Poolman: North Dakota's Auto Insurance Ranks Cheapest in Nation
Posted on 9/23/2005
FOR IMMEDIATE RELEASE
Contact: Jim Poolman
September 23, 2005
Bismarck, ND - North Dakota Insurance Commissioner Jim Poolman announced today that North Dakotans 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 2003". Poolman said, "Our ranking is consistent with previous reports and is indicative of the strong and competitive marketplace here in North Dakota."
North Dakota's average annual auto insurance expenditure of $536.30 is 35% lower than the national average of $820.91. According to Poolman, "This news indicates that in spite of the catastrophic storm damage in 2001, the marketplace for auto insurance in North Dakota has remained competitive."
According to the report, New Jersey, New York and the District of Columbia rank as the most expensive states for auto insurance. North Dakota as the least expensive state is followed by South Dakota and Iowa.
Average Auto Insurance Expenditures ~ 2003
Most Expensive New Jersey ~ $1,188.42 ~ (1) New York ~ $1,160.80 ~ (2) District of Columbia ~ $1,129.31 ~ (3)
Neighboring States Minnesota ~ $836.12 ~ (19) Montana ~ $674.22 ~ (36) South Dakota ~ $563.18 ~ (50)
Least Expensive North Dakota ~ $536.30 ~ (51) South Dakota ~ $563.18 ~ (50) Iowa ~ $580.15 ~ (49)