N.Y. car insurance still costly
The median New Yorker remains stuck with among the least affordable car insurance in the country, according to a study published this week.
New York ranked among the bottom four states on a car insurance affordability index published by Sacramento, Calif.-based InsWeb Inc., whose websites help consumers compare rates.
Massachusetts, New Hampshire and Vermont have the most affordable insurance in the country, as calculated by dividing the median household car insurance rate in each state by its median household income. Bringing up the bottom are Louisiana, Oklahoma and Missouri.
New Jersey ranked 17th and Connecticut 33rd among states.
“Comparing median car insurance rates by state gives us a good sense of where drivers are paying higher and lower premiums, but it doesn”™t necessarily tell us where states rank in terms of affordability,” said Brad Cooper, an InsWeb senior vice president, in a prepared statement. “To really get a sense of where car insurance is the most and least affordable, you have to consider how much of a typical family”™s income goes towards premiums, and that”™s what our affordability factor measures.”