Raltin referred to the 2016 NAIC report to identify the four car insurance companies with the highest market share in South Sioux, Nebraska. These are State Farm Mutual Auto Insurance Company, American Family Mutual Insurance Company, Progressive Northern Insurance Company, and Farm Bureau Property & Casualty Company. A comparative study of their policies showed that the cheapest premiums are offered by American Family Mutual Insurance Company, at $1,688 less than the median. This premium is offered for 17-year-old single female drivers. The next cheapest premium is offered by the same company, at $1,410 less than the median, for 65-year-old retired married male drivers.
For this analysis, Raltin used data published by the Nebraska Department of Insurance. The car selected is a 2012 Toyota Camry LE with 4 doors. The coverage criteria for the insurance premiums are as follows: the deductible for comprehensive and collision are $250 and $100, respectively, the bodily injury per person and the property damage per accident limit are at $100,000 each, and the bodily injury per accident limit is $300,000.
The following table shows the median premiums for 6 segments and the premiums charged by companies with the highest market share in South Sioux, NE. 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 difference, for prices that are lower than the median. The ones is light yellow represent values that are equal to the median price.
|Cohort||Median Car Insurance Premiums in South Sioux City, NE||State Farm Mutual Auto Insurance Co.||American Family Mutual Insurance Co.||Progressive Northern Insurance Co.||Farm Bureau Property & Casualty Co.|
|21-year-old single male students||$1,479||$36||$633||$336||$133|
|21-year-old single female students||$1,246||Equal to the median||$452||$299||$61|
|65-year-old retired married male drivers||$2,323||$347||$1,410||$96||$1,074|
|17-year-old single female drivers||$2,683||$150||$1,688||Equal to the median||$1,403|
|17-year-old single male drivers||$575||Equal to the median||$94||$83||$175|
|44-year-old married career women (working for over 10 years)||$660||Equal to the median||$174||$119||$191|
State Farm Mutual Auto Insurance Company: The premiums offered by this company are generally on the lower side. It offers the cheapest premiums for 65-year-old retired, married male drivers, at $347 less than the median. It offers median premiums for 21-year-old single female students, 17-year-old single male drivers, and 44-year-old married career women, working for over 10 years.
American Family Mutual Insurance Company: The cheapest and second cheapest premiums compared to the median are offered by this company. The most expensive premium from this company is for 17-year-old single male drivers, which is in fact $94 less than the median.
Progressive Northern Insurance Company: This company offers the cheapest premium, at $336 less than the median, for 21-year-old single male students. The most expensive premium it offers is for 65-year-old retired married male drivers, at $96 more than the median.
Farm Bureau Property & Casualty Company: 17-year-old single female drivers can save $1,403 compared to the median premiums, by investing in this company. Their most expensive premium—$191 more than the median—is for 44-year-old married career women, who’ve been working for over ten years.
The following chart compares car insurance premiums offered by the four companies with the highest market share in South Sioux, NE.