News

Report: State 17th in low auto insurance

By David Smith
NWA Democrat Gazette

Arkansas ranked 17th for lowest auto insurance rates in 2016, the year the most recent data is available, according to a report by the National Association of Insurance Commissioners.

In its Auto Insurance Database Report, the national association showed Arkansas with an average auto insurance expenditure of $772 per vehicle in 2016.  Arkansas' rate is below the national avaerage of $936. 

Average expenditure per insured vehicle is the total written premium for liability, collision, and comprehensive coverages divided by exposures.  An exposure is expressed in car-years--one car-year is the risk assocated with insuring one car for one year.

Arkansas's rate was lower than most of its bordering states including Missouri ($791), Oklahoma ($851), Mississippi ($859), Texas ($1,009), and Louisiana ($1,302).  Tennessee ($760) was the only border state with a cheaper average expenditure.

The Arkansas Insurance Department offers a brochure to help compare prices.  The Consumer Servicees Division, 800-852-5494, can deliver a copy by mail or a representative can provide information.  The brochure is also available online.