Auto Insurance Rates Decreasing

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(Best Syndication News) Auto insurance rates have decreased this year and women continue to pay less. Nationally, rates have declined 5.6% reaching $675.

Californian’s pay more for insurance, according to a study by Insweb. The website reports that the median rate in the Golden State was $809. Since the median income is $46,892, Californians pay 3.4% of their income in auto insurance.

On average women pay only $772 per year for insurance while men pay $836. Residents younger than the age of 19 pay a whopping $2,141. The rates continue to decrease until age 60, and then they go up again. People between the age of 50 and 59 pay an average of $654 while people between the age of 60 and 74 pay $667.

There are several variables involved in determining the final rate. The age of the driver is taken into consideration, along with the aged of the car, the make of the car and the owner’s driving record.

Other factors include how much the car is used. If you drive the car to and from work, the mileage may play a role.

Insurance companies may give a discount for combining auto and home insurance. State Farm and Farmers both offer discounts.

California is not the most expensive state. According to the report, we rank 19th. While Minnesota pays the least while Louisiana pays the most (affordability indexes of 2.2 and 6.6 respectively).

By: John Waters

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