SOURCE: InsWeb Corporation

InsWeb Corporation

June 16, 2010 08:07 ET

InsWeb Releases 2010 Car Insurance Affordability Index

All 50 States and D.C. Ranked From Most to Least Affordable

SACRAMENTO, CA--(Marketwire - June 16, 2010) -  InsWeb (NASDAQ: INSW), a leading online insurance comparison provider, today released its 2010 Car Insurance Affordability Index -- a list of the most and least affordable states in which to insure a vehicle.

According to InsWeb's findings, Massachusetts is the most affordable state while Louisiana is the least.

To develop the list, InsWeb ranked all 50 states and Washington D.C. according to affordability factor. A state's affordability factor is determined by dividing its median household car insurance rate by its median household income. The lower the factor, the less a typical family in that state tends to spend on car insurance relative to its budget.

The 10 most affordable states are:

         
  State  
Affordability Factor
 
  1.  Massachusetts   1.84%  
  2.  New Hampshire   2.23%  
  3.  Vermont   2.39%  
  4.  Minnesota   2.39%  
  5.  Utah   2.43%  
  6.  Nebraska   2.43%  
  7.  Hawaii   2.44%  
  8.  Indiana   2.45%  
  9.  North Carolina   2.52%  
  10. Virginia   2.53%  
         

The 10 least affordable states include:

         
  State    
Affordability Factor
 
  1.  Louisiana   6.93%  
  2.  Oklahoma   4.94%  
  3.  Missouri   4.86%  
  4.  Washington D.C.   4.77%  
  5.  New York   4.54%  
  6.  West Virginia   4.51%  
  7.  New Mexico   4.37%  
  8.  Kentucky   4.27%  
  9.  Arizona   4.14%  
  10. Florida   4.10%  
         

"Comparing median car insurance rates by state gives us a good sense of where drivers are paying higher and lower premiums, but it doesn't necessarily tell us where states rank in terms of affordability," said Brad Cooper, Senior Vice President of Product, Site and Marketing at InsWeb. "To really get a sense of where car insurance is the most and least affordable, you have to consider how much of a typical family's income goes towards premiums, and that's what our affordability factor measures."

To see a complete list of states ranked by their affordability factors and to learn more about how the rankings are determined, please visit www.insweb.com/auto-insurance/state-affordability-index.html.

To learn more about saving on car insurance and to compare car insurance quotes, visit InsWeb.com.

About InsWeb

InsWeb Corporation (NASDAQ: INSW) owns and operates a network of leading insurance marketplace and education websites. Founded in 1995 and headquartered in Sacramento, California, InsWeb's primary properties include InsWeb.com, InsuranceRates.com, LocalInsuranceAgents.com, and AgentInsider.com. In 2009, more than 10 million consumers turned to InsWeb for answers to their insurance questions.

Contact Information

  • Media Contact:
    Jonathon D. Tudor
    InsWeb Corporation
    (916) 853-3386
    Email Contact