Florida Ranks #4 Nationally for High Car Insurance Costs
Bankrate.com recently published its first Car Cost Index report, ranking Florida at no.4 in the country in car insurance costs.
The median cost of car insurance in Florida was estimated at $1,042 a year, with the national average estimated at $762.
According to the report, the top three most expensive states for car insurance are:
- New Jersey, with a median cost of $1,119
- Louisiana, with a median cost of $1,103
- New York, with a median cost of $1,062
Florida ranked just ahead of Delaware, which has an annual median car insurance cost of $1,019.
For each state, Bankrate estimated total-car ownership costs using median insurance premiums from the National Association of Insurance Commissioners, for 2006 to 2010. The average annual cost of car repairs was provided by CarMD.com, and the taxes and fees were taken from Kelley Blue Book. Average annual gasoline costs were estimated after analyzing government statistics and 2012 prices from GasBuddy.com.
Overall, Florida was rated as the 16th most expensive state to own a car, with an estimated annual car expense cost of $3,413. The national average car expense cost was estimated at $3,201.
Click on the link to see the full Bankrate.com analysis of car ownership costs by state.