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Wednesday, 28 October 2009 15:00

Texas Auto Insurance Rates Decline 14.2% in 2009

The median six-month auto insurance rate in Texas has decreased more than 14 percent since the beginning of 2009 to reach $744.00, according to InsuranceRates .com(TM).


Other Texas median rates by demographic group include:

Median
Demographic          Six-Month
Group             Rate
Men Only           $773.25
Women Only               $722.69
Age Group: ≤ 19          $1580.88
Age Group: 20 to 24              $1028.00
Age Group: 25 to 29           $742.50
Age Group: 30 to 39           $731.75
Age Group: 40 to 49           $729.50
Age Group: 50 to 59           $675.75
Age Group: 60 to 74           $662.75
Age Group: ≥ 75        $653.75

Texas rate statistics:
● Men in Texas have a median auto insurance rate almost seven percent higher than women.
● Drivers in Texas 19 years of age or younger pay a median auto insurance rate that is over 140 percent higher than drivers age 75 or older.
● A Texas driver who pays the six-month median rate of $744.00 and earns the Texas median annual income of $41,290 pays approximately 3.60 percent of his or her gross income for auto insurance. By this "affordability factor," Texas is the 18th most expensive state to insure a vehicle.
Currently, Massachusetts is the most affordable with a factor of 2.00 percent, while Louisiana is the most expensive with a factor of 6.64 percent.

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