Maine among most affordable states for auto, homeowners insurance
Courtesy of Maine Bureau of Insurance
Eric Cioppa, Maine's insurance superintendent, shown in Washington, D.C., in this 2016 file photo, reported that for the fifth consecutive year Maine ranked third nationally for lowest average auto insurance premiums.
For the fifth consecutive year Maine ranked third nationally for lowest average auto insurance premiums, according to recently released reports by the National Association of Insurance Commissioners.
Maine continues to have the lowest average homeowners premiums in New England, ranking for the third year in a row 10th nationally for lowest average homeowners premiums, according to the NAIC.
“Thanks to a competitive market, Maine consumers are paying less for auto and home insurance than consumers in nearly every other state,” Insurance Superintendent Eric Cioppa said in a news release announcing the latest NAIC findings. “Maine has coverage requirements that exceed those in most other states, yet Maine continues to have consistently low average auto premiums.”
According to the Insurance Research Council, Maine also now has the lowest percentage of uninsured motorists, at 4.5% (followed by New York at 6.1% and Massachusetts at 6.2%).
How the rankings were determined
The NAIC’s Auto Insurance Database Report provides the average costs associated with personal automobile insurance and includes state-by-state auto insurance data and analysis for insurance regulators, consumers and lawmakers. The types of auto insurance coverage included in the report are bodily injury and property damage liability, uninsured and underinsured motorist, medical payment, collision, and comprehensive.
The NAIC’s Homeowners Insurance Report provides data on market distribution and average cost by policy form and amount of insurance. Data is collected from insurance statistical agents or reported directly to the NAIC and includes national and state-specific premium and exposure information for homeowners policies, as well as non-commercial dwelling fire insurance policies.
The Bureau of Insurance is part of the Maine Department of Professional and Financial Regulation, which encourages sound business practices through oversight of insurers, financial institutions, creditors, investment providers, and numerous occupations.
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