Louisiana Auto Insurance Rates Among Highest in United States

According to a recent survey, Louisiana continue to pay¬† the nation’s highest rates for car insurance. Yahoo.com recently graphed the findings of the most expensive states to the least expensive states to insure an automobile.

Rank State Avg. Premium

1

Louisiana

$2,510.87

2

Michigan

$2,098.29

3

Oklahoma

$1,869.39

4

Montana

$1,857.96

5

California

$1,774.41

6

South Dakota

$1,772.83

7

Washington, D.C.

$1,753.19

8

Georgia

$1,751.42

9

Illinois

$1,679.15

10

Connecticut

$1,678.90

Source: Insure.com, from a study commissioned by Insure.com from Quadrant Information Services

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As you see, Louisiana ranked 1st among all states for the most expensive car insurance. So the question I have is why are automobile insurance rates so high in Louisiana?

To answer the above question, I discussed this with a friend (who will remain nameless since he occasionally cavorts with this personal injury attorney) who works in the automobile insurance field. Together, we identified (not scientifically of course) reasons why automobile insurance rates are so high in Louisiana. We identified the following as some of the predominant reasons automobile insurance rates are so high Louisiana:

  1. 1. High Number of Uninsured.
  2. 2. Low Incomes Resulting in Low Credit Scores.
  3. 3. Weather Related Losses (Hail and Storm Damage)
  4. 4. A Lot of Youth Drivers Having Their Own Cars.

Believe it or not your credit scores also play a role in your premiums. According to insure.com your insurance company probably sees a correlation between your credit history and insurance premium.

Many home and auto insurance companies use your credit information, filtered through a formula to create an “insurance risk score,” to determine how likely you are to file an insurance claim. Your premium bill could rise if you have a bad credit score, even if you haven’t filed a claim.

According to the Insurance Information Institute (III), insurance companies use these risk scores to help differentiate between lower and higher insurance risks and thus charge a premium equal to the risk they are assuming. Statistically, people who have a poor insurance score are more likely to file a claim, according to III.

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