similar claims experiences, North Dakota consumers are getting a better deal. It is one more reason that North Dakota is a great place to live." Poolman said.