Archive for Iowa News

Nation’s Lowest Auto Insurance Rates

Auto insurance rates

States with the Lowest Auto Insurance premiums

Do you feel like your auto insurance rates have gotten out of hand? Be thankful if you don’t live in Michigan, Oklahoma or Louisiana. Residents there pay more than $2,000/per year on average to insure each vehicle. Iowans may also complain about raising rates, but should take some comfort in knowing they pay the lowest auto insurance rates in the nation! According to the November 2017 newsletter for Independent Insurance agents of Iowa, Iowans pay on average $1,125/year for auto insurance. Premiums vary by zip code and are based on the loss (claims) experience of insurance companies in each zip code. Therefore rates can vary widely even within a state. For example people in Detroit zip codes will pay a lot more than those in Marquette, MI.

Iowa’s lack of large urban areas helps reduce traffic congestion and accidents. However lower crime rates (theft and vandalism) as well as relatively fewer weather-related losses also work in the state’s favor. On the other hand, Iowa was the fourth highest state for deer-vehicle collisions last year according to State Farm. Of course the car you drive, driving records, credit history and age and experience of the driver(s) are important insurance rating factors too.

Uninsured Motorists

Iowa also is the 12th best state for the lowest percentage of uninsured drivers at just 8.7%*. This is despite the fact that Iowa doesn’t have a compulsory insurance law. Iowa’s Financial and Safety Responsibility act requires that drivers have the financial means to cover injury or property damage to others. Financial responsibility can be satisfied either from one’s personal wealth or with auto liability insurance.

The top 10 states with the lowest average auto insurance premiums are ranked below, with Iowa being the lowest:

  1. Iowa
  2. North Carolina
  3. Ohio
  4. New Hampshire
  5. Maine
  6. Idaho
  7. Wisconsin
  8. Kansas
  9. North Dakota
  10. Arizona

* Percentage of uninsured drivers, as measured by the ratio of uninsured motorists claims to bodily injury claim frequencies. Source: Insurance Research Council, 2015.

Get a quote from a Cedar Rapids auto insurance agency.

 

Posted in: Industry News, Iowa News

Leave a Comment (0) →

Top 10 Largest Insurance Carriers in Iowa

Which insurance companies have the largest share of the property & casualty insurance market in Iowa? The following is based 2014 data, published in a recent issue of Viewpoint Magazine.

 

Top 10 largest insurance companies in Iowa based on share of market

Top 10 largest insurance companies in Iowa based on overall share of property & casualty market in 2014

  1. State Farm Group, 9.5%
  2. Allied Group – A Nationwide Company, 8%
  3. Farm Bureau P&C Group, 6%
  4. ACE INA Group, 4.4%
  5. Progressive Group, 4.1%
  6. EMC Ins Cos., 3.3%
  7. Travelers Group, 3.0%
  8. Farmers Mutual Hail Ins Group, 2.8%
  9. American Family Insurance Group, 2.9%
  10. QBE Americas Group, 2.9%

 

Source: Viewpoint Magazine, Summer 2015

Get affordable insurance quotes in Cedar Rapids, Iowa

Posted in: Industry News, Iowa News

Leave a Comment (0) →

Enjoy this blog? Please spread the word :)