Drivers in the Dakotas, Massachusetts, Wyoming and Kansas Come Out on
SAN FRANCISCO–(BUSINESS WIRE)–Americans can save an average 9% on their car insurance premium by
increasing their deductible from $500 to $1,000, according to a new
report by insuranceQuotes.
Increasing the deductible to $2,000 can save drivers an average of 15%
nationwide, with South Dakota enjoying a whopping 28% savings.
How much money drivers save varies widely by state. The largest savings
rate is in Massachusetts, where the average jumps to 17% (down from 19%
in 2014) when deductibles are increased from $500 to $1,000. That puts
about $170 back into drivers’ wallets each year.
Other states that offer big savings for drivers who opt for larger
deductibles are South Dakota (14%), Wyoming (13%), Kansas (13%) and
North Dakota (12%).
The smallest savings are seen for drivers in Michigan (4%), Florida
(4%), Louisiana (6%), North Carolina (6%) and Nevada (6%).
“Since savings rates and amounts vary so much from state to state,
consumers shouldn’t assume that raising your car insurance deductible
will always pay off,” says Laura Adams, senior analyst at
insuranceQuotes. “In some states, you can save hundreds of dollars each
year by choosing higher deductibles, but in others, the benefit is too
small to take on the extra risk. This is a good reminder why doing your
homework and getting customized insurance quotes is important for your
to read the full report, including the average premium savings in all 50
states and the District of Columbia. You can also click here
to view a recap video of Laura Adams explaining insuranceQuotes’ new
About the report:
insuranceQuotes and Quadrant Information Services calculated these rates
using the data from the largest carriers in each state. The averages are
based on a married and employed 45-year-old female who drives 12,000
miles per year with policy limits of $100,000 for injury liability for
one person and $300,000 for all injuries. The hypothetical driver has a
clean driving record and good credit.
insuranceQuotes provides consumers with a free, easy way to shop for and
compare auto, home, health, life and business insurance quotes online.
Fruition for insuranceQuotes
Lisa Cozad, 303-952-0139