Car insurance is an expensive purchase, particularly for Rhode Island drivers. If you own a vehicle, it’s inevitable. Ranked #4 in a 2018 car insurance rate comparison by state, Rhode Island has the fourth highest car insurance premiums in the Nation. With an average yearly premium of $1,852, it’s helpful to know how the price is determined when making such a significant purchase. At Tapalian Law, we truly know the importance of having suitable car insurance coverage, as we explored in a recent Rhode Island Accident Lawyer Blog. But why are car insurance premiums in Rhode Island 36% above the national average? Little Rhody may be the smallest state, but we are well populated and pack a lot of drivers into such a small area. Providence personal injury lawyers know that more drivers on the road will almost inevitably lead to more crashes. More accidents lead to more insurance claims, hereby bumping up car insurance rates. Whether you are looking to insure a new teenage driver or shopping around for new car insurance for yourself, its good to know what to expect when price shopping car insurance in Rhode Island.
How are Car Insurance Rates Determined?
Auto insurance premiums vary from state to state and from company to company but there are a multitude of similarities among them. Vehicle insurance providers determine your premium based on a number of risk factors. Some of these risk factors you can control, some you cannot.