By: Ishan Mukhopadhyay Oct. 17, 2018
Raltin’s study of car insurance companies in Albany, Georgia, shows that for 28-year-old married male drivers with one speeding ticket in 30 months, premium rates deviate by up $3,547 from the median. Raltin referred to the 2016 NAIC report to identify the top 4 car insurance companies by market share. They are State Farm Fire and Casualty, Allstate Property & Casualty, Progressive Premier Insurance and Nationwide Property, and Casualty Insurance. Information about the car insurance premiums was obtained from the Office of Insurance and Safety Fire Commissioner, Georgia.
Car insurance rates are significantly influenced by factors such as the car model, coverage values, and daily and annual mileage. The vehicle chosen for this survey is a 2012 Toyota Camry, six-cylinder, four-door sedan. The property damage limit per accident and the bodily injury coverage limit per accident are $25,000 and $50,000, respectively. The uninsured motorist coverage per person is $25,000. The drivers analyzed traveled about 12 miles to over 15 miles, daily. The annual mileage is between 12,000 miles and 15,000 miles. The comprehensive and collision deductibles chosen are $500 and $1,000, respectively. The medical payment coverage per accident is $2,000.
The following table shows the eight types of driver segments analyzed, the median premium rate for each segment, and the premiums charged by the top 4 companies in Albany, Georgia. The boxes in light red represent the difference between the premium and the median price, for premiums priced higher than the median. The boxes in light green represent the same, for prices that are lower than the median.
|Cohort||Median Rate||State Farm Fire And Casualty Company||Allstate Property & Casualty Insurance Company||Progressive Premier Insurance Company Of Illinois||Nationwide Property And Casualty Insurance Company|
|19-year-old single female drivers||$1889||$1671||$340||$74||$612|
|19-year-old single female drivers with one speeding ticket in 12 months||$1556||$1141||$48||$125||$384|
|19-year-old single male drivers||$1318||$1653||$124||$73||$596|
|28-year-old married male drivers with one speeding ticket in 30 months||$1200||$3547||$533||$67||$355|
|30-year-old married female drivers with one speeding ticket in 12 months||$881||$1048||$257||$184||$558|
|35-year-old married women with 17-year-old single male drivers||$1693||$1711||$51||$179||$148|
|40-year-old married male drivers||$580||$459||$242||$30||$53|
|65-year-old retired married drivers||$567||$207||$226||$40||$77|
In all eight driver cohorts analyzed, State Farm Fire and Casualty offers higher-than-median insurance premiums. For the cohort of 28-year-old married male drivers, it offers a price with the greatest difference from the median at $3,547. For 65-year-old retired married drivers, it offers a price with the least difference from the median at $207.
Allstate Property & Casualty Insuranceoffers insurance rates that are higher than the median in 6 out of 8 cohorts. For 19-year-old single female drivers, it offers the most profitable rate, at $340 less than the median. 28-year-old married males with one speeding ticket in 30 months are offered the most expensive premium, at $533 more than the median.
The cohort of 30-year-old married female drivers is offered the most expensive premium by Progressive Premier Insurance Company of Illinois, at $184 more than the median. This company offers the cheapest premium to the cohort of 19-year-old single female drivers at $74 less than the median.
In seven out of eight driver cohorts Nationwide Property and Casualty Insurance offers higher-than-median premiums. For 19-year-old single female drivers, the premium offered is the most expensive, at $612 more than the median. For 35-year-old married women with 17-year-old single male drivers, the premium is lowest at $148 less than the median.
The following chart compares the car insurance premium rates of the top four companies in Albany, Georgia.