Maine Insurance Superintendent Eric Cioppa highlighted the 115th anniversary of automobile insurance being offered in the United States by announcing that a new report released by the National Association of Insurance Commissioners (NAIC) ranked Maine 6th lowest in the nation in automobile insurance affordability. The annual survey indicates that this line of insurance is becoming more affordable in Maine, as the State moved up from seventh place.
“For nearly 115 years, auto policies have provided protection to consumers, families and businesses,” Superintendent Cioppa commented. “This anniversary coincides with a new national report that ranks Maine among the top ten states in terms of the lowest auto insurance premiums.”
The NAIC tracks average costs associated with personal automobile insurance nationwide. Its latest report features state-by-state auto insurance data designed to provide necessary information and analysis to insurance regulators, consumers and policymakers. Maine’s average yearly auto insurance premium in 2009 (the most recent year for nationwide data) was approximately $682; the lowest in New England.
Travelers became the first insurance company to offer automobile coverage in February, 1897. To assist today’s consumers, the Bureau of Insurance offers a variety of publications, including a “Consumer’s Guide to Auto Insurance,” and a brochure outlining “Ten Things You Should Know Before Buying Auto Insurance.” Publications can be found online under “Brochures” on the Bureau’s website (www.maine.gov/insurance). Copies can also be requested, and personal assistance obtained, by calling toll-free 1-800-300-5000.
February 10, 2012
Professional & Financial Regulation – Insurance