N.H. Department of Insurance: Granite State Auto Premiums Below National Average

CONCORD, New Hampshire, March 19 -- The New Hampshire Department of Insurance issued the following news release:

New Hampshire drivers pay less in auto insurance premiums than vast majority of drivers in the country, on average, according to a report released recently by the National Association of Insurance Commissioners (NAIC).

"New Hampshire has some of the best drivers in America and because our roads are so safe, consumers are enjoying the benefit with some of the lowest vehicle insurance rates in the country," said Governor Chris Sununu. "We strongly encourage all Granite Staters to have car insurance and with rates this low, it should not be financially out of reach to have this commonsense protection."

The 2017-2018 Insurance Database Report provides validated data on market distribution and average cost by policy form and amount of insurance. The report also summarizes 2018 average expenditures and combined average premiums for each state.

"We are happy to report that, once again, New Hampshire drivers are seeing lower personal auto insurance premiums on average than most other states," said Christian Citarella, Chief Property & Casualty Actuary at the New Hampshire Insurance Department (NHID). "We encourage all New Hampshire drivers to understand their respective policies, shop auto insurance rates, and let us know if you have concerns about the insurance market in New Hampshire."

According to NHID Property & Casualty Director James Fox, New Hampshire's historically vibrant and competitive auto insurance market is due to ongoing development of regulatory framework that is accessible and easily understood by insurers.

"It simultaneously protects consumers from identifiable and measurable harms," Fox said. "The Department staff is very excited that our efforts have helped benefit our fellow residents." Additional key findings in the report include:

* The national average annual premium per insured vehicle was $1,190 in 2018, a 21 percent increase from 2014.

* The NH average annual premium per insured vehicle was $883 in 2018, a 12 percent increase from 2014.

"It's important to note there are differences in state requirements for insurance coverage, limits and benefits," New Hampshire Insurance Commissioner Chris Nicolopoulos said. "These variances can make direct state-by-state comparisons difficult, but for now, there's no denying auto insurance in New Hampshire costs less than the national average."

To access the full report, visit: 2017 -2018 Insurance Database Report: https://www.naic.org/prod_serv/AUT-PB-17.pdf