By: Madhu Bolagani Nov, 12,2018

Raltin’s recent analysis of car insurance prices in Florence, Alabama, revealed that the top four companies by market-share are State Farm Fire & Casualty, Allstate Property and Casualty Insurance, Alfa Mutual Insurance Company, and Progress Special Insurance. Further, the cheapest premiums in the city are paid by 25-year-old single men driving 2010 Chevy Silverado 1500 extended cabs, whereas 18-year-old single women driving 2010 Toyota Camry LE four-door sedans pay the most expensive premiums. The data for this analysis was sourced from the Alabama Department of Insurance.

The following parameters were used to filter the data: bodily injury per person, bodily injury per accident, and property damage limits were set at $25,000, $50,000, and $25,000 respectively. Collision deductible was chosen as $500, and the medical payment limit was $1,000.

The following table lists the median premiums for 7 driver segments and difference between the median premium and those charged by companies with the highest market share in Alabama. Red boxes show values by which the premiums exceed the median. Green boxes show values by which the premiums cost less than the median. Yellow boxes indicate prices that are equal to the median.

CohortMedianState Farm Fire & Casualty CompanyAllstate Property And Casualty Insurance CompanyAlfa Mutual Insurance CompanyProgressive Specialty Insurance Company
25-year-old single men driving 2010 Chevy Silverado 1500 extended cabs with two windows$1,297$249 $641$416$7
25-year-old single women driving 2010 Toyota Camry LE four-door sedans$1,440$0$695$583$169
48-year-old single men driving 2012 Chevy Tahoe LS cars$1,839$706 $975$1,036$1,132
30-year-old married men driving 2012 Ford F-250 super duty crew cabs$1,752$708$1,116$843$598
18-year-old single women driving 2010 Toyota Camry LE four-door sedans$2,261$533$651$724$30
18-year-old single women driving 2010 Chevy Silverado 1500 extended cabs with two windows$2,696$831$1,191$783$181
62-year-old married men driving 2012 Ford F-250 super duty crew cabs$516$227$104$163$17

For 18-year-old single women driving 2010 Chevy Silverado 1500, State Farm offers the most expensive premium at $831 more than the median. The company’s cheapest premium is for 30-year-old married men driving 2012 Ford F-250 super duty crew cab, at $708 less than the median.

Allstate offers cheaper-than-median premiums for all seven driver cohorts. The cheapest is for 18-year-old single women with Chevy Silverado cabs, at $1,191 less than the median. The most expensive is for 62-year-old married men with Ford F-250 super duty cabs.

For the same category of drivers, Alfa Mutual offers expensive premiums, priced at $163 more than the median. This company offers cheaper-than-median premiums for all other driver categories. The cheapest is for 48-year-old single men driving 2012 Chevy Tahoe LS cars, at $1,036 less than the median.

Progressive offers cheaper-than-median prices for all but two driver categories. Their most expensive price, at $30 more than the median, is for 18-year-old single women with Toyota Camry. The cheapest is for 48-year-old single men with 2012 Chevy Tahoe LS, at $1,132.

The following chart compares the car insurance premiums charged by these four companies in Florence, Alabama.

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“I am extremely satisfied at what my policy offers”, said one of the insurance consumers in the survey. It is difficult to obtain a satisfactory insurance policy in the state, but if one does it requires careful and comparative assessment of policies offered by other top providers there.



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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