The median six-month auto insurance rate in Virginia has decreased approximately 6 percent over the last six months to reach $542 according to InsWeb (NASDAQ: INSW), a leading online insurance comparison provider.
InsWeb also reported Virginia median auto insurance rates segmented by specific demographic groups. These include:
———————————————— Demographic Group Median Six-Month Rate ———————————————— Men $564 ———————————————— Women $514 ———————————————— Age Group: 19 and younger $1189 ———————————————— Age Group: 20 to 24 $774 ———————————————— Age Group: 25 to 29 $570 ———————————————— Age Group: 30 to 39 $497 ———————————————— Age Group: 40 to 49 $490 ———————————————— Age Group: 50 to 59 $476 ———————————————— Age Group: 60 to 74 $489 ———————————————— Age Group: 75 and older $510 ————————————————
Virginia rate statistics:
— A Virginia household that pays the six-month median rate of $542 and earns the Virginia household median annual income of $43,600 pays approximately 2.5 percent of its gross income for car insurance. According to InsWeb’s car insurance affordability index, Virginia is the 4th most affordable state in which to insure a vehicle. Currently, Hawaii is the most affordable state with an affordability factor of 2.1 percent, while Louisiana is the most expensive with a factor of 7.3 percent. — Men in Virginia pay a median auto insurance rate that is almost 10 percent higher than the rate paid by women. — Drivers in Virginia 19 years of age and younger pay a median auto insurance rate that is more than double the rates paid by every other age segment except those ages 20 to 24.
Virginia drivers who want to learn more about saving on their auto insurance and compare insurance quotes from leading national providers can visit InsWeb.com.
InsWeb Corporation (NASDAQ: INSW) owns and operates a network of leading insurance marketplace and education websites. Founded in 1995 and headquartered in Sacramento, California, InsWeb’s primary properties include InsWeb.com, InsuranceRates.com, LocalInsuranceAgents.com, and AgentInsider.com. InsWeb has invented multiple e-commerce and online insurance distribution technologies and owns the following patents: 6,898,597; 7,107,325; 7,389,246; 7,640,176 and 7,707,505. In 2009, more than 10 million consumers turned to InsWeb for answers to their insurance questions.
About InsWeb’s Median Rate Data
To determine median car insurance rates, InsWeb uses a proprietary system that tracks the rates of multiple insurance carriers in each state. Rates are based on actual customer profiles that can include multiple drivers, multiple vehicles and other variables.
For more information, please contact InsWeb.
Media Contact: Jonathon D. Tudor InsWeb Corporation (916) 853-3386 Email Contact
SOURCE: InsWeb Corporation