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Auto Insurance Rates Decline in 2009.

Posted on | December 8, 2009 |

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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