Raltin analyzed car insurance premiums offered by the top four—companies with the largest market share—in Monroe, LA. With the help of data from the 2016 NAIC report, Raltin identified the following car insurance companies in Monroe as the four leading firms in terms of market share: Allstate Property & Casualty Insurance, State Farm Fire & Casualty, Liberty Mutual Fire Insurance, and Progressive Security Insurance. Raltin also found that the prices offered by these companies for 21-year-old single male drivers can deviate by as much as $1,637 from the median.
The data for this survey was obtained from the Louisiana Department of Insurance. The car models chosen as reference points for this analysis are the 2011, 2014, and 2017 models of Toyota. The bodily injury per person limit is fixed at $15,000, and the bodily injury per accident limit as $30,000. The liability for uninsured motorist is standardized at $15,000.
The following table shows the seven driver categories analyzed, and the median premium for each of these categories. It compares the prices offered by the top four companies for each driver category. The values in the boxes represent the difference between the premium and the median price. The values in light green cells represent prices lower than the median, while the ones in light red represent prices higher than the median.
|Cohort||Median Rate||Allstate Property & Casualty Insurance Company||State Farm Fire & Casualty Company||Liberty Mutual Fire Insurance Company||Progressive Security Insurance Company|
|21-year-old single male drivers with two accidents in the last 18 months||$3,948||$413||$1,637||$993||$546|
|18-year-old single male drivers with one accident in 18 months||$4,628||$65||$539||$1,390||$148|
|48-year-old single female drivers||$2,237||$192||$760||$458||$117|
|21-year-old single female drivers with two accidents in 18 months||$3,345||$395||$1,139||$712||$560|
|18-year-old single female drivers with one accident in the last 18 months||$3,814||$222||$163||$184||$155|
|30-year-old married male drivers||$1,195||$350||$298||$553||$95|
|60-year-old married female drivers||$976||$145||$208||$341||$72|
For all the seven driver cohorts, Allstate offers prices lower than the median. It offers the lowest premiums for 21-year-old single male drivers with a history of two accidents in the last 18 months, at $413 less than the median. For drivers belonging to the same age group but with a driving history of one accident, this company offers a premium that is very close to the median (in fact, $65 less).
In contrast, State Farm offers higher than median premiums for all seven driver categories. Its most expensive premium is for 21-year-old single male drivers with a history of two accidents in 18 months. The premium charged for this cohort is $1,637 more than the median rate.
Liberty Mutual offers higher-than-median prices for all but one of the driver categories. The difference between their offered price and median premium is the highest for 18-year-old single male drivers with one accident in 18 months, at $1,390. The least expensive premium offered by the firm is for 48-year-old single female drivers, at $458 less than the median .
In four out of the seven categories, Progressive Security offers lower-than-median prices. The least expensive premium is for the cohort of 18-year-old single male drivers with one accident, at $148 less than the median. The most expensive is for 21-year-old single female drivers with two recent accidents, at $560 more than the median.
The following chart compares the premium rates of the top four car insurance companies in the city, along with the median prices for each driver category.