DCBS Media Release
August 20, 2003
Oregon drivers spend less than average for insurance
(Salem) Oregonians spend less than the national average for personal automobile insurance, according to a recent report comparing premiums nationwide.
The estimated average expenditure for personal auto insurance in Oregon was $642.52 in 2001, compared with the national average of $717.70.
The report is prepared annually by the National Association of Insurance Commissioners (NAIC), which is comprised of state insurance regulators.
Oregon ranked 28th lowest out of 50 states and the District of Columbia for average auto insurance expenditures in 2001, the same ranking it held the prior two years. Since 1992, Oregon has ranked between 25th and 30th lowest, with state residents paying below the national average for auto insurance during that period.
"Oregonians benefit from having a stable, competitive marketplace," said state Insurance Administrator Joel Ario. "Many companies sell auto insurance, and consumers may be able to save money by shopping around."
The Oregon Insurance Division annually asks major auto insurers to provide rate quotes and publishes the results in its Consumer Guide to Auto Insurance. The free booklet is available by calling 888-877-4894 (toll-free in Oregon) or on the division's Web site. The Insurance Division is a unit of the state's Department of Consumer and Business Services.
According to the NAIC report, New Jersey drivers paid the most for auto insurance in 2001 with an estimated average expenditure of $1,027.71, more than twice the cost in North Dakota, which had the lowest premiums.
Oregon auto insurance costs in 2001 were less than California ($688.89) and Washington ($749.74), but higher than Idaho ($523.38).