According to InsuranceRates.com, New York state (where I live) auto insurance rates have declined more than 20% in 2009. Insurance rates in your state have likely also declined.
A resident of New York who pays the 6-month median rate of $970.25 and who earns $42,414 a year (the New York median annual income) pays approximately 4.58% of his gross income for auto insurance. What does all this mean? Simply that New York state’s “affordability factor” ranks it as the 5th most expensive state for auto insurance – a fact that should not come as a surprise to any new Yorker’s out there.
What was surprising to me was that Massachusetts is the most affordable state, with a factor of only 1.96% and Louisiana of all places is the most expensive at 6.70%.
Here’s a breakdown of NY rates by age group:
| Demographic Group | Median Six-Month Rate |
| <= 19 | $1484.13 |
| 20 to 24 |
$1336.00 |
| 25 to 29 |
$1129.75 |
| 30 to 39 |
$1078.88 |
| 40 to 49 |
$1002.88 |
| 50 to 59 |
$ 844.50 |
| 60 to 74 |
$ 738.38 |
| >= 75 | $ 771.50 |
Apparently experience counts for something when it comes to Auto insurance rates in New York – the under 19 crowd pays more than twice as much (on average) as the 60 – 74 age group.
If you’re interested in how your own state rates, or you’re interested in getting some auto insurance quotes , head over to http://www.insurancerates.com and click the “Shop Rates” button.
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