Mississippi & Arkansas Rank Top 10 for Cost of Auto Insurance
(Memphis) Ever think you’re paying too much for auto insurance?
A recent survey gives consumers an idea about just how much insurance sucks away from the budget, plus it compares the figures state by state.
Mississippi ranked #5, where according to the survey, an annual policy runs over $1800, which sucks up more than 4% of the household income.
Arkansas was next at #6 where the median policy is around $1700.
The figures represent median household income, median annual policy and the percentage of household income going toward car insurance.
WREG On Your Side Investigators asked why rates were so much higher in those two MidSouth states.
“As for why Arkansas and Mississippi are higher on the list, I’d say that part of that may be because of insurance laws and regulations that are in place in those states. Car insurance rates are regulated at the state level. It’s hard to say exactly why median car insurance premiums are higher in Arkansas and Mississippi than in other states. Factors that go into setting car insurance rates include a motorist’s driving history, claim-filing history and geographic location,” says John Egan, Managing Editor at Bankrate Insurance.
Egan encourages consumers to shop around for auto insurance.
He also says it’s important to check for possible discounts and consider liability only.