By: Ishan Mukhopadhyay Aug. 20, 2018
A recent Raltin study of the 2016 NAIC Annual Report shows that the median rate for car insurance premiums in Ephraim, Utah, significantly varies by a driver’s record and background. The lowest median rate of $370 is paid by 39-year-old unmarried drivers, whereas the highest median rate of $1,350 is incurred by 20-year-old female drivers. According to the report, the following four companies have the highest market share: State Farm Mutual Automobile Insurance Company, Mid-Century Insurance Company, Progressive Direct Insurance Company, and Allstate Fire & Casualty Insurance Company.
Raltin conducted the survey using information from the State of Utah Insurance Department website (www.insurance.utah.gov). The premium types studied are those paid for a duration of 6 months and the vehicle selected is a 2016 Toyota Camry XSE. All subjects have a clean driving record and drive at an average of 3-15 miles to work daily, one way.
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. The boxes in light yellow represent the values that are equal to the median.
|Cohort||Median Car Insurance Companies in Ephraim, UT||State Farm Mutual Automobile Insurance Company||Mid-Century Insurance Company||Progressive Direct Insurance Company||Allstate Fire & Casualty Insurance Company|
|20-year-old single female drivers||$1,350||$471||Equal to the median||$286||$90|
|20-year-old single male drivers||$759||$24||$20||$207||Equal to the median|
|39-year-old single male/female drivers||$670||$113||$211||$170||$731|
|66-year-old married couples||$696||$18||$57||$198||$453|
|39-year-old married couples||$1,247||$214||$12||$311||$225|
State Farm Mutual Automobile generally offers premiums that are higher than the median. Its cheapest premium rate is $18 higher than the median and is offered to 66-year-old married couples. On the other hand, its highest rate is $471 greater than the median and is offered to 20-year-old single female drivers.
The cheapest premium Mid-Century Insurance Company offers is $12 less than the median for 39-year-old unmarried drivers. For 20-year-old single females, it offers the median premium rate.
Progressive Direct Insurance Company tends to offer premiums that are lower than the median. Its premiums are the cheapest, that is, $311 less than the median, for 39-year-old married drivers. Its second cheapest rate is $286 less than the median and offered to 20-year-old single female drivers.
Allstate Fire & Casualty Insurance Company’s cheapest premium is $225 less than the median rate and offered to 39-year-old married couples. Its second cheapest is $90 less than the median and offered to 20-year-old single female drivers.
The following chart compares car insurance premium rates by the four companies with the highest market share in Ephraim, Utah.