Augusta, ME – (WiredPRNews.com) The most recent Auto Insurance Database Report from the National Association of Insurance Commissioners (NAIC) showed that, even though Mainers are subject to some of the highest minimum policy requirements in the nation, they still paid less for protection in 2008 than residents from the majority of other states. In addition, the state’s average expenditure for comprehensive coverage was the second lowest in the nation.
The average Maine vehicle insurance consumer paid only about $96 for a comprehensive policy in 2008, according to the NAIC. That’s about 28 percent less than the national average of $133.52. One factor that may have contributed to the low prices for comprehensive coverage is the fact that Maine had a relatively low rate of theft in the years preceding 2008.
Although not required by law, comprehensive policies provide protection for some relatively common types of incidents. Among the types of claims covered under them are damages from fire, weather-related events, vandalism and theft.
When insurers assess how much should be charged for comprehensive coverage, one factor that will be taken into account is the amount of claims that have been filed at the state and local levels that were covered under this type of policy. In addition, since comprehensive may pay for theft claims, the insurer might look at crime statistics for the region and adjust prices accordingly.
According to the report from the NAIC, Maine had one of the lowest rates of theft—1.04 thefts per one thousand vehicles. This may have contributed to the low costs for comprehensive policies.
At the other end of the spectrum is the District of Columbia. D.C. had an average expenditure on comprehensive that was nearly twice the national average—$250—and also had the highest frequency of vehicle thefts—about 29.5 per 1,000 registered vehicles.
To learn more about this and other car insurance issues, readers can go to http://www.onlineautoinsurance.com/maine/ where visitors will find informative resource pages and a free-to-use quote-comparison generator that can help consumers track down the lowest rates for any type of coverage.