By: Ishan Mukhopadhyay Sep. 27, 2018

Raltin’s analysis of the 2016 NAIC Annual Report reveals that car insurance premium rates vary up to $1,480 from the median prices in Mobile City, Alabama. The most significant deviations from the median are observed for 18-year-old single females driving a 2010 Chevy Silverado 1500 Extended Cab with two windows. The Annual Report lists State Farm Mutual Automobile Insurance Company, Alfa Mutual Insurance Company, Allstate Property and Casualty Insurance Company, and Progressive Specialty Insurance Company as four companies with the highest market share. Among them, Allstate Property and Casualty Insurance Company offers the lowest premium rate for the abovementioned cohort at $1,480 less than the median. Alfa Mutual Insurance Company offers the second lowest premium that is $750 less than the median.

Raltin used data from the Alabama Department of Insurance to conduct its study. For the analysis, the collision deductible was $500; the bodily injury per person, bodily injury per accident, and property damage limits were $25,000, $50,000, and $25,000, respectively; and the medical payment limit was $1,000.

State Farm Mutual Automobile Insurance Company and Alfa Mutual Insurance Company offer premium rates that are less than the median for all driver cohorts. On the other hand, Progressive Specialty Insurance Company offers premium rates that are higher than the median for five out of seven driver cohorts.

The following table shows the 10 types of driver segments analyzed, the median premium rate for each segment, and the premiums charged by companies with the highest market share in Mobile City, Alabama. The boxes in light red show the difference between the premium and the median price for premiums that are priced higher than the median. The boxes in light green represent the same difference for prices that are lower than the median.

CohortMedian Car Insurance Companies in Mobile, ALState Farm Mutual Automobile Insurance CompanyAlfa Mutual Insurance CompanyAllstate Property and Casualty Insurance CompanyProgressive Specialty Insurance Company
25-year-old single males driving a 2010 Chevy Silverado 1500 Extended Cab with two windows$1,419$89$301$691$238
62-year-old married males driving a 2012 Ford F-250 Super Duty Crew Cab with four doors and four windows$820$21$52$356$135
30-year-old married males driving a 2012 Ford F-250 Super Duty Crew Cab with four doors and four windows$1,251$221$226$533$235
25-year-old single females driving a 2010 Toyota Camry LE sedans with four doors$1,211$140$354$466$60
48-year-old single males driving a 2012 Chevy Tahoe LS with four doors and four windows$1,307$44$284$324$385
18-year-old single females driving a 2010 Chevy Silverado 1500 Extended Cab with two windows$3,197$384$750$1,480$38
18-year-old single females driving a 2010 Toyota Camry LE sedan with four doors$2,796$16$848$948$131

*In the above table the boxes in light red represent values greater than the median. The boxes in light green represent values lesser than the median.

For 18-year-old single female drivers with a 2010 Chevy Silverado 1500 Extended Cab, State Farm Mutual Automobile Insurance Company charges the highest premium rate, which is $384 greater than the median. However, for 30-year-old married males with a 2012 Ford F-250 Super Duty Crew Cab, it offers the cheapest premium at $221 less than the median.

Alfa Mutual Insurance Company offers premium rates that are lower than the median for all driver cohorts, as mentioned above. It charges the lowest premium for 18-year-old single females at $848 less than the median.

Similarly, Allstate Property and Casualty Insurance Company charges premium rates that are lower than the median for all driver cohorts. The lowest, as mentioned above, deviates by $1,480 from the median. The second lowest is $948 less than the median for 18-year-old single females with a 2010 Toyota Camry LE sedans with four  doors.

Progressive Specialty Insurance Company charges the highest premium rate at $238 more than the median for 25-year-old single males with a 2010 Chevy Silverado 1500 Extended Cab. Their lowest premium rate is $385 less than the median for 48-year-old single males with a 2012 Chevy Tahoe LS.

The following chart compares car insurance premium rates charged by the four companies with the highest market share in Mobile City, Alabama.

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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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