By: Madhu Bolagani Nov, 14,2018

Raltin’s recent analysis of car insurance premiums for Nashua, New Hampshire, shows that the lowest insurance premiums in the city are paid by 72-year-old married drivers without traffic violation in the past three years.

Insurance quotes for this category of drivers start at $363. On the other hand, the highest premiums are paid by 44-year-old married drivers with one traffic violation in the last three years. Quotes for them begin at $1,181. Thus a driver’s background, age and record can lead to a difference of $818 in insurance premiums.

This analysis is based on the following criteria: First, if an insurer sells a single limit liability coverage only, the premiums reflect a combined single limit of $300,000. Second, the bodily injury liability limit is $100,000 per person and $300,000 per occurrence; property damage liability is $100,000; deductibles for collision and comprehensive are $500 and $250; and medical payments are estimated at $5,000. Third, premiums are not considered for multi-policy or package discounts. Fourth, for a new business, the premium-paying period is 12 months. Finally, vehicles do not have anti-theft, anti-lock, or any other safety device unless noted within the vehicle identification number.

An insurance holder surveyed by Raltin says about car insurance in the city: “The problem is, the insurance goes up a lot every year, regardless if you've been in an accident or not.”

Raltin found that drivers that compare rates from multiple companies can often find better insurance rates. Our analysis compared variations in premiums by population cohorts. The most expensive premium for 44-year-old married drivers is offered by LM General Insurance Company, at $7,069. The median premium for this cohort comes from Nationwide Mutual Insurance Company, at $2,443. The second-most expensive premium, at $5,257, is paid by 19-year-old single female drivers without any traffic violation who have purchased  their insurance from LM General Insurance Company. For this cohort, the median premium comes from Nationwide Mutual Insurance Company, at $1,741

For 72-year-old married drivers who pay the cheapest prices of all the driver cohorts, the best rate is offered by Progressive Northern Insurance, at $363. The median premium comes from Vermont Mutual Insurance, at $648. The second-cheapest premiums are paid by 35-year-old single female drivers with no traffic violations. Progressive Northern once again offers them the cheapest premium at $463. The median premium for this cohort of drivers comes from Amica Mutual Insurance, at $950.

The difference between the 25th and 75th percentile in insurance premiums shows how much a buyer can save by investing in the right insurance company. Raltin found that the greatest difference is for 30-year-old single male drivers with no traffic violations, at $1,740. This is followed by the cohort of 19-year-old single female drivers, at $1,268.

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 Nashua, NHMost expensive car insurance companies in Nashua, NHCar insurance companies offering median premiums in Nashua, NH25th percentile of car insurance premiums in Nashua, NH75th percentile of car insurance premiums in Nashua, NHDollar difference between 25th and 75th percentilesPercentage difference between 25th and 75th percentiles
30-year-old single male drivers with no traffic violationsProgressive Northern Ins Co ($408)Patriot Ins Co ($8,872)Co Operative Ins Cos ($1,817)Travelers Home & Marine Ins C ($1,117)Central Mut Ins Co ($2,857)$1,740155.77%
19-year-old single female drivers with no traffic violationsAllstate Fire & Cas Ins Co ($854)LM Gen Ins Co ($5,257)Nationwide Mut Ins Co ($1,741)MMG Ins Co ($1,242)Allmerica Fin Benefit Ins Co ($2,510)$1,268102.09%
44-year-old married drivers with one traffic violation in the last 3 yearsMain Street America Protection Company ($1,181)LM Gen Ins Co ($7,069)Nationwide Mut Ins Co ($2,443)USAA Gen Ind Co ($1,805)Standard Fire Ins Co ($2,906)$1,10161.0%
23-year-old single male drivers with no traffic violationsGEICO Advantage Ins Co ($506)Commerce Ins Co ($3,821)Nationwide Mut Ins Co ($1,281)Travelers Home & Marine Ins C ($976)Providence Mut Fire Ins Co ($1,646)$67068.65%
35-year-old married drivers with one speeding violation in the last 3 yearsProgressive Northern Ins Co ($625)Commerce Ins Co ($2,829)USAA Gen Ind Co ($1,352)Travelers Home & Marine Ins C ($1,188)State Farm Fire & Cas Co ($1,659)$47139.65%
35-year-old single female drivers with no traffic violationsProgressive Northern Ins Co ($463)LM Gen Ins Co ($2,167)Amica Mut Ins Co ($950)USAA Cas Ins Co ($688)State Farm Fire & Cas Co ($1,150)$46267.15%
72-year-old married drivers with no traffic violations in the last 3 yearsProgressive Northern Ins Co ($363)LM Gen Ins Co ($1,628)Vermont Mut Ins Co ($648)MT WA Assur Corp ($532)Interins Exch Of The Automobile Club ($803)$27150.94%


ABOUT THE AUTHOR

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Madhu Bolagani

Madhu is a data analyst and engineer at Raltin. His writings are driven by deep data mining and connecting the dots. His areas of expertise include finance, insurance and investing.

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