Two pieces of news provide a flicker of hope amid the doom and gloom.
San Francisco, CA (February 7, 2014) – NerdWallet, a consumer finance site, recently conducted a study to find the impact of location on car insurance premiums.
Using the profile of a 26-year-old male who drives a 2012 Toyota Camry and has no history of accidents, NerdWallet analyzed premiums in the largest 125 U.S. cities to find the places with the most and least expensive car insurance.
NerdWallet made the following key findings:
· Premiums can increase by more than tenfold depending on the location: Detroit’s average annual premium, $10,723.22, is more than 11 times higher than that of Winston-Salem, which is $969.10.
· State laws can play a major role in car insurance rates: All of the cities that are among the most expensive are in states with no-fault car insurance laws.
· North Carolina is a great state for cheap premiums: Six of the 10 cities with the cheapest premiums are in the Tar Heel state.
“We knew that some cities were going to have higher rates, but we were surprised by the huge disparity between the most and least expensive rates,” said NerdWallet analyst John Kuo.
Detroit, New Orleans, Grand Rapids, Newark, and Baton Rouge ranked among the most expensive, while the five cheapest were all in North Carolina: Winston-Salem, Greensboro, Raleigh, Durham, and Charlotte. Read the full studies online.
For more information about NerdWallet, visit www.nerdwallet.com.