By: Ishan Mukhopadhyay Oct. 22, 2018

“Why do you need auto insurance?

It's really all about protecting yourself financially.

  • If you're in an accident or your car is stolen, it costs money, often a lot of money, to fix or replace it.

  • If you or any passengers are injured in an accident, medical costs can be extremely expensive.

  • If you or your car is responsible for damage or injury to others, you may be used for much more than you're worth.” – Insurance World, Inc., an insurance agency in Louisiana, highlights the obvious but often underrated importance of car insurance.

Raltin recently analyzed insurance policies for automobiles in Lake Charles, Louisiana, and found that the lowest premiums are paid by 60-year-old married female drivers, at $379. On the other hand, the highest premiums are paid by 21-year-old single female drivers with history of two accidents in the past 18 months, at $1,409. Thus, a driver’s background, which includes age and driving record, can influence car insurance prices by at least $1,030. The information for the survey comes from the Louisiana Department of Insurance.

For this analysis, Raltin considered the bodily injury per person limit to be $15,000, the bodily injury per accident limit to be $30,000, and the property damage per accident limit to be $30,000. The uninsured motorist liability was considered as $15,000, and the uninsured motorist liability per accident limit was considered to be $ 30,000. The cars chosen were 2011, 2014, and 2017 models of Toyota Camry.

This survey analyzed different categories of drivers and found that the most expensive premium rates are paid by 21-year-old single male drivers with two accidents in the past 18 months. LA Auto Insurance offers the most expensive premium for this category of drivers, at $19,607. The second most expensive premiums are paid by 18-year-old single male drivers with one accident in the past 18 months, at $11,773.

60-year-old married female drivers with a clean driving record generally pay the cheapest car insurance premiums. Pharmacists Mutual Insurance offers the lowest premium rate for this cohort, at $379. The second-cheapest premium is paid by 30-year-old single male drivers with a clean driving record. Once again, Pharmacists Mutual Insurance offers them the lowest premium, at a mere $602.

18-year-old single male drivers with one accident in the last 18 months can make the highest savings between the 75th and 25th percentiles of insurance premiums, at $1,898 (50.28%). Drivers belonging to the same age group but with a history of one accident in the past 18 months record the second-highest savings at $1,780 (57.23%).

The following chart presents a comparison of prices for each cohort.

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The table below lists the premiums for each cohort, along with the companies that offer them.

CohortCheapest car insurance companies in Lake Charles, LAMost expensive car insurance companies in Lake Charles, LACar insurance companies offering median premiums in Lake Charles, LA25th percentile of car insurance premiums in Lake Charles, LA75th percentile of car insurance premiums in Lake Charles, LADollar difference between 25th and 75th percentilesPercentage difference between 25th and 75th percentiles
18-year-old single male drivers with one accident in 18 monthsPharmacists Mutual Ins. Co. ($1,240)La. Auto Insurance Plan ($11,773)Liberty Personal Ins. Co. ($4,674)Unitrin Auto and Home Ins. Co. ($3,775)Safeco Ins. Co. of Oregon ($5,673)$1,89850.28%
60-year-old married female driversPharmacists Mutual Ins. Co. ($379)La. Auto Insurance Plan ($5,266)Auto Club Family Ins Co ($962)Privilege Underwriters Recip. Exchange ($839)American National General Ins. Co. ($1,307)$46855.78%
21-year-old single female drivers with two accidents in 18 monthsPharmacists Mutual Ins. Co. ($1,409)Encompass Property & Casualty Co. ($8,455)Imperial Fire & Casualty Ins. Co. (Value Program) ($3,375)Foremost Ins. Co. ($2,632)Allstate Fire and Casualty Ins. Co. ($4,265)$1,63362.04%
48-year-old single female driversHartford Accident & Indemnity Co. ($1,213)Amica Mutual Ins. Co. ($6,782)Imperial Fire & Casualty Ins. Co. (Classic Program) ($2,382)Encompass Indemnity Co. ($1,954)Financial Indemnity Co. ($3,088)$1,13458.03%
30-year-old single male driversPharmacists Mutual Ins. Co. ($602)La. Auto Insurance Plan ($5,665)Safeco Ins. Co. of Oregon ($1,205)Affirmative Casualty Ins. Co. ($1,014)LM General Ins. Co. ($1,583)$56956.11%
21-year-old single males with two accidents in the last 18 monthsPharmacists Mutual Ins. Co. ($1,274)La. Auto Insurance Plan ($19,607)LM General Ins. Co. ($3,923)Government Employees Ins. Co. ($3,110)Shelter Mutual Ins. Co. ($4,890)$1,78057.23%
18-year-old single females with one accident in the last 18 monthsPharmacists Mutual Ins. Co. ($1,104)Encompass Property & Casualty Co. ($8,440)Lyndon Southern Ins. Co. ($3,761)AIG Property Casualty Co. ($2,893)Equity Ins. Co. ($4,632)$1,73960.11%


ABOUT THE AUTHOR

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Ishan Mukhopadhyay

Ishan has over 5 years of experience as a freelance journalist and a content writer. He graduated from The English and Foreign Languages University and holds a Masters degree from the University of Hyderabad. Apart from the English language, Ishan's other passion is data driven journalism.

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