February 10, 2017
Insurance Superintendent Eric Cioppa announced that Maine continues to be among the top states in the nation for most affordable homeowners and personal auto insurance rates.
For the fourth year in a row, Maine ranks 3rd for lowest average auto insurance premiums, nationally, and for the third year in a row the state ranks 10th for lowest average homeowners premiums nationally, according to recently released reports by the National Association of Insurance Commissioners (NAIC). Maine continues to have the lowest average homeowners premiums in New England.
-- The NAIC’s Auto Insurance Database Report 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 NAIC’s Homeowners Insurance 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.
“Despite having coverage requirements that exceed those in most other states, Maine continues to have consistently low average auto premiums,” Superintendent Cioppa said. “And our State also remains among the most affordable for homeowner’s insurance.”
According to the Insurance Research Council, Maine also continues to have one of the lowest percentages of uninsured motorists, at 4.7%.
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: February 23, 2017 10:23 AM