By: Ishan Mukhopadhyay Aug. 02, 2018

According to Raltin’s analysis of the 2016 NAIC Annual Report, 55-year-old married female drivers who annually travel 12,000 miles pay the lowest median rate. By contrast, 16-year-old single male drivers travelling less than 7,500 miles annually incur the highest median rate of $2,455. The Annual Report lists the following as the four companies with the highest market share: State Farm Mutual Automobile, Farmers Insurance Group, Progressive Group (Mutual and Direct), and Allstate Fire & Casualty Insurance Company. Raltin’s survey used information from Oklahoma’s official website (https://ok.gov/) and focuses on the 2010 Chevrolet Malibu LS four-door sedan.

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.

CohortMedian Car Insurance Companies in Lawton, OKState Farm Mutual AutomobileFarmers Insurance GroupProgressive Group (Mutual and Direct)Allstate Fire & Casualty Insurance Company
70-year-old married male drivers travelling 7,500 miles annually$640$184$94$97$153
21-year-old single female drivers travelling 12,000 miles annually$1,085$182$442$220$330
70-year-old married female drivers travelling 7,500 miles annually$593$137$60$111$106
36-year-old married female drivers travelling 12,000 miles annually$682$131$377$34$191
55-year-old married female drivers travelling 12,000 miles annually$582$66$133$7$114
21-year-old single male drivers travelling 12,000 miles annually$1,246$137$471$553$322
55-year-old married male drivers travelling 12,000 miles annually$617$101$126$12$149
16-year-old single male drivers travelling less than 7,500 miles annually$2,455$227$1,524$2,338$408
16-year-old single female drivers travelling less than 7,500 miles annually$1,964$198$1,847$1,904$157

State Farm Mutual Automobile generally offers lower premiums. Its lowest premium is $227 less than the median for the 16-year-old single male drivers’ cohort. Its second lowest premium is $198 less than the median for 16-year-old single female drivers travelling less than 7,500 miles annually.

By contrast, Farmers Insurance Company tends to offer premiums that are higher than the median rates. The lowest premium it offers is for 70-year-old married female drivers travelling 7,500 miles annually; however, the rate is $60 greater than the median. On the other hand, the most expensive premium rate is $1,524 higher than the median and is offered to 16-year-old female drivers.

Progressive Group (Mutual and Direct) offers premium rates that are generally on the higher side. Its lowest premium is $7 greater than the median and is offered to 55-year-old married female drivers travelling 12,000 miles annually. The most expensive premium, for 16-year-old male drivers, is $2,338 greater than the median.

Finally,Allstate Fire & Casualty Insurance Company offers premium rates that are less than the median for all nine driver cohorts. The lowest is for the 16-year-old male drivers and $408 less than the median. The second lowest rate is $330 less than the median and is offered to 21-year-old single female drivers travelling 12,000 miles annually.

The following chart compares car insurance premium rates of the four companies with the highest market share in Lawton, OK.

No Image



ABOUT THE AUTHOR

No Image

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.

Linkedin