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According to the latest data on car insurance premiums, the average annual cost has declined from recent years. This is based on research by the National Association of Insurance Commissioners (NAIC) and analyzed by Bankrate.com

This data, which is taken every year, is compiled to calculate a five-year average of annual costs for car insurance premiums. The research includes coverage for liability, comprehensive and collision. Most states saw a decline, although the difference from previous years came in at under 1 percent. 

Chris Khan, Bankrate.com’s research and statistics editor, wants the public to keep in mind that fluctuations in insurance premiums are a very complex system and that many of the factors that cause change in premiums are geographic as opposed to personal. For coastal North Carolina, something like a damaging hurricane could potentially cause an increase in premiums for the following years.

Louisiana has the highest car insurance premiums for 2014, coming in at $1,277 on average with a five-year average of $1,272. Iowa sports the lowest average premiums at $630 for 2014 and a five-year average of $627. In comparison, North Carolina falls comfortably in the lower-middle range: $708 average for 2014 and $709 for a five-year average.

For a list of every state, visit http://bit.ly/1pMm5i7.
Posted 1:18 PM

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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Coastline Insurance Associates of NC to provide information that may be of interest. Coastline Insurance Associates of NC is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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