According to a new report, “2011 Car Insurance Affordability Index,” Massachusetts has the most affordable auto insurance rates for the second consecutive year. The online insurance comparison provider InsWeb ranked all 50 states according to their affordability factors, which are determined by dividing median household car insurance rate by median household income. According to the study, the national average annual premium is $1,561, but Michigan, Louisiana and Oklahoma far surpassed that as the most expensive states. Comparatively, Vermont, South Carolina and Maine were the three cheapest states.
The 10 states with the most affordable rates are:
4. North Carolina
The 10 states with the least affordable rates are:
50. Washington D.C.
49. West Virginia
45. Rhode Island
43. New York