Maine Ranks Among the Most Affordable in the Nation for Personal Auto and Homeowners Insurance
WASHINGTON, D.C. – February 3, 2014 – (RealEstateRama) — Governor Paul R. LePage joined Insurance Superintendent Eric Cioppa on Wednesday in announcing that Maine ranks among the very best states for most affordable homeowners and personal auto insurance rates. In making the announcement, Governor LePage and Superintendent Cioppa noted that the National Association of Insurance Commissioners (NAIC) recently released two reports showing Maine’s average premium for both personal auto and homeowners as the most affordable in New England and among the lowest in the country.
“Maine is consistently a national leader in affordable auto and homeowners insurance,” Governor LePage said. “Maine families continue to pay less for auto and homeowners insurance, on average, than those in any other New England state.”
The NAIC’s 2010/2011 Auto Insurance Database Report placed Maine 3rd – improving from 5th – in its national ranking of lowest personal auto insurance premiums, by state. The report provides the average costs associated with personal automobile insurance and includes state-by-state auto insurance data designed to provide necessary information and analysis to insurance regulators, consumers and policymakers. The types of auto insurance coverage included are bodily injury and property damage liability, uninsured and underinsured motorist, medical payment, collision, and comprehensive.
“Even with coverage requirements that exceed those in most states, Maine has some of the lowest average auto premiums in the nation,” Superintendent Cioppa said. “This reflects the healthy competitiveness of the auto insurance market in Maine.”
Additionally, and importantly, Maine continues to rank among the best states with the lowest percentage of uninsured motorists.
In the NAIC’s 2011 Homeowners Insurance Report, Maine ranked 11th nationally. 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 countrywide and state-specific premium and exposure information for homeowners policies, as well as non-commercial dwelling fire insurance policies. More information is available from the NAIC (www.naic.org).
Maine consumers and business owners with questions about auto, home, business or other lines of insurance are encouraged to contact the Bureau of Insurance by calling 1-800-300-5000 or sending a message to Insurance.PFR (at) maine (dot) gov.
