Raltin’s analysis of the top four car insurance companies by market share showed that for all eight of the driver cohorts analysed, State Farm Mutual and Nodak Mutual offer cheaper than medium premium prices, in Grand Forks, North Dakota. For this analysis, Raltin picked the top four auto insurance companies based on the 2016 NAIC report: State Farm Mutual Automobile Insurance Company, Progressive Insurance Company, American Family Insurance Company, and Nodak Mutual Insurance Company.
A comparative study of policies showed that the cheapest premium compared to the median is offered by Progressive Insurance Company. For 46-year-old married couples driving a 2009 Chevrolet Silverado pickup, the deviation from the median is as much as $396. Second comes American Family Insurance Company, which offers a premium that differs by $345 for 48-year-old single women driving a 2009 Buick LaCrosse CXL.
For this analysis, Raltin used data published by the North Dakota Insurance Department and compared it using the following criteria: the liability limit for bodily injury to another person has been chosen as either $25,000 or $100,000. The liability limit for property damage has been chosen as either $25,000 or $50,000. The limit for bodily injury from uninsured motorist has been chosen as either $25,000 or $100,000. The personal injury protection limit is set as as $30,000.
The following table shows the 10 car insurance segments analyzed, the median premium rate for each segment, and the premiums charged by companies with the highest market share in Baltimore County, Maryland. 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.
|Cohort||Median||State Farm Mutual||Progressive Direct||American Family||Nodak Mutual|
|25-year-old single men driving a 2011 Ford F150 XLT||$492||$75||$199||$81||$154|
|Married couples aged 25 years driving a 2007 Toyota Solara||$720||$71||$119||$111||$169|
|48-year-old single women driving a 2009 Buick LaCrosse CXL||$753||$222||$279||$345||$337|
|30-year-old single women driving a 2013 Acura TL||$418||$27||$84||$26||$118|
|Married couples aged 46 years driving a 2009 Chevrolet Silverado pickup||$978||$245||$396||$225||$258|
|72-year-old single women driving a 2010 Lincoln town car||$386||$9||$158||$18||$199|
|Married couples aged 65 years driving a 2013 Ford F-150 supercrew pickup||$529||$39||$193||$86||$161|
|Married couples aged 35 years driving a 2008 Dodge Ram||$571||$5||$206||$83||$181|
State Farm Mutual Automobile Insurance Company offers higher than median premium prices in 5 out of 8 driver cohorts analysed. The lowest prices it offers is $245 less than the median value, for the segment of married couples aged 46 years driving a 2009 Chevrolet Silverado pickup.
Progressive Direct Insurance Company offers premiums mostly on the lower side of the median. The second lowest premium, at $279 less than the median, is offered to 48-year-old single women driving a 2009 Buick LaCrosse CXL.
American Family Insurance Company offers lower than median premiums for all but one of the driver cohorts analysed. Only for 30-year-old single women driving a 2013 Acura TL do the prices go higher by $26 than the median.
Nodak Mutual Insurance Company tends to offer cheaper-than-median premiums. The cheapest,at $337. The second cheapest premium compared to the median is for married couples aged 46 years driving a 2009 Chevrolet Silverado pickup. It is at $258 less than the median.
The following chart compares car insurance premiums offered by the four companies with the highest market share in Grand Forks, ND.