SOURCE: InsWeb Corporation

InsWeb Corporation

May 04, 2011 10:12 ET

InsWeb Releases 2011 Car Insurance Affordability Index

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

SACRAMENTO, CA--(Marketwire - May 4, 2011) - InsWeb (NASDAQ: INSW), a leading online insurance comparison provider, today released its 2011 Car Insurance Affordability Index -- a list of the most and least affordable states in which to insure a vehicle.

For the second consecutive year, Massachusetts is the most affordable state while Louisiana is the least affordable.

To develop the list, InsWeb ranked all 50 states and Washington D.C. according to their affordability factors. 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:

2011
Ranking
StateAffordability
Factor
2010
Ranking
1Massachusetts2.09%1
2Hawaii2.32%7
3Minnesota2.46%4
4North Carolina2.49%9
5Utah2.50%5
6Wisconsin2.53%12
7Iowa2.56%15
8Idaho2.63%13
9Ohio 2.64%11
10Vermont2.64%3

The 10 least affordable states include:

2011
Ranking
StateAffordability
Factor
2010
Ranking
51Louisiana6.76%51
50Washington D.C.5.12%48
49West Virginia4.95%46
48Oklahoma4.87%50
47Mississippi4.61%49
46Kentucky4.42%44
45Rhode Island4.40%41
44Arizona4.39%43
43New York4.26%47
42Florida4.21%42

"Comparing state car insurance rates tells us where drivers are paying the highest and lowest premiums, but it doesn't tell us much about how affordable those premiums really are," said Brad Cooper, Chief Revenue Officer at InsWeb. "To understand that, you have to consider how much of an individual's or family's budget goes toward car insurance, and that's what our Affordability Index examines."

To see a complete list of states ranked by their affordability factors and to learn more about how the rankings are determined, please visit InsWeb's 2011 Car Insurance Affordability Index.

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, MedHealthInsurance.com, LocalInsuranceAgents.com, and AgentInsider.com. InsWeb has invented multiple e-commerce and online insurance distribution technologies and owns the following patents: 6,898,597; 7,107,325; 7,389,246; 7,640,176 and 7,707,505.

Contact Information

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