By: Ishan Mukhopadhyay Aug. 10, 2018

Raltin’s analysis of the 2016 NAIC Annual Report reveals that car insurance premium rates vary up to $524 from the median prices in Parkersburg, West Virginia. The most significant deviations from the median are observed for 18-year-old single male applicants who drive 10,000 miles annually. The Annual Report lists State Farm Fire and Casualty Company, State Farm Mutual Auto Insurance Company, Allstate Property and Casualty Insurance Company, and Nationwide Insurance Company of America as four companies with the highest market share. Among them, Allstate Property and Casualty Insurance Company offers the lowest premium rate for the aforementioned cohort at $524 less than the median. State Farm Mutual Auto Insurance Company offers the second lowest premium at $124 less than the median. For this analysis, Raltin uses data published by the 2014 West Virginia Annual Automobile Survey.

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.

CohortMedianState Farm Fire and Casualty CompanyAllstate Property and Casualty Insurance CompanyState Farm Mutual Auto Insurance CompanyNationwide Insurance Company of America
62-year-old married female applicants driving 12,000 miles annually$507$112$41$57$73
18-year-old single female applicants driving 10,000 miles annually$1385$315$241$124$162
48-year-old married male applicants driving 10,000 miles annually$546$118Equal to the median$62$44
18-year-old single male applicants driving 10,000 miles annually$1,774$462$524$111$210
62-year-old married male applicants driving 12,000 miles annually$507$112$57$57$62
48-year-old married female applicants driving 20,000 miles annually$562$102Equal to the median$78$81
35-year-old married male applicants driving 20,000 miles annually$546$134Equal to the median$50$44
25-year-old single male applicants driving 20,000 miles annually$678$92$124$114$52
35-year-old married female applicants driving 20,000 miles annually$548$132$14$52$46
25-year-old single female applicants driving 20,000 miles annually$607$145$43$57$22

For all 10 customer cohorts, State Farm Fire and Casualty Company charges premiums that are higher than the median. The most expensive premium, at $462 more than the median, is incurred by 18 year-old single male drivers travelling about 10,000 miles annually.

As mentioned above, 18-year-old single male drivers pay the least expensive premiums, which are offered by Allstate Property and Casualty Insurance Company at $524 less than the median. On the other hand, 62-year-old married female drivers travelling 12,000 miles annually pay the most expensive premiums at $41 more than the median.

State Farm Mutual Auto Insurance Company offers a premium insurance rate that is less than the median for all 10 customer cohorts. At $124 less than the median, 18-year-old single female drivers pay the cheapest insurance premiums offered by this company.

The cohort of 18-year-old single male drivers pay the most expensive premium at $210 more than the median, which is provided by Nationwide Insurance Company of America. Meanwhile, 48-year-old married female drivers travelling 20,000 miles annually incur the cheapest premium at $81 less than the median.

The following chart compares car insurance premium rates charged by the four companies with the highest market share in Parkersburg, West Virginia.

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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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