NEW YORK — Kentucky drivers pay the sixth highest car insurance rates in the nation, according to a new study by car subscription providers, FINN. The study analyzed car insurance premiums across America to reveal the states with the biggest increases and decreases in annual costs since 2013.Florida residents pay the highest rates and Ohio has the cheapest.
You can find the full study here:
The 10 states paying the most for car insurance:
|
Rank |
State |
Average Annual Premium 2023 |
|
1 |
Florida |
$2,560 |
|
2 |
Louisiana |
$2,546 |
|
3 |
Delaware |
$2,137 |
|
4 |
Michigan |
$2,133 |
|
5 |
California |
$2,115 |
|
6 |
Kentucky |
$2,105 |
|
7 |
Missouri |
$2,104 |
|
8 |
Nevada |
$2,023 |
|
9 |
New York |
$2,020 |
|
10 |
Nebraska |
$2,018 |
Florida takes first place as the state with the highest car insurance costs in America, with the average driver paying $2,560 annually for full coverage. Insurance is so expensive in the Sunshine State, that Florida has the highest proportion of uninsured drivers. 20% of drivers lack even minimum liability insurance, pushing costs onto insured drivers through higher premiums.
Taking second place is Louisiana, with just dollars separating its cost from Florida, at $2,546. Like Florida, Louisiana also has a large proportion of uninsured drivers at slightly more than 10%, pushing up premiums. Even drivers with insurance often only have minimum coverage, which won’t protect them from anything more than minor accidents. Drivers in The Pelican State are also highly litigious, with more vehicle-related lawsuits than any other region contributing to higher premiums.
Delaware takes third place with drivers in the state paying $2,137 annually, closely followed by Michigan at £2,133. Thanks to its small size Delaware has a high population density, meaning more accidents and higher repair costs pushing up premiums. The state’s large coastline also increases costs as drivers are more at risk of severe weather causing accidents and damage to vehicles.
The research also revealed the following:
-
Kentucky’s average annual car premium cost is expected to reach $2,568 by 2033, the 9th highest total of any US state.
-
Drivers in Ohio currently pay the least for their car insurance, with the average annual policy at $1023, $625 less than the national average.
-
Florida has the highest predicted premiums, with premiums predicted to reach $4,813 annually by 2033 if current trends continue.
- Georgia is the state with the biggest drop in insurance premiums over the last 10 years, falling by 24% since 2013.
FINN is a German company that entered the U.S. market last year with an all-inclusive vehicle lease product; its U.S. headquarters in in New York.
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