Latest national study shows state cheaper than national average
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement on results from a study by the National Association of Insurance Commissioners (NAIC) showing Arkansas among the lowest average expenditures in the nation for auto insurance:
“This report confirms the Arkansas Insurance Department’s commitment to maintaining an environment where hardworking Arkansans have increased consumer choices and lower costs for auto insurance. AID continues to crack down on auto insurance fraud in order to better help Arkansas consumers and it will again be one of our top priorities to combat fraudsters in 2019.”
In its Auto Insurance Database Report, the NAIC shows Arkansas with an average expenditure of $772 per insured vehicle in 2016, the year the most recent data is available. Arkansas ranks as the 17th lowest in the nation in average expenditure and is below the national average of $936. Average expenditure per insured vehicle is the total written premium for liability, collision, and comprehensive coverages divided by exposures.
Arkansas leads among most of its bordering states, ahead of Missouri ($791), Oklahoma ($851), Mississippi ($859), Texas ($1,009), and Louisiana ($1,302). Tennessee ($760) is the only border state with a cheaper average expenditure.
Arkansas is the 24th lowest in the nation in combined auto insurance premium in 2016 at $950, which is below the national average of $1,062. Arkansas ranks third among border states in combined premium behind Tennessee ($899), Missouri ($926), and ahead of Mississippi ($1,036), Oklahoma ($1,040), Texas ($1,194), and Louisiana ($1,496).
Kerr encourages Arkansans to compare prices when buying or renewing your insurance policies. The Arkansas Insurance Department offers an online brochure to help you compare prices. Please visit https://insurance.arkansas.gov/uploads/pages/auto-2017.pdf to download your brochure, or call our Consumer Services Division at 800-852-5494 to have a copy mailed to you or discuss any issues with your auto insurance policy.
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