Average Auto Insurance
What is the average rate paid by people for insurance in Cold-Spring-Harbor, NY? It certainly is a common question asked by policy holders. The answer to that question will lie in where your location is.
To start off, Yes, There is a national figure for the average rate of insurance. The National Association of Insurance Commissioners yearly publishes reports on the National expenditure. However, relying on this in determining what you should be paying is not a good idea. In determining the average rate it is better that you consider the rates in the area in which you reside in. There are yearly reports on the insurance figures per state and cities. Unsurprisingly, insurance rates vary with location. This is because factors such as population, crime rate and accident ratio vary with each given location. Insurance companies use these factors in calculating rates.
A person living in a low density area for instance would undoubtedly pay lower rates than an individual who lived in a heavily populated city. Insurance companies reflect the perceived/calculated risk in their rates. The higher the risk, the higher the rate.
In deciding how much you should expect to pay, it is important that you take into consideration the area in which you want to settle in. Recent estimates of Washington DC put the average rate at a thousand dollars. This is significantly higher than areas like Nebraska, Kansas and North Dakota where you can get rates for as low $500. Whilst you might expect areas like North Carolina to have low rates, certain factors like its propensity for hurricanes, increases its risk factor and premiums accordingly.
People that live in State capitals will generally pay more insurance than those who live in the country side. In 2006, whilst the average income for Michigan was estimated to be $980, the average for Detroit was as high as $5000. The cities of Philadelphia and Los Angeles had averages topping $3000 despite a state estimated average of $850.
Given the vast discrepancies, it is therefore important that, in using average figures, you use the figures involved in your area. Depending on the figures found in Norfolk when you live in Hempstead will give you misinformed complacency of what to expect.
To get the best prices available to you in your area do some research before choosing a provider. Comparing prices between the insurance companies in your area will keep you better informed on what to expect. Your rates can further be dropped by employing effective methods. For instance, Companies provide various discounts and by careful planning, it is possible to make full benefits of these options.