With the help of data from the 2016 NAIC report, Raltin has identified the following 4 car insurance companies in Kansas as the top 4 in terms of market share: State Farm Mutual Automobile, American Family Insurance Company, Progressive Northwestern Insurance Company, and Farm Bureau Property & Casualty Insurance Company. Raltin further reports that the insurance premiums offered for 16-year-old male drivers differ by as much as $5,466, from the median.
The premiums of Progressive Northwestern Insurance Company deviate the most from the median rates. For 16-year-old male drivers, Progressive’s premium is $5,466 more than the median, and for 16-year-old female drivers, their premium is $4,868 more than the median rate. American Family Insurance Company offers the biggest potential savings for the cohort of 16-year-old males, with premiums priced at $595 less than the median.
Raltin’s study is based on car insurance data published on the Kansas Insurance Department website. The vehicle chosen as a reference point for this analysis is a 2013 Toyota Camry four-door sedan. The coverage limit for bodily injury per person and bodily injury per accident are $100,000 and $300,000 respectively. The property damage per accident coverage limit is $100,000. The comprehensive and collision deductible is $1,000.
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 Manhattan, Kansas. 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, for prices that are lower than the median.
|Cohort||Median Car Insurance Rates in Manhattan, KS||State Farm Mutual Automobile||American Family Insurance Company||Progressive Northwestern Insurance Company||Farm Bureau Property & Casualty Insurance Company|
|16-year-old female drivers||$1,429||$100||$473||$4,868||$328|
|16-year-old male drivers||$1,637||$370||$595||$5,466||$453|
|21-year-old female drivers||$715||$109||$128||$407||$134|
|21-year-old male drivers||$829||$197||$199||$542||$184|
|35-year-old female drivers||$492||$36||$145||$333||$99|
|35-year-old male drivers||$493||$35||$130||$293||$108|
|55-year-old female drivers||$430||$59||$125||$212||$97|
|55-year-old male drivers||$437||$52||$124||$200||$119|
|70-year-old female drivers||$415||$77||$78||$235||$93|
|70-year-old male drivers||$463||$29||$124||$212||$139|
For all 10 driver cohorts, State Farm offers premiums that are higher than the median. For the youngest driver group of 16-year-old males, State Farm’s rate is $370 more than the median. Their cheapest premium is targeted at 70-year-old males, at $29 more than the median.
In contrast, American Family Insurance offers lower-than-median prices for all the driver segments. Their rates for 16-year-old male drivers are considerably less ($595) than the median. In fact, of all their premiums, the one closest to the median is that for 70-year-old females (at only $78 less than the median).
Progressive Northwestern Insurance is another company whose rates are comparatively higher than the median. For example, the cohort of 16-year-old males faces the prospect of paying the most expensive premiums—at $5,466 more than the median. The reasonably priced premiums are for 55-year-old and 70-year-old male drivers,, at $212 higher than the median.
Farm Bureau Property and Casualty Insurance offers cheaper-than-median car insurance premiums to driver segments. Once again, 16-year-old male drivers can make the biggest saves, at $453 less than the median. The lowest difference can be observed for 70-year-old female drivers at $93 less than the median.
The following chart compares the car insurance premium rates of the top four companies in Manhattan, Kansas.