Maine Reports Auto, Homeowners Insurance Affordability Ranks High Among States
Maine continues to be among the top states in the nation for most affordable homeowners and personal auto insurance rates, according to a recent announcement by Insurance Superintendent Eric Cioppa.
Recently released reports by the National Association of Insurance Commissioners (NAIC), ranks Maine third (for the third year in a row) for lowest average auto insurance premiums nationally, and 10th for lowest average homeowners premiums nationally.
The NAIC’s Auto Insurance Database Report, which placed Maine third in its national ranking of lowest average personal auto insurance premiums, 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 auto insurance market in Maine is healthy and competitive, which contributes to Maine’s consistently low average auto premiums,” Superintendent Cioppa said. “Maine’s ranking is especially noteworthy given Maine’s coverage requirements, which exceed those in most other states.”
Additionally, the report indicates that Maine is tied with Massachusetts for the lowest percentage of uninsured motorists, at 4.5 percent.
In the newly released NAIC Homeowners Insurance Report, Maine ranked 10th nationally for the lowest average premiums, as it did in the previous year’s report. Maine continues to have the lowest average homeowners premiums in New England. The 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.
Source: State of Maine Bureau of Insurance