Maine Ranks Among the Most Affordable in the Nation for Personal Auto and Homeowners Insurance

January 23, 2015

 

Contact: Doug Dunbar
Phone:

 

Augusta -

Governor Paul R. LePage joined Insurance Superintendent Eric Cioppa on Friday in announcing that Maine ranks among the top ten states in the nation for most affordable homeowners and personal auto insurance rates. Governor LePage and Superintendent Cioppa explained 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 continues to be a national leader in affordable auto and homeowners insurance,” Governor LePage said. “Maine families consistently pay less for auto and homeowners insurance, on average, than those in any other New England state.”

The NAIC’s 2011/2012 Auto Insurance Database Report placed Maine 3rd in its national ranking of lowest personal auto insurance premiums. 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.

“Maine has some of the lowest average auto premiums in the nation, even with coverage requirements that exceed those in most states,” Superintendent Cioppa said. “The auto insurance market in Maine is healthy and competitive.”

Additionally, Maine continues to rank among the states with the lowest percentage of uninsured motorists.

In the newly released NAIC 2012 Homeowners Insurance Report, Maine ranked 10th nationally, improving from 11th place in 2011. 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@maine.gov.

Last Updated: January 23, 2015 12:21 PM