By: Ishan Mukhopadhyay Oct. 16, 2018
Raltin’s analysis of the four car insurance companies with the highest market share showed that 68-year-old married female drivers pay the lowest premiums. A study of median car insurance quotes showed that the lowest value for this cohort was $848. For this analysis, Raltin selected the top four auto insurance companies based on the 2016 NAIC report: State Farm Fire and Casualty, American Family Insurance, Progressive Direct Insurance and USAA Casualty Insurance Company. These data were published by the Colorado Division of Insurance.
The following table shows the four types of driver segments analyzed, the median premium rate for each segment, and the premiums charged by companies with the highest market share in Westminster, Colorado. The boxes in pink show the difference between the premium offered by the company and the median price, for premiums that are priced higher than the median. The boxes in light green represent this difference for prices that are lower than the median.
|Cohort||Median Rate||State Farm Fire and Casualty Company||American Family Insurance Company||Progressive Direct Insurance Company||USAA Casualty Insurance Company|
|21-year-old single male drivers||$1,793||$716||$95||$768||$793|
|21-year-old single female drivers||$1,591||$504||$168||$645||$681|
|35-year-old married male drivers||$962||$362||$21||$240||$372|
|68-year-old married female drivers||$848||$254||$12||$177||$243|
For all four of the driver cohorts analyzed, State Farm offers higher than median premiums. For 21-year-old single male drivers, the difference is the highest, at $716 higher than the median. For the cohort of 68-year-old married female drivers, the difference is at least $254 more than the median.
American Family Insurance offers higher than median premiums for all but one driver cohort (35-year-old married male drivers). The highest it offers is for 21-year-old single female drivers, at $168 more than the median.
Progressive Direct Insurance is one company that offers lower than median premiums for all four driver cohorts. The lowest it offers is for 21-year-old single male drivers, at $768 less than the median. The highest rate offered is for the cohort of 68-year-old married female drivers, at $177 less than the median.
Another company that offers lower than median premium to all four of the driver cohorts is USAA Casualty Insurance Company. The difference from the median is the highest for 21-year-old single male drivers, at $793. It is the least for 68-year-old married female drivers, at $243 less than the median.
The following chart compares the car insurance premium rates among the four companies with the highest market share in Westminster, CO.